Revenue growth accelerated to 64.8% in 2026Q1, while structural margin improvements pushed gross margins to 58.2% compared to 15.0% in 2023Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Sales/Revenue | 11.17B | 9.89B | 5.79B | 4.58B | 4.5B | 4.03B | 4.59B | 3.52B | 3.34B | 3.39B | 4.22B | 4.01B | 4.95B | 5.17B | 6.35B | 5.93B | 4.63B | 4.17B | 3.74B | 3.28B | 2.71B | 2.48B | 2.52B | 2.06B | 1.8B | 2.04B | 2.21B | 2.21B | 2.24B | 805.4M |
| Revenue Growth % | 75.15% | 70.78% | 26.43% | 1.8% | 11.72% | -12.32% | 30.35% | 5.67% | -1.71% | -19.63% | 5.18% | -18.92% | -4.25% | -18.59% | 7.13% | 28.03% | 11.2% | 11.28% | 14.12% | 20.81% | 9.26% | -1.43% | 22.26% | 14.62% | -11.86% | -7.56% | 0.13% | -1.36% | 177.58% | - |
| Cost of Goods Sold | 5.34B | 5.29B | 3.73B | 3.56B | 3.37B | 2.86B | 2.85B | 2.62B | 2.58B | 2.6B | 3.39B | 3.28B | 3.95B | 3.88B | 3.98B | 3.56B | 3.55B | 3.15B | 2.73B | 2.03B | 1.64B | 1.68B | 2.02B | 1.25B | 938M | 1.3B | 1.52B | 1.56B | 1.7B | 607.7M |
| COGS % of Revenue | - | 53.46% | 64.32% | 77.59% | 74.92% | 70.91% | 61.98% | 74.35% | 77.34% | 76.64% | 80.2% | 81.77% | 79.73% | 74.98% | 62.71% | 60.07% | 76.64% | 75.52% | 72.88% | 62.01% | 60.48% | 67.57% | 80.21% | 60.43% | 52.14% | 63.65% | 68.98% | 70.68% | 76.17% | 75.45% |
| Gross Profit | 5.82B | 4.6B | 2.07B | 1.03B | 1.13B | 1.17B | 1.75B | 904M | 756M | 793M | 836M | 732M | 1B | 1.29B | 2.37B | 2.37B | 1.08B | 1.02B | 1.01B | 1.25B | 1.07B | 806M | 499M | 816M | 861M | 742M | 685M | 646.5M | 532.8M | 197.7M |
| Gross Margin % | 52.17% | 46.54% | 35.68% | 22.41% | 25.08% | 29.09% | 38.02% | 25.65% | 22.66% | 23.36% | 19.8% | 18.23% | 20.27% | 25.02% | 37.29% | 39.93% | 23.36% | 24.48% | 27.12% | 37.99% | 39.52% | 32.43% | 19.79% | 39.57% | 47.86% | 36.35% | 31.02% | 29.32% | 23.83% | 24.55% |
| Gross Profit Growth % | - | 122.74% | 101.27% | -9.03% | -3.67% | -32.91% | 93.25% | 19.58% | -4.67% | -5.14% | 14.21% | -27.09% | -22.41% | -45.38% | 0.05% | 118.83% | 6.13% | 0.44% | -18.54% | 16.12% | 33.13% | 61.52% | -38.85% | -5.23% | 16.04% | 8.32% | 5.96% | 21.34% | 169.5% | - |
| Operating Expenses | 453M | 138M | 514M | 452M | 610M | 237M | 250M | 283M | 188M | 336M | 435M | 285M | 613M | 3.28B | 978M | 480.14M | 438M | 404.4M | 276M | 874M | 885M | 730M | 141M | 450M | 449M | 57M | 326M | 291.4M | 177.7M | 92.2M |
| OpEx % of Revenue | - | 1.39% | 8.87% | 9.86% | 13.55% | 5.88% | 5.44% | 8.03% | 5.64% | 9.9% | 10.3% | 7.1% | 12.38% | 63.34% | 15.39% | 8.1% | 9.46% | 9.71% | 7.37% | 26.65% | 32.6% | 29.38% | 5.59% | 21.82% | 24.96% | 2.79% | 14.76% | 13.21% | 7.95% | 11.45% |
| Selling, General & Admin | 155M | 138M | 162M | 99M | 87M | 0 | 85M | 102M | 174M | 169M | 194M | 210M | 234M | 220M | 338M | 247.76M | 220M | 184.52M | 144M | 203M | 170M | 93M | 110M | 129M | 115M | 62M | 81M | 88.1M | 42.2M | 49.7M |
