Newmont Unveils Record Q2 Cash Flow, $3B Buyback, and Steady Gold Output

Strong Financial Performance

Newmont Corporation delivered a standout second quarter in 2025, posting a net income of $2.1 billion and an adjusted net income of $1.6 billion, translating to $1.43 per diluted share. The company’s adjusted EBITDA rose 14% to $3 billion, underscoring operational efficiency and disciplined cost management. This financial strength was further evidenced by record quarterly free cash flow of $1.7 billion, a milestone that highlights Newmont’s ability to generate substantial cash from its mining operations.

Operational Highlights and Production

During the quarter, Newmont produced approximately 1.5 million attributable gold ounces, a slight 4% decrease from the previous quarter, primarily due to the divestiture of non-core assets. However, this was offset by improved output at key sites such as Yanacocha, Peñasquito, Nevada Gold Mines, and Boddington, driven by operational enhancements like injection leaching and higher ore grades. Copper production also contributed with 36 thousand tonnes, reinforcing the company’s diversified metals portfolio.

Capital Allocation and Shareholder Returns

Newmont’s board declared a quarterly dividend of $0.25 per share, payable in September 2025, reflecting confidence in the company’s cash flow generation. Additionally, the board authorized an extra $3 billion share repurchase program, to be executed at management’s discretion, signaling a commitment to returning value to shareholders. Since the last earnings call, Newmont has already returned $1 billion through share buybacks and dividends, demonstrating an active capital management strategy.

Divestiture Progress and Balance Sheet Strength

The company has successfully completed the sale of all previously announced non-core assets, generating more than $3 billion in after-tax proceeds this year. These divestitures streamline Newmont’s portfolio, allowing focus on its core assets. The balance sheet remains robust with $6.2 billion in cash and $10.2 billion in total liquidity, while net debt to adjusted EBITDA stands at a conservative 0.1x, providing financial flexibility for future investments or market uncertainties.

Sustainability and Reclamation Efforts

Newmont continues to prioritize environmental and social governance, spending $280 million on reclamation activities in the first half of 2025, including significant investment in water treatment facilities at Yanacocha. The company’s 21st Annual Sustainability Report and 4th Annual Taxes and Royalties Contribution Report reinforce its commitment to responsible mining and positive community impact.

Looking Ahead

With production and cost metrics in line with guidance, Newmont remains on track to meet its full-year 2025 targets. The company anticipates a balanced production profile in the second half of the year, supported by expansions such as Ahafo North and operational stability across its core portfolio. Investors will be watching closely for updates on the Coffee development project, which remains unsold, and how Newmont navigates capital allocation amid evolving market conditions.