NEWMONT Corp /DE/ Earnings Summary — Q1 2026

• Revenue surged 45.85% year-over-year to $7.31 billion, the highest quarterly result in recent history.
• Net income performance was exceptionally strong, reaching $3.18 billion compared to $1.82 billion in the prior-year period.
• Operating leverage improved significantly, with operating income margin expanding to over 61% following Newcrest integration synergy capture.
• The portfolio high-grading strategy is yielding results, as cost of revenue remained surprisingly stable despite massive revenue growth.
• Other operating expenses dropped to just $97 million, a sharp decline from $856 million in the previous quarter, indicating a stabilization of integration costs.
• Shares outstanding decreased slightly to 1,085 million, suggesting active capital return or share buyback execution during the quarter.

Management is focused on delivering $500M+ in synergies from the Newcrest integration and maintains a strategic emphasis on Tier-1 assets to drive double-digit ROE.

Improving

The transition from integration-related volatility to high-margin production is now clearly reflected in the bottom-line results, reversing prior years' erratic earnings.

The outlook is bullish based on high-margin production profiles and successful portfolio pruning of high-cost assets, though profitability remains sensitive to gold and copper spot prices.