---
title: "Newmont Q3 2026 earnings: EPS 2.20 beats the 1.96 estimate"
canonical_url: https://www.stockexpertai.com/journal/2026-10-23/newmont-q3-2026-earnings-eps-2-20-beats-the-1-96-estimate-e76e1babaabb
last_updated: 2026-10-23T04:12:52.641Z
section: "Earnings Watch"
author: "Stock Expert AI Research"
publisher: Stock Expert AI
tickers: NEM
content_type: journal-article
---

# Newmont Q3 2026 earnings: EPS 2.20 beats the 1.96 estimate

_Newmont reported third-quarter 2026 EPS of 2.20 against a 1.96 estimate and revenue of $6.36B against $6.27B; the latest quote on Oct. 22 showed the shares down 2.62%._

![Data cover: Newmont Q3 2026 earnings: EPS 2.20 beats the 1.96 estimate](/public-objects/streetnews/2026-10-23/EARNINGS_WATCH-cover-f8637fde.jpg)
Stock Expert AI data cover: figures from Financial Modeling Prep; background is an illustrative public-domain photo, credited on the image.

Newmont (NYSE: NEM) reported earnings per share (EPS) of 2.20 for the third quarter ended Sept. 30, 2026, against an analyst estimate of 1.96, and revenue of $6.36B against an estimate of $6.27B. A year earlier, in the third quarter ended Sept. 30, 2025, revenue was $5.38B and diluted EPS was 1.67. The beat came with a warning that costs will peak in the fourth quarter and rise again in 2027. Separately, the latest quote as of Oct. 22, 2026 showed the shares down 2.62%; the evidence does not say whether that move came before or after the results.

## Key facts

- **Oct. 22, 2026:** Newmont reported third-quarter EPS of 2.20 against an estimate of 1.96, a difference of +$0.24 (12.2%).
- **Oct. 22, 2026:** Revenue for the quarter was $6.36B against an estimate of $6.27B, a difference of +$89.3M (1.4%).
- **Quarter ended Sept. 30, 2026:** Net income was $2.48B, up 35.1% from $1.83B a year earlier. Diluted EPS was 2.35, against 1.67 a year earlier.
- **Oct. 22, 2026:** The latest quote was $114.11, down 2.62%. This is the change on the latest quote, not a confirmed closing price. The 52-week range is $76.05 to $135.29.
- **Sept. 30, 2026:** Cash and short-term investments were $8.83B against total debt of $497.0M.
- **Next report:** Feb. 18, 2027, with an EPS estimate of 2.15 and a revenue estimate of $6.57B.

| Metric | Latest (Q3 2026) | Estimate / year-ago |
|---|---|---|
| EPS (as reported by the company) | 2.20 | 1.96 estimate |
| Revenue | $6.36B | $6.27B estimate; $5.38B year-ago |
| Net income | $2.48B | $1.83B year-ago |
| Diluted EPS | 2.35 | 1.67 year-ago |
| Gold Dore revenue (segment) | $4.13B | $3.45B year-ago |

Note: the two EPS figures differ because 2.20 is the figure compared with analyst estimates, while 2.35 is diluted EPS from the financial statements. Our data feed shows $0.00 for some Q3 line items, such as total revenue, operating income and cash flow. This looks like a data gap, so we use the reported $6.36B for revenue and rely on management's comments for cash flow.

## What happened

Newmont is one of the world's largest gold miners. It also sells copper, silver, zinc and lead as by-products. Those by-products are called co-products, and their sales offset some of the cost of running the mines.

Profit and revenue both came in above analyst expectations. Gold Dore, the raw gold-and-silver bars the mines pour, brought in $4.13B in the quarter, against $3.45B a year earlier. CEO Natascha Viljoen called it "a stable third quarter demonstrating the quality, resilience and value generation of our world class portfolio."

Management gave three main reasons for the result:

- **A high gold price.** The company said its realized average price was $4.32 thousand per ounce.
- **More co-product sales.** Unit costs improved on higher gold and co-product volumes, including 11 million ounces of silver, plus stronger realized copper prices.
- **Cost discipline at certain operations**, which management said held costs down.

The company also said its full-year 2026 gold all-in sustaining cost (AISC, a measure of what it costs to produce an ounce, including upkeep spending) is now expected to be about 10% better than the guidance it gave at the start of the year. Production, capital and other guidance "remain well on track."