| SG&A % of Revenue | - | 1.39% | 2.8% | 2.16% | 1.93% | - | 1.85% | 2.89% | 5.22% | 4.98% | 4.59% | 5.23% | 4.73% | 4.25% | 5.32% | 4.18% | 4.75% | 4.43% | 3.85% | 6.19% | 6.26% | 3.74% | 4.36% | 6.26% | 6.39% | 3.04% | 3.67% | 4% | 1.89% | 6.17% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11M | 15M | 18M | 21M | 4M | 0 | 0 | 0 | 0 | 0 | 16M | 16M | 44M | 0 | 0 | 1M | 2M | 8M | 7M | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | 0.32% | 0.36% | 0.45% | 0.42% | 0.08% | - | - | - | - | - | 0.49% | 0.59% | 1.77% | - | - | 0.06% | 0.1% | 0.36% | 0.32% | - | - |
| Other Operating Expenses | 2M | 0 | 352M | 353M | 523M | 237M | 165M | 181M | -53M | -76M | -105M | 66M | -17M | 298M | 0 | 307M | 926M | 765M | 741M | 655M | 699M | 593M | 31M | 321M | 333M | -7M | 237M | 196.3M | 135.5M | 42.5M |
| Operating Income | 5.37B | 4.47B | 1.55B | 575M | 519M | 935M | 1.5B | 621M | 493M | 542M | 544M | 404M | 745M | 896M | 1.59B | 2B | 518M | -251.86M | -1.22B | 351M | 169M | -96M | 233M | 288M | 412M | 458M | 265M | 448M | 355.1M | 105.5M |
| Operating Margin % | 48.11% | 45.14% | 26.81% | 12.55% | 11.53% | 23.21% | 32.58% | 17.62% | 14.78% | 15.97% | 12.88% | 10.06% | 15.04% | 17.32% | 24.96% | 33.74% | 11.18% | -6.05% | -32.59% | 10.7% | 6.22% | -3.86% | 9.24% | 13.97% | 22.9% | 22.44% | 12% | 20.32% | 15.88% | 13.1% |
| Operating Income Growth % | - | 187.57% | 170.09% | 10.79% | -44.49% | -37.54% | 141.06% | 25.96% | -9.04% | -0.37% | 34.65% | -45.77% | -16.85% | -43.51% | -20.75% | 286.32% | 305.67% | 79.36% | -447.58% | 107.69% | 276.04% | -141.2% | -19.1% | -30.1% | -10.04% | 72.83% | -40.85% | 26.16% | 236.59% | - |
| EBITDA | 5.58B | 5.48B | 2.31B | 1.23B | 1.16B | 1.35B | 2.07B | 1.2B | 1.07B | 1.36B | 1.35B | 1.17B | 1.5B | 1.66B | 2.43B | 2.7B | 1.21B | 375.82M | -605M | 1.01B | 868M | 497M | 645M | 609M | 745M | 707M | 502M | 644.3M | 490.6M | 148M |
| EBITDA Margin % | 49.93% | 55.4% | 39.79% | 26.91% | 25.68% | 33.53% | 45.09% | 34.16% | 32.22% | 40.22% | 32.04% | 29.02% | 30.23% | 32% | 38.28% | 45.45% | 26.12% | 9.02% | -16.16% | 30.67% | 31.97% | 20% | 25.59% | 29.53% | 41.41% | 34.64% | 22.74% | 29.22% | 21.94% | 18.38% |
| EBITDA Growth % | 159.79% | 137.79% | 86.94% | 6.66% | -14.43% | -34.8% | 72.09% | 12% | -21.25% | 0.89% | 16.14% | -22.18% | -9.55% | -31.95% | -9.76% | 122.73% | 221.96% | 162.12% | -160.14% | 15.9% | 74.65% | -22.95% | 5.91% | -18.25% | 5.37% | 40.84% | -22.09% | 31.33% | 231.49% | - |
| D&A (Non-Cash Add-back) | 0 | 1.01B | 752M | 658M | 637M | 416M | 575M | 583M | 582M | 823M | 809M | 761M | 752M | 759M | 846M | 693.94M | 692M | 627.67M | 615M | 655M | 699M | 593M | 412M | 321M | 333M | 249M | 237M | 196.3M | 135.5M | 42.5M |
