Barrick Mining Corporation (B) Income Statement

30Y historyFree accessUpdated daily

Revenue surged 66.7% year-over-year to $5.2B in 2026Q1, with gross margin expanding to 60.4% from 29.2% in 2023Q4, reflecting strong operating leverage and cost discipline.

Annual statement

B Income Statement

Barrick Mining Corporation (B) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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	Dec'96

Sales/Revenue	20.66B	16.96B	12.92B	11.4B	11.01B	11.98B	12.6B	9.72B	7.24B	8.37B	8.56B	1.19B	1.26B	1.09B	928.78M	865.08M	1.03B	1.03B	1.36B	1.42B	1.26B	1.1B	994.71M	890.82M	784.04M	768.82M	740.03M	622.4M	651.2M	642.7M	595M
Revenue Growth %	49.41%	31.22%	13.38%	3.49%	-8.11%	-4.84%	29.62%	34.16%	-13.51%	-2.15%	616.77%	-5.39%	15.61%	17.53%	7.36%	-15.9%	-0.54%	-24.08%	-3.95%	12.58%	14.29%	10.8%	11.66%	13.62%	1.98%	3.89%	18.9%	-4.42%	1.32%	8.02%	0.42%
Cost of Goods Sold	9.07B	8.27B	7.96B	7.93B	7.54B	7.11B	7.42B	6.86B	5.05B	5.28B	5.36B	782.82M	829.65M	738.17M	655.65M	615.33M	678.19M	671.11M	847.64M	880.98M	797.47M	705.49M	652.9M	577M	530M	519.54M	452.76M	394.3M	407.5M	398.5M	358.1M
COGS % of Revenue	-	48.74%	61.61%	69.6%	68.51%	59.32%	58.9%	70.56%	69.69%	63.04%	62.64%	65.56%	65.74%	67.62%	70.59%	71.13%	65.93%	64.89%	62.23%	62.12%	63.31%	64.01%	65.64%	64.77%	67.6%	67.58%	61.18%	63.35%	62.58%	62%	60.18%
Gross Profit	11.59B	8.69B	4.96B	3.46B	3.47B	4.88B	5.18B	2.86B	2.19B	3.1B	3.2B	411.16M	432.36M	353.4M	273.13M	249.75M	350.43M	363.05M	514.45M	537.17M	462.18M	396.69M	341.81M	313.82M	254.03M	249.28M	287.27M	228.1M	243.7M	244.2M	236.9M
Gross Margin %	56.11%	51.26%	38.39%	30.4%	31.49%	40.68%	41.1%	29.44%	30.31%	36.96%	37.36%	34.44%	34.26%	32.38%	29.41%	28.87%	34.07%	35.11%	37.77%	37.88%	36.69%	35.99%	34.36%	35.23%	32.4%	32.42%	38.82%	36.65%	37.42%	38%	39.82%
Gross Profit Growth %	-	75.19%	43.17%	-0.09%	-28.86%	-5.83%	80.95%	30.34%	-29.08%	-3.19%	677.56%	-4.9%	22.34%	29.39%	9.36%	-28.73%	-3.48%	-29.43%	-4.23%	16.22%	16.51%	16.06%	8.92%	23.53%	1.9%	-13.22%	25.94%	-6.4%	-0.2%	3.08%	-0.08%
Operating Expenses	774M	589M	508M	487M	509M	438M	481M	493M	549M	599M	484M	242.76M	252.38M	230.19M	166M	148.17M	264.03M	302.53M	366.51M	382M	345.15M	320.3M	291.37M	261.98M	209.19M	208.97M	224.32M	182.8M	188.4M	178.4M	181.6M
