Newmont (NEM) Q4 FY2025 earnings: revenue $6.8 billion, up 20.6% on the year

Newmont Corp. (NEM) reported revenue of $6.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 20.6% on the same quarter a year earlier. Net income was $1.3 billion, down 7.3% on the year, and diluted earnings per share $1.19. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.

Revenue

$6.8 billion

+20.6% on the year · +23.4% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

45.0%

34.7% a year earlier

Q1 FY2024Q4 FY2025

Net income

$1.3 billion

-7.3% on the year · -29.0% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.19

-3.3% on the year · -28.7% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 17 new.

Operating cash flow and free cash flow: Operating cash flow was $10.3 billion for 2025, after $210 million of net working capital impacts. Free cash flow for the year and the fourth quarter are reported in the release.
Quarterly net income declined on tax and impairment: Net income attributable to stockholders was $1,301 million, down $531 million, mainly on $1.3 billion higher income and mining tax and $779 million of impairment charges.
Unit costs to rise in 2026: Management expects 2026 unit costs to rise from 2025, citing lower gold output, lower copper, lead and zinc volumes, and higher royalties and production taxes at a higher gold price.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	6,818	5,524	5,652	+23.4%	+20.6%
Cost of revenue	2,027	1,951	2,391	+3.9%	-15.2%
Gross profit	4,791	3,573	3,261	+34.1%	+46.9%
Gross margin	70.3%	64.7%	57.7%
Research and development	43.0	40.0	48.0	+7.5%	-10.4%
Operating income	3,068	2,576	1,960	+19.1%	+56.5%
Operating margin	45.0%	46.6%	34.7%
Interest expense	33.0	52.0	93.0	-36.5%	-64.5%
Pre-tax income	3,246	2,507	2,054	+29.5%	+58.0%
Income tax	2,070	787	702	+163.0%	+194.9%
Effective tax rate	63.8%	31.4%	34.2%
Net income	1,301	1,832	1,403	-29.0%	-7.3%
Net margin	19.1%	33.2%	24.8%
Diluted EPS	$1.19	$1.67	$1.23	-28.7%	-3.3%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	3,621	2,298	2,511	+57.6%	+44.2%
Capital expenditure	808	727	875	+11.1%	-7.7%
Free cash flow	2,813	1,571	1,636	+79.1%	+71.9%
Free cash flow margin	41.3%	28.4%	28.9%
Cash from investing	-780	-31.0	-701
Cash from financing	-833	-2,800	-1,207
Depreciation and amortisation	665	643	689	+3.4%	-3.5%
Share-based compensation	28.0	23.0	23.0	+21.7%	+21.7%
Buybacks	428	516	798	-17.1%	-46.4%
Dividends paid	272	273	282	-0.4%	-3.5%
Dividend per share	n/a	$0.25	n/a
Diluted shares, weighted	1,108m	1,100m	1,148m	+0.7%	-3.5%
Shares outstanding at period end	1,089m	1,091m	1,127m	-0.2%	-3.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	33,867	33,226	29,928	+1.9%	+13.2%
Non-controlling interest	175	185	181	-5.4%	-3.3%
Redeemable equity	n/a	n/a	0.0
Debt	5,115	5,180	8,476	-1.3%	-39.7%
Other liabilities	17,964	16,099	17,764	+11.6%	+1.1%
Total liabilities and equity	57,121	54,690	56,349	+4.4%	+1.4%
Fixed assets	n/a	33,621	33,547
Goodwill	2,658	2,658	2,658	0.0%	0.0%
Investments	4,780	4,431	4,492	+7.9%	+6.4%
Cash and equivalents	7,647	5,639	3,619	+35.6%	+111.3%
Receivables	1,067	1,047	1,056	+1.9%	+1.0%
Other assets	40,969	7,294	10,977	+461.7%	+273.2%
Total assets	57,121	54,690	56,349	+4.4%	+1.4%

Questions

What was Newmont's revenue in Q4 FY2025?