## Why it matters for investors

**The five-quarter trend.** Margins rose sharply over the past year and then eased from their peak.

| Quarter ended | Revenue | Gross margin | Operating margin | Net income |
|---|---|---|---|---|
| Sept. 30, 2025 | $5.38B | 48.3% | 45.7% | $1.83B |
| Dec. 31, 2025 | $6.57B | 58.8% | 56.1% | $1.30B |
| March 31, 2026 | $7.31B | 64.8% | 61.4% | $3.26B |
| June 30, 2026 | $6.12B | 56.0% | 51.6% | $2.20B |
| Sept. 30, 2026 | $6.36B (reported) | n/a | n/a | $2.48B |

Free cash flow (cash left after running the business and paying for equipment and mine upkeep) was $1.57B in the quarter ended Sept. 30, 2025. It rose to $2.81B, then $3.14B, then eased to $2.21B in the quarter ended June 30, 2026. For the third quarter, the company said free cash flow was strong. It said the year-to-date total was roughly what Newmont generated in all of 2025.

**Shareholder returns.** In the quarter ended June 30, 2026, Newmont spent $1.57B on buybacks and $277.0M on dividends. CFO Brian Tabolt said: "Our approach to repurchasing shares over time is already having a meaningful impact." Management said it has a sizable authorization left under its buyback program. It also said its dividend formula would support a small increase at the board's annual review in February, subject to board approval. The trailing dividend yield is 0.9%.

**Balance sheet.** Our data feed shows net debt of negative $8.33B, meaning cash exceeds debt by that amount. Management's own figure is much lower: Tabolt said the company "ended the quarter with a net cash balance of $3.2 billion," modestly above the upper end of its target range. He added that the balance "does not yet reflect the $1.95 billion payment associated with the amended Nevada Gold Mines joint venture agreement," which the company expects to close in the fourth quarter. That payment is a pending outflow. Debt-to-equity is 0.01. Financial strength scores are decent: Piotroski 6 out of 9 and Altman Z 4.56. (The Piotroski score rates financial health on a 0-9 scale, and the Altman Z score flags bankruptcy risk.)

## Valuation versus peers (trailing 12 months).

| Company | P/E | Net margin |
|---|---|---|
| Newmont (NEM) | 13.21 | 46.2% |
| Agnico Eagle Mines (AEM) | 15.13 | 40.4% |
| AngloGold Ashanti (AU) | 11.34 | 32.2% |
| Barrick Mining (B) | 9.98 | 31.6% |
| B2Gold (BTG) | 8.33 | 21.2% |

The P/E ratio is the share price divided by a year of earnings per share. Newmont sits in the middle of this group on P/E and has the highest net margin of the five. Its EV/EBITDA is 7.37, and its price-to-free-cash-flow ratio is 14.73.

**Analysts.** Of 37 ratings, 27 are Buy and 10 are Hold, with none at Sell, so the consensus is "Buy." Price targets average $135.91, with a median of $140.00, a high of $154.00 and a low of $110.00. The latest quote was $114.11 on Oct. 22. On Oct. 22, Freedom Broker moved its rating from Buy to Hold. Citigroup and Barclays kept positive ratings on Oct. 20 and Oct. 19. A discounted cash flow model from our data provider, which projects future cash flows back to today's value, gives $76.02 per share. Models like this depend heavily on the gold price assumed, so treat it as one reference point.

**Stock Expert AI's MoonshotScore.** Newmont scores 98.2, which we label "Exceptional." Its pillars, measured against its sector, are growth 99, quality 97, safety 90, momentum 86 and valuation 70. Valuation is the weakest pillar, so the stock is not cheap relative to the sector even though the business scores very well.

