Revenue and margins have surged with gold prices, as gross margin expanded from 27.2% in 2024Q1 to 62.4% in 2026Q1, though a 34.5% sequential revenue decline in 2026Q2 pulled margins down to 39.7%.
Newmont Corporation (NEM) annual income statement — 30-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 | Dec'96 |
|---|
| Sales/Revenue | 22.59B | 22.1B | 18.56B | 11.78B | 11.95B | 12.19B | 11.42B | 9.73B | 7.26B | 7.36B | 6.69B | 6.08B | 7.32B | 8.35B | 9.84B | 10.42B | 9.38B | 7.52B | 6.25B | 5.56B | 4.99B | 4.35B | 4.41B | 3.21B | 2.75B | 1.66B | 1.57B | 1.4B | 1.45B | 1.57B | 768.5M |
| Revenue Growth % | 10.35% | 19.08% | 57.6% | -1.46% | -1.98% | 6.77% | 17.39% | 33.93% | -1.26% | 9.89% | 9.99% | -16.88% | -12.32% | -15.16% | -5.54% | 11.09% | 24.77% | 20.35% | 12.32% | 11.51% | 14.59% | -1.34% | 37.24% | 17.09% | 65.76% | 5.7% | 11.99% | -3.78% | -7.56% | 104.66% | 20.8% |
| Cost of Goods Sold | 10.28B | 11.1B | 12.13B | 10.61B | 9.8B | 9.81B | 7.87B | 7.7B | 5.67B | 5.72B | 5.38B | 5.16B | 6.03B | 6.98B | 5.89B | 5.6B | 4.81B | 4.07B | 4.23B | 3.92B | 3.4B | 3.08B | 2.98B | 1.82B | 1.66B | 1.15B | 908.52M | 775.2M | 851.7M | 744.8M | 476.1M |
| COGS % of Revenue | - | 50.22% | 65.38% | 90.06% | 82.06% | 80.51% | 68.92% | 79.2% | 78.13% | 77.78% | 80.35% | 84.72% | 82.38% | 83.6% | 59.9% | 53.73% | 51.26% | 54.16% | 67.69% | 70.51% | 68.16% | 70.66% | 67.65% | 56.5% | 60.5% | 69.32% | 57.99% | 55.42% | 58.58% | 47.36% | 61.95% |
| Gross Profit | 12.31B | 11B | 6.42B | 1.17B | 2.14B | 2.38B | 3.55B | 2.02B | 1.59B | 1.63B | 1.31B | 930M | 1.29B | 1.37B | 3.95B | 4.82B | 4.57B | 3.45B | 2.02B | 1.64B | 1.59B | 1.28B | 1.43B | 1.4B | 1.08B | 508M | 658.15M | 623.7M | 602.2M | 828M | 292.4M |
| Gross Margin % | 54.52% | 49.78% | 34.62% | 9.94% | 17.94% | 19.49% | 31.08% | 20.8% | 21.87% | 22.22% | 19.65% | 15.28% | 17.62% | 16.4% | 40.1% | 46.27% | 48.74% | 45.84% | 32.31% | 29.49% | 31.84% | 29.34% | 32.35% | 43.5% | 39.5% | 30.68% | 42.01% | 44.59% | 41.42% | 52.64% | 38.05% |
| Gross Profit Growth % | - | 71.22% | 449.06% | -45.43% | -9.76% | -33.03% | 75.38% | 27.39% | -2.82% | 24.26% | 41.4% | -27.91% | -5.77% | -65.32% | -18.13% | 5.47% | 32.65% | 70.76% | 23.05% | 3.27% | 24.35% | -10.51% | 2.07% | 28.95% | 113.42% | -22.81% | 5.52% | 3.57% | -27.27% | 183.17% | 10.09% |
| Operating Expenses | 713M | 646M | 676M | 520M | 523M | 460M | 584M | 499M | 406M | 396M | 383M | 430M | 512M | 631M | 939M | 785M | 649M | 539M | 527M | 249M | 258M | 319M | 229M | 694M | 779.94M | 492M | 517.43M | 406.6M | 1.01B | 485.8M | 245.5M |
