Newmont oznámil rekordní volný peněžní tok za 2. čtvrtletí a potvrdil cíle pro rok 2026 včetně 8,5 mld. USD FCF. Akcie po zveřejnění výsledků vzrostly následující ráno.
SummaryNewmont Corporation remains a buy, trading at under 10x normalized EPS with a compelling valuation despite technical weakness.NEM delivered record free cash flow and strong operational results, but faces headwinds from lower gold prices and a bearish technical setup.Management reaffirmed 2026 targets, projecting $8.5 billion in FCF and robust EPS growth, supported by aggressive share buybacks.Key NEM risks include further declines in precious metals, rising energy costs, and geopolitical tensions impacting operations and costs. showcake/iStock via Getty Images
Newmont Corporation (NEM) reported mixed earnings on Thursday, July 23. Shares rose by the following morning, however, as the volatility in the gold market continues to cause wide swings in the gold mining company’s stock price. Record
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Newmont oznámil hospodářské výsledky za 2. čtvrtletí 2026 a připomněl nedávné změny ve vrcholovém vedení. CEO Natascha Viljoen uvedla, že posilují hloubku a talent, které ve firmě mají.
Neil Backhouse - Group Head of Treasury & Investor Relations
Natascha Viljoen - CEO, President & Director
Brian Tabolt - Executive VP & CFO
Conference Call Participants
Fahad Tariq - Jefferies LLC, Research Division
Hugo Nicolaci - Goldman Sachs Group, Inc., Research Division
Daniel Morgan - Barrenjoey Markets Pty Limited, Research Division
Richard Garchitorena - Barclays Bank PLC, Research Division
Anita Soni - CIBC Capital Markets, Research Division
Lawson Winder - BofA Securities, Research Division
Joshua Wolfson - RBC Capital Markets, Research Division
Daniel Major - UBS Investment Bank, Research Division
Tanya Jakusconek - Scotiabank Global Banking and Markets, Research Division
Presentation
Operator
Hello, and welcome to Newmont's Second Quarter 2026 Results Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Newmont's Group Head of Treasury and Investor Relations, Neil Backhouse. Neil, please go ahead.
Neil Backhouse
Group Head of Treasury & Investor Relations
Thank you, Holly. Hello, everyone, and thank you for joining Newmont's Second Quarter 2026 Results Conference Call. Joining me today are Natascha Viljoen, our President and Chief Executive Officer; Brian Tabolt, our newly appointed Executive Vice President and Chief Financial Officer; as well as other members of our management team who will be available to answer questions at the end of the call. Before we begin, please take a moment to review our cautionary statement shown here and refer to our SEC filings, which can be found on our website.
With that, I'll turn the call over to Natascha.
Natascha Viljoen
CEO, President & Director
Thank you, Neil, and hello, everyone. To begin today's call, I'd like to start by acknowledging the executive leadership appointments we announced last month, reflecting the depth and talent we have within Newmont and reinforcing our commitment to
Newmont Corporation (NEM - Free Report) came out with quarterly earnings of $2.1 per share, beating the Zacks Consensus Estimate of $2.05 per share. This compares to earnings of $1.43 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +2.44%. A quarter ago, it was expected that this gold and copper miner would post earnings of $2.07 per share when it actually produced earnings of $2.9, delivering a surprise of +40.1%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Newmont, which belongs to the Zacks Mining - Gold industry, posted revenues of $6.12 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 3.69%. This compares to year-ago revenues of $5.32 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.
Newmont shares have lost about 4.1% since the beginning of the year versus the S&P 500's gain of 9.6%.
What's Next for Newmont?While Newmont 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 Newmont 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 $1.99 on $6.27 billion in revenues for the coming quarter and $8.90 on $26.33 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 6% 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 same industry, Agnico Eagle Mines (AEM - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 29.
This gold mining company is expected to post quarterly earnings of $2.92 per share in its upcoming report, which represents a year-over-year change of +50.5%. The consensus EPS estimate for the quarter has been revised 10% lower over the last 30 days to the current level.
Agnico Eagle Mines' revenues are expected to be $3.94 billion, up 40% from the year-ago quarter.
