Analyst Consensus ?
ConsensusHold10 ratings
Bullish110.0%
Neutral770.0%
Bearish220.0%
Harmony Gold Mining Company Limited · HMY · FY2025 Q4 · Calendar Q3 2025
Harmony highlights cash generation and copper-led growth plans
The supplied analysis supports a constructive but conditional view: strong cash generation, high-grade gold assets and a growing copper portfolio provide evidence for durable earnings support, while grade sustainability, integration, project execution and cost pressures remain material tests.
Reported Before market openNYSEBasic Materials
$10.95B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.58
Consensus $0.57
EPS surprise
+2.3%
Reported versus consensus
Reported revenue
$2.08B
Consensus —
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-14.0%
Event window
SPY move
+0.4%
Same window
Abnormal move
-14.4%
Stock minus SPY
Volume
3.9×
Versus trailing sessions
Subsequent drift
+43.7%
Up to 20 sessions
HMYSPY benchmark
Ask FN2 about HMY FY2025 Q4
Transcript, numbers and history already loaded
Why did HMY fall 14.0% after beating EPS estimates in FY2025 Q4?What changed in HMY's guidance and outlook in FY2025 Q4?Give me the bull and bear case for HMY after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis adds the pending MAC Copper acquisition and a 100-MW Moab Khotsong solar project to the growth and cost-management agenda. Management also emphasized copper expansion, life-of-mine extensions and a robust balance sheet.
Guidance delta
Management maintained FY2026 guidance.
Key takeaways
- Management reported record adjusted free cash flow and a record final dividend.
- Gold production reached the upper end of guidance, supported by higher underground grades and cost discipline.
- Copper assets, including MAC Copper, Eva Copper and Wafi-Golpu, are central to diversification.
- A 100-MW solar project at Moab Khotsong is intended to reduce power-cost exposure.
Management priorities
- Complete the MAC Copper acquisition and begin production planning
- Advance Eva Copper feasibility and a final investment decision
- Extend the lives of high-grade assets
- Develop the Moab Khotsong solar project
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Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| HSBC | Buy | Hold | Upgrade | Oct 9, 2025 |
| JP Morgan | Neutral | Neutral | Maintain | Nov 12, 2024 |
| UBS | Neutral | Buy | Downgrade | Sep 7, 2022 |
| Macquarie | Underperform | Neutral | Downgrade | Aug 28, 2018 |
| Bank of America | Neutral | Buy | Downgrade | Oct 20, 2017 |
| B of A Securities | Neutral | Buy | Downgrade | Oct 20, 2017 |
| Morgan Stanley | Equal Weight | Underweight | Upgrade | Nov 11, 2016 |
| Citigroup | Sell | Neutral | Downgrade | Nov 11, 2016 |
| Goldman Sachs | Neutral | Sell | Upgrade | Oct 22, 2013 |
| CIBC | Sector Perform | Sector Outperform | Downgrade | Jan 24, 2013 |
Track every rating change on HMY the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationHarmony Gold Mining Company Limited engages in the exploration, extraction, and processing of mineral properties in South Africa, Papua New Guinea, and Australia. The company explores for gold, uranium, silver, and copper deposits. It has nine underground operations in the Witwatersrand Basin; the Kraaipan Greenstone Belt; and various surface source operations in South Africa. In addition, the company owns interests in the Hidden Valley, an open-pit gold and silver mine; and the Wafi-Golpu project located in Morobe Province in Papua New Guinea. Further, it holds interest in Eva Copper Project located in Queensland, Australia. Harmony Gold Mining Company Limited was incorporated in 1950 and is based in Randfontein, South Africa.
Historical context
All HMY earningsLatest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
- Polygon adjusted daily market bars · 2026-10-02T11:06:03.606030+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-02. For educational purposes only; not investment advice.