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Quarterly Results Reflect Improved Profitability, First Day® Complete Growth and Continued Balance Sheet Progress

Net Income (Loss) Improves 29% and Adjusted EBITDA Improves 19% Year-Over-Year

Fall 2026 First Day® Complete Expected to Reach More Than 1.43 Million Students, 26% More than Fall 2025

Company Reiterates Fiscal 2027 Outlook

FLORHAM PARK, N.J., Sept. 08, 2026 (GLOBE NEWSWIRE) -- Barnes & Noble Education, Inc. (NYSE: BNED) ("Barnes & Noble Education," “BNED,” the “Company,” “we,” “us” or “our”), a leading solutions provider for the education industry, today reported financial results for the fiscal first quarter ended August 1, 2026.

During the first quarter, the Company delivered year-over-year improvement across its key operating and financial measures, including revenue, comparable store sales, BNC First Day® revenue, net income (loss), and Adjusted EBITDA, while further strengthening its balance sheet.   Barnes & Noble Education’s business is highly seasonal, with the majority of sales and operating profit typically realized during the second and third fiscal quarters, reflecting the fall and spring academic terms.

“We began fiscal 2027 on plan, with continued momentum across the business and year-over-year improvement across each of our key operating and financial measures,” commented Jonathan Shar, Chief Executive Officer. “These results reflect the continued progress of our strategy and the disciplined execution of our teams.”

“Importantly, the momentum in First Day® Complete continues to build as more institutions recognize the value of improving the affordability, access and convenience of course materials for their students,” continued Shar. “We are excited about the continued growth of First Day® Complete this fall and the opportunity to deepen our partnerships with colleges and universities and demonstrate our ability to deliver solutions that support their broader institutional priorities.”

Mr. Shar continued, “As we enter the important fall semester, we are encouraged by the growth we are seeing in First Day® Complete and remain confident in our outlook for fiscal 2027. We are focused on translating that momentum into continued growth in profitability, stronger cash generation and further improvements in our balance sheet.”

Fiscal 2027 First Quarter Financial Results

Revenue for the first quarter of fiscal 2027 was $290.6 million, an increase of $2.4 million, or 0.8%, compared with $288.2 million for the first quarter of fiscal 2026. Gross comparable store sales increased by $10.7 million, or 3.7%, year-over-year. The increase in revenue was primarily driven by growth in BNC First Day® programs, partially offset by the impact of store closures, including exits from certain less profitable locations.

Revenue from BNC First Day® programs increased by $10.3 million, or 9.0%, year-over-year to $124.7 million.

Net loss for the first quarter of fiscal 2027 was $12.9 million, a 29.3% improvement compared to a net loss of $18.3 million in the prior-year period. Adjusted EBITDA improved by $2.2 million, or 18.9%, to a loss of $9.3 million from a loss of $11.5 million in the prior-year period.

Total debt at the end of the first quarter of fiscal 2027 was $123.5 million, compared with $170.0 million at the end of the first quarter of fiscal 2026. The Company’s net working capital position remained strong with $236.8 million of positive working capital as of the end of the first quarter of fiscal 2027.

During the quarter, the Company declared a quarterly dividend of $0.08 per share, which was paid on July 30, 2026 to shareholders of record on July 16, 2026.

First Day Complete Momentum

The Company continues to generate strong momentum in First Day® Complete, its institution-wide affordable access program. First Day® Complete will be offered across 263 campuses during the Fall 2026 academic term, reaching more than 1.43 million students*, approximately 26% more than in Fall 2025. Given the seasonality of the Company’s business and the timing of the academic calendar, the financial impact of this expanded Fall 2026 participation will be primarily reflected in the second and subsequent quarters of fiscal 2027.

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* Represents the undergraduate student population at institutions where First Day® Complete is offered, plus graduate student populations where the program is also offered. Student population data as reported by the National Center for Education Statistics (NCES) as of January 2, 2026. The figure represents students eligible to participate in First Day® Complete.

The table below reflects the reconciliation of Adjusted EBITDA to the most comparable GAAP financial metric, Net loss, for the first quarter of fiscal 2027 and the related prior period:

Adjusted EBITDA

 13 weeks ended($ in thousands)August 1, 2026 August 2, 2025Net loss$(12,914) $(18,271)Add:   Depreciation and amortization expense 8,151   9,185 Interest expense, net 2,718   3,745 Income tax benefit (7,062)  (8,640)Other (income) expense, net (1,298)  (49)Stock-based compensation expense 1,084   2,536 Adjusted EBITDA$(9,321) $(11,494)     Outlook

Based on its first-quarter performance and current expectations, the Company is reiterating its prior fiscal 2027 outlook. The Company expects continued growth in revenues and is focused on driving operating leverage with disciplined expense management. The Company is targeting Adjusted EBITDA in the range of $85 million to $92 million and anticipates further significant improvements in net income profitability. The Company also sees opportunities to drive better capital efficiency, which should contribute to additional reductions in debt and interest expense. The Company anticipates approximately $20 million in capital expenditures and should be a normal cash taxpayer in fiscal 2027.

Earnings Calls

Following our Investor Day in June, we are continuing to expand our investor engagement activities. As indicated in our fiscal 2026 year-end earnings release, the Company will host earnings conference calls following its fiscal 2027 second quarter and full-year earnings results. With the second quarter following the important back-to-school season and our full-year results coinciding with the conclusion of the academic year, we believe these periods provide the most meaningful opportunities to update investors on our performance, progress against our strategic priorities and outlook for the business. Further details, including the exact date and time, will be announced in advance of each call.

Use of Non-GAAP Financial Information —Adjusted EBITDA

To supplement the Company’s condensed consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), the Company uses the financial measure of Adjusted EBITDA, which is a non-GAAP financial measure under Securities and Exchange Commission (the “SEC”) regulations. We define Adjusted EBITDA as net income (loss) plus (1) depreciation and amortization; (2) interest expense, net (3) income taxes, (4) stock compensation, and (5) certain other non-cash or non-recurring items, and other adjustments permitted under our credit agreement.

Adjusted EBITDA has been reconciled to the most comparable financial measure presented in accordance with GAAP, consolidated net income (loss). All of the items included in the reconciliation are either (i) non-cash items or (ii) items that management does not consider in assessing our on-going operating performance.

Adjusted EBITDA is not intended as a substitute for and should not be considered superior to measures of financial performance prepared in accordance with GAAP. In addition, the Company’s use of Adjusted EBITDA may be different from similarly named measures used by other companies, limiting its usefulness for comparison purposes.

We review Adjusted EBITDA as an internal measure to evaluate our performance at a consolidated level to manage our operations. We believe that this measure is a useful performance measure which is used by us to facilitate a comparison of our on-going operating performance on a consistent basis from period-to-period. We believe that Adjusted EBITDA provides for a more complete understanding of factors and trends affecting our business than measures under GAAP can provide alone, as it excludes certain items that management believes do not reflect the ordinary performance of our operations in a particular period. Our Board of Directors and management also use Adjusted EBITDA at a consolidated level as one of the primary methods for planning and forecasting expected performance, for evaluating on a quarterly and annual basis actual results against such expectations, and as a measure for performance incentive plans. We believe that the inclusion of Adjusted EBITDA results provides investors useful and important information regarding our operating results, in a manner that is consistent with management’s evaluation of business performance.

The Company urges investors to carefully review the GAAP financial information included as part of the Company’s Form 10-Q for the fiscal quarter ended August 1, 2026. We do not provide a reconciliation of forward-looking non-GAAP financial metrics, because reconciling information is not available without an unreasonable effort, such as attempting to make assumptions that cannot reasonably be made on a forward-looking basis to determine the corresponding GAAP metric.

ABOUT BARNES & NOBLE EDUCATION, INC.

Barnes & Noble Education, Inc. (NYSE: BNED) is a leading solutions provider for the education industry, driving affordability, access and achievement at hundreds of academic institutions nationwide and ensuring millions of students are equipped for success in the classroom and beyond. Through its family of brands, BNED offers campus retail services and academic solutions, wholesale capabilities and more. BNED is a company serving all who work to elevate their lives through education, supporting students, faculty and institutions as they make tomorrow a better and smarter world. For more information, visit www.bned.com.

Media & Investor Contact:
Greg McKinley / Rob Fink
FNK IR
[email protected]
952-393-4255 / 646-809-4048

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and information relating to us and our business that are based on the beliefs of our management as well as assumptions made by and information currently available to our management. When used in this communication, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “may,” “should,” “will,” “forecasts,” “projections,” “continue to,” “committed to,” and similar expressions, as they relate to us or our management, identify forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements, and such statements include but are not limited to those related to continued acceleration in demand for our BNC First Day® offerings, expected enrollment in our First Day® Complete program, continued expansion of our new offerings, expansion of institutional partnerships, future opportunities to accelerate profitable growth, generate strong cash flow, strategic and operational objectives, expected trends in financial results, including those related to seasonality, continued expense discipline and improved capital efficiency, margin improvement, and Adjusted EBITDA guidance. We caution you not to place undue reliance on these forward-looking statements. Such statements reflect our current views with respect to future events, the outcome of which is subject to certain risks, including, but not limited to: the amount of our indebtedness and ability to comply with covenants contained in our credit agreement; our ability to maintain adequate liquidity levels to support ongoing inventory purchases and related vendor payments in a timely manner; slower than anticipated pace of adoption of our BNC First Day® equitable and inclusive access course material models; our dependency on strategic service provider relationships and the potential for adverse operational and financial changes to these strategic service provider relationships; non-renewal of our managed bookstore, physical and/or online store contracts; general competitive conditions; a decline in college enrollment or decreased funding available for students; technological changes, including the adoption of artificial intelligence technologies for educational content; disruptions to our information technology systems, infrastructure, data, supplier systems, and customer ordering and payment systems due to computer malware, viruses, hacking and phishing attacks; disruption of or interference with third party service providers and our own proprietary technology; and changes in applicable domestic and international laws, rules or regulations or changes in enforcement practices, including, without limitation, U.S. tax reform, changes in tax rates, tariffs, import and export control laws and regulations, changes to consumer data privacy rights legislation, as well as related guidance. Moreover, we operate in a very competitive and rapidly changing environment and new risks may emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In addition, the declaration of any future dividends will be subject to further review and approval by the Board in accordance with applicable law. The Board reserves the right to adjust or withdraw any quarterly dividend in future periods as it reviews our capital allocation strategy from time-to-time and ensures compliance with any applicable restrictions, including those set forth in our credit agreement with our lenders.

For a more detailed discussion of these factors, and other factors that could cause actual results to vary materially, interested parties should review the risk factors listed in the Company’s Annual Report on Form 10-K for the year ended May 2, 2026. Any forward-looking statements made by us in this press release speak only as of the date of this press release, and we do not intend to update these forward-looking statements after the date of this press release, except as required by law.

  BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share data)   13 weeks ended August 1, 2026 August 2, 2025Sales:   Product sales and other$276,859  $274,179 Rental income 13,736   13,981 Total sales 290,595   288,160 Cost of sales (exclusive of depreciation and amortization expense):   Product and other cost of sales 226,783   225,363 Rental cost of sales 6,765   7,420 Total cost of sales 233,548   232,783 Gross profit 57,047   55,377 Selling and administrative expenses 67,316   67,861 Depreciation and amortization expense 8,151   9,185 Other (income) expense, net (1,162)  1,497 Operating loss (17,258)  (23,166)Interest expense, net 2,718   3,745 Loss before income taxes (19,976)  (26,911)Income tax expense (7,062)  (8,640)Net loss$(12,914) $(18,271)    Earnings per share - Basic and Diluted   Net loss attributable to BNED shareholders - basic$(0.37) $(0.54)Net loss attributable to BNED shareholders - diluted$(0.37) $(0.54)    Weighted average shares of common stock outstanding - basic 34,531,798   34,053,847 Weighted average shares of common stock outstanding - diluted 34,531,798   34,053,847       13 weeks endedDollars in thousandsAugust 1, 2026 August 2, 2025    Sales:   Product sales and other95.3% 95.1%Rental income4.7% 4.9%Total sales100.0% 100.0%Cost of sales (exclusive of depreciation and amortization expense):   Product and other cost of sales81.9% 82.2%Rental cost of sales49.3% 53.1%Total cost of sales80.4% 80.8%Gross profit19.6% 19.2%Selling and administrative expenses23.2% 23.5%Depreciation and amortization expense2.8% 3.2%Other (income) expense, net(0.4)% 0.5%Operating loss(5.9)% (8.0)%Interest expense, net0.9% 1.3%Loss before income taxes(6.9)% (9.3)%Income tax expense(2.4)% (3.0)%Net loss(4.4)% (6.3)% (a)Represents the percentage these costs bear to the related sales, instead of total sales.     BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
Consolidated Balance Sheets  (Unaudited)
(In thousands, except share and per share data)     August 1, 2026 May 2, 2026ASSETS   Current assets:   Cash and cash equivalents$7,806  $8,418 Accounts receivable, net 176,686   116,526 Merchandise inventories, net 366,296   298,347 Textbook rental inventories 5,844   27,035 Prepaid expenses and other current assets 37,237   34,137 Total current assets 593,869   484,463 Property and equipment, net 33,648   34,123 Operating lease right-of-use assets 148,920   145,594 Intangible assets, net 53,732   58,092 Deferred tax assets, net 149   — Other noncurrent assets 16,411   17,625 Total assets$846,729  $739,897 LIABILITIES AND STOCKHOLDERS' EQUITY   Current liabilities:   Accounts payable$210,999  $135,564 Accrued liabilities 78,887   80,990 Current operating lease liabilities 67,213   67,050 Total current liabilities 357,099   283,604 Long-term deferred taxes, net —   — Long-term operating lease liabilities 82,497   85,455 Other long-term liabilities 5,263   5,399 Long-term borrowings 123,500   71,000 Total liabilities 568,359   445,458 Commitments and contingencies   Stockholders' equity:   Preferred stock, $0.01 par value; authorized, 5,000,000 shares; issued and outstanding, none —   — Common stock, $0.01 par value; authorized, 200,000,000 shares; issued, 34,692,247 and 34,456,977 shares, respectively; outstanding, 34,685,810 and 34,429,710 shares, respectively 347   345 Additional paid-in-capital 1,009,192   1,012,349 Accumulated deficit (708,613)  (695,699)Treasury stock, at cost (22,556)  (22,556)Total stockholders' equity 278,370   294,439 Total liabilities and stockholders' equity$846,729  $739,897      BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flow  (Unaudited)
(In thousands, except per share data)     13 weeks ended  August 1, 2026 August 2, 2025Cash flows from operating activities:    Net income (loss) $(12,914) $(18,271)Adjustments to reconcile net income (loss) to net cash flows from operating activities    Depreciation and amortization expense  8,151   9,185 Amortization of deferred financing costs  916   916 Deferred taxes  (149)  1,432 Stock-based compensation expense  1,084   2,536 Changes in operating lease right-of-use assets and liabilities  (6,121)  4,711 Changes in other long-term assets and liabilities and other, net  110   788 Changes in other operating assets and liabilities, net:    Receivables, net  (60,160)  (63,897)Merchandise inventories  (67,949)  (101,003)Textbook rental inventories  21,191   17,549 Prepaid expenses and other current assets  (9,077)  (14,990)Accounts payable and accrued liabilities  72,049   93,441 Changes in other operating assets and liabilities, net  (43,946)  (68,900)Net cash flows provided by (used in) operating activities  (52,869)  (67,603)Cash flows from investing activities:    Purchases of property and equipment  (3,529)  (3,736)Net cash flows provided by (used in) investing activities  (3,529)  (3,736)Cash flows from financing activities:    Proceeds from borrowings  150,100   163,300 Repayments of borrowings  (97,600)  (96,400)Dividends paid  (2,775)  — Payment of equity issuance costs  —   (1,900)Net cash flows provided by (used in) financing activities  49,725   65,000 Net (decrease) increase in cash, cash equivalents, and restricted cash  (6,673)  (6,339)Cash, cash equivalents, and restricted cash at beginning of year  28,219   28,723 Cash, cash equivalents, and restricted cash at end of year $21,546  $22,384      Supplemental cash flow information:    Cash paid during the period for:    Interest paid $1,664  $2,927 Income taxes paid (net of refunds) $255  $185     BARNES & NOBLE EDUCATION, INC. AND SUBSIDIARIES
Non-GAAP Information
(In thousands) (Unaudited)     13 weeks endedDollars in thousands August 1, 2026 August 2, 2025Net loss $(12,914) $(18,271)Reconciling items  (214)  2,487 Adjusted Net loss $(13,128) $(15,784)     Reconciling items    Stock-based compensation expense  1,084   2,536 Other (income) expense, net  (1,298)  (49)Reconciling items $(214) $2,487  Adjusted EBITDA 13 weeks endedDollars in thousands August 1, 2026 August 2, 2025Net loss $(12,914) $(18,271)Add:    Depreciation and amortization expense  8,151   9,185 Interest expense, net  2,718   3,745 Income tax benefit  (7,062)  (8,640)Other (income) expense, net(a)  (1,298)  (49)Stock-based compensation expense  1,084   2,536 Adjusted EBITDA $(9,321) $(11,494) (a)Other (income) expense is exclusive of Investigation Costs of $0.1 million and $1.5 million as of the 13 weeks ended August 1, 2026 and August 2, 2025, respectively.
Adjusted Free Cash Flow

  13 weeks endedDollars in thousands August 1, 2026 August 2, 2025Adjusted EBITDA $(9,321) $(11,494)Less:    Capital expenditures(a)  3,529   3,736 Cash interest paid  1,664   2,927 Cash taxes (refund) paid, net  255   185 Adjusted Free Cash Flow $(14,769) $(18,342) (a)Purchases of property and equipment are also referred to as capital expenditures. Our investing activities consist principally of capital expenditures for contractual capital investments associated with renewing existing contracts, new store construction, and enhancements to internal systems and our website. The following table provides the components of total purchases of property and equipment.   Capital Expenditures

  13 weeks endedDollars in thousands August 1, 2026 August 2, 2025Physical store capital expenditures $2,727 $2,201Product and system development  722  1,400Other  80  135Total Capital Expenditures $3,529 $3,736        Use of Non-GAAP Financial Information - Adjusted Net Income (Loss), Adjusted EBITDA and Adjusted Free Cash Flow                                           

To supplement the Company’s consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), the Company uses the financial measures of Adjusted Net Income (Loss), Adjusted EBITDA, and Adjusted Free Cash Flow, which are non-GAAP financial measures under Securities and Exchange Commission (the "SEC") regulations. We define Adjusted Net Income (Loss) as net income (loss) adjusted for certain reconciling items that are subtracted from or added to net income (loss). We define Adjusted EBITDA as net income (loss) plus (1) depreciation and amortization; (2) interest expense, net, (3) income taxes, (4) stock compensation, and (5) certain other non-cash or non-recurring items, and adjustments defined in the Company’s credit agreement. We define Adjusted Free Cash Flow as Cash Flows from Operating Activities less capital expenditures, cash interest and cash taxes.