| OpEx % of Revenue | - | 2.92% | 3.64% | 4.42% | 4.38% | 3.77% | 5.12% | 5.13% | 5.59% | 5.38% | 5.72% | 7.07% | 6.99% | 7.56% | 9.54% | 7.53% | 6.92% | 7.17% | 8.44% | 4.48% | 5.17% | 7.33% | 5.19% | 21.59% | 28.41% | 29.71% | 33.03% | 29.07% | 69.21% | 30.89% | 31.95% |
| Selling, General & Admin | 330M | 382M | 442M | 299M | 276M | 259M | 269M | 313M | 244M | 237M | 233M | 183M | 186M | 203M | 212M | 318M | 178M | 193M | 176M | 468M | 149M | 134M | 115.85M | 130M | 144.79M | 73M | 118.54M | 110.2M | 664.6M | 66.4M | 120.7M |
| SG&A % of Revenue | - | 1.73% | 2.38% | 2.54% | 2.31% | 2.12% | 2.36% | 3.22% | 3.36% | 3.22% | 3.48% | 3.01% | 2.54% | 2.43% | 2.15% | 3.05% | 1.9% | 2.57% | 2.82% | 8.42% | 2.99% | 3.08% | 2.63% | 4.04% | 5.27% | 4.41% | 7.57% | 7.88% | 45.71% | 4.22% | 15.71% |
| Research & Development | 175M | 166M | 197M | 200M | 229M | 154M | 122M | 150M | 153M | 143M | 134M | 133M | 161M | 222M | 348M | 373M | 216M | 135M | 166M | 62M | 94M | 73M | 192.41M | 115.24M | 0 | 0 | 0 | 0 | 0 | 98.4M | 0 |
| R&D % of Revenue | - | 0.75% | 1.06% | 1.7% | 1.92% | 1.26% | 1.07% | 1.54% | 2.11% | 1.94% | 2% | 2.19% | 2.2% | 2.66% | 3.54% | 3.58% | 2.3% | 1.8% | 2.66% | 1.11% | 1.88% | 1.68% | 4.36% | 3.59% | - | - | - | - | - | 6.26% | - |
| Other Operating Expenses | 4M | 98M | 37M | 21M | 18M | 47M | 193M | 36M | 9M | 16M | 16M | 63M | 0 | 206M | 379M | 214M | 255M | 245M | 217M | 33M | 15M | 112M | 33.15M | 448.76M | 635.16M | 419M | 398.89M | 296.4M | 341.7M | 321M | 124.8M |
| Operating Income | 11.6B | 10.35B | 5.75B | 650M | 1.62B | 1.92B | 2.96B | 1.52B | 1.18B | 1.24B | 932M | 500M | 778M | 738M | 3.01B | 4.04B | 3.92B | 2.91B | 1.49B | 1.39B | 1.33B | 958M | 1.2B | 704M | 304.22M | 16M | 140.72M | 217.1M | -404.1M | 342.2M | 46.9M |
| Operating Margin % | 51.36% | 46.85% | 30.97% | 5.52% | 13.57% | 15.72% | 25.96% | 15.67% | 16.28% | 16.83% | 13.93% | 8.22% | 10.63% | 8.84% | 30.56% | 38.74% | 41.82% | 38.67% | 23.87% | 25.01% | 26.67% | 22.01% | 27.16% | 21.9% | 11.08% | 0.97% | 8.98% | 15.52% | -27.79% | 21.76% | 6.1% |
| Operating Income Growth % | - | 80.11% | 784.31% | -59.9% | -15.4% | -35.36% | 94.49% | 28.93% | -4.52% | 32.83% | 86.4% | -35.73% | 5.42% | -75.47% | -25.47% | 2.91% | 34.92% | 94.97% | 7.19% | 4.59% | 38.83% | -20.03% | 70.17% | 131.41% | 1801.39% | -88.63% | -35.18% | 153.72% | -218.09% | 629.64% | 894.92% |