Key Takeaways NEM will report Q2'26 results July 23, with earnings seen up 49% and revenue up 16.4% year over year.NEM expects lower Q2 gold output and higher unit cost from mine sequencing, inflation and sustaining capital.NEM expects lower 2026 output at Penasquito, Cadia, Nevada Gold Mines and Pueblo Viejo. Newmont Corporation (NEM - Free Report) is slated to report second-quarter 2026 results after the closing bell on July 23. The mining giant is expected to have benefited from significantly higher realized gold prices in the second quarter compared with the year-ago period. However, the pricing tailwind is likely to have been weaker than in the first quarter. Gold prices retreated from the record highs reached earlier in the year as easing trade tensions, profit-taking after a solid rally and a stronger U.S. dollar reduced safe-haven demand.
NEM’s second-quarter performance is expected to have been weighed down by lower production across certain operations, planned mine sequencing and persistent cost inflation. Higher labor, energy and consumable costs are also likely to have pressured margins. Although stronger copper and silver prices may have provided some support, these gains are expected to have been insufficient to fully offset the impact of lower output and elevated operating expenses.
The Zacks Consensus Estimate for second-quarter earnings was revised downward in the past 90 days. The consensus estimate for earnings is pegged at $2.07 per share, suggesting a 44.8% year-over-year rise. The Zacks Consensus Estimate for second-quarter revenues currently stands at $6.19 billion, indicating a roughly 16.4% increase from the year-ago quarter.
Image Source: Zacks Investment Research
NEM beat the Zacks Consensus Estimate for earnings in each of the last four quarters. It has a trailing four-quarter earnings surprise of 33.6%, on average.
Image Source: Zacks Investment Research
Q2 Earnings Whispers for NEMOur proven model doesn’t predict an earnings beat for NEM this time around. 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. That is just not the case here. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
NEM has an Earnings ESP of -10.65% and a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Shaping NEM’s Q2 ResultsNEM saw lower gold production for the first quarter, partly linked to its strategic divestment of non-core assets. NEM reported a roughly 16% year-over-year and 10% sequential decline in attributable gold production to 1.3 million ounces. Newmont expects second-quarter 2026 production to be below the first-quarter level. The company had produced 1.5 million attributable gold ounces in the first quarter of 2025.
Our estimate for attributable gold production stands at 1.23 million ounces for the second quarter, which indicates a 10.9% year-over-year decline.
The company anticipates gold production at about 5.26 million ounces for 2026, indicating a year-over-year decline from 5.89 million ounces in 2025. NEM expects lower production from Penasquito and Cadia in 2026 due to the site transitions. It also sees lower-than-expected production from Nevada Gold Mines and Pueblo Viejo. These will be partly offset by contributions from the newly commissioned Ahafo North mine.
Newmont is expected to have benefited from higher realized gold prices on a year-over-year basis in the to-be-reported quarter, but the pricing tailwind is likely to have been less pronounced than in the first quarter of 2026. Gold prices have retreated from the record highs reached earlier in the year amid easing geopolitical and trade tensions, a firmer U.S. dollar and profit-taking following a sharp rally, reducing safe-haven demand. Consequently, the company's average realized gold price is expected to have been lower than the record $4,900 per ounce reported in the first quarter, limiting the upside from higher gold prices in the second quarter.
Our estimate of the average realized gold price for the second quarter is $4,774 per ounce, indicating a 2.5% sequential decline.
Lower production is expected to lead to higher unit costs in 2026. NEM expects all-in-sustaining costs (AISC) — a critical cost metric for miners — to be $1,680 per ounce on a by-product basis, a notable increase from $1,358 per ounce in 2025. The expected increase is due to lower sales volumes resulting from planned mine sequencing, higher royalties and production taxes, deferral of sustaining capital from 2025 to 2026, and inventory changes.
Newmont also sees a significant sequential increase in unit costs in the second quarter, partly due to increased sustaining capital spending, higher costs associated with sales at Boddington, Tanami, Lihir and Penasquito and increased oil prices. The production decline and higher costs could undercut the profitability goals.
