NEM US S&P 500Russell 1000 Earnings call · transcribed from the recording
Newmont (NEM) · Q3 2026 results and valuation
Share price: $118.47 · 2026-11-11
Newmont is a mining company that primarily produces gold and also produces copper, silver, lead, and zinc. The company operates mining assets and projects in several countries, including the United States, Australia, Canada, and various nations in South America and Africa. Source: 10-K annual report (2026-02-19)
Results Q3 2026 vs Q2 2026 · previous quarter · published 22 Oct 2026 and 23 Jul 2026
Net income up 12.4% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
1 · Numbers
+12.4%
Net income vs Q2 2026
Outlook given
Net income 2.48B vs 2.20B
Revenue +4.0%
Against the same quarter last year (Q3 2025) it is +35.1%, so it is not just seasonal.
Why Against the same quarter last year (+35.1%), net income rose primarily because unit costs improved due to higher gold and co-product volumes, stronger realized copper prices, and lower operating costs at certain operations across the portfolio.
2 · How management spoke
Typical
Less upbeat than 56% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Newmont expects development capital in 2027 to be approximately $500 million higher than in 2026 due to planned investments in the Red Chris Block Cave and Lahir Nearshore Barrier projects.
Valuation
Is Newmont undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 20.0% growth a year (3-year revenue growth), the model's fair value is $345.03 a share — the stock trades 66% below it. Today's price assumes 5.1% growth a year.
Current price
$118.47
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+5.1% for 10 yrs
Fair value / share
$345.03
Buy below
$258.77
Price vs fair value
Undervalued 66%
Price vs buy-below price
Undervalued 54%
Read between the lines
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Guidance
Development capital in 2027 is expected to be approximately $500 million higher than in 2026 due to planned investment in the Red Chris Block Cave and Lahir Nearshore Barrier projects.
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Figure
NEM reported $1.9 billion of free cash flow and an adjusted net income of $2.20 per share, representing a third quarter record.
Source quote
“This operational performance translated into strong financial results, including $1.9 billion of free cash flow and an adjusted net income of $2.20 per share, representing a third quarter record.”
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Key theme
Closure spending is expected to be lower by $200 million in 2027 and $400 million in 2028 compared to 2026 levels as projects move toward completion.
Source quote
“As these projects advance towards completion in 2027, closure spending is expected to be approximately $200 million lower in 2027 and $400 million lower in 2028 compared with 2026 lev.”
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Key theme
The initial development is expected to support a mine life of approximately 13 years, reducing approximately 3 million ounces of gold and 850,000 tons of copper on a 100% basis.
Source quote
“The initial development is expected to support a mine life of approximately 13 years, reducing approximately 3 million ounces of gold and 850,000 tons of copper on a 100% basis over this period.”
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Guidance
The framework supports a quarterly dividend of $0.27 per share at the next annual review while maintaining the same targeted annual cash commitment based on repurchases completed to date.
4 more
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Figure
Unit costs improved sequentially from the second quarter due to higher gold and co-product volumes, including 11 million ounces of silver production, and lower operating costs at certain operations.
Source quote
“Unit costs improved sequentially from the second quarter, primarily reflecting higher gold and co-product volumes, including 11 million ounces of silver production, stronger realized copper prices, and lower operating costs at certain operations across the portfolio.”
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Key theme
Ramping up 27 is expected to bring Tanamai back to previous performance into 2028.
Source quote
“As we ramp up 27, we could expect to see Tanamai going back to previous performance into 2028.”
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Figure
The processing plant capacity will increase from 9 million tons per year to 15 million tons per year.
Source quote
“The second element is we will go from 9 million tons per year to 15 million tons per year in the processing plant.”
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Figure
As Newmont indicated, about 40% of the capital that it spends is for infrastructure that will benefit future blockers.
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q2 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“As this cash flow becomes available, it will be reallocated to growth, partially offsetting an increase in development capital as we continue to invest in future projects and opportunities across...”
“Based on On current conditions, we anticipate unit costs to trend higher next year, reflecting macroeconomic headwinds and lower co-product credits, primarily from reduced silver production at Penasquito, where output...”
“While we continue to expect fourth quarter all-in sustaining costs to be the highest of the year at approximately $1,900 per ounce, our improved full year outlook reflects the strength...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-09-30)
| Metric | Q3 2026period end 2026-09-30 | Q2 2026period end 2026-06-30 | Change | Q3 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 6.36B | 6.12B | +4.0% | 5.52B | +15.2% |
| Operating income | 3.21B | 3.00B | +7.0% | 2.51B | +28.0% |
| Net income | 2.48B | 2.20B | +12.4% | 1.83B | +35.1% |
| EPS | 2.35 | 2.06 | +14.1% | 1.67 | +40.7% |
| P/E today 14.0 | 13.4 | 11.8 | +1.6 | 13.1 | +0.3 |
Topics
Most discussed now
- At the same time, Newmont remains committed to maintaining a flexible and resilient balance sheet anchored by its net cash...