| EBIT | 5.58B | 4.47B | 1.83B | 214M | 613M | 811M | 1.78B | 787M | 493M | 542M | 439M | 404M | 745M | -2.18B | 1.44B | 2.52B | 500M | -820M | -301M | -636M | -19M | 76M | 204M | 292M | 412M | 685M | 359M | 355.1M | 376M | 54.6M |
| Net Interest Income | -47M | -68M | -7M | -4M | -64M | -58M | -111M | -129M | -160M | -127M | -158M | -217M | -228M | -233M | -158M | -117M | -77M | 53M | 3M | -28M | -45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 157M | 152M | 154M | 127M | 77M | 52M | 27M | 14M | 123M | 15M | 132M | 190M | 24M | 34M | 39M | 48.09M | 43M | 60.15M | 66M | 42.83M | 32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 204M | 220M | 161M | 131M | 141M | 110M | 138M | 143M | 166M | 142M | 22M | 22M | 252M | 267M | 197M | 126.54M | 166M | 155.26M | 114M | 75M | 77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 124M | -190M | 119M | -512M | -47M | 14M | 130M | -2M | -45M | -138M | -226M | -80M | -301M | -3.09B | -325M | 368.86M | -113M | -1.62B | -1.32B | -916M | -82.32M | -267M | -173M | 108M | 6M | -102M | -26M | 23.4M | 78M | 59.9M |
| Pretax Income | 5.5B | 4.28B | 1.67B | 63M | 472M | 949M | 1.63B | 619M | 445M | 328M | 269M | 257M | 170M | -2.19B | 1.26B | 2.1B | 405M | -158.92M | -1.38B | -711M | -96M | -363M | 60M | 396M | 418M | 356M | 239M | 471.4M | 444.3M | 43.7M |
| Pretax Margin % | 49.22% | 43.22% | 28.86% | 1.37% | 10.49% | 23.55% | 35.41% | 17.56% | 13.34% | 9.66% | 6.37% | 6.4% | 3.43% | -42.38% | 19.85% | 35.45% | 8.74% | -3.82% | -36.79% | -21.68% | -3.54% | -14.61% | 2.38% | 19.2% | 23.24% | 17.44% | 10.82% | 21.38% | 19.87% | 5.43% |
| Income Tax | 1.4B | 1.1B | 623M | 285M | 221M | 311M | 625M | 250M | 212M | 163M | 189M | 211M | 225M | -237M | 346M | 661.47M | 276M | 158.78M | -197M | 118M | 122M | -121M | -40M | 146M | 62M | 111M | 73M | 37.2M | 126.8M | -6.2M |
| Effective Tax Rate % | 25.51% | 25.77% | 37.26% | 452.38% | 46.82% | 32.77% | 38.41% | 40.39% | 47.64% | 49.7% | 70.26% | 82.1% | 132.35% | 10.81% | 27.44% | 31.47% | 68.15% | -99.91% | 14.31% | -16.6% | -127.08% | 33.33% | -66.67% | 36.87% | 14.83% | 31.18% | 30.54% | 7.89% | 28.54% | -14.19% |
| Net Income | 3.47B | 2.64B | 1B | -235M | 233M | 614M | 1.01B | -7M | 216M | 145M | 63M | 31M | -74M | -1.99B | 829M | 1.4B | 76M | -374.19M | -1.2B | -814M | -142M | -292M | 81M | 247M | 356M | 245M | 166M | 434.2M | 317.5M | 49.9M |
| Net Margin % | 31.11% | 26.65% | 17.33% | -5.13% | 5.18% | 15.24% | 21.96% | -0.2% | 6.47% | 4.27% | 1.49% | 0.77% | -1.49% | -38.38% | 13.05% | 23.58% | 1.64% | -8.98% | -31.93% | -24.82% | -5.23% | -11.75% | 3.21% | 11.98% | 19.79% | 12% | 7.52% | 19.69% | 14.2% | 6.2% |
| Net Income Growth % | 190.95% | 162.55% | 527.23% | -200.86% | -62.05% | -39.15% | 14514.29% | -103.24% | 48.97% | 130.16% | 103.23% | 141.89% | 96.27% | -339.45% | -40.71% | 1739.86% | 120.31% | 68.69% | -46.81% | -473.24% | 51.37% | -460.49% | -67.21% | -30.62% | 45.31% | 47.59% | -61.77% | 36.76% | 536.27% | - |
