Newmont Posts Record Third-Quarter Adjusted Profit
Newmont keeps its output target and lowers its cost outlook as buybacks return cash. Red Chris puts the next investment decision in early 2027.
by Corinne Ashdown2 min read
Newmont reported record third-quarter adjusted net income of US$2.3 billion in its October 22, 2026 results. Reported net income was US$2.5 billion. For those of us holding NEM on the NYSE, the earnings arrive with a lower full-year cost outlook and further cash returned through dividends and buybacks. Can that cash keep paying you while Newmont funds its next mines?
The October 22 PDF puts quarterly attributable gold production at 1.3 million ounces, with the annual target unchanged at 5.3 million ounces. Gold all-in sustaining costs, reported on a by-product basis, were US$1,454 per ounce. Newmont lowered its full-year estimate to US$1,520 per ounce. Keeping the output target while reducing expected unit costs supports the margin case for your shares. We would still judge delivery against the annual plan, because a strong quarter does not settle the costs or production of the remaining months.
The company's October 22 presentation reports US$1.9 billion returned through dividends and share repurchases since the July 23 earnings call. That window extends beyond quarter-end, with the release identifying additional repurchases in October. Newmont also says its share count has fallen approximately 10% since February 2024. If cash generation holds, fewer shares can give each share you retain a larger claim on that cash. The remaining buyback authorization is discretionary, however, so we would base the return calculation on purchases completed and dividends declared.
Newmont also reported US$1.9 billion of quarterly free cash flow, a non-GAAP measure, in its October 22 results. In Gold and Silver Fall After US Inflation Accelerates, we wanted reported selling prices and unit costs before treating a bullion move as earnings growth. We now have a producer's reported cash generation alongside its adjusted profit. For your holding, the useful follow-up is whether that cash can keep supporting mine investment and shareholder distributions together. Lower metals prices or higher spending would reduce the amount available for future returns.
Newmont kept its 2026 development-capital budget at US$1.4 billion, according to its earnings release PDF. Red Chris is approaching a separate milestone: the company is finalising its feasibility study and working towards a full-funds investment decision in early 2027. We would assess the eventual construction commitment against the cash available for shareholders through the build. The completed study is needed to judge that trade-off; a record quarter alone cannot establish the project's returns. Spending and timing could change how much of future operating cash reaches you.
At the October 22 earnings call, scheduled for 5:30 p.m. EDT, we will watch for management's explanation of the Red Chris spending plan.
Seek the truth and be prepared,
Equedia News
Sources
- Newmont, Third-quarter 2026 results, October 22, 2026
- Newmont, Third-quarter 2026 results presentation, October 22, 2026
- Newmont, Third-quarter 2026 earnings release PDF, October 22, 2026
- Newmont, Earnings-call notice, September 24, 2026
- Equedia News, Gold and Silver Fall After US Inflation Accelerates, October 14, 2026
Disclaimer: This letter is for informational and educational purposes only and does not constitute investment advice. Past predictions and performance are not indicative of future results. We own gold and gold stocks. Please see our full terms of use and disclaimer at equedia.com.
