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Newmont (NEM) FY2023 results: revenue $11.8 billion, down 0.9% on the year

Newmont Corp. (NEM) reported revenue of $11.8 billion for fiscal 2023, the year ended 31 December 2023, down 0.9% on the year before. Net income was -$2.5 billion, and diluted earnings per share $-2.97. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue
$11.8 billion
-0.9% on the year
FY2016FY2023
Operating margin
-14.4%
1.7% a year earlier
FY2016FY2023
Net income
-$2.5 billion
FY2016FY2023
Diluted EPS
-$2.97
FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ millionFY2023FY2022FY2021On the yearLast 8 years
Revenue11,81211,91512,222-0.9%
Cost of revenue6,6996,4685,435+3.6%
Gross profit5,1135,4476,787-6.1%
Gross margin43.3%45.7%55.5%
Research and development200229154-12.7%
Operating income-1,7002031,257
Operating margin-14.4%1.7%10.3%
Interest expense243227274+7.0%
Pre-tax income-2,031-51.01,108
Income tax5264551,098+15.6%
Effective tax raten/an/a99.1%
Net income-2,494-4291,166
Net margin-21.1%-3.6%9.5%
Diluted EPS-$2.97-$0.54$1.46
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2023FY2022FY2021On the yearLast 8 years
Operating cash flow2,7633,2204,279-14.2%
Capital expenditure2,6662,1311,653+25.1%
Free cash flow97.01,0892,626-91.1%
Free cash flow margin0.8%9.1%21.5%
Cash from investing-1,002-2,983-1,868
Cash from financing-1,603-2,356-2,958
Depreciation and amortisation2,1082,1852,323-3.5%
Share-based compensation80.076.072.0+5.3%
Buybacks0.00.0525
Dividends paid1,4151,7461,757-19.0%
Dividend per share$1.60$2.20$2.20-27.3%
Diluted shares, weighted841m795m801m+5.8%
Shares outstanding at period end1,152m793m792m+45.3%

Balance sheet

$ millionFY2023FY2022FY2021On the yearLast 8 years
Shareholders' equity29,02719,35422,022+50.0%
Non-controlling interest178179-209-0.6%
Redeemable equity0.00.048.0
Debt8,8745,5715,711+59.3%
Other liabilities17,42713,37812,992+30.3%
Total liabilities and equity55,50638,48240,564+44.2%
Fixed assets37,56324,07324,124+56.0%
Goodwill3,0011,9712,771+52.3%
Investments4,1664,1583,325+0.2%
Cash and equivalents3,0022,8774,992+4.3%
Receivables734366337+100.5%
Other assets7,0405,0375,015+39.8%
Total assets55,50638,48240,564+44.2%

10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.