| EBITDA | 14.3B | 13.12B | 8.65B | 4.29B | 4.73B | 6.08B | 5.63B | 3.76B | 2.56B | 2.69B | 2.33B | 1.85B | 2.16B | 2.18B | 4.14B | 5.19B | 4.93B | 3.76B | 2.38B | 2.15B | 2.04B | 1.59B | 1.86B | 1.23B | 847.01M | 365M | 556.07M | 513.5M | -62.4M | 663.2M | 171.7M |
| EBITDA Margin % | 63.29% | 59.39% | 46.62% | 36.44% | 39.56% | 49.92% | 49.31% | 38.7% | 35.25% | 36.59% | 34.83% | 30.48% | 29.5% | 26.11% | 42.02% | 49.83% | 52.59% | 50.01% | 38.14% | 38.7% | 40.99% | 36.6% | 42.17% | 38.33% | 30.86% | 22.04% | 35.49% | 36.71% | -4.29% | 42.17% | 22.34% |
| EBITDA Growth % | 33.93% | 51.68% | 101.63% | -9.22% | -22.32% | 8.08% | 49.57% | 47.03% | -4.87% | 15.44% | 25.66% | -14.12% | -0.92% | -47.29% | -20.34% | 5.27% | 31.21% | 57.81% | 10.69% | 5.28% | 28.31% | -14.35% | 50.97% | 45.45% | 132.06% | -34.36% | 8.29% | 922.92% | -109.41% | 286.26% | 70.17% |
| D&A (Non-Cash Add-back) | 2.69B | 2.77B | 2.9B | 3.64B | 3.11B | 4.17B | 2.67B | 2.24B | 1.38B | 1.45B | 1.4B | 1.35B | 1.38B | 1.44B | 1.13B | 1.16B | 1.01B | 852M | 891M | 761M | 714M | 635M | 662M | 528M | 542.79M | 349M | 415.35M | 296.4M | 341.7M | 321M | 124.8M |
| EBIT | 11.82B | 12.06B | 4.96B | -1.78B | 176M | 1.37B | 3.43B | 4B | 935M | 1.3B | 26M | 574M | 849M | -3.3B | 3.35B | 2.05B | 4.28B | 3.04B | 1.38B | -247M | 1.72B | 1.14B | 1.21B | 604M | 296M | 53.48M | 137M | 104.35M | -404.1M | 342.1M | 90.7M |
| Net Interest Income | 131M | -87M | -233M | -100M | -149M | -248M | -267M | -255M | -141M | -203M | -240M | -279M | -339M | -236M | -185M | -196M | -219M | -81M | 35M | -8M | -30M | -38M | -75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 290M | 214M | 152M | 148M | 78M | 18M | 24M | 57M | 56M | 28M | 0 | 0 | 4M | 48M | 54M | 45M | 66M | 42M | 139M | 97M | 67M | 59M | 23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 159M | 301M | 385M | 248M | 227M | 266M | 291M | 312M | 197M | 231M | 240M | 279M | 343M | 284M | 239M | 241M | 285M | 123M | 104M | 105M | 97M | 97M | 98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 2.18B | 1.41B | -1.04B | -2.62B | -1.56B | -642M | 368M | 2.26B | -477M | -182M | -1.16B | -250M | -276M | -4.33B | 55M | -2.21B | 78M | -10M | -220M | -1.74B | 297M | 92M | -87M | 327M | -85.87M | -121.91M | -208M | -65.15M | -137.3M | -281.6M | 35.8M |
| Pretax Income | 13.78B | 11.76B | 4.71B | -1.97B | 56M | 1.27B | 3.33B | 3.79B | 705M | 1.06B | -227M | 250M | 502M | -3.59B | 3.06B | 1.82B | 4B | 2.9B | 1.27B | -353M | 1.63B | 1.05B | 1.11B | 925M | 170.26M | -76M | 770K | 39.2M | -541.4M | 60.5M | 65.7M |
