Analyst Consensus ?
ConsensusBuy37 ratings
Bullish2875.7%
Neutral924.3%
Bearish00.0%
Newmont Corporation · NEM · FY2026 Q2 · Calendar Q3 2026
Newmont Q2 2026: Record Free Cash Flow, EPS Beat, Guidance Maintained
Newmont's Q2 2026 results show record free cash flow, an EPS beat, and maintained full-year guidance, but a revenue miss and negative market reaction highlight tension between strong cash returns and rising cost pressures. The unresolved Barrick legal dispute and H2 capex weighting add execution risk. At $91.52 vs a consensus target of $141.90, the market is pricing in meaningful uncertainty around whether gold price strength can sustain margins through an inflationary environment.
Reported After market closeNYSEBasic Materials
$96.43B market cap
100quality score
Company context
Snapshot as of publicationNewmont Corporation is primarily involved in the mining and exploration of gold resources. Additionally, the company undertakes prospecting for other base and precious metals, including copper, silver, zinc, and lead. Its operations and assets are geographically widespread, located across various countries such as the United States, Canada, Mexico, the Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, and Ghana. As of the close of 2021 (December 31st), Newmont reported substantial proven and probable gold reserves, totaling 92.8 million ounces, and managed a vast land portfolio covering 62,800 square kilometers. Founded in 1916, the company's corporate headquarters are situated in Denver, Colorado.
Earnings scorecard
Reported versus consensus
Reported EPS
$2.10
Consensus $2
EPS surprise
+2.4%
Reported versus consensus
Reported revenue
$6.12B
Consensus $6.35B
Revenue surprise
-3.7%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$91.52Current
$57Low
$105.66Average
$177High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Overweight | Overweight | Maintain | Jul 16, 2026 |
| TD Cowen | Buy | Hold | Upgrade | Jul 14, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Jul 14, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 9, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 9, 2026 |
| Jefferies | Buy | Buy | Maintain | Jul 6, 2026 |
| UBS | Buy | Buy | Maintain | Jun 30, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Apr 24, 2026 |
| CIBC | Outperform | Outperform | Maintain | Apr 21, 2026 |
| Citigroup | Buy | Buy | Maintain | Mar 3, 2026 |
| Bernstein | Market Outperform | Market Perform | Upgrade | Feb 27, 2026 |
| Freedom Broker | Buy | Buy | Maintain | Sep 30, 2025 |
| Raymond James | Outperform | Outperform | Maintain | Sep 23, 2025 |
| Macquarie | Neutral | Outperform | Downgrade | Sep 2, 2025 |
| JP Morgan | Overweight | Neutral | Upgrade | Nov 19, 2024 |
| Argus Research | Buy | Hold | Upgrade | Aug 29, 2024 |
| TD Securities | Hold | Hold | Maintain | Apr 29, 2024 |
| Goldman Sachs | Buy | Buy | Maintain | Apr 21, 2023 |
| Canaccord Genuity | Buy | Hold | Upgrade | Mar 14, 2023 |
| Exane BNP Paribas | Outperform | Neutral | Upgrade | Feb 13, 2023 |
| Credit Suisse | Neutral | Outperform | Downgrade | Apr 19, 2022 |
| Deutsche Bank | Buy | Buy | Maintain | Jun 17, 2020 |
| B. Riley Securities | Buy | Buy | Maintain | May 19, 2020 |
| B. Riley FBR | Buy | Buy | Maintain | May 19, 2020 |
| B. Riley | Buy | Neutral | Upgrade | Jan 13, 2020 |
| Citi | Buy | Neutral | Upgrade | May 23, 2019 |
| Morgan Stanley | Overweight | Equal Weight | Upgrade | Jun 12, 2018 |
| Argus | Hold | Buy | Downgrade | May 5, 2018 |
| Bank of America | Buy | Buy | Maintain | Feb 26, 2018 |