These non-GAAP measures have been reconciled to the most comparable financial measures presented in accordance with GAAP as follows: the reconciliation of Adjusted Net Income (Loss) to net income (loss); the reconciliation of consolidated Adjusted EBITDA to consolidated net income (loss); and the reconciliation of Adjusted Free Cash Flow to Cash Flows from Operating Activities. All of the items included in the reconciliations are either (i) non-cash items or (ii) items that management does not consider in assessing our on-going operating performance.

These non-GAAP financial measures are not intended as substitutes for and should not be considered superior to measures of financial performance prepared in accordance with GAAP. In addition, the Company's use of these non-GAAP financial measures may be different from similarly named measures used by other companies, limiting their usefulness for comparison purposes.

We review these non-GAAP financial measures as internal measures to evaluate our performance at a consolidated level to manage our operations. We believe that these measures are useful performance measures which are used by us to facilitate a comparison of our on-going operating performance on a consistent basis from period-to-period. We believe that these non-GAAP financial measures provide for a more complete understanding of factors and trends affecting our business than measures under GAAP can provide alone, as they exclude certain items that management believes do not reflect the ordinary performance of our operations in a particular period. Our Board of Directors and management also use Adjusted EBITDA at a consolidated level as one of the primary methods for planning and forecasting expected performance, for evaluating on a quarterly and annual basis actual results against such expectations, and as a measure for performance incentive plans. We believe that the inclusion of Adjusted Net Income (Loss) and Adjusted EBITDA results provides investors useful and important information regarding our operating results, in a manner that is consistent with management’s evaluation of business performance. We believe that Adjusted Free Cash Flow provides useful additional information concerning cash flow available to meet future debt service obligations and working capital requirements and assists investors in their understanding of our operating profitability and liquidity as we manage the business to maximize margin and cash flow.

The Company urges investors to carefully review the GAAP financial information included as part of the Company’s Form 10-Q for the fiscal quarter ended August 1, 2026. We do not provide a reconciliation of forward-looking non-GAAP financial metrics, because reconciling information is not available without an unreasonable effort, such as attempting to make assumptions that cannot reasonably be made on a forward-looking basis to determine the corresponding GAAP metric.

The Toro Company (NYSE: TTC), a leading global provider of solutions for the outdoor environment, today reported results for its fiscal third-quarter ended July

Key Takeaways Barrick Mining's Q2 gold production rose 11% sequentially to 796,000 ounces, topping guidance.Barrick expects Q3 and Q4 production gains from Loulo-Gounkoto, Goldrush and mine sequencing.Barrick's 2026 gold guidance implies no growth from 2025, making second-half execution critical. Barrick Mining Corporation’s (B - Free Report) attributable gold production rose 11% sequentially to 796,000 ounces in the second quarter, exceeding its guidance range of 730,000 to 770,000 ounces.

The company expects production to increase sequentially in the third quarter and again in the fourth quarter, driven by the Loulo-Gounkoto ramp-up, Goldrush and mine sequencing.

Production growth would be critical to sustain revenues and margins in the coming quarters. The consensus estimate implies gold production of roughly 823,000 ounces for the third quarter, indicating a roughly 3% rise from the prior quarter.

Barrick’s operating execution improved in the second quarter, but the full-year gold outlook implies no growth from 2025. It maintained 2026 attributable gold production guidance of 2.9-3.25 million ounces, versus 3.26 million ounces produced in 2025. This leaves full-year delivery dependent on continued second-half execution across several operations despite production tracking slightly ahead of plan at midyear.

Among Barrick’s major peers, Newmont Corporation (NEM - Free Report) saw sequentially lower gold production for the second quarter. NEM reported a roughly 1% sequential decline in attributable gold production to 1.29 million ounces. Lower output from Cadia and reduced grades across certain mines impacted production. Newmont expects third-quarter 2026 production to be largely in line with the second-quarter level.

Agnico Eagle Mines Limited’s (AEM - Free Report) gold production was 855,816 ounces in the second quarter, up around 4% sequentially. For full-year 2026, Agnico Eagle expects gold production near the lower end of its 3.3 million to 3.5 million ounces guidance, reflecting the preliminary redesign of the Barnat open pit. AEM expects the Barnat pit wall movement event to reduce gold production at Canadian Malartic by 60,000-80,000 ounces in the second half of 2026.

B’s Price Performance, Valuation & EstimatesBarrick’s shares have rallied 59% in the past year compared with the Zacks Mining – Gold industry’s increase of 49.2%.

Image Source: Zacks Investment Research

From a valuation standpoint, B is currently trading at a forward 12-month earnings multiple of 11.04, a roughly 17% discount when stacked up with the industry average of 13.3X. It carries a Value Score of B.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for B’s 2026 and 2027 earnings implies a year-over-year rise of 47.1% and 14.6%, respectively. The EPS estimates for 2026 and 2027 have been trending lower over the past 60 days.

Image Source: Zacks Investment Research

Shares of Barrick Mining (B +2.62%) are down more than 2% so far this year and didn't get much of a lift despite strong second-quarter earnings, which the company announced before the markets opened on Aug. 10.

The upside is that the Canadian mining company's dividend is roughly 2.16%, slightly more than twice the S&P 500's average dividend yield. Its stock has also become a bargain, with it trading at around 11.5 times forward earnings, well below its 10-year average.

Here are three reasons why Barrick is worth buying for its earnings and dividend growth. 

Image source: Getty Images.

Gold is on the rise again The price of gold has fallen precipitously since its high of $5,344.30 per spot ounce at the end of January. By June 24, it had fallen to a low of $4,008.30. As of Aug. 17, however, it was up to $4,423.20. Traditionally, gold is seen as a safe-haven investment, but after inflation climbed and hostilities in the Middle East intensified, investors stayed away from the precious metal. Their concern was that higher inflation, led by rising oil prices, would erode the value of holding gold.

In June, JPMorgan Chase Global Research predicted that gold would average $6,000 per ounce by the final quarter of 2026, rising to $6,300 per ounce by the end of 2027. That estimate appears to be a bit on the bold side, but falling real yields, a softer dollar, and a growing official-sector and investment demand would strengthen the case for $6,000 per ounce.

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The settlement with Newmont clears up the picture On Aug. 10, Barrick Mining and Newmont (NEM +1.82%) announced an agreement that resolves years of governance friction and operational disputes surrounding their 2019 Nevada Gold Mines (NGM) joint venture.

For Barrick, which holds a 61.5% stake in NGM, the agreement requires Newmont to deliver $1.95 billion in cash to Barrick within 30 days. This substantial liquidity boost significantly strengthens Barrick's balance sheet, providing non-dilutive capital to help fund key copper expansion projects, such as its Lumwana mine in Zambia, and offering flexibility for capital returns.

The most critical strategic win is Newmont's consent for Barrick to proceed with the initial public offering (IPO) and spinoff of its North American gold assets. Newmont's opposition had created a major hurdle and a drag on its stock. Resolving the issue allows Barrick to move forward with bundling NGM, Pueblo Viejo, and its high-grade Fourmile project into a stand-alone public entity holding nearly 100 million ounces of gold. The IPO gives current Barrick shareholders direct exposure to a rerated entity holding nearly 100 million ounces of gold in top-tier jurisdictions.

Earnings and free cash flow growth help its dividend In the second quarter, Barrick reported free cash flow (FCF) from operations of $1.7 billion, up 28%, year over year. Earnings per share were $0.73, up 55% over the same period a year ago. Attributed adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 51%, year over year, to $2.55 billion.

In addition, three of the company's growth projects are moving ahead of schedule. Its Lumwana mill expansion is expected to double copper production there, its Fourmile gold mine in Nevada has ramped up drilling to 20 active rigs this quarter, and its Pueblo Viejo mine in the Dominican Republic is expanding its plant.

The company is shareholder-friendly. It had $1.2 billion in stock buybacks in the second quarter, as part of a $3 billion stock repurchase program it began in 2026. The company's new dividend policy, which it began this year, established a quarterly base dividend of $0.175 per share, plus a potential year-end bonus.

The dividend is safe with a 24% payout ratio, and if 50% of Barrick's yearly total FCF exceeds the $0.70 per share already paid out via the four base distributions, the difference is paid out as a year-end performance top-up.

FLORHAM PARK, N.J., Aug. 18, 2026 (GLOBE NEWSWIRE) -- Barnes & Noble College (BNC), a Barnes & Noble Education, Inc. (NYSE: BNED) company and a leading solutions provider for higher education, today announced that First Day Complete® will be offered across 263 campuses representing more than 1.43 million students* during the Fall 2026 academic term, approximately 26% more students than in Fall 2025. Spanning 40 states, the program’s continued expansion reflects growing institutional adoption as colleges and universities seek solutions that remove barriers to student success, improve affordability, simplify the course material experience for students and families, and support broader institutional priorities.

Through First Day Complete, students participating in the program receive all required print and digital course materials before or on the first day of class, with costs included through tuition or as a course charge. By delivering average savings of 30–50% and simplifying how students obtain their required materials, First Day Complete creates a more convenient and predictable experience for students and families, eliminating much of the time and stress traditionally associated with preparing for the academic term and helping students arrive ready to learn and succeed.

Growing Adoption Reflects Institutional Confidence

The 263 campuses offering First Day Complete this fall span every major segment of higher education, demonstrating the program's ability to serve institutions with diverse student populations, operating models and academic missions. Participating campuses include 32% four-year public colleges and universities, 39% four-year private colleges and universities, and 29% two-year community and technical colleges.

Barnes & Noble College continues to see a strong pipeline of colleges and universities evaluating First Day Complete, reinforcing the growing momentum behind affordable access across higher education. For a growing number of institutions, affordable access is evolving beyond a course material affordability initiative into a broader strategic solution to help improve preparedness, support retention, and create a better, more seamless experience for students and families.

BNC’s broader affordable access portfolio also includes First Day® by Course, which delivers average student savings of 30–50% per class while providing seamless access to digital course materials on or before the first day of class. Materials are pre-loaded into the institution’s learning management system, giving students immediate access without the need to search for materials, visit an e-commerce site or take any additional steps. This streamlined experience helps ensure students are prepared from the start while giving faculty greater confidence that students have access to the materials they need to succeed. First Day by Course will be available at an additional 182 campuses during the Fall 2026 academic term, extending BNC’s affordable access programs across a combined 445 campuses nationwide.

A Strategic Partnership for Student Success

"The growth of First Day Complete reflects a broader transformation taking place across higher education," said Jonathan Shar, Chief Executive Officer, Barnes & Noble Education. “Colleges and universities are increasingly recognizing that how students access their course materials can have a meaningful impact on affordability, preparedness and the overall student experience. Through our partnerships with institutions, we’re removing barriers that can stand between students and their success while creating a simpler, more effective course material experience for the entire campus community. We’re incredibly proud of the impact First Day Complete is having today, and we believe there is significant opportunity ahead as more institutions embrace affordable access as part of their broader student success strategy.”

Research Reinforces Strong Student Outcomes

A Barnes & Noble College survey of students participating in First Day Complete across 187 institutions during the Spring 2026 academic term found:

91% said the program saved them time.86% felt better prepared at the start of the academic term.82% said First Day Complete positively impacted their academic success.89% of non-graduating students said they would participate again.87% said they would recommend the program to other students.
Students and Campus Leaders See the Difference

"I would be very likely to recommend the First Day Complete program to other students because it removes so much of the stress that usually comes with getting course materials. Having every textbook and resource ready on day one helped me stay organized, keep up with readings, and avoid falling behind early in the semester. It also saved time and money, since I didn't have to search for books or worry about buying the wrong edition. Overall, the program makes the start of each class smoother and supports better academic performance." - Student, Caldwell University

"I would recommend ECU's First Day Program to other students because it makes starting the semester much easier and less stressful. Having all required course materials available on the first day means students don't fall behind waiting to buy textbooks or trying to find cheaper options. It also helps with budgeting since the cost is more predictable and often lower than purchasing materials individually. Overall, it helps students stay on track from the beginning, reduces stress, and creates a smoother learning experience that can lead to better academic success." - Student, East Carolina University

“The Eagle Direct program directly supports our priorities around student success and retention,” said Allyson Easterwood, Vice President for Finance & Administration at The University of Southern Mississippi. “Students are better equipped for class on day one, and faculty have greater confidence that students have the materials they need to succeed.”

Dr. Christopher Leskiw, Vice President for Academic Affairs and Dean of the Faculty at the University of the Cumberlands, added, “Many of our students are making decisions about whether they can afford their course materials. By integrating that cost into the program, we eliminate that decision point. Students no longer have to worry about where to find their books, whether they can afford them, or if they’ll have them in time for class. That peace of mind is truly transformative.”

To hear directly from students, faculty, and campus leaders about their experiences with First Day Complete and its impact across their campus communities, visit www.bncollege.com/insight/fdcimpact.

Continuing to Lead Through Innovation

As First Day Complete continues to grow, Barnes & Noble College is investing in technology, capabilities and student-driven innovations designed to make the program even more valuable for students, families and institutional partners.

Recent enhancements are making First Day Complete more personalized, intuitive and impactful. For students, new capabilities include personalized savings estimates that provide greater transparency into the value of the program, improved communications and automated reminders that make it easier to manage course materials from the first day of class through the end of the semester. For campus partners, enhanced financial aid integration and expanded administrative capabilities provide greater customization, visibility and flexibility, enabling institutions to tailor the program to their unique needs and more effectively advance priorities around affordability, student success and the campus experience.

Student feedback is also playing a direct role in shaping the future of First Day Complete. Barnes & Noble College recently launched its National Student Advisory Council, bringing together student leaders from partner institutions to provide ongoing input on the program, the student experience and emerging student needs.

Together, these investments reinforce Barnes & Noble College’s leadership in affordable access and its commitment to continually improving the First Day Complete experience. As the program continues to expand, BNC remains focused on advancing new capabilities that reduce barriers, improve the student and campus experience, and create greater value for its institutional partners—while continuing to shape the future of affordable access across higher education.

*Enrollment represents total undergraduate enrollment at participating institutions, plus graduate enrollment at institutions where First Day Complete includes graduate programs. Enrollment data as reported by the National Center for Education Statistics (NCES) as of January 2, 2026.

About Barnes & Noble College

Barnes & Noble College, a Barnes & Noble Education company, operates more than 1,000 physical and virtual campus stores serving approximately 5.7 million students nationwide. Through innovative academic solutions, retail services, and technology-enabled partnerships, Barnes & Noble College helps colleges and universities improve affordability, strengthen student success, and enhance the campus experience. For more information, visit www.bncollege.com.

About Barnes & Noble Education, Inc.

Barnes & Noble Education, Inc. (NYSE: BNED) is a leading solutions provider for higher education. BNED operates a network of campus stores that deliver essential academic materials, institutionally branded merchandise, and retail services that enhance the collegiate experience. Through its family of brands, including Barnes & Noble College and MBS, BNED expands affordability and access to course materials while delivering innovative solutions that support student success inside and outside the classroom. For more information, visit www.bned.com.

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and information relating to us and our business that are based on the beliefs of our management as well as assumptions made by and information currently available to our management. When used in this communication, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “may,” “should,” “will,” “forecasts,” “projections,” “continue to,” “committed to,” and similar expressions, as they relate to us or our management, identify forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements, and such statements include but are not limited to those related to the Company’s strategy, key growth drivers, long-term financial framework, strategic initiatives, and expected trends in financial results. We caution you not to place undue reliance on these forward-looking statements. Such statements reflect our current views with respect to future events, the outcome of which is subject to certain risks, including, but not limited to: the amount of our indebtedness and ability to comply with covenants contained in our credit agreement; our ability to maintain adequate liquidity levels to support ongoing inventory purchases and related vendor payments in a timely manner; slower than anticipated pace of adoption of our BNC First Day® equitable and inclusive access course material models; our dependency on strategic service provider relationships and the potential for adverse operational and financial changes to these strategic service provider relationships; non-renewal of our managed bookstore, physical and/or online store contracts; general competitive conditions; a decline in college enrollment or decreased funding available for students; technological changes, including the adoption of artificial intelligence technologies for educational content; disruptions to our information technology systems, infrastructure, data, supplier systems, and customer ordering and payment systems due to computer malware, viruses, hacking and phishing attacks; disruption of or interference with third party service providers and our own proprietary technology; and changes in applicable domestic and international laws, rules or regulations or changes in enforcement practices, including, without limitation, U.S. tax reform, changes in tax rates, tariffs, import and export control laws and regulations, changes to consumer data privacy rights legislation, as well as related guidance. Moreover, we operate in a very competitive and rapidly changing environment and new risks may emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make.