Newmont Stock’s Price Performance and ValuationNewmont’s shares have surged 44.5% in the past year, outperforming the Zacks Mining – Gold industry’s 26.2% increase and the S&P 500’s rise of 21.1%. Its gold mining peers, Barrick Mining Corporation (B - Free Report) , Agnico Eagle Mines Limited (AEM - Free Report) and Kinross Gold Corporation (KGC - Free Report) have surged 60.5%, 6% and 37.4%, respectively, over the same period.
Price Performance of NEM vs. Industry, S&P 500, KGC, AEM & BImage Source: Zacks Investment Research
From a valuation standpoint, Newmont is currently trading at a forward 12-month earnings multiple of 9.09, higher than the industry. NEM is trading at a premium to Barrick and Kinross Gold and at a discount to Agnico Eagle. Newmont and Kinross Gold have a Value Score of B, Barrick has a Value Score of A, while Agnico Eagle currently has a Value Score of C.
Valuation of NEM vs. Industry, KGC, AEM & BImage Source: Zacks Investment Research
Investment Thesis for NEM StockNewmont faces near-term headwinds from anticipated lower gold production, mine transitions and rising costs, which are expected to have weighed on earnings and margins in the second quarter of 2026. Production is projected to have declined due to weaker output at key operations, while higher all-in sustaining costs and softer realized gold prices sequentially could pressure profitability. Although contributions from the Ahafo North mine and elevated year-over-year gold prices might have provided some support, they are unlikely to have fully offset these challenges. These factors are expected to have limited earnings growth and could keep pressure on the stock in the near term.
Final Thoughts: Sell NEM SharesNewmont's near-term outlook remains challenging as lower gold production, softer realized gold prices and significantly higher all-in sustaining costs are expected to weigh on earnings and margin performance. Production headwinds stemming from mine transitions, asset divestments and weaker output at several key operations are likely to persist through 2026, limiting volume growth. At the same time, easing gold prices reduce the benefit of the favorable pricing environment seen earlier this year, while rising operating and sustaining capital costs are expected to pressure profitability.
With weakening fundamentals and a relatively expensive valuation, the stock offers a less compelling risk-reward profile, and investors may be better served by considering more attractively valued alternatives in the gold mining space.
Newmont (NYSE:NEM – Get Free Report) is anticipated to issue its Q2 2026 results after the market closes on Thursday, July 23rd. Analysts expect the company to post earnings of $2.00 per share and revenue of $6.3365 billion for the quarter. Interested persons are encouraged to explore the company’s upcoming Q2 2026 earning summary page for the latest details on the call scheduled for Thursday, July 23, 2026 at 5:30 PM ET.
Newmont (NYSE:NEM – Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, beating analysts’ consensus estimates of $2.07 by $0.83. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The firm had revenue of $7.31 billion for the quarter, compared to analyst estimates of $6.83 billion. During the same period in the prior year, the firm posted $1.25 EPS. The company’s revenue for the quarter was up 45.8% on a year-over-year basis. On average, analysts expect Newmont to post $9 EPS for the current fiscal year and $10 EPS for the next fiscal year.
Newmont Stock Down 0.5% NEM opened at $89.24 on Tuesday. The stock has a fifty day moving average of $101.69 and a 200-day moving average of $110.19. The company has a market capitalization of $95.26 billion, a P/E ratio of 11.57, a P/E/G ratio of 1.03 and a beta of 0.46. Newmont has a fifty-two week low of $58.97 and a fifty-two week high of $134.88. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44.
Newmont Announces Dividend The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th were issued a $0.26 dividend. The ex-dividend date of this dividend was Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a yield of 1.2%. Newmont’s payout ratio is currently 13.49%.