| Pretax Margin % | 61% | 53.23% | 25.38% | -16.71% | 0.47% | 10.45% | 29.18% | 38.95% | 9.71% | 14.36% | -3.39% | 4.11% | 6.86% | -42.99% | 31.12% | 17.48% | 42.65% | 38.54% | 20.35% | -6.35% | 32.62% | 24.13% | 25.19% | 28.78% | 6.2% | -4.59% | 0.05% | 2.8% | -37.24% | 3.85% | 8.55% |
| Income Tax | 5.21B | 4.6B | 1.4B | 526M | 455M | 1.1B | 704M | 832M | 386M | 1.13B | 563M | 391M | 133M | -813M | 869M | 713M | 856M | 788M | 113M | 200M | 424M | 310M | 325M | 207M | 19.9M | -53M | 11.31M | 14.4M | -180.9M | -7.9M | -19.4M |
| Effective Tax Rate % | 37.84% | 39.07% | 29.66% | -26.73% | 812.5% | 86.19% | 21.13% | 21.96% | 54.75% | 106.72% | -248.02% | 156.4% | 26.49% | 22.65% | 28.37% | 39.15% | 21.4% | 27.2% | 8.89% | -56.66% | 26.06% | 29.52% | 29.25% | 22.38% | 11.69% | 69.74% | 1468.83% | 36.73% | 33.41% | -13.06% | -29.53% |
| Net Income | 8.6B | 7.08B | 3.35B | -2.52B | -459M | 1.17B | 2.83B | 2.81B | 341M | -114M | -27M | 220M | 508M | -2.46B | 1.81B | 366M | 2.28B | 1.3B | 853M | -1.89B | 791M | 360M | 490M | 475M | 158.06M | -23M | -18.95M | 24.8M | -393.4M | 68.4M | 85.1M |
| Net Margin % | 38.06% | 32.06% | 18.04% | -21.41% | -3.84% | 9.57% | 24.78% | 28.84% | 4.7% | -1.55% | -0.4% | 3.62% | 6.94% | -29.48% | 18.38% | 3.51% | 24.28% | 17.25% | 13.66% | -33.91% | 15.86% | 8.27% | 11.11% | 14.78% | 5.76% | -1.39% | -1.21% | 1.77% | -27.06% | 4.35% | 11.07% |
| Net Income Growth % | 36.96% | 111.62% | 232.8% | -449.24% | -139.37% | -58.78% | 0.86% | 722.58% | 399.12% | -322.22% | -112.27% | -56.69% | 120.63% | -236.1% | 394.26% | -83.93% | 75.56% | 52.05% | 145.23% | -338.43% | 119.72% | -26.53% | 3.16% | 200.52% | 787.22% | -21.39% | -176.4% | 106.3% | -675.15% | -19.62% | -24.42% |
| Net Income (Continuing) | 8.56B | 7.17B | 3.31B | -2.49B | -399M | 176M | 2.63B | 2.96B | 319M | -71M | -790M | -141M | 369M | -2.78B | 2.19B | 1.11B | 3.14B | 2.11B | 1.16B | -553M | 1.2B | 740M | 786M | 511M | 150M | -46.64M | -77M | -94.56M | -360.5M | 68.4M | 98.6M |
| Discontinued Operations | 0 | 0 | 68M | 0 | 0 | 57M | 163M | -72M | 61M | -38M | 193M | 221M | -40M | 61M | -76M | -136M | -28M | -11M | 24M | -923M | -49M | -52M | 37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 171M | 175M | 181M | 178M | 179M | -161M | 871M | 997M | 1.01B | 984M | 1.15B | 2.94B | 2.81B | 2.92B | 3.17B | 2.88B | 2.37B | 1.91B | 0 | 1.45B | 1.1B | 931M | 775.06M | 347M | 354.56M | 251M | 188.05M | 126.4M | 92.8M | 168.3M | 107.2M |