For a more detailed discussion of these factors, and other factors that could cause actual results to vary materially, interested parties should review the risk factors listed in the Company’s Annual Report on Form 10-K for the fiscal year ended May 2, 2026, filed with the SEC. Any forward-looking statements made by us in this press release speak only as of the date of this press release, and we do not intend to update these forward-looking statements after the date of this press release, except as required by law or regulation.

Media Contact:
Gene King
Barnes & Noble Education
Corporate Communications
[email protected]

Investor Contact:
Rob Fink
FNK IR
[email protected]
646-809-4048

I'm reiterating Barrick Mining as a Strong Buy with a $56 price target, reflecting a 37% upside. The North American IPO catalyst is now de-risked after Newmont's consent and a $1.95 billion settlement, enhancing visibility for key assets like Nevada Gold Mines and Fourmile. B delivered Q2 2026 gold production of 796Koz (+11% q/q), adjusted EPS up 74% y/y to $0.82, and reduced capex guidance while maintaining robust shareholder returns.

Barrick Mining (B - Free Report) came out with quarterly earnings of $0.82 per share, beating the Zacks Consensus Estimate of $0.81 per share. This compares to earnings of $0.47 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +1.24%. A quarter ago, it was expected that this gold and copper mining company would post earnings of $0.74 per share when it actually produced earnings of $0.98, delivering a surprise of +32.43%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Barrick Mining, which belongs to the Zacks Mining - Gold industry, posted revenues of $5.29 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 17.92%. This compares to year-ago revenues of $3.68 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Barrick Mining shares have added about 0.3% since the beginning of the year versus the S&P 500's gain of 13.3%.

What's Next for Barrick Mining?While Barrick Mining has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Barrick Mining was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.85 on $4.78 billion in revenues for the coming quarter and $3.57 on $19.43 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining - Gold is currently in the bottom 5% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the broader Zacks Basic Materials sector, Suzano S.A. Sponsored ADR (SUZ - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 12.

This company is expected to post quarterly earnings of $0.06 per share in its upcoming report, which represents a year-over-year change of -91.6%. The consensus EPS estimate for the quarter has been revised 284.6% higher over the last 30 days to the current level.

Suzano S.A. Sponsored ADR's revenues are expected to be $2.32 billion, down 1.1% from the year-ago quarter.

August 10, 2026 05:59 ET  | Source: Barrick Mining Corporation

All amounts expressed in U.S. dollars

TORONTO, Aug. 10, 2026 (GLOBE NEWSWIRE) -- Barrick Mining Corporation (NYSE:B)(TSX:ABX) (“Barrick” or the “Company”) today announced the declaration of a $0.175 per share dividend in respect of performance for the second quarter of 2026.

The Q2 2026 dividend will be paid on September 15, 2026 to shareholders of record at the close of business on August 31, 2026.

The Company’s dividend policy targets a total payout of 50% of attributable free cash flow on an annualized basis, comprised of a fixed base quarterly dividend of $0.175 per share and a performance top-up component at each year end based on the attributable free cash flow during the year. The dividend paid in any given year may be higher or lower than the 50% target based on the strength of cash flow, capital needs, balance sheet considerations, and other factors.

For shareholder account administration—including changes of address, dividend payments, direct deposit, share certificates, and estate transfers—please contact our transfer agent directly:

About Barrick Mining Corporation

Barrick is a leading global mining, exploration and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry, Barrick’s operations and projects span 17 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange under the symbol ‘B’ and on the Toronto Stock Exchange under the symbol ‘ABX’.

Investor Relations ContactEmily Chieng
Vice President,
Investor Relations
+1 775 397 3537
[email protected]

Media ContactDan Wilner
Senior Vice President,
Corporate Affairs and Capital Markets
+1 437 235 7154
[email protected]

   Cautionary Statement on Forward-Looking Information

Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “will”, “perform”, “target”, “may” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, the Company’s dividend policy and ability and amount that may be paid out to shareholders, including based on cash flow, capital needs, balance sheet considerations and other factors.

Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in jurisdictions in which the Company or its affiliates do or may carry on business in the future; fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; assumptions relating to the trading price of the Company’s common shares; changes in mineral production performance, exploitation, and exploration successes; disruption of supply routes which may cause delays in construction and mining activities at Barrick’s more remote properties; diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; changes in U.S. trade, tariff and other controls on imports and exports, tax, immigration or other policies that may impact trade relations with foreign countries, result in retaliatory policies, lead to increased costs for raw materials and components, or impact Barrick’s existing operations and material growth projects; the impact of inflation; fluctuations in the currency markets; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or dealings with community groups, whether true or not; the possibility that future exploration results will not be consistent with the Company’s expectations; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with illegal and artisanal mining; risks associated with new diseases, epidemics and pandemics; litigation and legal and administrative proceedings; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, the Company; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; risks related to the failure of internal controls; risks related to the impairment of the Company’s goodwill and assets; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development, and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).

Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.

Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

Key Takeaways Barrick Mining is expected to benefit from higher year-over-year realized gold prices in Q2.B's production is anticipated to improve sequentially, supported by mine ramp-ups and better sequencing.Barrick Mining continues to contend with rising production costs that may weigh on quarterly performance. Barrick Mining Corporation (B - Free Report) is slated to come up with second-quarter 2026 results before the opening bell on Aug. 10.

Barrick beat the Zacks Consensus Estimate for earnings in three of the last four quarters and reported in-line results on the other occasion. In this timeframe, it delivered an earnings surprise of roughly 14.1%, on average. Higher realized gold prices and increased production are expected to have aided its second-quarter performance amid cost headwinds.

B’s shares have shot up 78% over the past year, outperforming the Zacks Mining – Gold industry’s 29.7% increase.

Image Source: Zacks Investment Research

Let’s see how things are shaping up for this announcement.

What do B’s Revenue Estimates Indicate?The Zacks Consensus Estimate for Barrick’s second-quarter consolidated sales is currently pegged at $4,487.7 million, calling for an increase of 21.9% from the year-ago quarter’s tally.

Factors Shaping B’s Q2 ResultsHigher realized gold prices are likely to have supported the company’s performance in the second quarter. While gold prices have pulled back sharply from their January 2026 highs, they remain supportive.

Heightened geopolitical tensions, a weaker U.S. dollar and tariff-related worries drove bullion to a record high of nearly $5,600 per ounce in late January. Since then, gold has pulled back sharply due to inflation concerns triggered by a surge in crude oil prices amid Middle East tensions. While gold started April near $4,800 per ounce, prices tumbled to $4,500 per ounce around the end of May.

Bullion continued to retreat in June, with prices slipping below $4,000 per ounce to a near eight-month low amid rate-hike expectations and a stronger greenback, despite reduced inflation concerns following the interim agreement between the United States and Iran.

Notwithstanding the pullback, Barrick is expected to have gained from higher year-over-year realized prices.  The consensus estimate for B’s average realized gold price is pinned at $4,507 per ounce for the second quarter, indicating a roughly 37% year-over-year increase.

Higher production is expected to have aided B’s sales volumes in the second quarter. Barrick saw a 5% year-over-year and 17% sequential decline in first-quarter 2026 gold production to 719,000 ounces. However, it expects production to increase sequentially, with second-quarter gold production projected in the band of 730,000-770,000 ounces. The uptick is expected to be driven by the ramp-up across Loulo-Gounkoto and Goldrush mines, as well as mine sequencing across the NGM sites.

 The consensus estimate calls for a gold production of roughly 764,000 ounces in the second quarter, indicating a roughly 6% sequential rise.

 Barrick is likely to have faced headwinds from higher production costs in the second quarter. It saw an 8% sequential increase in all-in-sustaining costs (AISC) — a critical cost metric for miners — in the first quarter, reaching $1,708 per ounce.

Cost pressures are expected to have continued in the second quarter. The consensus estimate for AISC for the second quarter is pegged at $1,884, indicating a roughly 12% year-over-year and 10% sequential increase.

What Our Model Unveils for B StockOur proven model does not conclusively predict an earnings beat for Barrick this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. But that’s not the case here.

Earnings ESP: Earnings ESP for B is -0.49%. The Zacks Consensus Estimate for the second quarter is currently pegged at 81 cents. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: B currently carries a Zacks Rank #4 (Sell).

Stocks That Warrant a LookHere are some companies you may want to consider as our model shows they have the right combination of elements to post an earnings beat this quarter:

Sociedad Química y Minera de Chile S.A. (SQM - Free Report) , scheduled to release earnings on Aug. 18, has an Earnings ESP of +0.08% and carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.

The consensus estimate for SQM’s earnings for the second quarter is currently pegged at $2.03.

Ferguson Enterprises Inc. (FERG - Free Report) , slated to release earnings on Aug. 10, has an Earnings ESP of +1.22% and carries a Zacks Rank #3 at present.

The consensus mark for FERG’s second-quarter earnings is currently pegged at $3.23.

Resideo Technologies, Inc. (REZI - Free Report) , scheduled to release earnings on Aug. 12, has an Earnings ESP of +6.83%.

The Zacks Consensus Estimate for REZI's earnings for the second quarter is currently pegged at 68 cents. REZI currently carries a Zacks Rank #3.

Posted by Defense World Staff on Aug 1st, 2026

Axiom Investment Management LLC bought a new position in shares of Barrick Mining Corporation (NYSE:B – Free Report) (TSE:ABX) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 68,767 shares of the gold and copper producer’s stock, valued at approximately $2,805,000. Barrick Mining makes up 2.1% of Axiom Investment Management LLC’s holdings, making the stock its 10th largest position.

Several other hedge funds have also modified their holdings of B. Financial Consulate Inc. lifted its holdings in Barrick Mining by 1,042.0% in the fourth quarter. Financial Consulate Inc. now owns 571 shares of the gold and copper producer’s stock valued at $25,000 after acquiring an additional 521 shares during the period. Westside Investment Management Inc. acquired a new position in shares of Barrick Mining during the 4th quarter worth $25,000. Intesa Sanpaolo Wealth Management acquired a new position in shares of Barrick Mining during the 4th quarter worth $26,000. Ascentis Independent Advisors acquired a new position in shares of Barrick Mining during the 1st quarter worth $28,000. Finally, JPL Wealth Management LLC purchased a new position in shares of Barrick Mining in the 3rd quarter valued at about $28,000. 90.82% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes A number of research analysts have issued reports on the stock. ATB Cormark Capital Markets cut shares of Barrick Mining from a “moderate buy” rating to a “hold” rating in a report on Tuesday, April 7th. Barclays lowered their price target on Barrick Mining from $41.00 to $39.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 15th. Wall Street Zen downgraded Barrick Mining from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 25th. Canadian Imperial Bank of Commerce reduced their price objective on Barrick Mining to $63.00 and set an “outperformer” rating for the company in a report on Tuesday, April 21st. Finally, Citigroup reiterated a “positive” rating on shares of Barrick Mining in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Barrick Mining has an average rating of “Moderate Buy” and an average price target of $52.46.

Read Our Latest Analysis on B

Barrick Mining Stock Down 2.6% B stock opened at $36.73 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.06 and a quick ratio of 2.44. The company’s 50 day simple moving average is $38.49 and its 200-day simple moving average is $42.40. Barrick Mining Corporation has a 12 month low of $20.94 and a 12 month high of $54.69. The firm has a market capitalization of $61.09 billion, a PE ratio of 10.15, a P/E/G ratio of 0.80 and a beta of 0.48.

Barrick Mining (NYSE:B – Get Free Report) (TSE:ABX) last issued its quarterly earnings data on Monday, May 11th. The gold and copper producer reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.18. Barrick Mining had a return on equity of 14.81% and a net margin of 32.14%.The firm had revenue of $4.11 billion during the quarter, compared to the consensus estimate of $4.75 billion. The firm’s quarterly revenue was up 66.7% compared to the same quarter last year. Equities analysts expect that Barrick Mining Corporation will post 3.57 earnings per share for the current fiscal year.

Barrick Mining Cuts Dividend The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were given a $0.175 dividend. This represents a $0.70 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Friday, May 29th. Barrick Mining’s dividend payout ratio is currently 19.34%.

About Barrick Mining (Free Report)

Barrick Gold Corporation, commonly known as Barrick, is a Toronto‑headquartered mining company focused on the exploration, development, production and sale of gold and copper. Listed on major exchanges (including the New York Stock Exchange under the symbol B), Barrick operates as an integrated minerals producer, running large‑scale mining complexes, processing facilities and related support services for extraction and metallurgical treatment of ore.

The company’s activities span the full mining value chain: greenfield exploration, feasibility and permitting, mine construction, ongoing operations, and closure and reclamation.

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Posted by Defense World Staff on Jul 23rd, 2026

Assetmark Inc. boosted its position in Barrick Mining Corporation (NYSE:B – Free Report) (TSE:ABX) by 27.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 81,892 shares of the gold and copper producer’s stock after acquiring an additional 17,845 shares during the quarter. Assetmark Inc.’s holdings in Barrick Mining were worth $3,340,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Bogart Wealth LLC boosted its holdings in shares of Barrick Mining by 3.5% in the 4th quarter. Bogart Wealth LLC now owns 6,442 shares of the gold and copper producer’s stock worth $281,000 after purchasing an additional 218 shares in the last quarter. Parvin Asset Management LLC grew its position in Barrick Mining by 0.7% during the 4th quarter. Parvin Asset Management LLC now owns 33,385 shares of the gold and copper producer’s stock worth $1,454,000 after acquiring an additional 225 shares during the last quarter. Silver Oak Securities Incorporated increased its stake in Barrick Mining by 2.9% in the 1st quarter. Silver Oak Securities Incorporated now owns 8,810 shares of the gold and copper producer’s stock worth $359,000 after purchasing an additional 246 shares during the period. Mmbg Investment Advisors CO. increased its stake in Barrick Mining by 0.6% in the 4th quarter. Mmbg Investment Advisors CO. now owns 43,454 shares of the gold and copper producer’s stock worth $1,892,000 after purchasing an additional 254 shares during the period. Finally, S.A. Mason LLC lifted its position in Barrick Mining by 1.3% in the fourth quarter. S.A. Mason LLC now owns 23,114 shares of the gold and copper producer’s stock valued at $1,007,000 after purchasing an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Barrick Mining Stock Up 3.1% B stock opened at $37.51 on Thursday. Barrick Mining Corporation has a twelve month low of $20.94 and a twelve month high of $54.69. The firm has a market cap of $62.40 billion, a PE ratio of 10.36, a price-to-earnings-growth ratio of 0.76 and a beta of 0.48. The business has a 50 day moving average of $39.05 and a 200 day moving average of $42.84. The company has a quick ratio of 2.44, a current ratio of 3.06 and a debt-to-equity ratio of 0.13.

Barrick Mining (NYSE:B – Get Free Report) (TSE:ABX) last issued its quarterly earnings results on Monday, May 11th. The gold and copper producer reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.18. The firm had revenue of $4.11 billion during the quarter, compared to the consensus estimate of $4.75 billion. Barrick Mining had a return on equity of 14.81% and a net margin of 32.14%.Barrick Mining’s revenue was up 66.7% compared to the same quarter last year. On average, research analysts forecast that Barrick Mining Corporation will post 3.61 EPS for the current fiscal year.

Barrick Mining Cuts Dividend The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were given a dividend of $0.175 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $0.70 annualized dividend and a dividend yield of 1.9%. Barrick Mining’s dividend payout ratio (DPR) is 19.34%.

Key Barrick Mining News Here are the key news stories impacting Barrick Mining this week:

Positive Sentiment: Barrick’s investment in Kingfisher Metals boosts its exposure to a prospective exploration asset and may support future discovery upside. Barrick Announces Investment in Kingfisher Metals Positive Sentiment: The company’s new stake could strengthen technical collaboration with Kingfisher and broaden Barrick’s strategic pipeline beyond existing operations. Barrick Mining to Acquire 9.9% Stake in Kingfisher Via $14.83M Deal Neutral Sentiment: Coverage on Barrick’s mining operations kept the company in focus, but did not include a major new operational update or financial guidance change. Barrick Mining (NYSE:B) Mining Operations Gain Market Focus Neutral Sentiment: JPMorgan lowered its price target to $50 from $58 while keeping an overweight rating, which may temper enthusiasm but still implies upside from current levels. Barrick price target lowered by JPMorgan Chase & Co. Wall Street Analysts Forecast Growth A number of analysts have recently weighed in on the company. Royal Bank Of Canada dropped their price objective on Barrick Mining from $51.00 to $49.00 and set an “outperform” rating for the company in a research note on Thursday, July 9th. Weiss Ratings cut Barrick Mining from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, May 11th. Bank of America reduced their price target on Barrick Mining from $58.00 to $56.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Canadian Imperial Bank of Commerce lowered their price target on Barrick Mining to $63.00 and set an “outperformer” rating for the company in a research report on Tuesday, April 21st. Finally, ATB Cormark Capital Markets cut Barrick Mining from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $52.46.

Get Our Latest Report on Barrick Mining

Barrick Mining Profile (Free Report)

Barrick Gold Corporation, commonly known as Barrick, is a Toronto‑headquartered mining company focused on the exploration, development, production and sale of gold and copper. Listed on major exchanges (including the New York Stock Exchange under the symbol B), Barrick operates as an integrated minerals producer, running large‑scale mining complexes, processing facilities and related support services for extraction and metallurgical treatment of ore.