Key Headlines Impacting Newmont Here are the key news stories impacting Newmont this week:
Positive Sentiment: Several commentary pieces argue Newmont could still be attractive on valuation, suggesting the recent pullback may be creating a potential value opportunity if gold stays firm and earnings hold up. Is Newmont (NYSE:NEM) Still A Compelling Value Stock? Positive Sentiment: Gold’s strength remains a tailwind for Newmont, and one article says the company is facing a “crucial test” as the metal stays strong, which could support revenue and margins if commodity prices remain elevated. Newmont (NYSE:NEM) Faces a Crucial Test As Gold Stays Strong Positive Sentiment: Market chatter ahead of Q2 earnings points to investor interest in key operating metrics, and recent discussion of Newmont as a trading candidate around macro uncertainty suggests the stock could benefit if results exceed expectations. Newmont Stock Suddenly Offers a Double-Sided Debit Trade on U.S.-Iran Tensions and Upcoming Earnings Neutral Sentiment: Multiple previews of Newmont’s upcoming Q2 report focus on Wall Street estimates and key metrics, signaling that the stock may remain range-bound until earnings provide clearer direction. Seeking Clues to Newmont (NEM) Q2 Earnings? A Peek Into Wall Street Projections for Key Metrics Negative Sentiment: Scotiabank reportedly has a negative outlook for Newmont’s FY2027 earnings, reinforcing concerns that profit growth may slow after the current cycle. Scotiabank Has Negative Outlook for Newmont FY2027 Earnings Negative Sentiment: Technical commentary says Newmont shares have fallen to a 2026 low and support is being tested, which points to continued downside pressure unless buyers step in soon. Newmont Shares At 2026 Low, With Support Being Tested Insider Activity In related news, insider David John Thornton sold 2,296 shares of Newmont stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $252,812.56. Following the transaction, the insider directly owned 23,163 shares of the company’s stock, valued at $2,550,477.93. This trade represents a 9.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $92.38, for a total transaction of $277,140.00. Following the transaction, the executive vice president owned 43,315 shares of the company’s stock, valued at approximately $4,001,439.70. This represents a 6.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 28,556 shares of company stock valued at $3,058,146 over the last quarter. 0.06% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Newmont A number of large investors have recently modified their holdings of the business. AQR Capital Management LLC grew its holdings in shares of Newmont by 82.5% during the fourth quarter. AQR Capital Management LLC now owns 7,402,278 shares of the basic materials company’s stock worth $739,117,000 after purchasing an additional 3,345,543 shares during the last quarter. Boston Partners raised its holdings in Newmont by 49.3% in the 3rd quarter. Boston Partners now owns 6,931,710 shares of the basic materials company’s stock valued at $585,828,000 after buying an additional 2,288,653 shares during the last quarter. Bridgewater Associates LP boosted its position in Newmont by 496.1% during the 4th quarter. Bridgewater Associates LP now owns 2,308,909 shares of the basic materials company’s stock worth $230,545,000 after buying an additional 1,921,592 shares during the period. Ameriprise Financial Inc. boosted its position in Newmont by 142.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,262,258 shares of the basic materials company’s stock worth $189,963,000 after buying an additional 1,914,286 shares during the period. Finally, Morgan Stanley grew its holdings in Newmont by 11.6% during the 4th quarter. Morgan Stanley now owns 12,401,862 shares of the basic materials company’s stock worth $1,238,326,000 after acquiring an additional 1,284,105 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.
Wall Street Analyst Weigh In A number of research analysts have issued reports on the stock. Canadian Imperial Bank of Commerce set a $175.00 target price on shares of Newmont and gave the stock an “outperform” rating in a research report on Monday, June 1st. Zacks Research downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 14th. Bank of America cut their price target on Newmont from $157.00 to $132.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. Citigroup reissued a “positive” rating on shares of Newmont in a research report on Wednesday, July 15th. Finally, Scotiabank lowered their price objective on Newmont from $151.00 to $147.00 and set a “sector outperform” rating on the stock in a research note on Tuesday, July 14th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $136.26.
Check Out Our Latest Stock Analysis on Newmont
Newmont Company Profile (Get Free Report)
Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.
Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.
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Wall Street čeká, že Newmont při výsledcích za čtvrtletí končící v červnu 2026 vykáže zisk 2,18 USD na akcii a tržby 6,19 miliardy USD, obojí meziročně vyšší. Odhady ale byly za 30 dní sníženy a Earnings ESP je -12,55 %.