OpEx % of Revenue	-	3.47%	3.93%	4.27%	4.62%	3.65%	3.82%	5.07%	7.58%	7.15%	5.66%	20.33%	20%	21.09%	17.87%	17.13%	25.67%	29.25%	26.91%	26.94%	27.4%	29.06%	29.29%	29.41%	26.68%	27.18%	30.31%	29.37%	28.93%	27.76%	30.52%
Selling, General & Admin	558M	589M	507M	487M	159M	151M	185M	212M	278M	248M	256M	239.99M	252.38M	216.06M	163.62M	148.17M	264.03M	186.03M	366.51M	394.44M	345.15M	320.3M	278.22M	261.98M	209.19M	208.97M	188.45M	152.2M	160M	150.3M	155M
SG&A % of Revenue	-	3.47%	3.92%	4.27%	1.44%	1.26%	1.47%	2.18%	3.84%	2.96%	2.99%	20.1%	20%	19.79%	17.62%	17.13%	25.67%	17.99%	26.91%	27.81%	27.4%	29.06%	27.97%	29.41%	26.68%	27.18%	25.46%	24.45%	24.57%	23.39%	26.05%
Research & Development	0	0	1M	0	15M	16M	1M	1M	1M	0	0	0	0	14.71M	8.7M	0	0	92.47M	209.19M	204.47M	0	0	6M	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	0.01%	-	0.14%	0.13%	0.01%	0.01%	0.01%	-	-	-	-	1.35%	0.94%	-	-	8.94%	15.36%	14.42%	-	-	0.6%	-	-	-	-	-	-	-	-
Other Operating Expenses	1000K	0	0	0	335M	271M	295M	280M	270M	351M	228M	2.77M	0	-573K	-6.32M	0	0	24.04M	-209.19M	-216.9M	0	0	7.15M	0	0	0	35.87M	30.6M	28.4M	28.1M	26.6M
Operating Income	10.81B	8.1B	4.45B	2.98B	2.96B	4.44B	4.7B	2.37B	1.65B	2.5B	2.71B	168.4M	179.97M	123.2M	107.13M	101.58M	86.4M	60.52M	147.94M	155.16M	117.04M	76.39M	50.43M	51.83M	44.84M	40.32M	62.95M	45.3M	55.3M	65.8M	55.3M
Operating Margin %	52.36%	47.78%	34.46%	26.13%	26.87%	37.02%	37.28%	24.37%	22.73%	29.81%	31.7%	14.1%	14.26%	11.29%	11.53%	11.74%	8.4%	5.85%	10.86%	10.94%	9.29%	6.93%	5.07%	5.82%	5.72%	5.24%	8.51%	7.28%	8.49%	10.24%	9.29%
Operating Income Growth %	-	81.94%	49.53%	0.64%	-33.31%	-5.52%	98.31%	43.86%	-34.05%	-8%	1511.08%	-6.43%	46.08%	15%	5.47%	17.57%	42.77%	-59.09%	-4.66%	32.58%	53.22%	51.46%	-2.7%	15.6%	11.21%	-35.95%	38.96%	-18.08%	-15.96%	18.99%	13.55%
EBITDA	12.93B	10.01B	6.37B	5.02B	4.96B	6.54B	6.9B	4.4B	3.1B	4.14B	4.29B	246.64M	261.37M	188.25M	164.49M	160.48M	139.17M	112M	200.34M	205.77M	159.26M	111.24M	84.61M	86.41M	78.47M	77.36M	98.82M	75.9M	83.7M	93.9M	81.9M
EBITDA Margin %	62.59%	59.02%	49.28%	44.06%	45%	54.56%	54.82%	45.28%	42.84%	49.47%	50.09%	20.66%	20.71%	17.25%	17.71%	18.55%	13.53%	10.83%	14.71%	14.51%	12.64%	10.09%	8.51%	9.7%	10.01%	10.06%	13.35%	12.19%	12.85%	14.61%	13.76%