The company’s activities span the full mining value chain: greenfield exploration, feasibility and permitting, mine construction, ongoing operations, and closure and reclamation.

See Also Five stocks we like better than Barrick Mining Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play Want to see what other hedge funds are holding B? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Barrick Mining Corporation (NYSE:B – Free Report) (TSE:ABX).

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Posted by Defense World Staff on Jul 22nd, 2026

Bank of New York Mellon Corp lowered its position in Barrick Mining Corporation (NYSE:B – Free Report) (TSE:ABX) by 1.3% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,884,086 shares of the gold and copper producer’s stock after selling 23,937 shares during the period. Bank of New York Mellon Corp owned 0.11% of Barrick Mining worth $76,852,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hillsdale Investment Management Inc. grew its holdings in shares of Barrick Mining by 13.9% during the first quarter. Hillsdale Investment Management Inc. now owns 1,327,142 shares of the gold and copper producer’s stock worth $54,223,000 after buying an additional 161,641 shares in the last quarter. Retirement Planning Group LLC acquired a new stake in shares of Barrick Mining in the first quarter valued at about $222,000. Legacy Capital Group California Inc. purchased a new position in shares of Barrick Mining in the first quarter worth about $637,000. Bleakley Financial Group LLC lifted its stake in shares of Barrick Mining by 14.7% in the first quarter. Bleakley Financial Group LLC now owns 66,468 shares of the gold and copper producer’s stock worth $2,711,000 after buying an additional 8,519 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in Barrick Mining by 19.2% during the first quarter. Principal Financial Group Inc. now owns 214,910 shares of the gold and copper producer’s stock worth $8,755,000 after acquiring an additional 34,555 shares during the last quarter. Hedge funds and other institutional investors own 90.82% of the company’s stock.

Barrick Mining Stock Up 4.3% Shares of NYSE B opened at $36.39 on Wednesday. The company has a market capitalization of $60.52 billion, a P/E ratio of 10.05, a P/E/G ratio of 0.76 and a beta of 0.48. The company has a debt-to-equity ratio of 0.13, a current ratio of 3.06 and a quick ratio of 2.44. The company has a 50 day simple moving average of $39.19 and a 200-day simple moving average of $42.89. Barrick Mining Corporation has a 1 year low of $20.94 and a 1 year high of $54.69.

Barrick Mining (NYSE:B – Get Free Report) (TSE:ABX) last released its quarterly earnings data on Monday, May 11th. The gold and copper producer reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.18. The firm had revenue of $4.11 billion for the quarter, compared to analysts’ expectations of $4.75 billion. Barrick Mining had a return on equity of 14.81% and a net margin of 32.14%.Barrick Mining’s quarterly revenue was up 66.7% compared to the same quarter last year. On average, equities research analysts predict that Barrick Mining Corporation will post 3.61 earnings per share for the current year.

Barrick Mining Cuts Dividend The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 29th were given a dividend of $0.175 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 1.9%. Barrick Mining’s dividend payout ratio (DPR) is presently 19.34%.

Key Stories Impacting Barrick Mining Here are the key news stories impacting Barrick Mining this week:

Positive Sentiment: Barrick announced a C$20.9 million investment in Kingfisher Metals, signaling continued exploration and growth-focused capital deployment. Barrick Announces Investment in Kingfisher Metals Positive Sentiment: JPMorgan kept an overweight rating on Barrick Mining even after lowering its price target to $50 from $58, which still implies meaningful upside from current levels. Benzinga report on JPMorgan price target cut Neutral Sentiment: Analyst estimates for Barrick’s FY2026 EPS were lowered, reflecting some caution around near-term earnings expectations. FY2026 EPS Estimates for Barrick Mining Lowered by Analyst Neutral Sentiment: Additional coverage suggested Barrick’s corporate moves are attracting market interest, though this appears to be a broad sentiment call rather than a new fundamental development. Barrick Mining Corporate Move Lifts Market Interest Wall Street Analysts Forecast Growth A number of research firms have recently issued reports on B. UBS Group dropped their price target on Barrick Mining from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Canadian Imperial Bank of Commerce reduced their price objective on Barrick Mining to $63.00 and set an “outperformer” rating on the stock in a research report on Tuesday, April 21st. Bank of America lowered their price objective on Barrick Mining from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. JPMorgan Chase & Co. dropped their target price on Barrick Mining from $58.00 to $50.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, Weiss Ratings downgraded Barrick Mining from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Barrick Mining presently has a consensus rating of “Moderate Buy” and an average price target of $52.46.

Read Our Latest Research Report on B

About Barrick Mining (Free Report)

Barrick Gold Corporation, commonly known as Barrick, is a Toronto‑headquartered mining company focused on the exploration, development, production and sale of gold and copper. Listed on major exchanges (including the New York Stock Exchange under the symbol B), Barrick operates as an integrated minerals producer, running large‑scale mining complexes, processing facilities and related support services for extraction and metallurgical treatment of ore.

The company’s activities span the full mining value chain: greenfield exploration, feasibility and permitting, mine construction, ongoing operations, and closure and reclamation.

Featured Articles Five stocks we like better than Barrick Mining Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible Want to see what other hedge funds are holding B? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Barrick Mining Corporation (NYSE:B – Free Report) (TSE:ABX).

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July 21, 2026 07:00 ET  | Source: Barrick Mining Corporation

TORONTO, July 21, 2026 (GLOBE NEWSWIRE) -- Barrick Mining Corporation (NYSE:B)(TSX:ABX) announced today that it has agreed to subscribe for 15,470,934 units (“Units”) of Kingfisher Metals Corp. (“Kingfisher”) in a non-brokered private placement (“Private Placement”) at a price of C$1.35 per Unit, for total consideration of approximately C$20,885,761. Each Unit is comprised of one common share (each, a “Kingfisher Share”) and one-half of a common share purchase warrant, where each whole warrant will entitle the holder for a period of two years to acquire one Kingfisher common share at a price of C$1.70 per common share.

Barrick does not currently own any Kingfisher Shares. Following closing of the Private Placement, and as a result of its acquisition of Units, Barrick will hold approximately 9.9% of the outstanding Kingfisher Shares on a non-diluted basis and 14.1% of the outstanding Kingfisher Shares on a partially-diluted basis, assuming the exercise of all warrants held by Barrick.

In connection with the Private Placement, Barrick and Kingfisher will enter into an investor rights agreement (“Investor Rights Agreement”). Pursuant to the Investor Rights Agreement, provided that Barrick maintains an ownership interest in Kingfisher of at least 5%, Barrick will be entitled to anti-dilution and information rights in respect of Kingfisher’s Highway 37 Project, located in British Columbia, Canada and Kingfisher will, for a period of two years from closing of the Private Placement (“Closing”), be restricted from selling or transferring any right or interest in its Highway 37 Project without Barrick’s consent, subject to certain exceptions. Barrick will also, for a period of two years from closing of the Private Placement, either vote its Kingfisher Shares in accordance with the recommendations of the board or management of Kingfisher, or abstain from voting on such matters, and be subject to a standstill which will prohibit Barrick from acquiring more than 15% of the outstanding Kingfisher Shares (increasing to 19.9% of the outstanding Kingfisher Shares if any third party acquires 10% or more of the Kingfisher Shares during such two year period), in each case subject to certain exceptions. Barrick has also agreed to an 18-month lockup in respect of Kingfisher Shares issued to it. Barrick and Kingfisher will also form a technical committee and, on request of Kingfisher, Barrick will also provide certain technical support and expertise to Kingfisher for the 2027 and 2028 drilling seasons at the Highway 37 Project.

Barrick is acquiring the Units for investment purposes. Barrick may, depending on market conditions and other factors, acquire additional Kingfisher Shares or other securities of Kingfisher, or dispose of some or all of the Kingfisher Shares or other securities of Kingfisher that it owns at such time.

An early warning report will be filed by Barrick in accordance with applicable securities laws. To obtain a copy of the early warning report, please contact Dan Wilner, whose contact details are included below.

About Barrick Mining Corporation

Barrick is a leading global mining, exploration, and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry, Barrick’s operations and projects span 17 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships, and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange under the symbol ‘B’ and on the Toronto Stock Exchange under the symbol ‘ABX’.

Investor Relations Contact

[email protected]

Media Contact

Dan Wilner, +1 437 235 7154
[email protected]

Cautionary Statement on Forward-Looking Information

Certain information contained in this press release, including any information relating to the ownership by Barrick of common shares and warrants of Kingfisher constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “expect”, “will”, “potential”, “may” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to the anticipated closing of the private placement, Barrick’s ownership interest in Kingfisher upon closing of the private placement, the terms of the investor rights agreement, Barrick’s provision of technical support to Kingfisher and Barrick’s potential acquisition or disposition of securities of Kingfisher in the future. Forward-looking statements are necessarily based upon a number of assumptions, including material assumptions considered reasonable by Barrick as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, and are inherently subject to significant business, economic, and competitive uncertainties and contingencies.

Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect the forward-looking statements contained in this press release.

Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

SPDR Gold Shares tracks the price of physical gold, whereas VanEck Gold Miners ETF invests in companies that extract the metal SPDR Gold Shares has a lower expense ratio and significantly lower price volatility compared to VanEck Gold Miners ETF VanEck Gold Miners ETF has delivered higher total returns over the past year but shows a much deeper historical drawdown

July 10, 2026 07:00 ET  | Source: Barrick Mining Corporation

TORONTO, July 10, 2026 (GLOBE NEWSWIRE) -- Barrick Mining Corporation (NYSE:B)(TSX:ABX) will release its second quarter 2026 results before markets open on Monday, August 10, 2026 at 6:00 AM ET. The management team will host a live webcast and presentation at 11:00 AM ET the same day, followed by a question-and-answer session with analysts.

Event Details – August 10, 2026

Results release – 6:00 AM ETLive webcast and presentation – 11:00 AM ET To join the webcast, please register here. Presentation materials will be available on Barrick’s website prior to the event with a replay available soon after.

About Barrick Mining Corporation

Barrick is a leading global mining, exploration, and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry, Barrick’s operations and projects span 17 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships, and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange under the symbol ‘B’ and on the Toronto Stock Exchange under the symbol ‘ABX’.

Investor Relations Contact
[email protected]

Media Contact
Dan Wilner, +1 437 235 7154
[email protected]

CAYMAN ISLANDS--(BUSINESS WIRE)--Bullish (NYSE: BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services, released its monthly metrics for June 2026 on Tuesday, July 7, 2026. Monthly Metrics Report for June 2026 (Unaudited)   2025 2026 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun (B - in billions) Trading Volume ($B) Spot - BTC 34.6   30.9   43.2   39.2   32.8   19.9   20.8   18.2   16.4   38.2   38.4.

Key Takeaways Gold fell 15% in the second quarter of 2026, its worst quarterly drop in 13 years.DRDGOLD's tailings model, debt-free balance sheet and Vision 2028 projects support growth.Newmont and Barrick Mining hold strong liquidity and project pipelines to navigate volatility. Gold has had a turbulent year so far. After soaring to a record high of nearly $5,600 per ounce in January, the precious metal suffered a sharp reversal. Gold prices logged their steepest quarterly decline in 13 years, with spot prices falling 15% in the second quarter of 2026, per Canadian Mining Journal. This is the worst drop since the second quarter of 2013, with maximum losses coming in June.

The selloff was driven by rising inflation concerns following the Middle-East conflict, which pushed energy prices higher and raised the likelihood of an interest rate hike by central banks. In the United States, inflation remains well above the Fed’s 2% target, and traders are pricing in a 65% chance of a rate hike in September, per the CME FedWatch tool.

Higher interest rates and a stronger U.S. dollar have been putting pressure on gold. These headwinds could keep gold prices volatile in the near term. But the recent correction may have created an attractive entry point into high-quality gold mining stocks like DRDGOLD Limited (DRD - Free Report) , Newmont Corporation (NEM - Free Report) and Barrick Mining Corporation (B - Free Report) for long-term investors.

3 Gold Miners Worth Your MoneyDRDGOLD: The company stands out from traditional gold miners with its specialized gold tailings retreatment business, which involves recovering gold from previously mined waste material. This business model helps keep operating costs relatively low while reducing geological risks associated with conventional mining. DRDGOLD remains on track to achieve the upper end of its 2026 production guidance of 140,000-150,000 ounces while maintaining a debt-free balance sheet and sufficient liquidity to internally fund its expansion plans.

The company delivered strong operational and financial results for the quarter ended March 31, 2026, supported by higher throughput and disciplined cost management. The company's Vision 2028 strategy, including its “Big 5” projects, is expected to expand processing capacity to 3 million tons per month and increase annual gold production to about 200,000 ounces over the medium term. Backed by a strong financial position, steady execution and a differentiated operating model, DRDGOLD appears well-positioned to navigate near-term gold price volatility while delivering long-term growth.

DRD stock currently sports a Zacks Rank #1 (Strong Buy) and has a Value Score of B. The Zacks Consensus Estimate for DRDGOLD’s fiscal 2026 and fiscal 2027 EPS implies year-over-year growth of 164% and 87%, respectively. You can see the complete list of today’s Zacks #1 Rank stocks here.

Newmont: It is one of the world's largest gold producers, with a diversified portfolio of mines across North and South America, Australia and Africa. The company remains well-positioned for long-term growth, backed by a strong pipeline of projects that are expected to boost production, extend mine life and support future earnings. Its acquisition of Newcrest has further strengthened its portfolio by adding high-quality assets and creating opportunities for cost synergies.

At the same time, Newmont continues to optimize its asset base by focusing capital on its most profitable, long-life operations while improving operational efficiency. The company also boasts a strong financial position, ending the first quarter of 2026 with approximately $12.8 billion in liquidity, including $8.8 billion in cash and cash equivalents. Its free cash flow jumped 161% year over year to a record $3.1 billion, highlighting the strength of its operations. These factors make Newmont well-equipped to navigate near-term gold price volatility while delivering long-term value.

NEM stock currently carries a Zacks Rank #2 (Buy) and has a Value Score of B. The Zacks Consensus Estimate for Newmont’s 2026 and 2027 EPS implies year-over-year growth of 44% and 9%, respectively.

Barrick Mining: It is one of the world's largest gold producers, with a diversified portfolio of gold and copper assets. The company is poised for long-term growth, supported by several large projects that are progressing on schedule and within budget. These include the Goldrush mine, which is expected to reach annual production of 400,000 ounces by 2028, and the high-grade Fourmile project, which has the potential to become another Tier One mine. Barrick Mining is also expanding its Lumwana mine in Zambia into a major copper operation, further strengthening its growth prospects.

Financially, the company remains on a solid footing, ending the first quarter of 2026 with around $7.1 billion in cash and cash equivalents. Strong operating performance drove operating cash flow up 111% year over year to roughly $2.6 billion, while free cash flow nearly tripled to $1.2 billion. Combined with its shareholder-friendly dividend policy and healthy balance sheet, Barrick Mining appears well equipped to deliver long-term value despite near-term gold price volatility.

B stock currently carries a Zacks Rank #3 (Hold) and has a Value Score of A. The Zacks Consensus Estimate for Barrick Mining’s 2026 and 2027 EPS implies year-over-year growth of 56% and 15%, respectively.

Barnes & Noble Education reported better-than-expected preliminary FY2026 results driven by accelerating First Day Complete growth. The company declared its first-ever quarterly cash dividend of $0.08 per share. For fiscal year 2027, management expects continued improvements in profitability and free cash flow.

Shares of Barnes & Noble Education (BNED +20.13%) closed Thursday's trading 19.7% higher thanks to a mixed preliminary earnings report for Q4 2026. The stock is now up 128% from a deep dip last November, but it has only gained 14% over the last year.

Image source: Getty Images.

A mixed earnings bag with a silver lining The analyst consensus pointed to roughly $295 million in Q4 revenues with an adjusted net loss near $0.16 per share. Based on preliminary figures, Barnes & Noble Education expects approximately $263 million in top-line sales, down from $278.3 million in the year-ago period. On the bottom line, however, the quarter is shaping up to adjusted profits of at least $0.05 per share.

So the quarter was a mixed bag, but the board of directors still saw it fit to start the dividend program. The first payout will be sent on July 30, at $0.08 per share. That works out to an annual yield of 2.4% if the company maintains the payout over the next four quarters.

Today's Change

(

20.13

%) $

2.25

Current Price

$

13.43

More than a bookstore, or so management claims The dividend news dropped during an Investor Day where CEO Jonathan Shar made one thing abundantly clear: Barnes & Noble Education would really prefer you stop thinking of it as "just a bookstore." The company now calls itself a "scaled B2B2C platform," which is corporate-speak for "we do a lot more than sell textbooks now."

The centerpiece is First Day Complete, a program that bundles course materials into college tuition rather than asking for payment at the bookstore's register. It started with 14,000 students in 2019 and should reach 1.4 million by this fall. Management says only 36% of eligible campuses have converted so far, leaving plenty of room to grow.

Whether that growth trajectory justifies the 128% rally from recent lows is another question entirely. Even now, the stock remains priced for absolute disaster at 0.3x trailing sales. I like the First Day Complete program, but the dividend announcement looks rushed. The company could find better uses for the dividend cash, such as paying down debt or expanding the First Day Complete program to more campuses.

