Abstract

Newmont Mining will report its quarterly results on July 23, 2026 Post-Mkt; this preview summarizes consensus expectations for revenue, margins, net income, and adjusted EPS with segment dynamics and institutional viewpoints for the upcoming print.

Market Forecast

Consensus implies Newmont Mining’s current quarter revenue at 6.41 billion US dollars, with expected year-over-year growth of 30.50%, EBIT of 3.20 billion US dollars with 56.10% growth, and EPS of 2.09 with 77.43% growth. Company-level margin indicators from the prior quarter set the comparison base: gross profit margin at 72.42% and net profit margin at 44.64%; forecasts center on stable to slightly lower margins as all-in sustaining costs normalize with throughput.

The main business remains anchored by gold, complemented by silver, copper, zinc, and lead; the outlook highlights steady ore grade recovery and integration synergies feeding volumes. The most promising segment is copper, which benefits from supportive pricing and higher by-product leverage alongside anticipated throughput gains at integrated assets.

Last Quarter Review

Newmont Mining’s previous quarter delivered revenue of 7.31 billion US dollars, a gross margin of 72.42%, GAAP net profit attributable to shareholders of 3.26 billion US dollars, a net margin of 44.64%, and adjusted EPS of 2.90, with year-over-year revenue growth of 45.85% and adjusted EPS growth of 132.00%. Quarter-on-quarter net profit growth was 150.73%, underpinned by favorable price realizations and operational normalization.

Business mix skewed toward gold at 6.04 billion US dollars, followed by silver at 0.66 billion US dollars, copper at 0.38 billion US dollars, zinc at 0.18 billion US dollars, and lead at 0.05 billion US dollars; the portfolio’s scale-up reflected higher metal prices and improved mill availability.

Current Quarter Outlook

Main business: Gold

Gold remains the core earnings engine, contributing roughly 6.04 billion US dollars last quarter and expected to remain dominant this quarter. Revenue sensitivity to realized gold prices and mined grades is elevated; spot prices during the quarter held supportive levels, while guidance implies stable to modestly lower quarter-on-quarter margins as mine sequencing shifts toward planned cutbacks and maintenance windows. Volume progression is tied to steady improvement in mill reliability and throughput, with costs influenced by labor, energy, and consumables. In this setup, revenue is projected at 6.41 billion US dollars for the group, implying healthy metal sales with a mixed margin backdrop. A disciplined approach to sustaining capital and all-in sustaining costs should preserve profitability even if realized prices soften intra-quarter.

Most promising business: Copper by-product contribution

Copper’s by-product credit is a growing earnings lever, evidenced by the 0.38 billion US dollars contribution last quarter and its outsized impact on unit costs for gold. This quarter’s forecast assumes supportive copper prices and steady concentrate shipments, which improve consolidated margins by offsetting site-level cost inflation. As integration and throughput initiatives mature, copper tonnage can deliver incremental EBIT beyond its revenue share. The copper tailwind reduces sensitivity to single-metal price swings and strengthens the case for a higher consolidated EBIT margin trajectory over the medium term, even if gross margin normalizes from the prior quarter’s elevated base.

Stock-price drivers for this quarter

Equity reaction will hinge on the interplay of price realizations, cost discipline, and any update on throughput milestones. With consensus embedding 30.50% revenue growth and 77.43% EPS growth year over year, the bar is high; any miss on grade, recovery, or shipments could pressure the shares despite robust prices. Conversely, confirmation that integration and reliability gains are tracking—or beating—plan would underpin the EBIT forecast of 3.20 billion US dollars and support further multiple expansion relative to peers, particularly if management reiterates progress on capital efficiency and cash conversion.

Analyst Opinions

Analyst previews lean bullish, citing resilient gold prices, improving operating cadence, and the growing contribution from copper and other by-products as catalysts for margin durability. The majority view anticipates the company to meet or modestly exceed the revenue estimate of 6.41 billion US dollars and deliver EPS close to 2.09, framed by balanced cost management and supportive commodity prices. Institutional commentary points to sequentially stable throughput and sustained commodity strength as the primary reasons forecasts have been revised upward into the print. The bullish camp emphasizes the prior quarter’s execution—revenue of 7.31 billion US dollars and adjusted EPS of 2.90—as reinforcing confidence that the company can navigate mine sequencing and cost pressures while preserving cash flow momentum into the second half.