Newmont (TSX: NGT) Q2 2025 revenue jumped 20.8% YoY to $5.32 billion from last year’s $4.40 billion, powered by a spot-gold price that averaged US$3,320 per ounce.
The miner sold 1.36 million gold ounces in the quarter, down from last year’s 1.53 million ounces. Cash costs applicable to sales slipped to $2.00 billion from 2024’s $2.16 billion, leaving operating income at $3.12 billion—triple the $1.04 billion recorded a year earlier.
Net income soared 142% YoY to $2.06 billion (or $1.85 per diluted share), helped by a $699 million gain on asset sales which are part of the recent divestiture movements the firm has done. Stripping out one-offs, adjusted net income rose 91% YoY to $1.59 billion or $1.43 per share, beating consensus of $1.14 per share.
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Adjusted EBITDA leapt 52% to $2.99 billion from last year’s $1.97 billion, lifting the margin to 56.3% but still 193 bps lower than last quarter as cost relief lagged the revenue surge.
Operations produced $2.38 billion in operating cash flow, up 71% YoY from last year’s $1.39 billion, and a record $1.71 billion in free cash flow—nearly triple prior-year of $594 million—after capital spending fell to $674 million from $800 million. Management returned $1.0 billion via dividends and buybacks during the quarter and authorized a fresh $3.0 billion repurchase program.
Cash swelled to $6.19 billion from $2.60 billion a year ago while gross debt contracted 18% YoY to $7.13 billion, driving debt/adjusted EBITDA ratio down to 0.1×.
Attributable gold output slipped 8% YoY to 1.48 million ounces, reflecting divestitures and lower grades at Lihir and Cadia. Co-product cash costs per ounce edged up 5% YoY to US$1,215 per ounce, while AISC eased 2% YoY to US$1,593 per ounce thanks to deferred sustaining capex. Management warns AISC will rise in H2 as tailings, ventilation and road-access projects ramp.
Meanwhile, copper output totaled 36,000 tonnes, marginally flat from last year’s 38,000 tonnes.
Guidance is unchanged with the company estimating 5.9 million gold ounces for FY 2025 at a group level AISC of around US$1,630 per ounce and sustaining capital of $1.88 billion—but production is now 50% weighted to H2, increasing execution risk.
Newmont last traded at $83.77 on the TSX.
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