Wall Street expects a year-over-year increase in earnings on higher revenues when Newmont Corporation (NEM - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 23. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis gold and copper miner is expected to post quarterly earnings of $2.18 per share in its upcoming report, which represents a year-over-year change of +52.5%.
Revenues are expected to be $6.19 billion, up 16.4% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 2.97% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Newmont?For Newmont, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -12.55%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Newmont will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Newmont would post earnings of $2.07 per share when it actually produced earnings of $2.90, delivering a surprise of +40.10%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Newmont doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Newmont za tři měsíce odepsal 16,4 % kvůli poklesu ceny zlata. Firma zároveň čeká v roce 2026 nižší produkci a vyšší náklady, což může tlačit na ziskovost.
Key Takeaways Newmont's shares fell 16.4% in three months amid a pullback in gold prices.NEM is advancing key projects, strengthening liquidity and expanding shareholder returns through buybacks.Newmont expects lower 2026 gold output and higher costs, which could weigh on profitability. Newmont Corporation's (NEM - Free Report) shares have lost 16.4% in the past three months, reflecting the sharp decline in gold prices on inflation worries stemming from the Middle East tensions, a stronger U.S. dollar and expectations of higher interest rates.
NEM stock has outperformed the Zacks Mining – Gold industry’s 24.4% fall while underperforming the S&P 500’s 6.6% increase. Among its gold mining peers, Barrick Mining Corporation (B - Free Report) , Agnico Eagle Mines Limited (AEM - Free Report) and Kinross Gold Corporation (KGC - Free Report) have lost 13.9%, 32.8% and 29.4%, respectively, over the same period.
NEM’s 3-month Price Performance Image Source: Zacks Investment Research
The NEM stock slipped below its 200-day simple moving average (SMA) on June 22, 2026. It is also currently trading below its 50-day SMA. The 50-day SMA is reading lower than the 200-day SMA, following a death crossover on July 9, 2026, signaling a bearish trend.
NEM Stock Trades Below 50-Day SMA Image Source: Zacks Investment Research
Let’s take a look at NEM’s fundamentals to analyze the stock better.
NEM Poised for Growth on Key Projects & Portfolio ActionsNewmont continues to invest in growth projects in a calculated manner. The company is pursuing several projects, including the Cadia Panel Caves and Tanami Expansion 2 in Australia. These projects should expand Newmont’s production capacity and extend mine life, driving revenues and profits.
In October 2025, NEM achieved a significant milestone at Ahafo North. It achieved commercial production at the project, which followed the first gold pour in September 2025. Ahafo North is expected to produce between 275,000 and 325,000 ounces of gold annually over an estimated mine life of 13 years. Output is expected to be 315,000 ounces this year, with a ramp-up to full capacity.
NEM recently received key regulatory approvals from the Province of British Columbia for its Red Chris Block Cave Project, marking a major milestone in the planned transformation of the Red Chris Mine from an open-pit operation to a large-scale block-cave mine. The approvals move the project closer to a final investment decision, which Newmont expects to make later this year.
Newmont has also divested non-core businesses as it shifts its strategic focus to Tier 1 assets. The company generated $3.6 billion from its portfolio optimization actions in 2025. These funds will support Newmont’s capital allocation strategy, which focuses on reinforcing its balance sheet and delivering returns to its shareholders.
NEM’s Capital Allocation Backed by Solid Financial HealthNewmont has a strong liquidity position and generates substantial cash flows, which allow it to fund its growth projects, meet short-term debt obligations and drive shareholder value. At the end of the first quarter of 2026, Newmont had robust liquidity of roughly $12.8 billion, including cash and cash equivalents of around $8.8 billion. Its free cash flow surged 161% year over year to a record $3.1 billion in the first quarter, led by an increase in net cash from operating activities. Net cash from operating activities amounted to $3.8 billion in the first quarter, up from $2 billion in the year-ago quarter.
Newmont stands to benefit from still-elevated gold prices, which should drive its profitability and cash flow generation. While gold prices have experienced a significant downward correction after reaching peak levels in January 2026, they remain at supportive levels. Heightened geopolitical tensions, a weaker U.S. dollar, tariff-related worries and concerns surrounding the Federal Reserve’s independence had driven 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, with prices falling 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. Meanwhile, the Fed held interest rates steady in the latest policy meeting, but signaled a potential rate increase before the year's end. Aggressive profit-booking also contributed to the slump in gold prices.
