Newmont Raises Quarterly Dividend to $0.26, Unveils New Capital Framework
Newmont Corp (NYSE: NEM), the world's largest gold miner, declared a quarterly dividend of $0.26 per share for the fourth quarter of 2025, up from prior levels. The increase comes as the company reported record free cash flow of $7.3 billion for the year.
Newmont Corp (NYSE: NEM), the world's largest gold miner, declared a quarterly dividend of $0.26 per share for the fourth quarter of 2025, reflecting an increased payout under a new capital allocation framework designed to deliver per share dividend growth over time. Read more dividend announcements.
The dividend will be paid March 26, 2026 to shareholders of record as of March 3, 2026. The payment represents an indicated annualized dividend of $1.04 per share, with further per share increases expected as the company continues its share repurchase program.
The enhanced capital allocation framework commits Newmont to returning $1.1 billion annually to shareholders through dividends. The structure is designed to increase dividends on a per share basis without raising the company's total financial commitment, as ongoing share buybacks permanently reduce the outstanding share count.
| Dividend Details | Information |
|---|---|
| Amount | $0.26 per share |
| Record Date | March 3, 2026 |
| Payment Date | March 26, 2026 |
| Frequency | Quarterly |
| Indicated Annual Rate | $1.04 per share |
Record Financial Performance Drives Capital Returns
Newmont generated $10.3 billion in operating cash flow during 2025 and posted an all-time annual record of $7.3 billion in free cash flow, including a record $2.8 billion in the fourth quarter alone. The company produced 5.9 million attributable gold ounces for the year, meeting full-year production and cost guidance.
The miner returned $3.4 billion to shareholders through dividends and share repurchases in 2025. To date, Newmont has executed $3.6 billion in share buybacks since launching the program in 2024, with $2.4 billion remaining under previously authorized programs totaling $6.0 billion.
Newmont reduced debt by $3.4 billion during the year, ending 2025 in a net cash position of $2.1 billion. The company held $7.6 billion in cash and $11.6 billion in total liquidity at year-end, including $4.0 billion available on a revolving credit facility.
Strong Earnings and Production Results
The company reported net income of $7.2 billion for 2025, with adjusted net income of $7.6 billion or $6.89 per diluted share. Fourth quarter adjusted net income reached $2.8 billion or $2.52 per diluted share. Adjusted EBITDA for the year totaled $13.5 billion.
Gold by-product all-in sustaining costs came in at $1,358 per ounce, with co-product AISC of $1,609 per ounce. In addition to gold production, Newmont produced 28 million ounces of silver and 135,000 tonnes of copper in 2025.
President and CEO Natascha Viljoen said the company is "entering 2026 with a clear focus on continuing to drive margin expansion and generate robust free cash flow from our unrivaled portfolio of world-class operations and projects."
Operational Milestones and Reserve Base
Newmont declared commercial production at its Ahafo North operation in Ghana on October 24, 2025, adding profitable gold production over an initial thirteen-year mine life. The company also approved the Lihir Nearshore Barrier mine life extension, unlocking access to over 5 million gold ounces and extending Lihir's mine life beyond 2040.
The company declared total attributable gold reserves of 118.2 million ounces and resources of 148.7 million ounces. Total resources include measured and indicated resources of 88.1 million gold ounces and inferred resources of 60.6 million gold ounces. Newmont also holds 12.5 million tonnes of copper reserves and 442 million ounces of silver reserves.
Newmont completed its non-core divestiture program, generating $4.5 billion in total after-tax proceeds from announced transactions, including $134 million from the January 2026 sale of equity shares in Greatland Resources.
2026 Outlook
The company expects attributable production of approximately 5.3 million gold ounces in 2026, including over 3.9 million ounces from managed operations. Gold by-product AISC is projected at $1,680 per ounce.
Newmont plans sustaining capital expenditures of approximately $1.95 billion to advance critical tailings facility work at Cadia and Boddington, along with other investments to enhance portfolio integrity and longevity. Development capital spending is expected to reach approximately $1.4 billion to progress key projects including the Cadia Panel Caves, Tanami Expansion 2, and the feasibility study at Red Chris.