Newmont (NEM) Q4 FY25 earnings call

Earnings call· Dec 2025 (Q4 FY25)· Materials· Feb 19, 2026

Source: earnings call transcript

Newmont concluded FY25 with strong operational and financial performance, achieving full-year guidance and generating record free cash flow. The company introduced an enhanced capital allocation framework focused on predictable shareholder returns, including a 4% dividend increase and ongoing share repurchases. While 2026 production is expected to trough due to mine sequencing, Newmont maintains a longer-term outlook for renewed growth, supported by project execution and exploration success.

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NEM operating KPIs by quarter

NEM operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Mar 2025 Q1 FY25	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Sep 2026 Q3 FY26	Change vs prior quarter
Production volume Copper	35K tons During the first quarter, we produced 1.5 million ounces of gold and 35,000 tonnes of copper, in line with our full year guidance and the indications we provided on our last earnings call. Source: earnings call transcript	30K tons In the first quarter, we produced 1.3 million ounces of gold, 30,000 tonnes of copper and 9 million ounces of silver, with both copper and silver volumes supporting a favorable by-product cost profile for the quarter. Source: earnings call transcript	17K tons In the second quarter, we produced 1.3 million ounces of gold, 17,000 tonnes of copper and 7 million ounces of silver from the full portfolio. Source: earnings call transcript	23K tons In the third quarter, Newmont safely produced approximately 1.3 million ounces of gold, 23,000 tonnes of copper and a notable 11 million ounces of silver. Source: earnings call transcript	+35.3%
Capital expenditures Sustaining capital	$459M And in the first quarter, we incurred $459 million in sustaining capital and $323 million in development capital as we continue to advance our highest-return projects from our deep organic pipeline. Source: earnings call transcript	$381M We continue to invest in sustaining capital to strengthen the longevity and integrity of our portfolio, with $381 million spent in the first quarter. Source: earnings call transcript	$438M Beginning with the sustaining capital, we invested $438 million in the second quarter to support safe production and long-term sustainable cash generation. Source: earnings call transcript	$525M Beginning with sustaining capital, we spent $525 million in the third quarter as we continue to reinvest in the business to support safe production and sustainable free cash flow generation. Source: earnings call transcript	+19.9%
Capital expenditures Development capital	$323M And in the first quarter, we incurred $459 million in sustaining capital and $323 million in development capital as we continue to advance our highest-return projects from our deep organic pipeline. Source: earnings call transcript	$239M We continue to invest in development capital to advance our highest return opportunities from our deep organic pipeline with $239 million deployed in the first quarter. Source: earnings call transcript	—	$354M We also continue to invest in development capital, spending $354 million to advance the highest return opportunities within our deep organic growth pipeline. Source: earnings call transcript	—

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

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