| Standpoint Research | Buy | Hold | Upgrade | Dec 29, 2016 |
| Mackie Research | Buy | Hold | Upgrade | Oct 31, 2016 |
| Clarksons Platou | Neutral | Buy | Downgrade | Apr 18, 2016 |
| Clarkson Capital Markets | Neutral | Buy | Downgrade | Apr 18, 2016 |
| FBR Capital | Market Perform | Market Perform | Maintain | Jan 28, 2016 |
| HSBC | Hold | Buy | Downgrade | Oct 26, 2015 |
| BB&T Capital | Hold | Buy | Downgrade | Nov 3, 2014 |
| Cowen & Co. | Outperform | Market Perform | Upgrade | Sep 9, 2014 |
Named analyst price targets
Upside is calculated against the persisted current price $91.52. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| CIBC | Anita Soni | $168 | $91.64 | +83.6% | Jul 28, 2026 |
| Barclays | Richard Garchitorena | $124 | $93.47 | +35.5% | Jul 28, 2026 |
| Barclays | Analyst unavailable | $125 | $95.04 | +36.6% | Jul 15, 2026 |
| Scotiabank | Analyst unavailable | $147 | $94.88 | +60.6% | Jul 14, 2026 |
| RBC Capital | Josh Wolfson | $135 | $94.52 | +47.5% | Jul 9, 2026 |
| Jefferies | Analyst unavailable | $146 | $97.04 | +59.5% | Jul 6, 2026 |
| UBS | Analyst unavailable | $120 | $92.34 | +31.1% | Jun 30, 2026 |
| CIBC | Anita Soni | $175 | $107.23 | +91.2% | Jun 1, 2026 |
| Barclays | Analyst unavailable | $133 | $108.33 | +45.3% | May 21, 2026 |
| TD Securities | Steven Green | $129 | $120.7 | +41.0% | Apr 27, 2026 |
| BMO Capital | Matthew Murphy | $145 | $117.87 | +58.4% | Apr 24, 2026 |
| CIBC | Anita Soni | $176 | $110.51 | +92.3% | Apr 21, 2026 |
| National Bank | Shane Nagle | $130 | $113.41 | +42.0% | Apr 16, 2026 |
| UBS | Analyst unavailable | $140 | $102.1 | +53.0% | Mar 27, 2026 |
| BMO Capital | Matthew Murphy | $140 | $121.02 | +53.0% | Feb 20, 2026 |
| Stifel Nicolaus | Analyst unavailable | $175 | $120.39 | +91.2% | Feb 10, 2026 |
| CIBC | Analyst unavailable | $177 | $114.36 | +93.4% | Feb 4, 2026 |
| UBS | Analyst unavailable | $160 | $117.25 | +74.8% | Jan 30, 2026 |
| Scotiabank | Analyst unavailable | $152 | $128.69 | +66.1% | Jan 26, 2026 |
| Raymond James | Analyst unavailable | $111 | $100.47 | +21.3% | Dec 29, 2025 |
| Jefferies | Fahad Tariq | $120 | $89.76 | +31.1% | Dec 7, 2025 |
| BNP Paribas | Analyst unavailable | $97 | $90.72 | +6.0% | Dec 5, 2025 |
| UBS | Daniel Major | $125 | $91.82 | +36.6% | Dec 1, 2025 |
| Raymond James | Brian MacArthur | $99 | $83.31 | +8.2% | Oct 24, 2025 |
| Scotiabank | Analyst unavailable | $114 | $87.01 | +24.6% | Oct 23, 2025 |
| UBS | Analyst unavailable | $105.5 | $93.58 | +15.3% | Oct 16, 2025 |
| Goldman Sachs | Analyst unavailable | $104.3 | $85.14 | +14.0% | Oct 12, 2025 |
| Raymond James | Brian MacArthur | $96 | $85.21 | +4.9% | Oct 10, 2025 |
| CIBC | Analyst unavailable | $112 | $85.21 | +22.4% | Oct 10, 2025 |
| RBC Capital | Josh Wolfson | $95 | $75.92 | +3.8% | Sep 9, 2025 |
| Macquarie | Andrew Bowler | $72 | $74.4 | -21.3% | Sep 1, 2025 |
| CIBC | Anita Soni | $74 | $57.35 | -19.1% | Jul 15, 2025 |
| Argus Research | John Eade | $63 | $53.68 | -31.2% | Apr 25, 2025 |
| Raymond James | Analyst unavailable | $66 | $53.94 | -27.9% | Apr 25, 2025 |
| UBS | Daniel Major | $54 | $47.8 | -41.0% | Oct 30, 2024 |
| RBC Capital | Josh Wolfson | $53 | $57.74 | -42.1% | Oct 24, 2024 |
| Jefferies | Matthew Murphy | $63 | $53.04 | -31.2% | Oct 4, 2024 |
| Jefferies | Matthew Murphy | $54 | $51.3 | -41.0% | Sep 10, 2024 |
| Argus Research | John Eade | $58 | $51.83 | -36.6% | Aug 29, 2024 |
| Scotiabank | Tanya Jakusconek | $59 | $51.19 | -35.5% | Aug 19, 2024 |
| BMO Capital | Jackie Przybylowski | $57 | $47.7 | -37.7% | Jul 25, 2024 |