## What could go wrong

- **Costs peak in the fourth quarter.** Management said fourth-quarter production should rise to 1.4 million ounces, the strongest of the year. It also said gold AISC and capital spending will be the highest of the year that quarter. Unit costs are expected to trend higher in 2027.
- **Less silver.** Production of silver at the Penasquito mine is expected to fall to about half of its third-quarter level in the fourth quarter, and to be roughly 30% lower in 2027 than in 2026. That means fewer co-product credits.
- **Weather.** Management said El Niño, a climate pattern that can cause drought, is forecast to strengthen through November and December. It could affect water supply at the Lihir mine, which "could influence production, and costs." Lihir has not yet been affected, and management believes lost volume could largely be recovered from stockpiles.
- **Oil and labor.** Higher oil prices raise fuel and supply costs. Labor cost increases are expected to exceed the roughly 3% assumed for 2026.
- **Red Chris.** The copper-gold project in Canada has a larger scope than before. Daniel Major of UBS asked about the scope changes and the future expansion phases, and Viljoen answered both. Tanya Jakusconek of Scotiabank asked about the gap between the capital estimates, including "would you say it is a third each, or how would you take these 3 categories and allocate the discrepancy?" Viljoen declined to give that breakdown before a final investment decision (FID) expected early next year. She described Red Chris as "anchored by an endowment that supports a 70-year mine life." Management also said development capital will be about $500 million higher in 2027 than in 2026.
- **Gold price.** Results and royalty costs both move with gold. The stock has a wide 52-week range of $76.05 to $135.29.
- **Insider selling.** Among the 30 most recent insider filings, those from the last 90 days show 7 sales and no open-market purchases. Such sales are not unusual and can have many causes.

## What to watch next

- **Fourth-quarter results on Feb. 18, 2027.** Analysts expect EPS of 2.15 and revenue of $6.57B. Check whether production reaches the 1.4 million ounces management expects and whether costs match its forecast.
- **The February dividend review.** Management said its formula supports a small increase, subject to board approval.
- **The Red Chris final investment decision,** expected early next year, and the capital cost the company attaches to it.
- **The Nevada Gold Mines payment.** Watch for the $1.95B outflow when the amended agreement closes, expected in the fourth quarter.
- **2027 guidance.** Management said total production should grow modestly, while unit costs trend higher and closure spending falls.
- **Lihir and El Niño.** Watch for any water-related disruption in November and December.

## Frequently asked questions

## Q: Did Newmont beat earnings estimates in the third quarter of 2026?

Yes. For the quarter ended Sept. 30, 2026, Newmont reported EPS of 2.20 against an estimate of 1.96, and revenue of $6.36B against an estimate of $6.27B. A year earlier, in the quarter ended Sept. 30, 2025, revenue was $5.38B and diluted EPS was 1.67.

## Q: Why did Newmont stock move on Oct. 22?

The latest quote as of Oct. 22, 2026 was $114.11, down 2.62%. The evidence does not say why the shares moved. It also does not show whether the move came before or after the results were released, since the earnings call appears to have been held in the evening. The company has not tied the move to any factor, and share prices can move for reasons unrelated to results.

## Q: What do analysts think of Newmont stock after the report?

Of 37 ratings, 27 are Buy and 10 are Hold, giving a consensus of "Buy." The average price target is $135.91, with targets from $110.00 to $154.00. On Oct. 22, Freedom Broker lowered its rating from Buy to Hold. Analyst views can change quickly, and this article is not investment advice.


*This is educational content, not investment advice. Past performance does not guarantee future results.*

## Related Tickers
- [NEM](https://www.stockexpertai.com/stock/nem)

## Sources
- [Stock Expert AI NEM page: quote, financials and MoonshotScore](https://www.stockexpertai.com/stock/nem)
- [zacks.com: Newmont (NEM) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates](https://www.zacks.com/stock/news/3013430/newmont-nem-q3-earnings-taking-a-look-at-key-metrics-versus-estimates?cid=CS-STOCKNEWSAPI-FT-fundamental_analysis|nfm-3013430)
- [marketbeat.com: Newmont Q3 Earnings Call Highlights](https://www.marketbeat.com/instant-alerts/transcript-newmont-q3-earnings-call-highlights-2026-10-22/)
- [zacks.com: Newmont Corporation (NEM) Q3 Earnings and Revenues Top Estimates](https://www.zacks.com/stock/news/3013336/newmont-corporation-nem-q3-earnings-and-revenues-top-estimates?cid=CS-STOCKNEWSAPI-FT-fundamental_analysis|yseop_template_4-3013336)
- [wsj.com: Newmont Logs Higher Profit, Revenue on Higher Gold Sales](https://www.wsj.com/business/earnings/newmont-logs-higher-profit-revenue-on-higher-gold-sales-f49e99d3)

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_AI-generated under human editorial supervision. Educational research, not financial advice._