- New Secondly, Newmont sees increased throughput through the plant that allows it for higher yearly plant throughputs and then associated with...
- Through the first nine months of the year, Newmont has generated $7.3 billion of free cash flow, which is approximately...
- Supported by its world-class portfolio, deep technical expertise and proven project delivery capabilities, Newmont is well positioned to…
- Newmont has then also made sure that from a project execution point of view that it reflects current and demonstrated...
Faded since Q2 2026
- Fading Since joining Newmont in 2021, Brian has held several senior finance roles, helping to strengthen financial oversight, integrated planning…
- Dropped Mark joined Newmont in 2020 and has held senior leadership roles across several regions, most recently as Managing Director for...
- Dropped I also want to recognize and thank Peter Wexler, who served as Interim CFO over the past year, providing steady...
- Dropped This was partly offset by favorable receivable movements at Peñasquito and Cadia, where strong collections and lower sales volumes…
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations · SEC 8-K
Newmont reported a net income of $2.5 billion and free cash flow of $1.9 billion for the third quarter of 2026, while declaring a dividend of $0.26 per share.
- Director or officer change · SEC 8-K
Newmont Corporation appointed Peter David Beaven as an independent director and member of the Audit Committee, effective September 1, 2026.
- Material agreement; Regulation FD disclosure · SEC 8-K
Newmont and Barrick entered into a Second Amended and Restated Limited Liability Company Agreement for Nevada Gold Mines, involving a $1.95 billion cash payment from Newmont to Barrick.
- Results of operations · SEC 8-K
Newmont reported net income of $2.2 billion and free cash flow of $2.2 billion for the second quarter of 2026, while declaring a dividend of $0.26 per share.
- Director or officer change; Regulation FD disclosure · SEC 8-K
Newmont Corporation appointed Mark Rodgers as Chief Operating Officer effective July 1, 2026, with a base salary of $800,000 and a one-time RSU award of $650,000.
- Shareholder vote results · SEC 8-K · routine
- Director or officer change · SEC 8-K
Executive Vice President and Chief Technical Officer Francois Hardy will retire on June 30, 2026, and Erin Workman will serve as acting Chief Technical Officer starting in May 2026.
- Results of operations · SEC 8-K
Newmont reported net income of $3.3 billion and record free cash flow of $3.1 billion for the first quarter of 2026, with a declared dividend of $0.26 per share.
Balance sheet & ownership
From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-27.
Cash & runway
Cash & equivalents
$8.83B
2026-09-30
Long-term investments
$4.07B
total liquidity $12.89B
Implied runway
—
operating cash flow positive over the TTM window
Dilution
weighted-average basic shares, per quarter. Change: -4.4% YoY, -1.5% QoQ.
| Quarter | Shares |
|---|---|
| Q1 2025 | 1.13B |
| Q2 2025 | 1.11B |
| Q3 2025 | 1.10B |
| Q1 2026 | 1.08B |
| Q2 2026 | 1.06B |
| Q3 2026 | 1.05B |
Shares outstanding: 1.04B (2026-10-15)
Insider transactions
Form 4 open-market trades (codes S/P), trailing 12 months. Coverage: newest 50 of 68 filings; 50 filings parsed.
Sold by insiders
105.8K shares
$11.8M · 21 transactions
Bought by insiders
0 shares
0 transactions
Net direction
net selling
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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during the fourth quarter
close the transaction for the Nevada gold mines joint venture agreement
Source quote
“We continue to work collaboratively with our partner and expect to close the transaction during the fourth quarter.”
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in the fourth quarter
higher grade ore
Source quote
“We continue to expect higher grade or in the fourth quarter as planned.”
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early next year
full funds decision for the Block Cave project at Red Chris
Source quote
“And finally, at Red Chris, we are finalising the feasibility study for the Block Cave project and continue to advance toward a full funds decision early next year.”
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in 2027
production growth to begin
Source quote
“As we move beyond the production trough previously indicated for in 2026, we expect production growth to begin in 2027.”
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by the end of this year
full mechanical completion of the 1.5 kilometre shaft at the second expansion at Tanami
Source quote
“We remain on track for full mechanical completion by the end of this year, and our focus will shift towards commissioning as we move into 2027.”