| CIBC | Anita Soni | $61 | $45.36 | -33.3% | Jul 10, 2024 |
| UBS | Daniel Major | $50 | $40.97 | -45.4% | Jun 17, 2024 |
| Scotiabank | Tanya Jakusconek | $48 | $41.28 | -47.6% | May 23, 2024 |
| Goldman Sachs | Emily Chieng | $67 | $41.02 | -26.8% | Dec 15, 2023 |
| RBC Capital | Josh Wolfson | $60 | $45.61 | -34.4% | Jul 27, 2022 |
| Canaccord Genuity | Carey MacRury | $60 | $46.14 | -34.4% | Jul 26, 2022 |
| Canaccord Genuity | Analyst unavailable | $80 | $73.43 | -12.6% | Apr 26, 2022 |
| Fundamental Research | Siddharth Rajeev | $63.1 | $55.25 | -31.1% | Nov 8, 2021 |
| CIBC | Anita Soni | $69 | $53.09 | -24.6% | Oct 29, 2021 |
| TD Securities | Greg Barnes | $70 | $58.82 | -23.5% | Jul 26, 2021 |
| Desjardins | John Sclodnick | $85.94 | $71.39 | -6.1% | May 20, 2021 |
| Argus Research | David Coleman | $73 | $62.68 | -20.2% | May 5, 2021 |
| BMO Capital | Andrew Kaip | $85 | $60.33 | -7.1% | Apr 30, 2021 |
Track every rating change on NEM the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-1.6%
Event window
SPY move
+0.1%
Same window
Abnormal move
-1.7%
Stock minus SPY
Volume
1.2×
Versus trailing sessions
Subsequent drift
-1.8%
Up to 20 sessions
NEMSPY benchmark
Follow NEM with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeTranscript intelligence
What changed
Newmont reported Q2 2026 EPS of $2.10 versus a $2.05 estimate, a 2.4% beat. Revenue of $6.12B missed the $6.35B estimate by 3.7%. The company generated $2.9B in operating cash flow and a record $2.2B in free cash flow on 1.3 million ounces of gold production. All-in sustaining costs remained below full-year guidance despite higher oil, diesel, and inflationary pressures. Full-year production and cost guidance was maintained. The stock declined 1.7% relative to the benchmark in the session following the report, with volume 1.19x above baseline.
Guidance delta
Full-year 2026 production and cost guidance was maintained. Capex outlook remains increasing, with sustaining and development capital weighted heavily to H2. Share repurchases have surpassed 100 million shares, exceeding the 2-year target milestone under the $6B buyback program authorized in Q1 2026.
Key takeaways
- Q2 EPS of $2.10 beat the $2.05 estimate by 2.4%; revenue of $6.12B missed the $6.35B estimate by 3.7%.
- Record $2.2B free cash flow and $2.9B operating cash flow reinforce full-year guidance.
- 1.3M ounces of gold produced with AISC staying below guidance despite cost inflation.
- Share repurchases surpassed 100M shares, exceeding the 2-year target milestone.
- Full-year production and cost guidance maintained; capex weighted to H2.
- Senior leadership expanded with new appointments across finance, operations, and project development.
Management priorities
- Complete Red Chris feasibility study and seek final investment decision later in 2026.
- Ramp Ahafo North production to full run-rate in Q4 2026.
- Accelerate Lihir near-shore barrier to unlock over 5M ounces starting 2028.
- Continue Cadia cave expansion (PC2-3) and ventilation upgrades.
- Maintain share repurchases and dividend while preserving net cash flexibility.
Sources
- Earnings call transcript and parsed analysis · 2026-07-24T15:06:00.388113+00:00
- FN2 earnings calendar · 2026-07-29T01:23:15.868211+00:00
- Polygon adjusted daily market bars · 2026-07-29T03:01:50.026468+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T03:01:50.022854+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.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
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 . For educational purposes only; not investment advice.