Anders Bylund has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Fiscal 2026 Net Income Expected Between $15 Million and $18 Million
Adjusted EBITDA Expected between $75 Million and $77 Million, an increase of 26% to 30%
First Day Program Revenues Estimated to Increase 27% to 28%
Board of Directors Declares Quarterly Dividend of $0.08 per Common Share

FLORHAM PARK, N.J., June 24, 2026 (GLOBE NEWSWIRE) -- Barnes & Noble Education, Inc. (NYSE: BNED), (“Barnes & Noble Education,” “BNED,” “the Company,” “we,” “us,” “our”), a leading solutions provider for the education industry, is providing preliminary, unaudited financial results for the fiscal year ended May 2, 2026. BNED’s fiscal year is comprised of 52 or 53 weeks, ending on the Saturday closest to the last day of April. Fiscal 2026 includes 52 weeks vs. 53 weeks for fiscal 2025.

“Our preliminary fiscal 2026 results reflect strong execution across the business and the continued success of our BNC First Day® offerings,” said Jonathan Shar, Chief Executive Officer. “We expect to deliver significant year-over-year growth in Adjusted EBITDA and post solid net income profitability. Our balance sheet is also expected to show continued improvement through further meaningful debt reduction. These results are driven by continued growth in First Day, improved comparable store performance, disciplined expense management, and strong sales contributions from new store partnerships secured through recent business wins.”

FY2026 Preliminary Financial Results (unaudited)

Full-year preliminary revenue in fiscal 2026 is expected to be in the range of $1.710 to $1.720 billion, an increase of $100.0 to $110.0 million, or 6.2% to 6.8%, over the prior year.

Revenues from BNC First Day® programs are expected to increase by $160.3 to $166.3 million, or 27.0% to 28.0%, year-over-year, as First Day® Complete continues to see strong growth in institutional adoption.

Full-year fiscal 2026 net income is expected to be in the range of $15.0 to $18.0 million, compared to a net loss of $(65.8) million in the prior year. The improvement reflects strong operating performance and growth in BNC First Day® programs, as well as the absence of the $55.2 million loss on the extinguishment of debt recorded in fiscal 2025.

Adjusted EBITDA for fiscal 2026 is expected to be in the range of $75.0 to $77.0 million, compared to $59.4 million for fiscal 2025, representing an increase of approximately 26% to 30%.

Total debt at year-end is expected to be $71.0 million compared to $103.1 million on May 3, 2025. After subtracting $8.4 million of cash on hand, total net debt is expected to be $62.6 million, representing a $31.4 million, or approximately 33% year-over-year decrease.

The tables below reflect the reconciliation of Adjusted EBITDA to the most comparable GAAP financial metric, Net income (loss):

 52 weeks ended 53 weeks ended($ in thousands)May 2, 2026 May 3, 2025 (unaudited) (unaudited)Net income (loss)$15,000 - $18,000 $(65,825)Add:   Depreciation and amortization expense32,000 - 33,500  37,939 Impairment expense11,000 - 13,000  1,713 Interest expense, net15,500 - 16,000  22,260 Income tax expense3,500 - 4,500  4,256 Loss on extinguishment of debt—  55,233 Other income(7,500) - (14,500)  (1,572)Stock-based compensation expense (non-cash)5,500 - 6,500  5,386 Adjusted EBITDA$75,000 - $77,000 $59,390     Cash interest$12,500 - $13,000   __________

Outlook

Looking ahead to fiscal 2027, Barnes & Noble Education expects continued growth in revenues and is focused on driving operating leverage with disciplined expense management. The Company is targeting Adjusted EBITDA in the range of $85 to $92 million and further significant improvements in net income profitability. The Company also sees opportunities to drive better capital efficiency, which should contribute to additional reductions in debt and interest expense. The Company anticipates approximately $20 million in capital expenditures and should be a normal cash taxpayer.

Investor Day

The Company will host its Investor Day on June 25, 2026. The live webcast will begin at 10:00 a.m. Eastern Time and is expected to conclude at approximately 12:00 p.m. Eastern Time. Investors may register to participate in the webcast here: https://bnedinvestor.netlify.app/

Dividend Program

Today the Company commenced its previously announced quarterly dividend program, with the Board declaring a first quarter cash dividend of $0.08 per common share payable to shareholders of record as of July 16, 2026. The dividend will be payable July 30, 2026.

Use of Non-GAAP Financial Information—Adjusted EBITDA

To supplement the Company’s condensed consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), the Company uses the financial measure of Adjusted EBITDA, which is a non-GAAP financial measure under Securities and Exchange Commission (the “SEC”) regulations. We define Adjusted EBITDA as net income (loss) plus (1) depreciation and amortization; (2) interest expense, net (3) income taxes, and (4) as adjusted for additional items that are subtracted from or added to net income (loss).

Adjusted EBITDA has been reconciled to the most comparable financial measures presented in accordance with GAAP, consolidated net income (loss). All of the items included in the reconciliation are either (i) non-cash items or (ii) items that management does not consider in assessing our on-going operating performance.

Adjusted EBITDA is not intended as a substitute for and should not be considered superior to measures of financial performance prepared in accordance with GAAP. In addition, the Company’s use of Adjusted EBITDA may be different from similarly named measures used by other companies, limiting its usefulness for comparison purposes.

We review Adjusted EBITDA as an internal measure to evaluate our performance at a consolidated level to manage our operations. We believe that this measure is a useful performance measure which is used by us to facilitate a comparison of our on-going operating performance on a consistent basis from period-to-period. We believe that Adjusted EBITDA provides for a more complete understanding of factors and trends affecting our business than measures under GAAP can provide alone, as it excludes certain items that management believes do not reflect the ordinary performance of our operations in a particular period. Our Board of Directors and management also use Adjusted EBITDA at a consolidated level as one of the primary methods for planning and forecasting expected performance, for evaluating on a quarterly and annual basis actual results against such expectations, and as a measure for performance incentive plans. We believe that the inclusion of Adjusted EBITDA results provides investors useful and important information regarding our operating results, in a manner that is consistent with management’s evaluation of business performance.

The Company urges investors to carefully review the GAAP financial information included as part of the Company’s Form 10-K for the fiscal year-ended May 2, 2026, when filed with the SEC. We do not provide a reconciliation of forward-looking non-GAAP financial metrics, because reconciling information is not available without an unreasonable effort, such as attempting to make assumptions that cannot reasonably be made on a forward-looking basis to determine the corresponding GAAP metric.

ABOUT BARNES & NOBLE EDUCATION, INC.

Barnes & Noble Education, Inc. (NYSE: BNED) is a leading solutions provider for the education industry, driving affordability, access and achievement at hundreds of academic institutions nationwide and ensuring millions of students are equipped for success in the classroom and beyond. Through its family of brands, BNED offers campus retail services and academic solutions, wholesale capabilities and more. BNED is a company serving all who work to elevate their lives through education, supporting students, faculty and institutions as they make tomorrow a better and smarter world. For more information, visit www.bned.com.

Media & Investor Contact:
Rob Fink
FNK IR
[email protected]
646-809-4048

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and information relating to us and our business that are based on the beliefs of our management as well as assumptions made by and information currently available to our management. When used in this communication, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “may,” “should,” “will,” “forecasts,” “projections,” “continue to,” “committed to,” and similar expressions, as they relate to us or our management, identify forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements, and such statements include but are not limited to those related to the expected financial results that we expect to report upon completion of our audit procedures, the implementation of our dividend program, our capital structure, positioning, strategic and operational objectives, broader market trends, anticipated growth in our BNC First Day® program, expected trends in financial results, including those related to seasonality, as well as forward-looking continued top line growth, anticipated gross profit dollar increases, continued expense discipline, Adjusted EBITDA, interest costs, capital expenditures and long-term projected growth in Adjusted EBITDA. We caution you not to place undue reliance on these forward-looking statements. Such statements reflect our current views with respect to future events, the outcome of which is subject to certain risks, including, but not limited to: the impact of the completion of our financial close process and related audits by our independent registered public accounting firm; the amount of our indebtedness and ability to comply with covenants contained in our credit agreement; our ability to maintain adequate liquidity levels to support ongoing inventory purchases and related vendor payments in a timely manner; slower than anticipated pace of adoption of our BNC First Day® equitable and inclusive access course material models; our dependency on strategic service provider relationships and the potential for adverse operational and financial changes to these strategic service provider relationships; non-renewal of our managed bookstore, physical and/or online store contracts; general competitive conditions; a decline in college enrollment or decreased funding available for students; technological changes, including the adoption of artificial intelligence technologies for educational content; disruptions to our information technology systems, infrastructure, data, supplier systems, and customer ordering and payment systems due to computer malware, viruses, hacking and phishing attacks; disruption of or interference with third party service providers and our own proprietary technology; and changes in applicable domestic and international laws, rules or regulations or changes in enforcement practices, including, without limitation, U.S. tax reform, changes in tax rates, tariffs, import and export control laws and regulations, changes to consumer data privacy rights legislation, as well as related guidance. Moreover, we operate in a very competitive and rapidly changing environment and new risks may emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In addition, the declaration of any future dividends will be subject to further review and approval by the Board in accordance with applicable law. The Board reserves the right to adjust or withdraw any quarterly dividend in future periods as it reviews our capital allocation strategy from time-to-time and ensures compliance with any applicable restrictions, including those set forth in our credit agreement with our lenders.

For a more detailed discussion of these factors, and other factors that could cause actual results to vary materially, interested parties should review the risk factors listed in the Company’s Annual Report on Form 10-K for the year ended May 3, 2025, as filed with the SEC on December 23, 2025 and the Company’s Annual Report on Form 10-K for the year ended May 2, 2026, when filed. Any forward-looking statements made by us in this press release speak only as of the date of this press release, and we do not intend to update these forward-looking statements after the date of this press release, except as required by law.

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SummaryBarrick Mining remains undervalued despite 100% share appreciation, offering significant upside with diversified gold and copper assets across 17 countries.Q1 2026 results were exceptional: gold production up 4%, copper up 11%, AISC down 4%, and net earnings surged 238% to $1.6 billion.B's pristine balance sheet, net cash position, 2% yield, $3B buyback, and sector-low valuation multiples support sustainable capital returns and growth.I reiterate a Buy rating, citing sector-leading value, robust cash flow, copper growth catalysts, and risk-adjusted outperformance potential versus peers and GDX. tiero/iStock via Getty Images

Barrick Mining (B) is one of the largest gold and copper miners worldwide, and with gold prices still trading north of $4,000/oz and shares up 100% over the past year, you may think the stock is overvalued. That’s far

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of B either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Key Takeaways B expands production through projects like Goldrush, Fourmile and the Lumwana Super Pit.KGC advances Round Mountain Phase X, Bald Mountain Redbird 2 and Kettle River-Curlew projects.B and KGC maintain solid liquidity and pursue development plans supported by favorable gold prices. Barrick Mining Corporation (B - Free Report) and Kinross Gold Corporation (KGC - Free Report) are two prominent players in the gold mining space with global operations. While gold prices have fallen sharply from their January 2026 highs, they remain supportive. Against this backdrop, comparing these two major gold producers is particularly relevant for investors seeking exposure to the precious metals sector.

Geopolitical tensions, a weaker U.S. dollar, tariff threats and concerns over the independence of the Federal Reserve propelled bullion to a record high of nearly $5,600 per ounce in late January. However, gold prices have retreated significantly from that level on mounting inflation worries stemming from a spike in crude oil prices amid lingering tensions in the Middle East and the blockade of the Strait of Hormuz, with the yellow metal currently trading below $4,500 per ounce. Uncertainties linked to the Middle East conflict and inflation woes have also fueled a hawkish shift in interest rate expectations. Notwithstanding the sharp pullback, bullion prices are still up roughly 40% year over year.

Let’s dive deep and closely compare the fundamentals of these two Canada-based gold miners to determine which one is a better investment now.

The Case for BarrickBarrick is well-positioned to capitalize on advancements across its key growth projects, which are expected to meaningfully boost production. Its major gold and copper initiatives, including Goldrush, the Pueblo Viejo plant expansion and mine life extension, Fourmile and Lumwana Super Pit, are progressing on schedule and within budget, setting the stage for the next wave of profitable output.

The Goldrush mine is ramping up to the targeted 400,000 ounces of production per annum by 2028. Bordering Goldrush is the Fourmile project, which is yielding grades double those of Goldrush and is anticipated to become another Tier One mine. Barrick recently announced the advancement of its planned IPO (expected to be completed by the end of 2026) of a new company that will hold its North American gold assets and the Fourmile project, in which it will hold a significant controlling interest.

The $2-billion Super Pit Expansion Project at Barrick’s Lumwana mine is progressing steadily, accelerating its shift into a Tier One copper mine. Barrick stated that the Lumwana expansion is the result of a significant turnaround, transforming the mine from an underperforming asset into a vital part of both its global copper portfolio and Zambia’s long-term development strategy. The expansion is expected to produce 240,000 tons of copper annually.

Barrick has a solid liquidity position and generates healthy cash flows, positioning it well to take advantage of attractive development, exploration and acquisition opportunities, drive shareholder value and reduce debt. At the end of the first quarter of 2026, Barrick’s cash and cash equivalents were around $7.1 billion. It generated strong operating cash flows of roughly $2.6 billion in the quarter, up 111% year over year. Attributable free cash flow shot up 195% year over year to around $1.2 billion.

Barrick returned $2.4 billion to its shareholders in 2025 through dividends and repurchases. It repurchased shares worth $1.5 billion last year. The company’s board recently authorized a new $3 billion share buyback program. Its new dividend policy targets a total payout of 50% of attributable free cash flow on an annualized basis.

   Barrick offers a dividend yield of 4.1% at the current stock price. Its payout ratio is 55% (a ratio below 60% is a good indicator that the dividend will be sustainable), with a five-year annualized dividend growth rate of roughly 13.4%.

Barrick, however, is challenged by higher costs, which may weigh on its margins. It saw an 8% sequential increase in all-in-sustaining costs (AISC) — a critical cost metric for miners — in the first quarter, reaching $1,708 per ounce. For 2026, Barrick projects AISC in the range of $1,760-$1,950 per ounce, indicating a significant year-over-year increase at the midpoint compared with $1,637 in 2025. Cash costs per ounce are forecast to be $1,330-$1,470, up from $1,199 in 2025.

The Case for KinrossKinross has a strong production profile and boasts a promising pipeline of exploration and development projects. Its key development projects and exploration programs remain on track. These projects are expected to boost production and cash flow, and deliver significant value. The successful execution of these projects will position the company for a new wave of low-cost, long-life production.

KGC is progressing with the construction of three organic growth projects to expand its U.S. portfolio. This is aimed at extending mine life and cost optimization. The projects are Round Mountain Phase X and Bald Mountain Redbird 2 in Nevada, and the Kettle River–Curlew project in Washington. Together, the projects are expected to contribute significantly to Kinross’ U.S. production profile. They are expected to contribute 3 million ounces of life-of-mine production to KGC’s portfolio, adding grades and mine lives.

Tasiast and Paracatu, the company’s two biggest assets, remain the key contributors to KGC's cash flow generation and account for more than half of its production. Both Tasiast and Paracatu delivered solid performance in the first quarter of 2026, with production rising from the prior quarter and both operations remaining on track to meet the company’s 2026 guidance.

KGC has strong liquidity of $3.9 billion and generates substantial cash flows, which allows it to finance its development projects, pay down debt and drive shareholder value. Kinross reactivated its share buyback program in April 2025. It completed a $600 million share repurchase program as of Dec. 31, 2025. The Toronto Stock Exchange, in March, accepted the notice to renew its normal course issuer bid program. KGC repurchased shares worth roughly $250 million in the first quarter and $300 million this year through April 29.

KGC generated a record free cash flow of roughly $2.5 billion last year. It returned $752.4 million to its shareholders through dividends and buybacks in 2025. The company also logged attributable free cash flow of $837.5 million in the first quarter, marking the fourth straight quarter of record free cash flow. It ended the quarter with about $1.4 billion in net cash.

In 2025, the company repaid $700 million of debt. With $1.7 billion in available credit (as of March 31, 2026) and no debt maturities until 2033, Kinross is well-positioned to support growth while strengthening its balance sheet and delivering shareholder value.

KGC’s board has approved a 14% increase to its quarterly dividend, amounting to 16 cents per share on an annualized basis. Kinross is targeting to return 40% of its free cash flow through share buybacks and dividends in 2026. KGC offers a dividend yield of 0.6% at the current stock price. It has a payout ratio of 7% with a five-year annualized dividend growth rate of roughly 2.4%.

However, KGC is exposed to higher production costs. It saw first-quarter attributable AISC of $1,732 per ounce, marking a 28% increase from the year-ago quarter. Kinross expects AISC to be $1,730 per ounce (+/-5%) in 2026, indicating a year-over-year increase from $1,571 per ounce in 2025, partly due to inflationary impacts. AISC is expected to be impacted by cost inflation from elevated crude oil prices.

Price Performance and Valuation of B & KGCB stock has popped 109.9% over the past year, while KGC stock has rallied 87.4% compared with the Zacks Mining – Gold industry’s increase of 69.3%.

Image Source: Zacks Investment Research

Barrick is currently trading at a forward 12-month earnings multiple of 10.11, lower than its five-year median. This represents a roughly 5.2% discount when stacked up with the industry average of 10.66X.

Image Source: Zacks Investment Research

Kinross is trading at a discount to Barrick. The KGC stock is currently trading at a forward 12-month earnings multiple of 9.41, below the industry.

Image Source: Zacks Investment Research

How Does Zacks Consensus Estimate Compare for B & KGC?The Zacks Consensus Estimate for B’s 2026 sales and EPS implies a year-over-year rise of 17.3% and 52.9%, respectively. The EPS estimates for 2026 have been trending higher over the past 60 days.

Image Source: Zacks Investment Research

The consensus estimate for KGC’s 2026 sales and EPS implies year-over-year growth of 33.2% and 58.7%, respectively. The EPS estimates for 2026 have been trending northward over the past 60 days.