| EPS (Diluted) | 8.06 | 6.41 | 2.86 | -3.00 | -0.58 | 1.46 | 3.51 | 3.81 | 0.64 | -0.21 | -0.05 | 0.43 | 1.02 | -4.94 | 3.63 | 0.73 | 4.55 | 2.66 | 1.87 | -4.17 | 1.75 | 0.80 | 1.10 | 1.15 | 0.41 | -0.12 | -0.10 | -0.62 | -2.47 | 0.44 | 0.63 |
| EPS Growth % | 42.55% | 124.13% | 195.33% | -417.24% | -139.73% | -58.4% | -7.78% | 494.69% | 404.76% | -312.57% | -111.94% | -58.2% | 120.65% | -236.09% | 397.26% | -83.96% | 71.05% | 42.25% | 144.84% | -338.29% | 118.75% | -27.27% | -4.35% | 180.49% | 441.67% | -20.48% | 83.94% | 74.9% | -661.36% | -30.16% | -33.68% |
| EPS (Basic) | - | 6.41 | 2.86 | -3.00 | -0.58 | 1.46 | 3.52 | 3.82 | 0.64 | -0.21 | -0.05 | 0.43 | 1.02 | -4.94 | 3.65 | 0.74 | 4.63 | 2.66 | 1.88 | -4.17 | 1.76 | 0.81 | 1.11 | 1.16 | 0.42 | -0.12 | -0.10 | -0.62 | -2.47 | 0.44 | 0.63 |
| Diluted Shares Outstanding | 1.07B | 1.11B | 1.15B | 841M | 795M | 801M | 806M | 737M | 535M | 535M | 531.36M | 511.63M | 498.04M | 498.38M | 499M | 504M | 500M | 487M | 455M | 452M | 452M | 449M | 447M | 413.91M | 375.61M | 193.28M | 190.2M | 164.58M | 159.27M | 155.45M | 120.8M |
| Basic Shares Outstanding | 1.06B | 1.11B | 1.15B | 841M | 794M | 799M | 804M | 735M | 533M | 533M | 530M | 511.63M | 498.04M | 498M | 496M | 494M | 492M | 487M | 454M | 452M | 450M | 446M | 443M | 410.34M | 366.67M | 193.28M | 190.2M | 164.58M | 159.27M | 155.45M | 120.8M |
| Dividend Payout Ratio | - | 15.61% | 34.2% | - | - | 150.69% | 29.48% | 31.69% | 88.27% | - | - | 23.64% | 22.44% | - | 38.42% | 134.97% | 10.8% | 15.11% | 21.34% | - | 22.76% | 49.72% | 27.14% | 14.95% | 43.4% | - | - | 81.05% | - | 79.68% | 56.05% |
Quick answers to the most common questions about buying NEM stock.
For fiscal year 2025, Newmont Corporation (NEM) reported total revenue of $22.10B. This represents a 2775.3% increase compared to $768.5M in 1996.
Newmont Corporation (NEM) is profitable, generating $7.08B in net income for the fiscal year ending 2025 with a net profit margin of 32.1%.
Newmont Corporation (NEM) reported an operating income of $10.35B, resulting in an operating profit margin of 46.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Newmont Corporation (NEM) generated $11.00B in gross profit for the year, representing a gross profit margin of 49.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Gold price dependence
Metrics are mathematically derived from official filings.
Revenue Volatility Masks Underlying Strength
Newmont's revenue swung from $4.0B in 2024Q1 to $7.2B in 2026Q1, but 2026Q2 dropped 34.5% sequentially to $3.5B, per financial statements, reflecting gold price and sales timing volatility.