Newmont (NEM) reported revenue of $6.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 20.6% on the same quarter a year earlier.

How much did Newmont earn in Q4 FY2025?

Net income for Q4 FY2025 was $1.3 billion, down 7.3% on the year, and diluted earnings per share $1.19.

When did Newmont report Q4 FY2025 results?

Newmont filed its 10-K for the year that ended with the quarter on 19 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,390	3,023	3,058	2,634	3,200	2,679	2,683	2,493	3,957	4,023	4,402	4,605	5,652	5,010	5,317	5,524	6,818	7,307	6,118	6,363
Cost of revenue	1,540	1,435	1,708	1,545	1,780	1,482	1,543	1,371	2,303	2,106	2,156	2,310	2,391	2,106	2,001	1,951	2,027	1,937	2,088	2,143
Gross profit	1,850	1,588	1,350	1,089	1,420	1,197	1,140	1,122	1,654	1,917	2,246	2,295	3,261	2,904	3,316	3,573	4,791	5,370	4,030	4,220
Gross margin	55%	53%	44%	41%	44%	45%	42%	45%	42%	48%	51%	50%	58%	58%	62%	65%	70%	73%	66%	66%
R&D	46.0	44.0	45.0	80.0	60.0	35.0	44.0	53.0	68.0	53.0	49.0	47.0	48.0	43.0	40.0	40.0	43.0	45.0	47.0	58.0
Operating income	-626	799	540	295	-1,431	505	366	238	-2,809	400	1,039	1,128	1,960	2,249	3,068	2,576	3,068	4,466	3,096	3,163
Operating margin	-18%	26%	18%	11%	-45%	19%	14%	10%	-71%	10%	24%	24%	35%	45%	58%	47%	45%	61%	51%	50%
Interest expense	66.0	62.0	57.0	55.0	53.0	65.0	49.0	48.0	81.0	93.0	103	86.0	93.0	79.0	65.0	52.0	33.0	39.0	35.0	31.0
Pre-tax income	-507	628	408	296	-1,383	539	300	232	-3,102	428	1,036	1,059	2,054	2,471	3,118	2,507	3,246	4,583	2,999	3,210
Tax rate	n/a	34%	8%	32%	n/a	40%	54%	31%	n/a	61%	18%	23%	34%	26%	35%	31%	64%	31%	32%	26%
Net income	-46.0	448	387	213	-1,477	351	155	158	-3,158	170	853	922	1,403	1,891	2,061	1,832	1,301	3,262	2,202	2,475
Net margin	-1%	15%	13%	8%	-46%	13%	6%	6%	-80%	4%	19%	20%	25%	38%	39%	33%	19%	45%	36%	39%
Diluted EPS	-$0.05	$0.56	$0.49	$0.27	-$1.86	$0.44	$0.19	$0.20	-$3.80	$0.15	$0.74	$0.80	$1.23	$1.68	$1.85	$1.67	$1.19	$3.00	$2.06	$2.35
Operating cash flow	1,299	694	1,043	473	1,010	481	663	1,003	616	776	1,428	1,648	2,511	2,031	2,384	2,298	3,621	3,785	2,924	2,768
Capital expenditure	441	437	519	529	646	526	616	604	920	850	800	877	875	826	674	727	808	641	719	856
Free cash flow	858	257	524	-56.0	364	-45.0	47.0	399	-304	-74.0	628	771	1,636	1,205	1,710	1,571	2,813	3,144	2,205	1,912
Buybacks	277	n/a	n/a	0.0	n/a	n/a	n/a	0.0	n/a	0.0	104	344	798	348	1,011	516	428	1,895	1,567	1,779
Dividends paid	436	436	437	437	436	318	318	318	461	288	289	286	282	282	279	273	272	282	277	272
Shares outstanding	792m	794m	794m	794m	793m	795m	795m	795m	1,152m	1,153m	1,147m	1,138m	1,127m	1,113m	1,098m	1,091m	1,089m	1,068m	1,054m	1,039m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 19 February 2026: the filing.