Image Source: Zacks Investment Research

B or KGC: Which Stock is the Better Pick Now?Both B and KGC currently have a Zacks Rank #3 (Hold), so picking one stock is not easy. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Both Barrick and Kinross have a strong pipeline of development projects and solid financial health. They are seeing favorable estimate revisions and delivering incremental returns to their shareholders. Both, however, remain exposed to headwinds from higher production costs. Kinross appears to have an edge over Barrick due to its more attractive valuation and higher growth projections. Investors seeking exposure to the gold space might consider Kinross as the more favorable option at this time.

CORRECTING and REPLACING EnerSys Reports Fourth Quarter and Full Year Fiscal 2026 Results The third bullet of First Quarter and Fiscal Year 2027 Outlook of release dated May 20, 2026 should read: Adjusted diluted EPS: $2.80 to $2.90 (instead of Adjusted diluted EPS: $2.70 to $2.90).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260520515143/en/

EnerSys FY’26 Earnings | Image (right): NASA/Cory Huston

The updated release reads:

EnerSys Reports Fourth Quarter and Full Year Fiscal 2026 Results

Delivers Record Full Year Net Sales, up 4%

Fourth Quarter Fiscal 2026 Highlights
(All comparisons against the fourth quarter of fiscal 2025 unless otherwise noted)

Delivered net sales of $988M, +1% Achieved Gross Margin (GM) of 29.4%, (180) bps and GM ex IRC 45X(1) of 24.7%, (200) bps Realized diluted EPS of $2.05, (15%), record adjusted diluted EPS(1) of $3.19, +7%, and record adjusted diluted EPS ex IRC 45X(1) of $1.96, +5% Net leverage ratio(a) 1.1 X EBITDA Generated operating cash flow of $144M Advanced new product pipeline, including BESS for warehouse operators and a lithium data center solution, both in customer commissioning Full Year Fiscal 2026 Highlights
(All comparisons against fiscal 2025 unless otherwise noted)

Delivered record net sales of $3.75B, +4% Achieved GM of 29.3%, down (90) bps and GM ex IRC 45X(1) of 25.1%, roughly flat Realized diluted EPS of $7.70, down (14%), record adjusted diluted EPS(1) of $10.56, +4%, and record adjusted diluted EPS ex IRC 45X(1) of $6.41, +15% Generated operating cash flow of $548M Returned $409M to shareholders through buybacks and dividends Launched EnerGize strategic framework and accelerated operational execution EnerSys (NYSE: ENS), a global leader in stored energy solutions for industrial applications, announced today results for its fourth quarter and full year fiscal 2026, which ended on March 31, 2026.

“The fourth quarter capped a strong year for EnerSys, with our second highest revenue quarter in history and important progress advancing both our new lithium data center solution and BESS for warehouse operators into customer commissioning,” said Shawn O’Connell, President and Chief Executive Officer of EnerSys. “For the full year, we delivered record net sales, up 4%, and record adjusted diluted EPS excluding 45X, up 15%, reflecting solid execution and the early impact of our EnerGize strategic framework. Our focus on core end markets, where our leading market share positions afford us the right to win, has created a more durable, diversified portfolio that can perform across varied demand conditions.

“Over the past year, we have taken decisive actions to improve our cost structure, optimize our manufacturing footprint, and increase the speed and focus of our organization. These efforts, combined with a continued shift toward higher-value solutions, are strengthening the quality and consistency of our earnings.

“As we enter fiscal 2027, we are encouraged by improving demand trends and the momentum we are building across the business. We look forward to providing additional detail on our strategy, technology roadmap, and growth opportunities at our Investor Day on June 11th at the NYSE,” O'Connell concluded.

Key Financial Results and Metrics

Fourth quarter ended

Twelve months ended

In millions, except per share amounts

March 31, 2026

March 31, 2025

Change

March 31, 2026

March 31, 2025

Change

Net Sales

$

988.0

$

974.8

1.3

%

$

3,751.4

$

3,617.6

3.7

%

Diluted EPS (GAAP)

$

2.05

$

2.41

$

(0.36

)

$

7.70

$

8.99

$

(1.29

)

Adjusted Diluted EPS (Non-GAAP)(1)

$

3.19

$

2.97

$

0.22

$

10.56

$

10.15

$

0.41

Gross Profit (GAAP)

$

290.9

$

303.7

$

(12.8

)

$

1,097.6

$

1,092.4

$

5.2

Operating Earnings (GAAP)

$

123.7

$

131.3

$

(7.6

)

$

426.4

$

464.7

$

(38.3

)

Adjusted Operating Earnings (Non-GAAP)(2)

$

154.1

$

152.5

$

1.6

$

540.2

$

528.1

$

12.1

Net Earnings (GAAP)

$

77.3

$

96.5

$

(19.2

)

$

293.6

$

363.7

$

(70.1

)

EBITDA (Non-GAAP)(3)

$

141.0

$

155.6

$

(14.6

)

$

511.5

$

558.6

$

(47.1

)

Adjusted EBITDA (Non-GAAP)(3)

$

172.6

$

166.9

$

5.7

$

601.6

$

588.6

$

13.0

Share Repurchases

$

69.3

$

40.0

$

29.3

$

370.7

$

154.0

$

216.7

Dividend per share

$

0.26

$

0.24

$

0.02

$

1.03

$

0.945

$

0.08

Total Capital Returned to Stockholders

$

78.9

$

49.5

$

29.4

$

408.8

$

192.4

$

216.4

(a) Net leverage ratio is a non-GAAP financial measure as defined pursuant to our credit agreement and discussed under Reconciliations of GAAP to Non-GAAP Financial Measures.

(1) GM (Gross Margin) excluding IRC 45X , Adjusted Diluted EPS and Adjusted Diluted EPS excluding IRC 45X benefit are non-GAAP financial measures and discussed under Reconciliations of GAAP to Non-GAAP Financial Measures.

(2) Operating Earnings are adjusted for charges that the Company incurs as a result of restructuring and exit activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and those charges and credits that are not directly related to operating unit performance. A reconciliation of operating earnings to Non-GAAP Adjusted Earnings are provided in tables under the section titled Business Segment Operating Results.

(3) Non-GAAP EBITDA is calculated as net earnings adjusted for depreciation, amortization, interest and income taxes. Non-GAAP Adjusted EBITDA is further adjusted for certain charges such as restructuring and exit activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and other charges and credits as discussed under Reconciliations of GAAP to Non-GAAP Financial Measures.

Summary of Results

Fourth Quarter Fiscal 2026

Net sales for the fourth quarter of fiscal 2026 were $988.0 million, an increase of 1.3% from the prior year fourth quarter net sales of $974.8 million and at the low end of the range of the fourth quarter of fiscal 2026 guidance of $960 million to $1,000 million. The increase compared to prior year quarter was the result of a 4% increase in pricing and a 3% increase in foreign currency translation, partially offset by a 6% decrease in organic volume.

Net earnings attributable to EnerSys stockholders (“Net earnings”) for the fourth quarter of fiscal 2026 were $77.3 million, or $2.05 per diluted share, which included an unfavorable highlighted net of tax impact of $42.8 million, or $1.14 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

Net earnings for the fourth quarter of fiscal 2025 were $96.5 million, or $2.41 per diluted share, which included an unfavorable highlighted net of tax impact of $22.0 million, or $0.55 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

Excluding these highlighted items, adjusted Net earnings per diluted share for the fourth quarter of fiscal 2026, on a non-GAAP basis, were $3.19, compared to the guidance of $2.95 to $3.05 per diluted share for the fourth quarter given by the Company on February 4, 2026. These earnings compare to the prior year fourth quarter adjusted Net earnings of $2.97 per diluted share. Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information, which includes tables reconciling GAAP and non-GAAP adjusted financial measures for the quarters ended March 31, 2026 and March 31, 2025.

Fiscal Year 2026

Net sales for the twelve months of fiscal 2026 were $3,751.4 million, an increase of 3.7% from the prior year twelve months net sales of $3,617.6 million. This increase was due to a 3% increase in pricing, a 2% increase in foreign currency translation, and a 1% increase in acquisitions, partially offset by a 2% decrease in organic volume.

Net earnings for the twelve months of fiscal 2026 were $293.6 million, or $7.70 per diluted share, which included an unfavorable highlighted net of tax impact of $109.4 million, or $2.86 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

Net earnings for the twelve months of fiscal 2025 were $363.7 million, or $8.99 per diluted share, which included an unfavorable highlighted net of tax impact of $46.7 million, or $1.16 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

Adjusted Net earnings per diluted share for the twelve months of fiscal 2026, on a non-GAAP basis, were $10.56. This compares to the prior year twelve months adjusted Net earnings of $10.15 per diluted share. Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information.

Quarterly Dividend

The Company announced today that its Board of Directors has approved a quarterly cash dividend $0.2625 per share of common stock. The dividend is payable on July 2, 2026, to holders of record as of June 19, 2026.

Balance Sheet and Cash Flow

As of March 31, 2026, cash and cash equivalents were $438.7 million and net debt as defined by our credit facility was $684.1 million. The net leverage ratio at the end of the fourth quarter was 1.1 X, down from 1.3 X in the prior year period due to the impact of lower debt and increased earnings. Capital expenditures during the fourth quarter were $12.8 million, down from $30.2 million in the prior year period. During the fourth quarter, cash from operating activities was $144.0 million, up from $135.2 million in the prior year period. Free cash flow, a non-GAAP financial measure, was $131.2 million, as compared to $105.0 million in the prior year period. The increase in cash from operating activities and the increase in free cash flow were both bolstered by improved primary operating capital during the quarter. Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information, which includes tables reconciling GAAP and non-GAAP adjusted financial measures for the quarters ended March 31, 2026 and March 31, 2025.

The Company also returned approximately $78.9 million to shareholders through $69.3 million in share repurchases and $9.6 million through its quarterly dividend payment in the fourth quarter.

First Quarter and Fiscal Year 2027 Outlook

In the first quarter of fiscal 2027, EnerSys expects:

Net sales: $915M to $955M IRC 45X benefits to cost of sales: $42M to $47M Adjusted diluted EPS: $2.80 to $2.90* Adjusted diluted EPS, ex 45X benefits: $1.61 to $1.71 For the full year fiscal 2027, EnerSys expects:

Capital expenditures ~$70M “We closed fiscal year 2026 with strong financial performance, supported by disciplined execution and the benefits of our diversified portfolio,” said Andrea Funk, EnerSys Chief Financial Officer. “Strength in our Data Center, Communications and Aerospace and Defense businesses drove favorable price/mix that eclipsed inflationary cost increases and, along with realignment cost savings, supported our ability to deliver record full-year results. The breadth of our end markets helped offset the ongoing softness in our Motive Power and Transportation markets, where order trends improved sequentially during our fourth quarter.”

“We entered fiscal year 2027 with encouraging demand signals. Our first quarter fiscal 2027 outlook reflects typical seasonality, with expected net sales of $915 million to $955 million and adjusted diluted EPS excluding 45X of $1.61 to $1.71. We anticipate continued price/mix strength and benefits from our EnerGize strategic initiatives, as well as strong cash flow generation and disciplined capital allocation, including returning capital to shareholders, which position us to drive earnings growth as demand continues to normalize,” concluded Funk.

*Inclusive of IRC 45X Advanced Manufacturing Production Credits.

Please refer to the section included herein under the heading “Reconciliations of GAAP to Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information.

Conference Call and Webcast Details

The Company will host a conference call to discuss its fourth quarter and full year results at 9:00 AM (ET) Thursday, May 21, 2026. A live broadcast as well as a replay of the call can be accessed via this webcast registration link or the Investor Relations section of the company’s website at https://investor.enersys.com.

If you cannot join via webcast, please reach out to [email protected] for dial-in details.

About EnerSys

EnerSys is a global leader in stored energy solutions for industrial applications and designs, manufactures and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. The company goes to market through four lines of business: Energy Systems, Motive Power, Specialty and New Ventures. Energy Systems, which combine power conversion, power distribution, energy storage, and enclosures, are used in the telecommunication, broadband, and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Motive power batteries and chargers are utilized in electric forklift trucks and other industrial electric powered vehicles. Specialty batteries are used in aerospace and defense applications, portable power solutions for soldiers in the field, large over-the-road trucks, premium automotive, medical and security systems applications. New Ventures provides energy storage and management systems for various applications including demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles. EnerSys also provides aftermarket and customer support services to its customers in over 100 countries through its sales and manufacturing locations around the world. To learn more about EnerSys please visit https://www.enersys.com/en/.

Caution Concerning Forward-Looking Statements

This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, or the Reform Act, which may include, but are not limited to, statements regarding EnerSys’ earnings estimates, intention to pay quarterly cash dividends, return capital to stockholders, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts, including statements identified by words such as “believe,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “will,” and similar expressions. All statements addressing operating performance, events, or developments that EnerSys expects or anticipates will occur in the future, including statements relating to sales growth, earnings or earnings per share growth, order intake, backlog, payment of future cash dividends, commodity prices, execution of its stock buyback program, judicial or regulatory proceedings, ability to identify and realize benefits in connection with acquisition and disposition opportunities, and market share, as well as statements expressing optimism or pessimism about future operating results or benefits from its cash dividend, its stock buyback programs, application of Section 45X of the Internal Revenue Code, funding, development and construction of the Company's gigafactory in Greenville, South Carolina, adverse developments with respect to the economic conditions in the U.S. in the markets in which we operate and other uncertainties, including the impact of supply chain disruptions, interest rate changes, inflationary pressures, geopolitical and other developments and labor shortages on the economic recovery and our business and changes in law, regulation or policy that may affect our business, including trade policy and tariffs, and other government priorities or budgets are forward-looking statements within the meaning of the Reform Act. The forward-looking statements are based on management's current views and assumptions regarding future events and operating performance, and are inherently subject to significant business, economic, and competitive uncertainties and contingencies and changes in circumstances, many of which are beyond the Company’s control. The statements in this press release are made as of the date of this press release, even if subsequently made available by EnerSys on its website or otherwise. EnerSys does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

Although EnerSys does not make forward-looking statements unless it believes it has a reasonable basis for doing so, EnerSys cannot guarantee their accuracy. The foregoing factors, among others, could cause actual results to differ materially from those described in these forward-looking statements. For a list of other factors which could affect EnerSys’ results, including earnings estimates, see EnerSys’ filings with the Securities and Exchange Commission, including “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations,” and “Forward-Looking Statements,” set forth in EnerSys’ Annual Report on Form 10-K for the fiscal year ended March 31, 2026. No undue reliance should be placed on any forward-looking statements.

EnerSys

Consolidated Condensed Statements of Income (Unaudited)

(In millions, except share and per share data)

Quarter ended

Twelve months ended

March 31, 2026

March 31, 2025

March 31, 2026

March 31, 2025

Net sales

$

988.0

$

974.8

$

3,751.4

$

3,617.6

Gross profit

290.9

$

303.7

$

1,097.6

$

1,092.4

Operating expenses

148.3

$

162.7

$

621.0

$

608.7

Restructuring and other exit charges

19.7

$

5.1

$

51.0

$

14.4

Intangibles Impairment

0.4

$

0.0

$

0.4

$

0.0

(Gain)Loss on assets held for sale

(1.2

)

$

4.6

$

(1.2

)

$

4.6

Operating earnings

123.7

$

131.3

$

426.4

$

464.7

Earnings before income taxes

99.1

$

116.3

$

347.4

$

406.5

Income tax expense

21.8

$

19.8

$

53.8

$

42.8

Net earnings attributable to EnerSys stockholders

$

77.3

$

96.5

$

293.6

$

363.7

Net reported earnings per common share attributable to EnerSys stockholders:

Basic

$

2.11

$

2.45

$

7.84

$

9.15

Diluted

$

2.05

$

2.41

$

7.70

$

8.99

Dividends per common share

$

0.2625

$

0.240

$

1.0275

$

0.945

Weighted-average number of common shares used in reported earnings per share calculations:

Basic

36,691,484

39,369,190

37,439,727

39,760,829

Diluted

37,673,890

39,982,082

38,144,210

40,438,579

EnerSys

Consolidated Condensed Balance Sheets (Unaudited)

(In Thousands, Except Share and Per Share Data)

March 31,

2026

2025

Assets

Current assets:

Cash and cash equivalents

$

438,675

$

343,131

Accounts receivable, net of allowance for doubtful accounts

(2026–$8,583; 2025–$8,675)

506,072

597,942

Inventories, net

724,690

739,994

Prepaid and other current assets

472,373

408,747

Total current assets

2,141,810

2,089,814

Property, plant, and equipment, net

593,002

592,433

Goodwill

752,424

721,073

Other intangible assets, net

342,898

375,430

Deferred taxes

69,008

74,793

Other assets

104,182

117,705

Total assets

$

4,003,324

$

3,971,248

Liabilities and Equity

Current liabilities:

Short-term debt

$

29,201

$

28,502

Current portion of finance leases

998

265

Accounts payable

354,190

405,694

Accrued expenses

419,649

340,607

Total current liabilities

804,038

775,068

Long-term debt, net of unamortized debt issuance costs

1,079,782

1,083,541

Finance leases

2,350

592

Deferred taxes

13,909

17,641

Other liabilities

194,373

174,918

Total liabilities

2,094,452

2,051,760

Commitments and contingencies

Equity:

Preferred Stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding at March 31, 2026 and at March 31, 2025

—

—

Common Stock, $0.01 par value per share, 135,000,000 shares authorized, 57,551,440 shares issued and 36,462,211 shares outstanding at March 31, 2026; 56,839,590 shares issued and 39,192,061 shares outstanding at March 31, 2025