The 19.1% year-over-year growth in 2026Q2 (not shown directly but implied by prior quarters) is overshadowed by the dramatic quarter-over-quarter decline, which appears to be driven by lower realized gold prices and possibly reduced sales volumes. This pattern suggests that revenue is highly sensitive to commodity price swings, making the growth trajectory inherently unstable. Investors should monitor whether the company can sustain production volumes to offset price fluctuations.
Margin Expansion Reflects Gold Price Surge
Gross margin improved from 27.2% in 2024Q1 to 62.4% in 2026Q1, as reported in income statements, indicating significant operating leverage to higher gold prices, though 2026Q2 fell to 39.7%.
The margin expansion is largely a function of gold price appreciation outpacing cost inflation, as COGS per ounce has remained relatively stable. However, the 2026Q2 margin compression suggests that either costs are catching up or gold prices retreated. The company's ability to maintain margins above 40% will depend on controlling AISC, which is not directly visible in this data but is a critical driver. The byproduct credits from copper and other metals may provide a buffer, but their contribution is not separately disclosed here.
Operating Leverage Amplifies Earnings Swings
Operating income scaled from $931M in 2024Q1 to $4.4B in 2026Q1, but dropped to $1.1B in 2026Q2, per SEC filings, demonstrating high fixed-cost base and sensitivity to revenue changes.
The fixed-cost nature of mining operations means that small changes in revenue can lead to disproportionate changes in operating income. The 2026Q2 revenue decline of 34.5% led to a 75% drop in operating income, highlighting the inherent operating leverage. This amplifies both upside and downside, making earnings highly volatile. Management's focus on cost discipline and production efficiency is crucial to mitigate the impact of price downturns.
Earnings Quality Boosted by Non-Operating Items
Net income in 2026Q2 reached $2.2B on operating income of $1.1B, implying significant non-operating gains, as per income statement data, warranting scrutiny of recurring earnings power.
The net margin of 63.8% in 2026Q2 far exceeds the operating margin of 31.8%, suggesting that non-operating items such as gains on asset sales, mark-to-market adjustments, or tax benefits contributed substantially. This inflates reported EPS and may not be sustainable. Investors should adjust for these items to assess underlying profitability. The absence of stock-based compensation in most quarters is notable, but when present (e.g., $51M in 2025Q4), it is relatively small, indicating limited dilution.
COGS and SG&A Show Cost Discipline
COGS remained around $2.7-2.9B per quarter from 2024Q1 to 2026Q1, while SG&A declined from $128M to $74M, as reported in financial statements, indicating effective overhead control.
The stability of COGS despite revenue growth suggests that the company is managing input costs well, possibly through procurement efficiencies and operational improvements. The reduction in SG&A from $128M in 2024Q4 to $74M in 2026Q2 reflects cost-cutting measures and integration synergies from the Newcrest acquisition. However, the 2026Q2 COGS of $2.1B is lower than prior quarters, which may be due to lower production volumes or sales mix. Continued discipline in both COGS and SG&A will be essential to protect margins if gold prices weaken.
Gold Price Dependency Remains Key Vulnerability
Despite record free cash flow of $2.2B in 2026Q2, the company's profitability is heavily tied to gold prices, as evidenced by the 34.5% revenue drop in that quarter, per recent earnings release.
Short-sellers would argue that Newmont's earnings are not driven by operational excellence but by an exogenous factor—gold prices. The 2026Q2 revenue decline and margin compression illustrate how quickly earnings can deteriorate if bullion prices retreat. Additionally, the reliance on non-operating items to boost net income raises questions about the sustainability of EPS growth. The company's high fixed-cost base and exposure to inflationary pressures on consumables and labor could further compress margins. Investors should monitor AISC trends and the success of the Newcrest integration to ensure that cost synergies materialize as promised.