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NEM · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
A gold-price quarter executed with cost discipline — sales +15% almost entirely on realized price (volumes were lower), costs applicable to sales up just 4%, and net income to shareholders reached $2.2B despite the prior-year quarter being flattered by a $699M divestment gain; the cash is going out the door as $3.5B of H1 buybacks.
Net Income (consolidated)
$2,251M
up 8.5% y/y
Sales
$6,118M
up 15.1% y/y
Operating Profit
$3,096M
up 49% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Sales | $6,118 · +15.1% |
| Gain on Asset Sales | $5 · vs $699 |
| Costs Applicable to Sales | $2,088 · +4.3% |
| Depreciation & Amortization* | $604 · -2.6% |
| Reclamation & Remediation | $81 · -2.4% |
| Exploration | $69 · +13.1% |
| Advanced Projects & R&D | $47 · +17.5% |
| G&A | $74 · -22.1% |
| Other Expense, net | $64 · +33.3% |
| Operating Profit ≈ | $3,096 · +49% · 50.6% of sales |
| Other Loss, net (securities) | $62 · vs +$115 |
| Interest Expense, net | $35 · -46.2% |
| Pre-Tax Income | $2,999 · -3.8% · prior year incl. $699M gain |
| Income & Mining Tax | $952 · ETR ≈31.7% |
| Equity Income of Affiliates | $204 · vs $49 |
| Net Income (consolidated) | $2,251 · +8.5% |
| Noncontrolling Interests | $49 · vs $14 |
| Net Income to Shareholders | $2,202 · +6.8% · $2.06/sh · 36% of sales |
Verdict: a gold-price quarter executed with cost discipline — sales +15% almost entirely on realized price (volumes were lower), costs applicable to sales up just 4%, and net income to shareholders reached $2.2B despite the prior-year quarter being flattered by a $699M divestment gain; the cash is going out the door as $3.5B of H1 buybacks.
H1 operating cash flow $6,709M (+52%); H1 free cash flow $5,349M. Quarter-end cash $9,009M, total liquidity $13.0B. H1 buybacks $3,462M (+$606M settled in July); dividend $0.26/sh. Attributable production: 1.3Moz gold + 169koz GEO co-products.
Source and notation
* marks non-cash / ≈ estimated. Operating profit shown as residual (Newmont's P&L has no subtotal before pre-tax income). Source: Newmont 10-Q (SEC EDGAR).
Open as an image: NEM, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “NEM Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/nem/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/nem/q2-2026"><img src="https://whoreportstoday.com/t/nem/q2-2026/sankey.png" alt="NEM Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/nem/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/nem/q2-2026">NEM Q2 2026 earnings chart (Who Reports Today)</a>
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- The growth is price, not ounces: higher average realized gold prices drove the $801M sales increase while sales volumes were lower — costs applicable to sales rose only 4.3%, so nearly all of the price uplift fell through to profit.
- The y/y net income comparison (+6.8%) is understated: Q2 2025 included a $699M gain on divestments; this quarter's equivalent line is just $5M.
- Cadia (Australia) operations were temporarily suspended after April 14 seismic activity — one of the volume headwinds; Ahafo North reached commercial production in Q4 2025 and now reports as its own segment.
- Equity income of affiliates jumped to $204M (vs $49M) — mostly the 32% Lundin Gold stake (Fruta del Norte, on a quarter lag); Newmont also received a 13% interest in LunR Royalties ($268M initial fair value) as a dividend-in-kind.
- Other income swung to a $62M LOSS (vs +$115M) on unrealized losses on marketable equity securities — the only red line in the quarter.
- G&A fell 22% to $74M and interest expense nearly halved to $35M after debt reduction — the balance-sheet cleanup shows.
- Income and mining taxes took $952M (≈31.7% effective) — gold miners pay mining taxes on top of income tax, so the rate stays structurally high.
- H1 free cash flow of $5,349M funded $3.5B of buybacks — the share count is down ~4% y/y, quietly boosting per-share metrics.
What distorts the picture in this report and what to watch beyond the headlines.
NEM — Newmont Corporation is a leading gold mining company with operations in North America, South America, Australia, and Africa.
It also produces silver, copper, and other metals alongside gold.
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