| Net Income (Continuing) | 4.09B | 3.17B | 1.05B | -222M | 251M | 638M | 1B | 369M | 233M | 165M | 69M | 46M | -55M | -1.96B | 945M | 1.63B | 75.31M | -372.02M | -544M | -788M | -119M | -226M | 108M | 252M | 356M | 245M | 166M | 434.2M | 318M | 179.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 7M | -376M | 0 | 0 | 0 | 0 | 0 | -83M | 0 | 0 | 0 | -498.28M | 0 | 0 | 6.89M | -34.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.84B | 1.82B | 1.88B | 29M | 35M | 54M | 45M | 36M | 42M | 41M | 39M | 37M | 26M | 28M | 21M | 137M | 123M | 128M | 84M | 63M | 61M | 60M | 59M | 52M | 40M | 30M | 28M | 26.5M | 200K | 100K |
| EPS (Diluted) | 6.88 | 5.19 | 2.33 | -0.56 | 0.55 | 1.46 | 2.34 | 0.87 | 0.52 | 0.35 | 0.15 | 0.08 | -0.18 | -4.89 | 1.77 | 3.55 | 0.20 | -1.04 | -3.77 | -2.94 | -0.52 | -1.10 | 0.39 | 1.11 | 1.60 | -0.81 | 0.77 | 2.04 | 1.42 | 0.87 |
| EPS Growth % | 143.77% | 122.75% | 516.07% | -201.82% | -62.33% | -37.61% | 168.97% | 67.31% | 48.57% | 133.33% | 98.15% | 142.06% | 96.32% | -376.27% | -50.14% | 1675% | 119.23% | 72.41% | -28.23% | -465.38% | 52.73% | -382.05% | -64.86% | -30.63% | 297.53% | -205.19% | -62.25% | 43.66% | 63.22% | - |
| EPS (Basic) | - | 5.19 | 2.33 | -0.56 | 0.55 | 1.46 | 2.35 | 0.87 | 0.52 | 0.35 | 0.15 | 0.08 | -0.18 | -6.31 | 2.32 | 4.11 | 0.20 | -1.04 | -3.77 | -2.94 | -0.52 | -1.10 | 0.39 | 1.11 | 1.60 | -0.81 | 0.78 | 2.20 | 1.62 | 0.92 |
| Diluted Shares Outstanding | 504.89M | 507.9M | 430.92M | 421.11M | 420.87M | 420.06M | 419.48M | 418.35M | 417.38M | 415.44M | 414.71M | 409.61M | 407.73M | 405.55M | 422.13M | 421.06M | 373.44M | 361.23M | 317.2M | 277.34M | 272.61M | 264.64M | 259.14M | 223.82M | 221.88M | 214.34M | 217.16M | 213.23M | 223.94M | 43.1M |
| Basic Shares Outstanding | 504.89M | 507.9M | 430.13M | 419.64M | 420.87M | 420.06M | 419.48M | 418.35M | 417.12M | 415.44M | 414.71M | 409.61M | 407.73M | 314.46M | 506.9M | 385.96M | 373.44M | 361.23M | 317.2M | 277.34M | 272.61M | 264.64M | 248.72M | 222.52M | 221.88M | 214.34M | 213.93M | 196.92M | 196.3M | 43.1M |
| Dividend Payout Ratio | - | 70.98% | 24.3% | - | 87.12% | 39.09% | 4.66% | - | 11.11% | 26.9% | 23.81% | 16.13% | - | - | 25.93% | 12.67% | 88.48% | - | - | - | - | - | 244.44% | 127.13% | 73.03% | - | - | - | - | 150.3% |
Geopolitical jurisdictional exposure
According to the latest quarterly filings, AngloGold Ashanti achieved a 64.8% year-over-year revenue growth in 2026Q1, signaling a robust expansion phase that appears driven by both favorable gold price realizations and the successful operational ramp-up of key assets like the Obuasi mine in Ghana.
The consistent acceleration in top-line performance suggests that the company is effectively capturing the upside of current market conditions while simultaneously increasing production volume. Investors should monitor whether this growth trajectory remains sustainable as the company integrates its Nevada Beatty district assets into the broader production portfolio.
