Newmont’s operating income recovered from a $470 million deficit in 2023Q4 to $3.7 billion by 2025Q4, reflecting successful synergy realization and structural margin expansion to 58.8%.
| 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 | 17.23B | 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 % | -11.69% | 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 | 8.26B | 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 | 8.97B | 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 % | 52.07% | 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 | 605M | 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 | 351M | 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 | 168M | 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 | 3M | 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 | 8.49B | 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 % | 49.27% | 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 | 12.71B | 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 % | 73.8% | 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 % | 32.98% | 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) | 2.72B | 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 | 9.55B | 10.35B | 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 | 23M | -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 | 173M | 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 | 189M | 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 | 726M | 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 | 10.68B | 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 % | 62.02% | 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 | 5.35B | 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 % | 50.1% | 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 | 5.26B | 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 % | 30.54% | 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 % | 3.77% | 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) | 5.26B | 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 | 66M | 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) | - | 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 % | 6.05% | 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 | 0 | 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 | 0 | 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% |
Operational and jurisdictional volatility
As reported in financial statements, Newmont’s revenue trajectory has exhibited significant volatility, with quarterly growth peaking at 84.5% in 2024Q3 before moderating to 14.8% by 2025Q4, reflecting the complex integration of large-scale acquisitions and the inherent cyclicality of spot gold and copper market pricing mechanisms.
The erratic top-line performance suggests that inorganic growth through major acquisitions has temporarily masked underlying organic production trends. Investors should monitor whether the company can sustain revenue momentum as it pivots toward a gold-copper hybrid model, which may introduce new sensitivities to industrial metal demand cycles.
Based on reported figures, Newmont’s gross margin demonstrated a notable recovery from a negative 8.0% in 2023Q4 to 58.8% by 2025Q4, indicating that the company has successfully navigated the initial cost pressures associated with integrating large-scale mining assets and managing inflationary impacts on its primary cost drivers.
The significant margin expansion appears to be driven by both improved operational efficiency and favorable commodity price environments. However, the historical susceptibility to energy and labor cost spikes suggests that these margins may remain sensitive to global inflationary trends in mining consumables.
According to recent SEC filings, Newmont’s operating income scaled from a deficit of $470 million in 2023Q4 to $3.7 billion by 2025Q4, highlighting a substantial improvement in operating leverage as the company successfully centralized technical services and realized synergies from its expanded global asset footprint.
The ability to scale operating income faster than gross profit suggests that management is effectively controlling overhead despite the increased complexity of its operations. This trend warrants further investigation into whether these efficiencies are sustainable or if they are merely a function of temporary cost-cutting measures.
Financial data indicates that while net margins reached 19.8% in 2025Q4, the company’s history of significant quarterly earnings fluctuations, including a $3.1 billion net loss in 2023Q4, suggests that the current profitability profile may be vulnerable to asset impairments and the high fixed-cost nature of mining.
Short-sellers may focus on the potential for 'synergy leakage' and the ongoing operational challenges at key sites like Peñasquito, which could threaten the stability of reported earnings. The reliance on byproduct credits to offset AISC also introduces a layer of risk if copper prices fail to meet long-term expectations.
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.