Key Takeaways:
- Adjusted EPS of $0.82 beat the $0.78 consensus, up 74 percent from a year earlier
- Revenue rose 44 percent to $5.29 billion, topping the $4.53 billion estimate
- Company cut 2026 capex guidance and kept gold production outlook unchanged
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Barrick Mining beats Q2 estimates as gold prices lift earnings 74%
Barrick Mining reported Q2 adjusted EPS of $0.82, beating the $0.78 consensus, as higher gold prices lifted revenue 44 percent to $5.29 billion.
"We delivered our third quarter in a row with excellent operational and financial performance," Mark Hill, President and Chief Executive Officer at Barrick, said.
Adjusted net earnings totaled $1.36 billion, up 70 percent from $800 million a year earlier. Revenue of $5.29 billion topped the $4.53 billion estimate by 17 percent. Gold production of 796,000 ounces exceeded the top end of the 730,000-770,000 ounce guidance range.
The company cut 2026 attributable capital expenditure guidance to $3.8 billion-$4.2 billion from $4.0 billion-$4.45 billion, citing reduced spending at the Reko Diq project. Barrick declared a quarterly dividend of $0.175 per share, payable Sept. 15, and repurchased $1.209 billion of shares during the quarter.
Gold all-in sustaining costs rose 11 percent to $1,866 per ounce from $1,684 a year earlier, driven by lower grades at Carlin, Cortez and North Mara, higher fuel costs and higher royalties tied to stronger realized prices. Copper production fell 5 percent to 56,000 tonnes, with copper AISC up 36 percent to $3.95 per pound.
Attributable adjusted EBITDA rose 51 percent to $2.55 billion, with a margin of 60 percent. Operating cash flow increased 28 percent to $1.70 billion.
Barrick also reached an agreement with Newmont to expand the Nevada Gold Mines joint venture, with Newmont paying $1.95 billion in cash and consenting to Barrick's planned North American IPO. The new entity, which will include Nevada Gold Mines, Pueblo Viejo and the Fourmile project, is expected to list by year-end, with Hill set to serve as CEO.
The earnings beat and lower capex guidance signal disciplined capital allocation as Barrick returns cash through dividends and buybacks. Investors will watch the North American IPO, expected to complete by the end of 2026, for the value unlock from the company's U.S. gold assets.
This article is for informational purposes only and does not constitute investment advice.
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