Newmont reported better-than-expected second-quarter earnings, despite weaker gold prices. Cost control helped.

Thursday evening, the gold miner announced earnings per share of $2.10 from sales of $6.1 billion. Wall Street was looking for $1.99 and $6.4 billion, respectively. A year ago, Newmont reported earnings per share of $1.25 from sales of $5.3 billion.

Sales were light, but net income likely matters more to investors. Still, shares were down 1% in after-hours trading at $93.75. Through Thursday trading, Newmont stock has been strong, up almost 60% over the past 12 months, benefiting from the rise in gold prices.

Spot gold prices ended the second quarter above $4,000 per ounce, up from roughly $3,300 a year ago.

Newmont's average realized gold price in the quarter was $4,414, up from $3,320 in the second quarter of 2025, but down from $4,900 in the first quarter. Per-ounce production costs rose a little, sequentially and year over year, but that was a function of lower production.

All-in sustaining cost, however, was $1,621 per ounce, below the company's full-year guidance of $1,680 per ounce.

Newmont produced 1.29 million ounces in the quarter, down from 1.3 million in the first quarter and from 1.48 million a year ago. The company says it is still on track to produce 5.3 million ounces this year.

"Newmont delivered another quarter of strong operational and financial performance...generating record second quarter free cash flow of $2.2 billion," said CEO Natascha Viljoen in a news release. "Supported by our strong balance sheet and consistent capital allocation framework, we returned $1.9 billion to shareholders through quarterly dividends and ongoing share repurchases executed since our last earnings call."

Viljoen took over this year. Before joining Newmont in 2023, she ran Anglo American Platinum. Key jobs for her include improving efficiency while continuing to integrate the acquisitions of Newcrest Mining and Goldcorp. Newmont bought Newcrest in 2023. It combined with Goldcorp in 2019.

Higher second-half production and solid cost control should give investors some confidence that she is on her way to accomplishing those goals.

Write to Al Root at allen.root@dowjones.com

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July 23, 2026 16:51 ET (20:51 GMT)

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