EBITDA Growth %	72.83%	57.16%	26.83%	1.31%	-24.21%	-5.29%	56.91%	41.8%	-25.1%	-3.36%	1638.17%	-5.64%	38.84%	14.45%	2.5%	15.32%	24.25%	-44.09%	-2.64%	29.2%	43.17%	31.48%	-2.08%	10.12%	1.42%	-21.71%	30.2%	-9.32%	-10.86%	14.65%	8.48%
D&A (Non-Cash Add-back)	2.11B	1.91B	1.92B	2.04B	2B	2.1B	2.21B	2.03B	1.46B	1.65B	1.57B	78.24M	81.39M	65.05M	57.36M	58.9M	52.77M	51.49M	52.4M	50.61M	42.23M	34.86M	34.18M	34.57M	33.63M	37.05M	35.87M	30.6M	28.4M	28.1M	26.6M
EBIT	10.77B	7.92B	4.71B	2.87B	2.59B	4.29B	4.92B	2.9B	1.2B	2.67B	2.6B	168.64M	177.89M	120.66M	104.5M	101.25M	83.79M	62.54M	145.61M	155.12M	117.04M	76.39M	50.43M	51.83M	44.84M	-229.93M	62.95M	45.3M	55.3M	65.8M	55.3M
Net Interest Income	-229M	-312M	-405M	-329M	-324M	-330M	-306.81M	-393M	-412.15M	-536.8M	-604.68M	-10.7M	-11.39M	-13.09M	-12.24M	-10.27M	-19.98M	-22.6M	-19.52M	-25.09M	-24.37M	32.16M	-14.29M	0	0	0	0	0	0	0	0
Interest Income	33M	46M	18M	21M	17M	16M	51.48M	50.83M	35.22M	14.29M	12.74M	0	0	0	0	0	0	0	0	0	98.44M	39.42M	1.1M	0	0	0	0	0	0	0	0
Interest Expense	262M	358M	423M	350M	341M	346M	358.29M	443.48M	447.37M	551.09M	617.42M	10.7M	11.39M	13.09M	12.24M	10.27M	19.98M	22.6M	19.52M	25.09M	122.8M	7.26M	15.39M	0	0	0	0	0	0	0	0
Other Income/Expense	1.43B	703M	155M	-164M	-1.28B	195M	250M	3.99B	-1.88B	251M	-935M	-10.45M	-13.47M	-15.63M	-14.87M	-10.6M	-22.59M	-20.57M	-21.84M	-25.14M	-23.79M	-8.23M	-14.55M	-13.63M	-11.73M	-16.86M	-14.36M	-2.6M	-600K	-1.3M	-3M
Pretax Income	12.24B	8.8B	4.61B	2.81B	1.68B	4.63B	4.95B	6.36B	-237M	2.75B	1.78B	157.95M	166.5M	107.57M	92.26M	90.97M	63.8M	39.95M	126.1M	130.03M	93.24M	68.15M	35.88M	38.2M	33.11M	23.46M	48.59M	42.7M	54.7M	64.5M	52.3M
Pretax Margin %	59.26%	51.93%	35.66%	24.69%	15.26%	38.65%	39.27%	65.42%	-3.27%	32.8%	20.78%	13.23%	13.19%	9.86%	9.93%	10.52%	6.2%	3.86%	9.26%	9.17%	7.4%	6.18%	3.61%	4.29%	4.22%	3.05%	6.57%	6.86%	8.4%	10.04%	8.79%
Income Tax	2.75B	1.65B	1.52B	861M	664M	1.34B	1.33B	1.78B	1.2B	1.23B	917M	36.57M	45.96M	35.25M	12.43M	16.02M	9.83M	945K	29.01M	26.39M	19.4M	13.61M	5.85M	5.29M	5.96M	4.34M	12.93M	14.1M	20.2M	24.1M	19.7M
Effective Tax Rate %	22.47%	18.75%	32.99%	30.6%	39.5%	29.02%	26.93%	28.05%	-505.49%	44.81%	51.57%	23.15%	27.6%	32.77%	13.47%	17.61%	15.4%	2.37%	23.01%	20.29%	20.8%	19.97%	16.31%	13.84%	18%	18.49%	26.6%	33.02%	36.93%	37.36%	37.67%