Gold prices recouped some losses last week to climb above $4,100 per ounce, but again eased toward $4,000 per ounce lately as an uptick in oil prices outweighed soft U.S. inflation data. Bullion is up roughly 21% year over year.
NEM has distributed $3.4 billion to its shareholders through dividends and share repurchases in 2025. It has returned $2.7 billion to its shareholders since Feb. 19, 2026. Newmont has executed buybacks of $6 billion under the earlier authorized share repurchase programs, including $2.4 billion since the fourth-quarter 2025 earnings call. Its board has approved an additional $6 billion repurchase program. NEM offers a dividend yield of 1.1% at the current stock price. Its payout ratio is 12%.
Newmont also remains committed to deleveraging, reducing debt by roughly $3.4 billion in 2025. It reduced debt by an additional $42 million in the first quarter, resulting in a strong net cash position of $3.2 billion.
Weaker Production, Higher Costs Cloud NEM’s ProspectsNEM saw lower gold production for the first quarter, partly linked to its strategic divestment of non-core assets. NEM reported a roughly 16% year-over-year and 10% sequential decline in attributable gold production to 1.3 million ounces. Newmont expects second-quarter 2026 production to be below the first-quarter level.
The company anticipates gold production at about 5.26 million ounces for 2026, indicating a year-over-year decline from 5.89 million ounces in 2025. NEM expects lower production from Penasquito and Cadia in 2026 due to the site transitions. It also sees lower-than-expected production from Nevada Gold Mines and Pueblo Viejo. These will be partly offset by contributions from the newly commissioned Ahafo North mine.
Lower production is expected to lead to higher unit costs in 2026. NEM expects all-in-sustaining costs (AISC) — a critical cost metric for miners — to be $1,680 per ounce on a by-product basis, a notable increase from $1,358 per ounce in 2025. The expected increase is due to lower sales volumes as a result of planned mine sequencing, higher royalties and production taxes, deferral of sustaining capital from 2025 into 2026 and inventory changes. Newmont also sees a significant sequential increase in unit costs in the second quarter, partly due to increased sustaining capital spending, higher costs associated with sales at Boddington, Tanami, Lihir and Penasquito and increased oil prices. The production decline and higher costs could undercut the profitability goals.
NEM’s Earnings Estimates Moving LowerNewmont’s earnings estimates for 2026 have been going down over the past 60 days. The Zacks Consensus Estimate for second-quarter 2026 has also been revised lower over the same time frame.
The Zacks Consensus Estimate for 2026 earnings is currently pegged at $9.32, suggesting year-over-year growth of 35.3%. Earnings are expected to grow roughly 52.5% in the second quarter.
Image Source: Zacks Investment Research
A Look at Newmont Stock’s ValuationNewmont is currently trading at a forward price/earnings of 9.6X, a 4.9% premium to the industry average of 9.15X. NEM is trading at a premium to Barrick and Kinross Gold and at a discount to Agnico Eagle. Newmont and Kinross Gold currently have a Value Score of B each. Barrick and Agnico Eagle have a Value Score of A and C, respectively.
NEM’s P/E F12M Vs. Industry, B, AEM and KGC Image Source: Zacks Investment Research
Conclusion: Hold Onto NEM SharesNewmont is well-positioned for growth, backed by strong operating performance and a robust project pipeline that is expected to expand production capacity, extend mine life and support revenue and earnings growth. The company’s asset optimization, which prioritizes investment in high-return, long-life assets, further enhances its long-term prospects.
Despite the significant downswing in bullion prices, higher year-over-year realized prices should continue to boost NEM’s profitability and drive cash flow generation. However, lower production stemming from divestitures and lower ore grades, along with elevated costs, could pressure overall performance. Investors who already own this Zacks Rank #3 (Hold) stock may consider continuing to hold their positions.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Akcie Newmontu v červnu klesly o 14,9 % kvůli poklesu ceny zlata, nižší produkci a vyšším nákladům. Firma zároveň v roce 2026 očekává produkci zhruba 5,3 milionu uncí a AISC 1 680 USD za unci.