576

568

Additional paid-in capital

734,922

662,725

Treasury stock at cost, 21,089,229 shares held as of March 31, 2026 and 17,647,529 shares held as of March 31, 2025

(1,361,585

)

(988,936

)

Retained earnings

2,743,635

2,489,200

Accumulated other comprehensive loss

(212,264

)

(247,479

)

Total EnerSys stockholders’ equity

1,905,284

1,916,078

Nonredeemable noncontrolling interests

3,588

3,410

Total equity

1,908,872

1,919,488

Total liabilities and equity

$

4,003,324

$

3,971,248

EnerSys

Consolidated Condensed Statements of Cash Flows (Unaudited)

(In Thousands)

Fiscal year ended March 31,

2026

2025

2024

Cash flows from operating activities

Net earnings

$

293,557

$

363,735

$

269,096

Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization

113,558

100,876

92,021

Write-off of assets relating to restructuring and other exit charges

5,535

1,973

24,229

(Gain) loss on assets held for sale

(1,187

)

4,634

—

Impairment or disposal of intangible assets

402

880

13,619

Derivatives not designated in hedging relationships:

Net losses (gains)

409

(3,136

)

846

Cash proceeds (settlements)

673

826

(255

)

Provision for doubtful accounts

1,441

3,239

1,873

Deferred income taxes

14,411

(31,925

)

(29,344

)

Non-cash interest expense

2,180

1,927

2,450

Stock-based compensation

37,594

27,825

30,607

Gain on disposal of property, plant, and equipment

644

791

908

Losses (gain) on pension settlement

9,711

(1,548

)

—

Changes in assets and liabilities, net of effects of acquisitions:

Accounts receivable

104,705

(81,795

)

108,631

Inventories

25,888

1,343

75,633

Prepaid and other current assets

(65,244

)

(220,003

)

(112,701

)

Other assets

726

(334

)

6,027

Accounts payable

(52,627

)

36,569

(15,131

)

Accrued expenses

54,961

54,388

(8,254

)

Other liabilities

259

32

(3,226

)

Net cash provided by (used in) operating activities

547,596

260,298

457,029

Cash flows from investing activities

Capital expenditures

(80,074

)

(121,038

)

(86,437

)

Purchase of businesses

(12,667

)

(206,374

)

(8,270

)

Proceeds from disposal of property, plant, and equipment

4,859

1,870

2,228

Investment in Equity Securities

—

(10,852

)

—

Net cash used in investing activities

(87,882

)

(336,394

)

(92,479

)

Cash flows from financing activities

Net borrowings (repayments) on short-term debt

(192

)

(259

)

(231

)

Proceeds from Revolver borrowings

619,563

650,000

182,500

Repayments of Revolver borrowings

(412,000

)

(370,000

)

(427,500

)

Proceeds from 2032 Bonds

—

—

300,000

Repayments of Term Loans

(210,000

)

—

(293,889

)

Debt issuance costs

(3,502

)

—

(4,061

)

Finance lease obligations and other

(71

)

483

1,169

Option proceeds, net

41,977

9,458

10,786

Payment of taxes related to net share settlement of equity awards

(8,842

)

(7,985

)

(9,166

)

Purchase of treasury stock

(370,685

)

(153,961

)

(95,688

)

Dividends paid to stockholders

(38,142

)

(37,466

)

(34,480

)

Other

1,191

—

—

Net cash (used in) provided by financing activities

(380,703

)

90,270

(370,560

)

Effect of exchange rate changes on cash and cash equivalents

16,533

(4,367

)

(7,331

)

Net increase (decrease) in cash and cash equivalents

95,544

9,807

(13,341

)

Cash and cash equivalents at beginning of year

343,131

333,324

346,665

Cash and cash equivalents at end of year

$

438,675

$

343,131

$

333,324

Reconciliations of GAAP to Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles, ("GAAP"). EnerSys' management uses the non-GAAP measures “adjusted Net earnings”, “adjusted diluted EPS”, "reported Net earnings excluding (ex) IRC 45X benefit", "adjusted Net earnings excluding (ex) IRC 45X benefit", "reported Net earnings (loss) per share excluding (ex) IRC 45X benefit", " adjusted diluted EPS excluding (ex) IRC 45X benefit", "GM excluding (ex) 45X", "adjusted operating earnings", "adjusted gross profit", "adjusted gross margin", "EBITDA", “adjusted EBITDA”, "adjusted EBITDA per credit agreement", "net debt", "net leverage ratio", "free cash flow", and "adjusted free cash flow conversion" as applicable, in their analysis of the Company's performance. Adjusted Net earnings, adjusted gross profit, adjusted gross margin, and adjusted operating earnings measures, as used by EnerSys in past quarters and years, adjusts Net earnings, gross profit, gross margin, and operating earnings determined in accordance with GAAP to reflect changes in financial results associated with the Company's restructuring initiatives and other highlighted charges and income items. Reported Net earnings excluding (ex) IRC 45X benefit, adjusted Net earnings excluding (ex) IRC 45X benefit, reported Net earnings (loss) per share excluding (ex) IRC 45X benefit, adjusted diluted EPS excluding (ex) IRC 45X benefit, and GM excluding (ex) IRC 45X benefit as used by EnerSys in past quarters and years, adjusted Net earnings, adjusted Net earnings, Net earnings (loss) per share, adjusted diluted EPS, and gross margin to reflect the financial impact of IRC 45X. Adjusted EBITDA is a key performance measure that our management uses to assess our operating performance. Because adjusted EBITDA facilitates internal comparisons of our historical operating performance on a more consistent basis, we use this measure as an overall assessment of our performance, to evaluate the effectiveness of our business strategies and for business planning purposes. We calculate adjusted EBITDA as net income before interest income, interest expense, other (income) expense net, provision (benefit) for income taxes, depreciation and amortization, further adjusted to exclude restructuring and exit activities, impairment of goodwill, indefinite-lived intangibles and other assets, acquisition activities and those charges and credits that are not directly related to operating unit performance. EBITDA is calculated as net income before interest income, interest expense, other (income) expense net, provision (benefit) for income taxes, depreciation and amortization. We define adjusted EBITDA per credit agreement as net earnings determined in accordance with GAAP for interest, taxes, depreciation and amortization, and certain charges or credits as permitted by our credit agreements, that were recorded during the periods presented. We define non-GAAP net debt as total debt, finance lease obligations and letters of credit, net of all cash and cash equivalents, as defined in the Fourth Amended Credit Facility on the balance sheet as of the end of the most recent fiscal quarter. We define non-GAAP net leverage ratio as non-GAAP net debt divided by last twelve months adjusted EBITDA per credit agreement. We define free cash flow as net cash provided by or used in operating activities less capital expenditures. We define adjusted free cash flow conversion as free cash flow divided by adjusted net earnings. Free cash flow and adjusted free cash flow conversion are used by investors, financial analysts, rating agencies and management to help evaluate the Company’s ability to generate cash to pursue incremental opportunities aimed toward enhancing shareholder value. Management believes the presentation of these financial measures reflecting these non-GAAP adjustments provides important supplemental information in evaluating the operating results of the Company as distinct from results that include items that are not indicative of ongoing operating results and overall business performance; in particular, those charges that the Company incurs as a result of restructuring activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and those charges and credits that are not directly related to operating unit performance, such as significant legal proceedings, amortization of intangible assets, tax valuation allowance changes, withholding tax from repatriation of prior period earnings, and impacts of changes or reform to income tax laws. Because these charges are not incurred as a result of ongoing operations, or are incurred as a result of a potential or previous acquisition, they are not as helpful a measure of the performance of our underlying business, particularly in light of their unpredictable nature and are difficult to forecast. Although we exclude the amortization of purchased intangibles from these non-GAAP measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.

Income tax effects of non-GAAP adjustments are calculated using the applicable statutory tax rate for the jurisdictions in which the charges (benefits) are incurred, while taking into consideration any valuation allowances. For those items which are non-taxable, the tax expense (benefit) is calculated at 0%.

EnerSys does not provide a quantitative reconciliation of the Company’s projected range for adjusted diluted EPS and adjusted diluted EPS excluding (ex) IRC 45X benefit for the fourth quarter of fiscal 2026 to diluted earnings per share, which is the most directly comparable GAAP measure, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. EnerSys' adjusted diluted EPS and adjusted diluted EPS without IRC 45X benefit guidance for the fourth quarter of fiscal 2026 excludes certain items, including but not limited to certain non-cash, large and/or unpredictable charges and benefits, charges from restructuring and exit activities, impairment of goodwill and indefinite-lived intangibles, acquisition and disposition activities, legal judgments, settlements, or other matters, and tax positions, that are inherently uncertain and difficult to predict, can be dependent on future events that are less capable of being controlled or reliably predicted by management and are not part of the Company's routine operating activities can be dependent on future events that are less capable of being controlled or reliably predicted by management and are not part of the Company's routine operating activities. Due to the uncertainty of the occurrence or timing of these future excluded items, management cannot accurately forecast many of these items for internal use and therefore cannot create a quantitative adjusted diluted EPS and adjusted diluted EPS excluding (ex) IRC 45X benefit for the first quarter of fiscal 2027 to diluted earnings per share reconciliation without unreasonable efforts.

These non-GAAP disclosures have limitations as an analytical tool, should not be viewed as a substitute for operating earnings, Net earnings or net income determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Management believes that this non-GAAP supplemental information will be helpful in understanding the Company's ongoing operating results. This supplemental presentation should not be construed as an inference that the Company's future results will be unaffected by similar adjustments to Net earnings determined in accordance with GAAP.

A reconciliation of non-GAAP adjusted operating earnings is set forth in the table below, providing a reconciliation of non-GAAP adjusted operating earnings to the Company’s reported operating results for its business segments. Corporate and other includes amounts managed on a company-wide basis and not directly allocated to any reportable segments, primarily relating to IRC 45X Advanced Manufacturing Production Credits. Also, included are start up costs for exploration of a new lithium plant as well as start-up operating expenses from the New Ventures operating segment.

Business Segment Operating Results

Quarter ended

($ millions)

March 31, 2026

Energy Systems

Motive Power

Specialty

Corporate and other

Total

Net Sales

$

425.7

$

370.1

$

192.2

$

—

$

988.0

Operating Earnings

23.7

45.9

13.2

40.9

$

123.7

Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions

—

1.1

—

—

1.1

Restructuring and other exit charges

12.1

6.7

0.9

—

19.7

Impairment of indefinite-lived intangibles

0.4

—

—

—

0.4

(Gain)Loss on assets held for sale

—

(1.2

)

—

—

(1.2

)

Amortization of intangible assets

5.9

0.1

2.4

—

8.4

Accelerated Stock Compensation Expense

0.2

—

0.4

—

0.6

Other

0.1

—

1.3

—

1.4

Adjusted Operating Earnings

$

42.4

$

52.6

$

18.2

$

40.9

$

154.1

Operating Margin

5.6

%

12.4

%

6.8

%

NM

12.5

%

Adjusted Operating Margin

10.0

%

14.2

%

9.4

%

NM

15.6

%

Quarter ended

($ millions)

March 31, 2025

Energy Systems

Motive Power

Specialty

Corporate and other

Total

Net Sales

$

398.8

$

392.3

$

177.8

$

5.9

$

974.8

Operating Earnings

27.0

57.9

10.2

36.2

$

131.3

Inventory adjustment relating to exit activities

0.3

—

0.3

—

0.6

Restructuring and other exit charges

1.4

2.2

1.5

—

5.1

(Gain)Loss on assets held for sale

—

4.6

—

—

4.6

Amortization of intangible assets

5.8

0.1

2.4

—

8.3

Other

0.2

1.7

0.7

—

2.6

Adjusted Operating Earnings

$

34.7

$

66.5

$

15.1

$

36.2

$

152.5

Operating Margin

6.8

%

14.8

%

5.7

%

NM

13.5

%

Adjusted Operating Margin

8.7

%

17.0

%

8.5

%

NM

15.6

%

Increase (Decrease) as a % from prior year quarter

Energy Systems

Motive Power

Specialty

Corporate and other

Total

Net Sales

6.7

%

(5.7

)%

8.1

%

(99.4

)%

1.3

%

Operating Earnings

(12.0

)

(20.8

)

28.9

13.0

(5.8

)

Adjusted Operating Earnings

22.5

(20.9

)

19.8

13.0

1.1

NM = Not Meaningful

Twelve months ended

($ millions)

March 31, 2026

Energy Systems

Motive Power

Specialty

Corporate and other

Total

Net Sales

$

1,651.3

$

1,431.0

$

665.1

$

4.0

$

3,751.4

Operating Earnings

$

85.3

$

167.0

$

41.4

$

132.7

$

426.4

Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions

—

2.3

—

—

2.3

Restructuring and other exit charges

23.4

24.0

3.5

0.1

51.0

Amortization of intangible assets

23.5

0.4

9.6

—

33.5

Impairment of indefinite-lived intangibles

0.4

—

—

—

0.4

(Gain)Loss on assets held for sale

—

(1.2

)

—

—

(1.2

)

Accelerated stock compensation expense

5.6

3.4

1.8

10.8

Other

7.3

3.9

5.8

—

17.0

Adjusted Operating Earnings

$

145.5

$

199.8

$

62.1

$

132.8

$

540.2

Operating Margin

5.2

%

11.7

%

6.2

%

NM

11.4

%

Adjusted Operating Margin

8.8

%

14.0

%

9.3

%

NM

14.4

%

Twelve months ended

($ millions)

March 31, 2025

Energy Systems

Motive Power

Specialty

Corporate and other

Total

Net Sales

$

1,531.1

$

1,484.1

$

593.6

$

8.8

$

3,617.6

Operating Earnings

$

72.7

$

220.1

$

16.8

$

155.1

$

464.7

Inventory step up to fair value relating to recent acquisitions

0.3

—

3.3

—

3.6

Restructuring and other exit charges

6.0

5.7

2.7

—

14.4

Losses on assets held for sale

—

4.6

—

—

4.6

Amortization of intangible assets

23.6

0.7

7.5

—

31.8

Other

0.6

1.7

6.7

—

9.0

Adjusted Operating Earnings

$

103.2

$

232.8

$

37.0

$

155.1

$

528.1

Operating Margin

4.7

%

14.8

%

2.8

%

NM

12.8

%

Adjusted Operating Margin

6.7

%

15.7

%

6.2

%

NM

14.6

%

Increase (Decrease) as a % from prior year

Energy Systems

Motive Power

Specialty

Corporate and other

Total

Net Sales

7.8

%

(3.6

)%

12.1

%

(52.6

)%

3.7

%

Operating Earnings

17.4

(24.2

)

NM

(14.4

)

(8.2

)

Adjusted Operating Earnings

40.9

(14.2

)

(67.8

)

(14.3

)

2.3

The table below presents a reconciliation of Net Earnings to EBITDA and Adjusted EBITDA:

Quarter ended

Twelve months ended

($ millions)

($ millions)

March 31, 2026

March 31, 2025

March 31, 2026

March 31, 2025

Net Earnings

$

77.3

$

96.5

$

293.6

$

363.7

Depreciation

20.6

18.2

80.1

69.1

Amortization

8.4

8.3

33.5

31.8

Interest

12.9

12.8

50.5

51.2

Income Taxes

21.8

19.8

53.8

42.8

EBITDA

141.0

155.6

511.5

558.6

Non-GAAP adjustments

31.6

11.3

90.1

30.0

Adjusted EBITDA

$

172.6

$

166.9

$

601.6

$

588.6

The following table provides the non-GAAP adjustments shown in the reconciliation above:

Quarter ended

Twelve months ended

($ millions)

($ millions)

March 31, 2026

March 31, 2025

March 31, 2026

March 31, 2025

Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions

1.1

0.6

2.3

3.6

Restructuring and other exit charges

19.7

5.1

51.0

14.4

Impairment of indefinite lived intangible asset

0.4

—

0.4

—

Loss(Gain) on pension settlement

9.6

(1.6

)

9.6

(1.6

)

Loss(Gain) on assets held for sale

(1.2

)

4.6

(1.2

)

4.6

Accelerated stock compensation expense

0.6

—

10.8

—

Other

1.4

2.6

17.2

9.0

Non-GAAP adjustments

$

31.6

$

11.3

$

90.1

$

30.0

The table below presents a reconciliation of Gross Profit and Gross Margin to Adjusted Gross Profit and Adjusted Gross Margin and Gross Profit and Gross Margin to Gross Profit excluding (ex) IRC 45X and Gross Margin excluding (ex) IRC 45X:

Quarter ended

Twelve months ended

($ millions)

($ millions)

March 31, 2026

March 31, 2025

March 31, 2026

March 31, 2025

Gross Profit as reported

$

290.9

$

303.7

$

1,097.6

$

1,092.4

Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions

1.1

0.7

2.3

3.7

Adjusted Gross Profit

292.0

304.4

1,099.8

1,096.1

Gross Margin

29.4

%

31.2

%

29.3

%

30.2

%

Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions

0.1

%

—

%

0.1

%

0.1

%

Adjusted Gross Margin

29.5

%

31.2

%

29.4

%

30.3

%

Gross Profit

$

290.9

$

303.7

$

1,097.6

$

1,092.4

IRC 45X Benefit

46.2

44.1

158.6

184.6

Gross Profit ex 45X

244.7

259.6

939.0

907.8

Gross Margin

29.4

%

31.2

%

29.3

%

30.2

%

IRC 45X Benefit

4.7

%

4.5

%

4.2

%

5.1

%

Gross Margin ex 45X

24.7

%

26.7

%

25.1

%

25.1

%

The table below presents a reconciliation of Operating Cash Flow to Free Cash Flow and Free Cash Flow Conversion percentages:

Quarter ended

Twelve months ended

($ millions)

($ millions)

March 31, 2026

March 31, 2025

March 31, 2026

March 31, 2025

Net cash provided by (used in) operating activities

$

144.0

$

135.2

$

547.6

$

260.3

Less Capital Expenditures

(12.8

)

(30.2

)

(80.0

)

(121.0

)

Free Cash Flow

131.2

105.0

467.6

139.3

Quarter ended

Twelve months ended

($ millions)

($ millions)

March 31, 2026

March 31, 2025

March 31, 2026

March 31, 2025

Net cash provided by (used in) operating activities

$

144.0

$

135.2

$

547.6

$

260.3

Net earnings

77.3

96.5

293.6

363.7

Operating cash flow conversion %

186.3

%

140.1

%

186.5

%

71.6

%

Free Cash Flow

131.2

105.0

467.6

139.3

Net earnings

77.3

96.5

293.6

363.7

Free cash flow conversion %

169.7

%

108.8

%

159.3

%

38.3

%

The following table provides a reconciliation of Net earnings to EBITDA (non-GAAP) and adjusted EBITDA (non-GAAP) per credit agreement for March 31, 2026 and March 31, 2025 to calculate our net leverage ratio, in connection with the Fourth Amended Credit Facility:

Last twelve months

March 31, 2026

March 31, 2025

(in millions, except ratios)

Net earnings as reported

$

293.6

$

363.7

Add back:

Depreciation and amortization

113.6

$

100.9

Interest expense

50.5

$

51.1

Income tax expense

53.8

42.8

EBITDA (non-GAAP)

$

511.5

$

558.5

Adjustments per credit agreement definitions(1)

91.9

56.2

Adjusted EBITDA (non-GAAP) per credit agreement(1)

$

603.4

614.7

Total net debt(2)

$

684.1

781.1

Leverage ratios:

Total net debt/credit adjusted EBITDA ratio

1.1 X

1.3 X

(1)

The $91.9 million adjustment to EBITDA in the last twelve months ending March 31, 2026 primarily related to $37.6 million of non-cash stock compensation and $53.2 million of restructuring and other exit charges. The $56.2 million adjustment to EBITDA in the last twelve months ending March 31, 2025 primarily related to $27.8 million of non-cash stock compensation, $22.0 million of restructuring and other exit charges, impairment of indefinite-lived intangibles and write-down of other current assets of $5.5 million.