Net Income	6.53B	4.99B	2.14B	1.27B	432M	2.02B	2.32B	3.97B	-1.54B	1.44B	655M	121.38M	118.37M	270.53M	95.25M	64.72M	53.28M	39M	86.98M	101.34M	73.84M	54.15M	30.03M	32.91M	27.15M	19.12M	35.66M	28.6M	34.5M	40.4M	32.6M
Net Margin %	31.6%	29.45%	16.59%	11.16%	3.92%	16.87%	18.45%	40.85%	-21.33%	17.17%	7.65%	10.17%	9.38%	24.78%	10.26%	7.48%	5.18%	3.77%	6.39%	7.15%	5.86%	4.91%	3.02%	3.69%	3.46%	2.49%	4.82%	4.6%	5.3%	6.29%	5.48%
Net Income Growth %	136.14%	132.88%	68.55%	194.44%	-78.64%	-12.99%	-41.45%	356.89%	-207.44%	119.54%	439.63%	2.54%	-56.24%	184.02%	47.18%	21.47%	36.61%	-55.16%	-14.17%	37.23%	36.37%	80.35%	-8.77%	21.22%	42%	-46.39%	24.7%	-17.1%	-14.6%	23.93%	18.55%
Net Income (Continuing)	9.49B	7.15B	3.09B	1.95B	1.02B	3.29B	3.61B	4.57B	-1.44B	1.52B	861M	121.38M	120.54M	72.32M	79.83M	74.95M	53.98M	39M	97.08M	103.64M	73.84M	54.54M	30.03M	32.91M	27.15M	19.12M	35.66M	28.6M	34.5M	40.4M	32.6M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	198.21M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	9.53B	9.34B	8.97B	8.62B	8.52B	8.45B	8.37B	8.39B	1.79B	1.78B	2.38B	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	3.92	2.98	1.22	0.72	0.23	1.14	1.31	2.31	-1.32	1.23	0.56	2.19	2.12	4.92	1.72	1.16	0.95	0.72	1.56	1.76	1.39	1.10	0.63	0.66	0.71	0.51	0.95	0.73	0.85	0.98	0.82
EPS Growth %	145.91%	144.26%	69.44%	213.04%	-79.82%	-12.98%	-43.29%	275%	-207.32%	119.64%	-74.43%	3.3%	-56.91%	186.05%	48.28%	22.11%	31.94%	-53.85%	-11.36%	26.62%	26.36%	74.6%	-4.55%	-7.04%	39.22%	-46.32%	30.14%	-14.12%	-13.27%	19.51%	17.14%
EPS (Basic)	-	2.98	1.22	0.72	0.23	1.14	1.31	2.31	-1.32	1.23	0.56	2.21	2.16	5.02	1.74	1.17	0.96	0.72	1.61	1.90	1.46	1.15	0.65	0.68	0.73	0.52	0.96	0.74	0.86	1.00	0.82
Diluted Shares Outstanding	1.67B	1.71B	1.75B	1.75B	1.77B	1.78B	1.78B	1.76B	1.17B	1.17B	1.17B	1.89B	1.89B	1.87B	1.88B	1.9B	1.9B	1.84B	1.9B	1.96B	1.8B	1.67B	1.63B	1.5B	1.3B	1.29B	1.28B	1.33B	1.39B	1.4B	1.37B
Basic Shares Outstanding	1.67B	1.71B	1.75B	1.75B	1.77B	1.78B	1.78B	1.76B	1.17B	1.17B	1.17B	1.87B	1.86B	1.83B	1.86B	1.88B	1.88B	1.83B	1.84B	1.81B	1.72B	1.6B	1.57B	1.46B	1.28B	1.26B	1.26B	1.32B	1.37B	1.37B	1.35B
Dividend Payout Ratio	-	18.14%	32.46%	55.03%	264.58%	31.08%	23.54%	14.13%	-	8.69%	13.13%	131.82%	196%	8.29%	-	28.79%	32.77%	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrong

