Revenue surged 70.8% year-over-year in 2025Q2 and gross margin expanded from 19.4% in 2023Q4 to 54.9% in 2026Q2, with operating margin reaching 51.0% and EPS of $1.96, reflecting strong operating leverage and cost discipline.
AngloGold Ashanti plc (AU) annual income statement — 29-year revenue, gross profit & net income history
| 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 | 11.82B | 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 % | 54.6% | 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 | 5.49B | 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 | 6.33B | 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 % | 53.54% | 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 | 375M | 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 | 166M | 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 | 5.96B | 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 % | 50.37% | 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 | 7B | 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 % | 59.21% | 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 % | 76.33% | 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) | 796M | 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 | 6.31B | 4.5B | 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 | -44M | -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 | 154M | 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 | 198M | 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 | 154M | -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 | 6.11B | 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 % | 51.67% | 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 | 1.63B | 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 % | 26.68% | 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 | 3.81B | 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 % | 32.19% | 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 % | 110.91% | 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) | 4.48B | 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 | 1.78B | 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) | 7.45 | 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 % | 99.2% | 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 | 511.22M | 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 | 508.63M | 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% |
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.
Key Metrics
Top Statement Risk
West African fiscal pressure
Revenue Surge on Gold Price Tailwinds
Revenue jumped 70.8% year-over-year in 2025Q2, reaching $2.4B, driven by higher gold prices and Obuasi ramp-up, as per financial statements. Growth accelerated from 62.1% in 2025Q3 to 75.3% in 2025Q4.
The 70.8% YoY growth in 2025Q2, followed by 75.3% in 2025Q4 and 64.8% in 2026Q1, indicates a sustained acceleration, likely fueled by record gold prices and increased production from Obuasi. However, the 27.0% growth in 2026Q2 suggests a normalization, though still robust. Investors should monitor whether volume growth or price appreciation is the primary driver, as price-driven growth is less durable.
Margin Expansion Reflects High-Grade Mix
Gross margin expanded from 19.4% in 2023Q4 to 54.9% in 2026Q2, as per reported figures, indicating a structural shift toward higher-grade ore bodies and cost discipline. Operating margin reached 51.0% in 2026Q2, surpassing peers like Newmont.
The dramatic margin improvement from 19.4% to 54.9% gross margin over nine quarters suggests successful portfolio high-grading and operational efficiencies, particularly at Obuasi and Geita. The 2026Q2 gross margin of 54.9% is slightly below the 58.2% in 2026Q1, hinting at potential cost pressures or grade variability. This margin level appears sustainable if gold prices remain elevated, but investors should watch for input cost inflation in energy and labor.
Operating Leverage Amplifies Earnings
Operating income grew from $367M in 2023Q4 to $1.6B in 2026Q2, a 336% increase, while SG&A remained minimal, as per financial statements. This demonstrates significant operating leverage, with SG&A only $45M in 2026Q2.
The company's SG&A is exceptionally low relative to revenue, at roughly 1.4% of sales in 2026Q2, indicating tight overhead control. This allows operating income to scale disproportionately with revenue, as seen in the 51.0% operating margin. The lack of R&D spending is typical for a miner, but the efficiency in SG&A suggests a lean corporate structure post-domicile. However, investors should verify that this low SG&A is not understating necessary investments in sustainability or community relations.
Earnings Quality Boosted by Tax and JV
Net margin improved to 32.3% in 2026Q2 from -11.5% in 2023Q4, with EPS of $1.96, as reported. The equity-accounted Kibali JV may understate revenue but enhance net income quality.
The high net margin of 32.3% in 2026Q2, up from 5.0% in 2024Q2, reflects strong operational performance and possibly favorable tax items. The absence of stock-based compensation in recent quarters (SBC = $0) simplifies earnings quality, but the equity-accounted Kibali JV means its revenue is not in the top line, yet its profit contribution is in net income. This could make margins appear higher than a fully consolidated peer. Investors should adjust for this when comparing to Newmont or Barrick.
COGS Discipline Drives Margin Gains
COGS as a percentage of revenue fell from 80.6% in 2023Q4 to 45.1% in 2026Q2, as per income statement data, indicating significant cost control and higher realized prices. SG&A remained flat at ~$45M despite revenue growth.
The reduction in COGS ratio from 80.6% to 45.1% over nine quarters is remarkable, driven by higher gold prices and lower unit costs from high-grade ore. The stability of SG&A at around $45M despite revenue doubling suggests fixed cost discipline. However, the 2026Q2 COGS ratio of 45.1% is slightly higher than 2026Q1's 41.8%, hinting at potential cost inflation or lower grades. Investors should monitor AISC trends to confirm sustainability.
2024Q4 Marks Turning Point
The inflection occurred in 2024Q4 when revenue jumped to $1.8B from $1.2B in 2024Q2, and net income turned positive at $470M, as per financial statements. This was driven by Obuasi ramp-up and rising gold prices.
The period from 2024Q2 to 2024Q4 saw a dramatic turnaround, with revenue growing from $1.2B to $1.8B and net income swinging from $58M to $470M. This inflection was likely catalyzed by the full ramp-up of Obuasi and a surge in gold prices. The subsequent quarters show continued growth, but the base effect from this inflection explains the high YoY growth rates. The lasting impact is a structurally higher revenue and margin profile, though sustainability depends on gold prices.
Cyclical Peak Earnings Risk
The 70.8% revenue growth and 32.3% net margin may represent cyclical peak earnings, as gold prices are historically volatile. According to reported figures, 2026Q2 revenue growth slowed to 27.0%, suggesting momentum is fading.
Short-sellers might argue that the exceptional margins and growth are unsustainable, as they are heavily dependent on record gold prices. The deceleration in revenue growth from 75.3% in 2025Q4 to 27.0% in 2026Q2 supports this concern. Additionally, the low debt-to-equity ratio of 0.25% could indicate under-leveraging, potentially leaving value on the table. Investors should also consider the fiscal risks in Ghana and DRC, which could compress margins if royalties increase.