Newmont's Q2 profit rose 11% on higher gold output and lower costs, but the miner slashed 2026 capex for the second time, signaling a focus on cash flow.
Newmont Corp posted an 11% rise in second-quarter profit, helped by higher gold production and a tighter cost base. The world's biggest gold miner reported adjusted earnings of $1.42 a share for the three months through June, up from $1.28 a year earlier.
Revenue climbed 8% to $5.6 billion. Gold output rose 7% to 1.74 million ounces, while the realized gold price hit $2,390 an ounce, up from $2,285 a year ago. All-in sustaining costs, a key industry metric, fell 3% to $1,350 an ounce as productivity gains at Nevada and Australian operations outpaced inflation pressures.
The earnings beat coincided with Newmont slashing its 2026 capital spending forecast for the second time this year. The miner now expects capex of $2.3 billion, a $300 million cut from its April guidance. Chief Financial Officer Peter Toth said the reductions reflect productivity improvements and a focus on high-return projects. With gold prices holding above $2,300, the lower cost base and higher output are supporting margins. The capex cuts suggest management is prioritizing free cash flow over volume growth.
Newmont carries an Alpha Score of 65 out of 100, a moderate rating in the Materials sector. The company's realized gold price of $2,390 an ounce was up 4.6% from a year earlier.
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