Investors went from pricing in record cash flows for Newmont (NEM +4.01%) to panicking over cooling gold prices amid falling production and rising costs. This sudden shift in sentiment triggered a 14.9% drop in June in Newmont's share price, according to data provided by S&P Global Market Intelligence. That single bad month erased early momentum, leaving the gold stock up only 10% in the first half of 2026.
Is Newmont headed even lower, or is this a prime opportunity to buy one of the finest gold stocks on the dip?
Image source: Getty Images.
Why Newmont stock lost its luster After hitting an all-time high of $5,608.35 per ounce in January 2026, gold crashed into a bear market in June, tumbling more than 25% from record highs.
Despite stubbornly high inflation and the conflict in the Middle East, gold has fallen in recent weeks. Historically, these factors should have fueled a rally in gold since it is considered as the ultimate safe-haven asset during volatile times.
Instead, with annual inflation in May surpassing 4% for the first time since April 2023 and the Federal Reserve keeping interest rates intact, the guaranteed yield from U.S. Treasury bonds continued to win over investors. A restrictive monetary policy simply took the wind out of gold's sails.
As the world's largest gold producer, Newmont's earnings and cash are highly leveraged to the metal, meaning its stock inevitably plunged alongside spot prices.
Should you buy the gold stock before Q2 earnings? Ironically, the big June drop in Newmont stock follows record-breaking Q1, where Newmont reported all-time cash flows. It also doubled its share repurchase program, authorizing an additional $6 billion in buybacks, and announced a dividend raise.
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The problem is that management has also guided for a low production year, estimating attributable gold production to decline to roughly 5.3 million ounces in 2026 from 5.9 million ounces in 2025 due to planned mining sequences and lower ore grades at key sites.
Concurrently, Newmont's projected all-in-sustaining-costs (AISC) are expected to rise significantly to $1,680 per ounce this year from $1,358 an ounce in 2025.
When a gold miner's output falls, even if temporarily, and operating costs rise, its stock becomes hyper-sensitive to spot gold prices. The expected margin squeeze has prompted some investors to take profits ahead of Newmont's upcoming Q2 earnings report on July 23.
Newmont is exceptionally well-financed right now, having exited Q1 with a massive net cash position of $3.2 billion. So if you want exposure to gold, Newmont is a top gold stock to buy on dips.
Newmont má k dispozici likviditu zhruba 12,8 mld. USD a čistou hotovost 3,2 mld. USD, což podporuje růstové projekty i návrat kapitálu akcionářům. Firma pokračuje v projektech Cadia Panel Caves a Tanami Expansion 2.
Key Takeaways Newmont's $12.8B liquidity supports growth projects, debt reduction and shareholder returns.NEM is advancing Cadia Panel Caves and Tanami Expansion 2 to boost production.Newmont cut debt and maintained a net cash position of $3.2 billion at the end of the first quarter. Newmont Corporation (NEM - Free Report) has a strong liquidity position and generates substantial cash flows, which allow it to fund its growth projects and drive shareholder value. At the end of the first quarter of 2026, Newmont had robust liquidity of roughly $12.8 billion, including cash and cash equivalents of around $8.8 billion.
NEM’s strong liquidity profile and substantial cash flows provide it with ample flexibility to fund expansion projects, reduce debt and enhance returns. The company remains focused on investing in its organic growth initiatives, leveraging a strong balance sheet. It is pursuing several projects, including the Cadia Panel Caves and Tanami Expansion 2 in Australia. These projects should expand Newmont’s production capacity and extend mine life, driving revenues and profits.
Newmont also remains committed to deleveraging, having reduced debt by roughly $3.4 billion in 2025. It reduced debt by an additional $42 million in the first quarter of 2026, resulting in a strong net cash position of $3.2 billion.
The company generated $3.6 billion from its portfolio optimization actions in 2025. These funds will support Newmont’s capital allocation strategy, which focuses on reinforcing its balance sheet and delivering returns to its shareholders.
