Abstract

Newmont Corporation will announce quarterly financial results on April 23, 2026, Post Market; this preview summarizes last quarter’s performance, the current quarter’s consensus for revenue, margins and adjusted EPS, the near-term operational swing factors, and how recent analyst calls are leaning into the print.

Market Forecast

Based on recently compiled estimates for the upcoming quarter, Newmont Corporation’s revenue is projected at 6.95 billion US dollars, implying year-over-year growth of 37.95%; EPS is estimated at 2.30, implying year-over-year growth of 146.77%, and EBIT is estimated at 3.77 billion US dollars with a 127.41% year-over-year increase; formal margin forecasts are not available in the same dataset. The main operations that contributed most in the latest reported period remain concentrated in large-scale assets, where stable throughput and favorable realized prices are expected to support group revenue and earnings cadence in the near term. The most promising contributor by absolute revenue base in the last reported period was NGM at 3.56 billion US dollars, with Peñasquito close behind at 3.42 billion US dollars; year-over-year segment growth detail was not disclosed alongside these figures.

Last Quarter Review

Newmont Corporation’s previous quarter delivered revenue of 6.82 billion US dollars, up 20.63% year over year, a gross profit margin of 71.00%, GAAP net profit attributable to shareholders of 1.30 billion US dollars, a net profit margin of 19.08%, and adjusted EPS of 2.52, up 80.00% year over year; quarter-on-quarter, net profit declined by 28.98% as measured by management’s net profit series. A key financial takeaway was the strong margin capture supported by favorable realized prices and disciplined cost performance, enabling adjusted EPS to materially outpace revenue growth. Main-business concentrations in the last quarter were led by NGM at 3.56 billion US dollars and Peñasquito at 3.42 billion US dollars, with Cadia at 2.29 billion US dollars and Ahafo South at 2.27 billion US dollars; additional contributions included Boddington at 2.25 billion US dollars and Lihir at 1.98 billion US dollars, while other operations such as Yanacocha (1.80 billion US dollars), Tanami (1.35 billion US dollars), Merian (846.00 million US dollars), and Brucejack (824.00 million US dollars) rounded out diversified sources of revenue.

Current Quarter Outlook

Core Operations and Revenue Drivers

Consensus expects Newmont Corporation to post 6.95 billion US dollars of revenue this quarter, a projected 37.95% year-over-year increase, while EBIT is forecast at 3.77 billion US dollars and EPS at 2.30. The operating base that underpinned the last reported quarter’s margin structure—71.00% gross margin and 19.08% net margin—establishes the starting point for throughput and cost assumptions, although quarterly margin forecasts are not available in the same dataset. The company’s prior-quarter print highlighted robust conversion of revenue into profits and significant year-over-year acceleration in adjusted EPS, a dynamic that the consensus numbers imply could continue into the current period.

Within the operating portfolio referenced in the latest reported period, large contributions centered on NGM (3.56 billion US dollars) and Peñasquito (3.42 billion US dollars). Continuity at these sites is a fundamental swing factor for this quarter’s realized volumes and unit costs. Where throughput normalizes and ore grades align with mine plans, revenue leverage to price can remain high, a point reflected in the step-up embedded in consensus earnings. The upward trajectory in estimated EBIT growth (127.41% year over year) suggests that pricing and mix could again provide substantial operating leverage, especially if processing rates and recovery factors remain on plan.

Recent operational headlines include a temporary halt of underground operations at Cadia following an earthquake, with all personnel accounted for and no reported injuries. In financial terms, the immediate effect for this quarter depends on the duration and extent of underground activity curtailment as well as any remediation required; in short quarters, even short pauses can affect mined tonnage and sequencing. However, the scale of the overall asset base and the relative weight of other large contributors means that portfolio-level impacts will ultimately hinge on downtime length and backfill plans. Investors will watch for any commentary on schedule recovery and potential cost normalization paths.

High-Potential Business Contributor

Peñasquito stands out by revenue base in the last reported period at 3.42 billion US dollars, providing a meaningful lever for both top-line and cash generation if run-rate stability holds and if processing throughput remains near targets. The consensus step-up in revenue and EBIT for the current quarter implicitly assumes that key assets with larger revenue footprints continue to perform in line with planned grades and recoveries, allowing realized prices to translate efficiently into operating income. The lack of disclosed segment-level year-over-year growth figures for the last reported period constrains a direct quantitative carry-forward, but the absolute scale of Peñasquito’s contribution supports the view that it can meaningfully influence aggregate outcomes this quarter.

NGM, at 3.56 billion US dollars in the last reported period, was the single largest contributor by revenue. From an analytical perspective, that base scale amplifies the sensitivity of consolidated results to any incremental changes in unit costs or grades at this hub. When price realizations are supportive, a large-volume asset can deliver disproportionate EBIT and EPS effects due to operating leverage. Conversely, any interruptions or deviations from mine plans can shift quarterly earnings trajectories. Given consensus looks for EBIT to more than double year over year this quarter, the implied assumption is that large contributors like NGM and Peñasquito are set to run close to plan, barring short-duration variances.

Precision on segment growth rates is not available in the dataset, but the distribution of last-quarter revenue contributions provides a clear map for where this quarter’s outcomes will be decided. Follow-through at these large contributors is the core pathway to achieving the consensus profiles for revenue and EPS. Investors will also listen for commentary on pacing across other meaningful sites such as Cadia (2.29 billion US dollars) and Ahafo South (2.27 billion US dollars), alongside Boddington (2.25 billion US dollars) and Lihir (1.98 billion US dollars), which together frame the expected breadth of production and the redundancy that can mitigate site-specific volatility.