(2)

Debt includes finance lease obligations and letters of credit and is net of all U.S. cash and cash equivalents and foreign cash and investments, as defined in the Fourth Amended Credit Facility. In the last twelve months ending March 31, 2026 and March 31, 2025, the amounts deducted in the calculation of net debt were U.S. cash and cash equivalents and foreign cash investments of $438.7 million, and in fiscal 2025, were $343.1 million.

Included below is a reconciliation of historical non-GAAP adjusted Net earnings to reported amounts. Non-GAAP adjusted operating earnings and historical Net earnings are calculated excluding restructuring and other highlighted charges and credits. The following tables provide additional information regarding certain non-GAAP measures:

Quarter ended

(in millions, except share and per share amounts)

March 31, 2026

March 31, 2025

Net earnings reconciliation

As reported Net Earnings

$

77.3

$

96.5

Non-GAAP adjustments:

Inventory adjustment relating to exit activities

1.1

(1)

0.6

(1)

Impairment of indefinite-lived intangibles

0.4

—

Restructuring and other exit charges

19.7

(2)

5.1

(2)

Loss(gain) on assets held for sale

(1.2

)

(4)

4.6

(4)

Amortization of identified intangible assets

8.4

(3)

8.3

(3)

Accelerated Stock Compensation Expense

0.6

(5)

—

(5)

Other

1.4

(6)

2.6

(6)

Income tax adjustment of benefit from tax law changes and litigation

—

(1.6

)

Loss(gain) on pension settlement

9.6

2.2

Swiss income tax goodwill expiration

—

2.2

Valuation allowance from exit activities

4.2

—

Income tax expense on intercompany sale of IP

5.9

2.5

Other income tax expense items

1.8

—

Income tax effect of above non-GAAP adjustments

(9.0

)

(4.4

)

Non-GAAP adjusted Net earnings

$

120.2

$

118.6

Net Earnings excluding (ex) IRC 45X benefit

As Reported Net Earnings

$

77.3

$

96.5

IRC 45X Benefit

46.2

44.1

Reported Net Earnings excluding (ex) IRC 45X benefit

$

31.1

$

52.4

Non-GAAP adjusted Net Earnings excluding (ex) IRC 45X benefit

Non-GAAP Adjusted Net Earnings

$

120.2

$

118.6

IRC 45X Benefit

46.2

44.1

Non-GAAP adjusted Net Earnings excluding (ex) IRC 45X benefit

$

74.0

$

74.5

Outstanding shares used in per share calculations

Basic

36,691,484

39,369,190

Diluted

37,673,890

39,982,082

Reported Net earnings (Loss) per share:

Basic

$

2.11

$

2.45

Diluted

$

2.05

$

2.41

Dividends per common share

$

0.2625

$

0.24

Non-GAAP adjusted Net earnings per share:

Basic

$

3.27

$

3.01

Diluted

$

3.19

$

2.97

Reported Net Earnings (Loss) per share excluding (ex) IRC 45X benefit

Basic

$

0.85

$

1.33

Diluted

$

0.83

$

1.31

Non-GAAP adjusted Net Earnings (Loss) per share excluding (ex) IRC 45X benefit

Basic

$

2.02

$

1.89

Diluted

$

1.96

$

1.86

The following table provides the line of business allocation of the non-GAAP adjustments of items relating operating earnings (that are allocated to lines of business) shown in the reconciliation above:

Quarter ended

($ millions)

March 31, 2026

March 31, 2025

Pre-tax

Pre-tax

(1) Inventory adjustment relating to exit activities - Energy Systems

—

0.3

(1) Inventory adjustment relating to exit activities - Motive

1.1

—

(1) Inventory adjustment relating to exit activities - Specialty

—

0.3

(2) Restructuring and other exit charges - Energy Systems

12.1

1.4

(2) Restructuring and other exit charges - Motive Power

6.7

2.2

(2) Restructuring and other exit charges - Specialty

0.9

1.5

(2) Restructuring and other exit charges - Corporate Other

—

—

(3) Amortization of identified intangible assets - Energy Systems

5.9

5.8

(3) Amortization of identified intangible assets - Motive Power

0.1

0.1

(3) Amortization of identified intangible assets - Specialty

2.4

2.4

(4) Loss(gain) on asset held for sale - Motive

(1.2

)

4.6

(5) Accelerated Stock Compensation Expense - Energy Systems

0.2

—

(5) Accelerated Stock Compensation Expense - Specialty

0.4

—

(6) Other - Energy Systems

0.1

0.2

(6) Other - Motive

—

2.4

(6) Other - Specialty

1.3

—

Total Non-GAAP adjustments

$

30.0

$

21.2

Twelve months ended

(in millions, except share and per share amounts)

March 31, 2026

March 31, 2025

Net Earnings reconciliation

As reported Net Earnings

$

293.6

$

363.7

Non-GAAP adjustments:

Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions

2.3

(1)

3.6

(1)

Impairment of indefinite-lived intangibles

0.4

—

Restructuring and other exit charges

51.0

(2)

14.4

(2)

Amortization of identified intangible assets

33.5

(3)

31.8

(3)

Accelerated Stock Compensation Expense

10.8

(4)

—

(4)

Loss(gain) on assets held for sale

(1.2

)

(5)

4.6

(5)

Other

17.2

(6)

9.0

(6)

Loss(gain) on pension settlement

9.6

(1.6

)

Income tax adjustment of benefit from tax law changes and litigation

—

(4.6

)

Swiss income tax goodwill expiration

—

2.2

Valuation allowance from exit activities

4.2

—

Income tax expense on intercompany sale of IP

5.9

2.5

Other income tax expense items

1.8

—

Income tax effect of above non-GAAP adjustments

(26.1

)

(15.2

)

Non-GAAP adjusted Net Earnings

$

403.0

$

410.4

Net Earnings without IRC 45X

As Reported Net Earnings

$

293.6

$

363.7

IRC 45X Benefit

158.6

184.6

Reported Net Earnings without IRC 45X Benefit

$

135.0

$

179.1

Non-GAAP adjusted Net Earnings without IRC 45X

Non-GAAP Adjusted Net Earnings

$

403.0

$

410.4

IRC 45X Benefit

158.6

184.6

Non-GAAP adjusted Net Earnings without IRC 45X Benefit

$

244.4

$

225.8

Outstanding shares used in per share calculations

Basic

37,439,727

39,760,829

Diluted

38,144,210

40,438,579

Reported Net Earnings (Loss) per share:

Basic

$

7.84

$

9.15

Diluted

$

7.70

$

8.99

Dividends per common share

$

1.0275

$

0.945

Non-GAAP adjusted Net Earnings per share:

Basic

$

10.76

$

10.32

Diluted

$

10.56

$

10.15

Reported Net Earnings (Loss) per share without IRC 45X benefit

Basic

$

3.60

$

4.50

Diluted

$

3.54

$

4.43

Non-GAAP adjusted Net Earnings (Loss) per share without IRC 45X benefit

Basic

$

6.53

$

5.68

Diluted

$

6.41

$

5.58

The following table provides the line of business allocation of the non-GAAP adjustments of items relating operating earnings (that are allocated to lines of business) shown in the reconciliation above:

Twelve months ended

($ millions)

March 31, 2026

March 31, 2025

Pre-tax

Pre-tax

(1) Inventory adjustment relating to exit activities - Energy Systems

2.3

0.3

(1) Inventory adjustment relating to exit activities and step up to fair value relating to recent acquisitions - Specialty

—

3.3

(2) Restructuring and other exit charges - Energy Systems

23.4

6.0

(2) Restructuring and other exit charges - Motive Power

24.0

5.7

(2) Restructuring and other exit charges - Specialty

3.5

2.7

(2) Restructuring and other exit charges - Corporate Other

0.1

—

(3) Amortization of identified intangible assets - Energy Systems

23.5

23.6

(3) Amortization of identified intangible assets - Motive Power

0.4

0.7

(3) Amortization of identified intangible assets - Specialty

9.6

7.5

(4) Accelerated stock compensation expense - Energy Systems

5.6

—

(4) Accelerated stock compensation expense - Motive Power

3.4

—

(4) Accelerated stock compensation expense - Specialty

1.8

—

(5) Losses(gains) on assets held for sale

(1.2

)

4.6

(6) Other - Energy Systems

7.3

0.6

(6) Other - Motive Power

3.9

1.7

(6) Other - Specialty

5.8

6.7

(6) Other - N/A

0.2

$

—

Total Non-GAAP adjustments

$

113.6

$

63.4

View source version on businesswire.com: https://www.businesswire.com/news/home/20260520515143/en/

Should you anchor your portfolio with the world’s largest gold producer or a smaller, high-growth competitor? Choosing between Newmont (NEM +2.83%) and SSR Mining (SSRM +3.19%) requires weighing massive scale against operational agility.

The case for NewmontNewmont is the largest gold company in the world, maintaining a massive portfolio that includes copper, silver, zinc, and lead. It operates active mines across nine countries, providing diversification through significant assets in Africa, Australia, North America, and beyond. This global footprint makes it a titan among gold stocks, as it manages a workforce of more than 45,000 employees to maintain production levels.

In fiscal year 2025, Newmont’s sales rose 21% to $22.7 million, while it reported a net income of $7.1 billion for the period. This performance follows a strong trend, as net income was close to $3.3 billion in FY 2024.

As of its December 2025 balance sheet, the debt-to-equity ratio is approximately 0.2x. This ratio measures total debt relative to shareholder equity, indicating that the company uses a conservative amount of borrowed money. The current ratio is roughly 2.3x, which measures the ability to cover short-term debts with assets that can be converted to cash within one year. Free cash flow (FCF) for the year was a massive $7.3 billion, representing the cash remaining after the company pays for its operations and capital investments.

The case for SSR MiningSSR Mining operates as an intermediate producer with core mining activities in the U.S., Canada, and Argentina. Core mines include Marigold in Nevada and Puna in Argentina. Customer concentration is high, as sales to Canadian Imperial Bank of Commerce (CM +1.40%) represented roughly 33% of 2025 revenue. Customer concentration like this adds a layer of risk to the business. Additional concentration exists with Royal Bank of Canada (RY +0.38%) and National Bank of Canada (NTIOF +1.48%), which accounted for approximately 13% and 12% of sales, respectively.

SSR’s revenue surged 66.5% to nearly $1.7 billion in FY 2025, and it earned nearly $402.7 million in net income. That’s a significant turnaround from the $261.3 million in net loss that the miner reported in 2024.

As of its December 2025 balance sheet, the debt-to-equity ratio is approximately 0.1x. This metric compares total debt to shareholder equity and shows that the company maintains a low level of leverage. The current ratio is close to 2.1x, indicating that the company has more than enough short-term assets to cover its upcoming liabilities. FCF reached nearly $245.9 million, which is the cash a company generates after accounting for cash outflows to support operations and maintain its capital assets.

Risk profile comparisonNewmont faces risks from volatile commodity prices, as declines in gold or copper prices directly impact its cash flows. The company also manages joint venture risks with Barrick Mining (B +2.89%), including a 2026 notice regarding resource mismanagement in Nevada. Furthermore, legal challenges such as court-ordered penalties in Australia for air emissions and complex water management regulations in Peru create ongoing compliance burdens.

SSR Mining faces sensitivity to metal prices and potential labor disputes, with more than 26% of its global workforce represented by unions as of late 2025. It relies on a handful of core mines, and its all-in-sustaining costs are high as well. Exposure to Argentina brings currency, economic, and regulatory uncertainty.

Valuation comparisonSSR Mining currently appears to be the cheaper option based on both Forward P/E and P/S ratio multiples compared to the larger Newmont.

MetricNewmontSSR MiningSector BenchmarkForward P/E10.6x6.7x25.7xP/S ratio5.4x3.9xn/aSector benchmark uses the SPDR XLB sector ETF.
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

Newmont is the larger, more established, proven cash machine, and one of the top gold stocks to own for the long term. Yet, I’d take a little more risk and lean toward SSR Mining right now, as this is a smaller yet faster-growing miner versus a giant industry leader decision.

Newmont is growing its sales and profits rapidly, even generating a record FCF of $3.1 billion in the first quarter. It sits on a huge cash balance, pays a dividend, and is also repurchasing shares. That’s possibly one of the best company profiles you could find in the gold industry. Gold prices, however, remain the biggest catalyst for Newmont.

SSR Mining, however, has a lot going on, and its recent business decisions warrant attention. The Copler mine in  Turkey, which was suspended after a heap leach pad slip incident in 2024, has been a major overhang for the miner. SSR entered into a binding memorandum of understanding in March to sell its entire stake in the mine by the third quarter for $1.5 billion in cash. It has even classified the mine as a discontinued operation and stopped including it in its financial reports.

That’s cold, hard $1.5 billion in cash that SSR is about to get. It could do a lot of things with that kind of money, including expansions, stock buybacks, and dividends. It’s worth noting that SSR suspended its dividend and paused buybacks after the Copler accident. The sale will also significantly de-risk SSR’s asset base.

Meanwhile, SSR also has no debt and a strong net-cash position. That’s a powerful position to be in for a mining company.

Barrick Gold Corp. (TSX:ABX, NYSE:GOLD) is considering a London Stock Exchange listing for its African business and a potential all-share transaction with Endeavour Mining, as the Canadian gold major looks to reshape its portfolio and sharpen its focus on North America, according to a Jefferies research note.

Jefferies said the two paths are not mutually exclusive and may sit on a spectrum of possible structures. Options under consideration include a standalone London-listed African entity, an all-share combination of Barrick's African assets with Endeavour Mining that would result in an LSE-listed Africa-focused vehicle, or a holding company structure in which Barrick retains stakes in both a North American-listed entity and a separate Africa-focused vehicle listed in London.

Discussions are described as early stage, with no certainty of a transaction and no near-term announcement expected.

Neither Barrick nor Endeavour Mining has commented on the reports.

Jefferies noted that an LSE listing would appeal to European investors who tend to be more comfortable with African exposure, and could facilitate an all-share deal with Endeavour Mining, which is already London-listed and Africa-focused. A combination would create a larger, more liquid Africa-focused gold platform, the bank said.

The standalone London listing scenario would echo Barrick's earlier Acacia structure, in which African assets were separately listed in the UK before later being reacquired. Jefferies said the move would allow the market to independently value the African portfolio while preserving Barrick's ability to retain exposure.

Barrick's African assets carry a combined net asset value of approximately $33 billion, or $19.58 per share, representing around 30% of the company's total NAV, according to Jefferies. That figure rises to roughly $35 billion, or $21.13 per share, if the Porgera mine is included, which Barrick's CEO has flagged as a candidate for sale given the company's lack of majority ownership.

By comparison, Jefferies estimates Barrick's North American assets Nevada Gold Mines, Pueblo Viejo, and Fourmile account for approximately 54% of NAV, or $58.6 billion on an unlevered basis.

Jefferies views Barrick as a special situation and considers the stock undervalued relative to peers, arguing it warrants a sum-of-the-parts valuation framework given what it describes as embedded and often overlooked value in the company's portfolio.

The strategic review comes as Barrick pursues a broader plan to house its North American gold assets in a separate, cleaner listed entity while retaining majority control— a restructuring the bank said is directionally consistent with the African separation strategy.