Looking across the competitive landscape, Kinross Gold Corporation (KGC - Free Report) had strong liquidity of $3.9 billion at the end of the first quarter. KGC’s cash and cash equivalents were around $2.19 billion at the end of the quarter, increasing from $1.74 billion at the end of the prior quarter. 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.
Agnico Eagle Mines Limited (AEM - Free Report) has a robust liquidity position and generates healthy cash flows, enabling it to maintain a strong exploration budget and finance a robust pipeline of growth projects. AEM ended the first quarter with cash and cash equivalents of roughly $3.1 billion. Agnico Eagle had a significant net cash position of roughly $2.9 billion at the end of the quarter, driven by an increase in cash.
The Zacks Rundown for NEMShares of Newmont have shot up 60.7% in the past year against the Zacks Mining – Gold industry’s rise of 43.2%.
Image Source: Zacks Investment Research
From a valuation standpoint, NEM is currently trading at a forward 12-month earnings multiple of 9.35, a modest 2.2% premium to the industry average of 9.15X. It carries a Value Score of B.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for NEM’s 2026 and 2027 earnings implies a year-over-year rise of 43.8% and 8.7%, respectively. The EPS estimates for 2026 and 2027 have been trending higher over the past 60 days.
Společnost Newmont získala klíčová regulační povolení pro projekt Red Chris Block Cave v Britské Kolumbii. Tím se otevírá cesta k přechodu z povrchové těžby a k prodloužení životnosti dolu do poloviny 40. let.
DENVER--(BUSINESS WIRE)--Newmont Corporation (NYSE: NEM, ASX: NEM, PNGX: NEM) (“Newmont”) welcomes the Province of British Columbia’s approval of key regulatory authorizations for the Red Chris Block Cave project. The approvals enable the transition of the Red Chris Mine from current open-pit operations to block caving, allowing an extension of mine life into the mid-2040s. They mark a significant milestone in stage-gating as Newmont advances toward a final investment decision (FID) later this year.
The Province’s approvals include an amended Environmental Assessment Certificate (EAC), achieved through a consent-based process with the Tahltan Nation, as well as an amended Mines Act permit. The Red Chris mineral endowment offers decades of further upside potential beyond this initially permitted phase.
“The Red Chris Block Cave project represents a compelling long-term opportunity and today’s approvals mark a significant milestone in stage-gating as Newmont progresses toward a final investment decision later this year,” said Natascha Viljoen, President and Chief Executive Officer. “With significant mineral endowment, availability of clean hydroelectric power, port access, supportive governments, and strong Indigenous economic leadership, northwest British Columbia is emerging as a world-class mining district. We are proud to have advanced this project through a consent-based framework with the Tahltan Nation, reflecting our shared commitment to responsible resource development.”
Newmont is completing a Definitive Feasibility Study and detailed cost estimate for the Red Chris Block Cave. The project is expected to generate over 1,800 construction jobs, sustain approximately 1,500 peak-season operating roles and increase Canada’s copper production by roughly 15 percent.
In northwest British Columbia, Newmont is the majority owner and operator of the Red Chris Mine with Imperial Metals, its 30 percent joint venture partner. Newmont is also the owner and operator of the Brucejack Mine, and a 50 percent owner of Galore Creek Mining Corporation.
About Newmont
Newmont is the world’s leading gold company and a producer of copper, zinc, lead, and silver. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the Company has been publicly traded since 1925. To learn more about Newmont’s sustainability strategy and initiatives, go to www.newmont.com.
This news release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, such statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Forward-looking statements in this news release include, without limitation, expectations regarding mine life estimates, extension of mine life, upside potential, job creation and job opportunity estimates, production and productivity estimates and improvements, timing of investment decisions and other statements regarding future events or results. For a discussion of risks and other factors that might impact future looking statements, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission on February 19, 2026, under the heading Risk Factors. The Company does not undertake any obligation to release publicly revisions to any “forward-looking statement,” to reflect events or circumstances after the date of this news release, except as may be required under applicable securities laws. Continued reliance on “forward-looking statements” is at investors’ own risk.