As reported in financial statements, the company's gross margin reached 58.2% in 2026Q1, reflecting a significant improvement from the 15.0% levels observed in 2023Q2, which suggests that management has successfully optimized its cost structure and benefited from high-grade ore sequences across its primary mining operations.
The expansion of operating margins to 56.8% indicates that the company is not only benefiting from higher gold prices but is also achieving greater efficiency in its extraction processes. This margin profile appears to place the company in a competitive position relative to its senior gold producer peers.
Based on the provided income statement data, operating income has scaled significantly to $1.8 billion in 2026Q1, demonstrating that the company is successfully leveraging its fixed-cost base as revenue growth outpaces the incremental costs associated with expanding production capacity across its global asset footprint.
The sharp rise in operating income relative to gross profit suggests that SG&A expenses are being managed with high discipline, even as the company undergoes complex structural changes. This operating leverage appears to be a primary driver of the recent surge in net income and earnings per share.
Analysis of the reported figures indicates that net income has reached $1.3 billion in 2026Q1, with the absence of significant stock-based compensation expenses in recent quarters suggesting that the reported earnings are primarily driven by core operational performance rather than non-cash accounting adjustments or dilution.
The transition from net losses in 2023 to consistent profitability suggests a fundamental improvement in the quality of earnings. Investors should continue to evaluate the impact of tax regimes in various jurisdictions, as these remain a potential variable in the long-term sustainability of the current net margin profile.
Quick answers to the most common questions about buying AU stock.
For fiscal year 2025, AngloGold Ashanti Plc (AU) reported total revenue of $9.89B. This represents a 1128.3% increase compared to $805.4M in 1997.
AngloGold Ashanti Plc (AU) is profitable, generating $2.64B in net income for the fiscal year ending 2025 with a net profit margin of 26.6%.
AngloGold Ashanti Plc (AU) reported an operating income of $4.47B, resulting in an operating profit margin of 45.1%. This margin reflects the operational efficiency of the business before interest and taxes.
AngloGold Ashanti Plc (AU) generated $4.60B in gross profit for the year, representing a gross profit margin of 46.5%. This demonstrates the company's core pricing power and production efficiency.