Balance SheetFortress

Cash FlowRobust

Top Statement Risk

Copper transition execution risk

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q1)

Revenue Surge Driven by Gold Prices

Revenue jumped 66.7% year-over-year in 2026Q1 to $5.2B, according to Barrick's latest financials, with sequential growth from $3.1B in 2025Q1, indicating accelerating momentum likely fueled by higher gold prices.

The 31.2% YoY growth in the latest quarter is a sharp acceleration from the 8-19% range seen in 2024, suggesting the company is capturing significant commodity price tailwinds. While volume may contribute, the magnitude of growth points to price appreciation as the primary driver, given gold's rally. Investors should monitor whether this pace is sustainable as base effects normalize and gold prices stabilize.

Margin Expansion Reflects Cost Discipline

Gross margin expanded from 29.2% in 2023Q4 to 60.4% in 2026Q1, as reported in Barrick's income statement, with operating margin reaching 57.4%, indicating strong cost control and favorable pricing.

The doubling of gross margin over the period suggests Barrick's Tier 1 assets are operating efficiently, with COGS growing slower than revenue. The 51.3% gross margin in the latest quarter is above peers like Newmont (49.8%) and Kinross (47.5%), reflecting a low-cost position. However, margin sustainability depends on gold prices and input costs; any energy or labor inflation could compress margins.

Operating Leverage Amplifies Profit Growth

Operating income grew from $761M in 2023Q4 to $3.0B in 2026Q1, a 294% increase, while SG&A remained modest, indicating significant operating leverage as revenue scales.

SG&A expenses have grown from $132M to $155M over the same period, a mere 17% increase, while revenue grew 68% in the latest quarter. This suggests that Barrick's cost structure is largely fixed, allowing incremental revenue to flow through to operating income. The operating margin of 57.4% in 2026Q1 is well above the 24.9% in 2023Q4, demonstrating the scalability of its asset base.

Earnings Quality Supported by Low SBC

Stock-based compensation was only $38M in 2026Q1, representing 2.4% of net income, according to Barrick's financials, suggesting reported EPS is not significantly diluted by non-cash charges.

SBC has been volatile, with a spike to $103M in 2025Q4, but the latest quarter's low level indicates minimal earnings drag. Net income of $1.6B in 2026Q1 includes a tax rate that appears normalized, and the absence of large one-time items suggests earnings quality is high. However, the consolidation of Nevada Gold Mines (NGM) at 100% despite 61.5% ownership means non-controlling interests will reduce attributable net income, which investors should consider when evaluating per-share metrics.

COGS Growth Lags Revenue, Boosting Margins

COGS rose from $2.2B in 2023Q4 to $2.1B in 2026Q1, a 5% decline, while revenue grew 68%, as per Barrick's income statement, indicating that cost inflation is being outpaced by price gains.

The stability in COGS despite revenue growth suggests that Barrick's mines are operating at consistent grades and costs, with no major inflationary pressures. This is a key driver of the margin expansion, but it also implies that if gold prices fall, margins could compress sharply given the fixed cost base. Management's focus on Tier 1 assets appears to be containing costs, but investors should watch for any escalation in energy or consumables costs.

2025Q4 Marks a Profitability Inflection

Net income surged to $2.4B in 2025Q4, a 159.6% EPS growth year-over-year, according to Barrick's financials, marking a clear inflection point from the $479M reported in 2023Q4.

The 2025Q4 quarter saw a step-change in profitability, with net margin reaching 40.1%, up from 15.7% in 2023Q4. This inflection appears driven by a combination of higher gold prices and operational efficiencies, as evidenced by the jump in gross margin to 54.8%. The subsequent quarter maintained elevated margins, suggesting this is not a one-off but a new baseline, though sustainability depends on commodity prices.

What Could Invalidate the Base Case

Despite strong margins, the 31.2% revenue growth is heavily dependent on gold prices, which could reverse, and the low debt ratio may signal over-capitalization, as per Barrick's financials.

Short-sellers might argue that the margin expansion is cyclical, not structural, and that any gold price correction would compress margins sharply given the fixed cost base. The extremely low debt/equity of 0.13% and high cash of $6.69B could indicate inefficient capital allocation, potentially leading to dilutive acquisitions. Additionally, the absence of explicit guidance in the latest earnings event introduces uncertainty about management's outlook, warranting monitoring for any revisions.

B — Frequently Asked Questions

Quick answers to the most common questions about buying B stock.

What was Barrick Mining Corporation's (B) revenue in 2025?

For fiscal year 2025, Barrick Mining Corporation (B) reported total revenue of $16.96B. This represents a 2749.7% increase compared to $595.0M in 1996.

Is Barrick Mining Corporation (B) profitable?

Barrick Mining Corporation (B) is profitable, generating $4.99B in net income for the fiscal year ending 2025 with a net profit margin of 29.4%.

What is Barrick Mining Corporation's operating profit margin?

Barrick Mining Corporation (B) reported an operating income of $8.10B, resulting in an operating profit margin of 47.8%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Barrick Mining Corporation's gross profit and gross margin?

Barrick Mining Corporation (B) generated $8.69B in gross profit for the year, representing a gross profit margin of 51.3%. This demonstrates the company's core pricing power and production efficiency.