According to its own statements, 2025 was a “milestone year” for the world’s largest gold producer Newmont (WKN 853823). The group met its annual targets, lifted free cash flow to a record level, and visibly strengthened its balance sheet. At the same time, management is preparing investors for a deliberately planned interim year: from a production standpoint, 2026 is expected to be a low point—before a new growth phase is set to begin again from 2027.
Specifically, with its fourth-quarter and full-year 2025 results, Newmont also announced a quarterly dividend of USD 0.261 per share and presented its first outlook for 2026. The framework is set relatively tightly: the forecast is anchored within a plus/minus five percent range. CEO Natascha Viljoen emphasized that the group is entering the new year with a “flexible and resilient” balance sheet and intends to continue working on improving margins.
Newmont ends 2025 with record cash flow and strong liquidity
In its operating results, Newmont reports attributable gold production of 5.9 million ounces for 2025—of which 5.7 million ounces came from the core portfolio. In addition, the company reported 28 million ounces of silver and 135,000 tonnes of copper as by-products or co-products. On the cost side, Newmont cites gold by-product AISC of USD 1,358 per ounce for 2025; on a co-product basis, AISC was USD 1,609 per ounce. (All-in Sustaining Costs)
Financially, the key highlight is the cash inflow: operating cash flow totaled USD 10.3 billion in 2025, while free cash flow reached a record USD 7.3 billion—including USD 2.8 billion in the fourth quarter alone. Bottom line, Newmont reported net income of USD 7.2 billion; on an adjusted basis, earnings were USD 7.6 billion, or USD 6.89 per share.
In parallel, Newmont says it returned USD 3.4 billion to shareholders—through dividends and share buybacks. In addition, the group reduced debt by USD 3.4 billion and ended the year in a net cash position of USD 2.1 billion. Cash at year-end totaled USD 7.6 billion, and Newmont put total liquidity at USD 11.6 billion.
Another building block was portfolio optimization. Newmont cites USD 3.6 billion from related measures and notes that the program to sell non-core assets has been completed. From the transactions announced to date, the group has generated USD 4.5 billion after tax.
2026 as a deliberate production trough: sequencing, special factors, and a higher cost range
Despite the strong prior year, the outlook for 2026 is clearly more defensive in one respect: Newmont expects attributable gold production of around 5.3 million ounces. Of this, more than 3.9 million ounces are expected to come from managed operations, with a further 1.4 million ounces from non-managed interests. Viljoen describes this level as in line with expectations and points to planned mining and mine sequences at Ahafo South, Peñasquito, and Cadia.
In addition, a short-term special factor was included in planning: bushfires at Boddington in December. However, Newmont reports that restoration is proceeding as planned. Critical water infrastructure has been repaired and processing is running at full capacity again.
On the cost side, the bar rises significantly in 2026: for gold by-product AISC, Newmont expects USD 1,680 per ounce. At the same time, the group emphasizes that the year is to be used to position the portfolio for the next growth phase. The long-term outlook remains ambitious: Newmont is sticking to its target of around six million ounces of gold and 150,000 tonnes of copper per year—with the caveat that the detailed timeline is to be refined once long-term planning has been completed.
Investments and projects are expected to deliver growth again from 2027
Newmont is planning sustaining capital of around USD 1.95 billion in 2026—among other things for work on tailings facilities at Cadia and Boddington. In addition, there is around USD 1.4 billion in development capital. With these funds, Newmont intends to drive key development steps forward: the Cadia panel caves, Tanami Expansion 2, and the feasibility study for Red Chris.
On the project side, Newmont cites several elements that are expected to support rising production again from 2027 and a better outlook for the metal mix. This includes the continued ramp-up of Ahafo North in Ghana. At Boddington, a stripping campaign is to be completed in 2026 to provide access to higher gold and copper grades from 2027. According to the company, Tanami Expansion 2 is targeted for the second half of 2027.
In addition, Newmont emphasizes the strategic importance of the Cadia panel caves, which are expected to extend the operation’s life “into the middle of the century.” For the Lihir nearshore barrier project, Newmont expects access to more than five million ounces and a life extension beyond 2040.
The core message from the update is therefore twofold: Newmont is coming off an exceptionally strong cash flow year and is using 2026 as a transition year—with deliberately lower production, higher unit costs, and a clear investment focus. From 2027, this is expected to translate into a renewed growth trajectory, which management intends to underpin with more concrete timelines over the course of the year.