Stock Price Sensitivities This Quarter

The pre-announcement period has already featured a notable operational headline: the temporary halt at Cadia’s underground operations due to an earthquake event. Market reaction to such events tends to focus on the short-term risk to volumes, potential cost impacts from remediation, and any guidance changes. While the portfolio’s scale provides diversification, investors will concentrate on the length of the suspension and the timeline for a full return to plan. An update at or before the earnings release could reset short-term expectations and clarify what, if any, impact is expected within the current quarter’s reported numbers.

Another near-term sensitivity is how margins translate from revenue into EPS given the consensus projections. The prior quarter’s conversion efficiency—71.00% gross margin and 19.08% net margin—underpinned an 80.00% year-over-year increase in adjusted EPS versus 20.63% revenue growth. This quarter’s consensus anticipates 146.77% year-over-year EPS growth, a much larger step than the 37.95% revenue projection. The implied operating leverage depends on processed grades, recoveries, and unit cost trajectories; investors will assess whether expected efficiencies are rooted in resolved bottlenecks, a return to steady-state operations, or price-supported mix. Commentary that links throughput stability with cost normalization would support the consensus path to EBIT of 3.77 billion US dollars.

A final stock-price factor is the distribution of contributions across the broader set of assets beyond the two largest revenue contributors. Mid-sized operations such as Yanacocha (1.80 billion US dollars), Tanami (1.35 billion US dollars), and the sub-1 billion US dollars cohort including Merian (846.00 million US dollars), Brucejack (824.00 million US dollars), and Cerro Negro (691.00 million US dollars) can collectively tilt reported volumes and unit costs. Incremental efficiencies across this cohort can smooth quarter-to-quarter variability from isolated events, while any shortfalls would increase reliance on the largest hubs. The cadence of disclosures on operating days, throughput rates, and maintenance windows will provide the market with important context for how the consensus might be met or exceeded.

Analyst Opinions

Across the most recent rating and target updates in the year-to-date period ending April 16, 2026, the balance of institutional commentary on Newmont Corporation is bullish. Well-known institutions have largely reiterated or raised constructive stances: Scotiabank maintained a Sector Outperform rating with a price target adjustment to 151 US dollars; BMO Capital kept an Outperform rating while updating its target to 115 US dollars; Goldman Sachs reiterated a Buy rating while modestly lifting its target to 123.20 US dollars; and Macquarie issued an Outperform rating in a recent update. Against these, we also observed a neutral stance from Macquarie in an earlier report on a different listing line, and additional positive commentary from Ord Minnett and Bank of America Securities tied to Buy ratings. Counting the calls explicitly stated in our dataset for the year-to-date period, Buy/Outperform views outnumber neutral or cautious opinions, establishing the majority as bullish.

The bullish camp’s reasoning emphasizes the scale effects visible in consensus numbers for the current quarter—namely, the projected 37.95% year-over-year revenue growth, 127.41% year-over-year EBIT growth, and 146.77% year-over-year EPS growth. Strategists argue that these projections reflect a favorable alignment between operational pacing at key assets and the translation of realized prices into margins. The prior quarter’s margin structure, with 71.00% gross margin and 19.08% net margin, provides a proof point that price and mix can translate effectively into earnings when throughput stabilizes. This perspective sees the recent operational headline out of Cadia as a transitory item whose ultimate earnings effect hinges on duration rather than structural impairment, with the broader asset base mitigating single-site interruptions.

Goldman Sachs’ continued Buy stance and target calibration into the 120-plus US dollars range aligns with the view that near-term earnings power remains on an upswing under consensus assumptions, and that portfolio-level dynamics can absorb site-specific volatility. Scotiabank’s and BMO’s maintained Outperform ratings underscore similar convictions: they point to the embedded operating leverage apparent in the EPS forecast relative to revenue and EBIT growth expectations, a pattern that often persists when throughput and recovery metrics stay on plan across the largest hubs. Macquarie’s Outperform update further reinforces that, in their view, the aggregate operating portfolio is positioned to deliver the projected step-up in profitability despite routine quarter-to-quarter variability.

The bullish majority also highlights the distribution of revenue contributions across multiple large operations as an analytical anchor for earnings durability. With NGM at 3.56 billion US dollars and Peñasquito at 3.42 billion US dollars in the latest reported period, the portfolio’s scale provides both upside if run rates and grades align, and insulation against isolated disruptions. Analysts point to consensus EBIT of 3.77 billion US dollars as evidence that operating leverage remains significant at current price realizations. Under this reasoning, the 2.30 EPS estimate is attainable if costs remain in line and there are no extended production interruptions at major sites.

From a market-structure standpoint, the prevailing bullish view is sensitive to updates on operational continuity—particularly at Cadia given the temporary halt of underground operations reported this week—and on cost normalization progress across the broader set of sites. Yet, even within this context, the sheer spread of revenue contributions across both the highest-revenue hubs and the mid-sized operations is seen as a favorable characteristic in the near term. This point supports a constructive stance heading into the earnings event: the majority of institutions expect the company to translate the projected top-line expansion into a proportional, and potentially larger, step-up in earnings metrics, consistent with the consensus for a 146.77% year-over-year increase in EPS this quarter.

Consolidating those perspectives, the ratio of bullish to bearish opinions in our collected dataset is decisively tilted toward bullish, with multiple Buy/Outperform ratings (Goldman Sachs, Scotiabank, BMO Capital, and Macquarie) outweighing neutral commentary and no explicit bearish initiations in the sampled period. The analytical center of gravity rests on the interplay between the large revenue anchors observed in the last reported period and the implied operating leverage that underpins consensus EPS. With that framework, the majority view expects Newmont Corporation to deliver a result consistent with, or above, the midpoints of current Street estimates, subject to any incremental disclosures on the duration and operational consequences of the Cadia event and any other short-duration variances across the portfolio.