Q2 FY2026
Filed Aug 11, 2026Barrick Reports Second Quarter 2026 Results Agreement with Newmont resolves all disputes; Newmont’s consent to Barrick’s American IPO provides substantial flexibility and value
Revenue increased 44%, net earnings attributable to equity holders increased 50%, adjusted net earnings per share increased 74%, and gold production exceeded quarterly guidance. Barrick maintained full-year production and cost guidance, reduced total attributable capital expenditure guidance, and returned $1.50 billion to shareholders.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenuesother | $5,292 million | 1% | 44% |
| Cost of salesother | $2,395 million | 14% | 28% |
| Net earnings attributable to equity holders of the Companyother | $1,217 million | (24)% | 50% |
| Net earningsother | $1,892 million | – | – |
| Adjusted net earningsnon-GAAP | $1,363 million | (17)% | 70% |
| Net earnings per share (basic and diluted)other | $0.73 | (24)% | 55% |
| Adjusted net earnings (basic) per sharenon-GAAP | $0.82 | (16)% | 74% |
| Attributable adjusted EBITDAnon-GAAP | $2,545 million | (8)% | 51% |
| Attributable adjusted EBITDA marginnon-GAAP | 60% | (9)% | 9% |
| Net cash provided by operating activitiesother | $1,704 million | (33)% | 28% |
| Attributable operating cash flownon-GAAP | $1,119 million | (43)% | 20% |
| Free cash flownon-GAAP | $515 million | (67)% | 30% |
| Attributable free cash flownon-GAAP | $141 million | (88)% | (33)% |
| Total consolidated capital expendituresother | $1,189 million | 21% | 27% |
| Total attributable capital expendituresother | $978 million | 30% | 36% |
| Minesite sustaining capital expendituresnon-GAAP | $500 million | 32% | 4% |
| Project capital expendituresnon-GAAP | $654 million | 15% | 49% |
| Gold productionother | 796 thousand ounces | 11% | 0% |
| Gold soldother | 801 thousand ounces | 7% | 4% |
| Realized gold pricenon-GAAP | $4,417/oz | (8)% | 34% |
| Gold COS (Barrick’s share)other | $1,993/oz | 4% | 20% |
| Gold TCCnon-GAAP | $1,426/oz | 7% | 15% |
| Gold AISCnon-GAAP | $1,866/oz | 9% | 11% |
| Copper productionother | 56 thousand tonnes | 14% | (5)% |
| Copper soldother | 54 thousand tonnes | 20% | 0% |
| Realized copper pricenon-GAAP | $6.15/lb | 6% | 41% |
| Copper COS (Barrick’s share)other | $3.39/lb | (1)% | 32% |
| Copper C1 cash costsnon-GAAP | $2.47/lb | (4)% | 37% |
| Copper AISCnon-GAAP | $3.95/lb | 8% | 36% |
| Debt (current and long-term)other | $4,682 million | (1)% | (1)% |
| Cash and equivalentsother | $5,927 million | (17)% | 23% |
| Debt, net of cashother | $(1,245) million | (48)% | 1,605% |
| Net leveragenon-GAAP | -0.1:1 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| North America GoldRecord underground tonnes mined at Cortez, driven by the continued ramp-up of Goldrush. | $2,234 million | – | – |
| South America & Asia Pacific GoldNot provided. | $317 million | – | – |
| Africa & Middle East GoldAhead-of-schedule restart of Loulo-Gounkoto. | $1,061 million | – | – |
| Total GoldGold production of 796 thousand ounces exceeded the guidance range of 730,000–770,000 ounces. | $3,612 million | (2)% | 40% |
| Total CopperCopper production decreased 5% year-on-year to 56,000 tonnes in line with plan. | $697 million | 25% | 44% |
2026 outlook
- NoteGold production: 2.90–3.25 million ounces
- NoteGold COS: $1,870–$2,070 per ounce
- NoteGold TCC: $1,330–$1,470 per ounce
- NoteGold AISC: $1,760–$1,950 per ounce
- NoteCopper production: 190,000–220,000 tonnes
- NoteCopper COS: $3.05–$3.35 per pound
- NoteCopper C1 cash costs: $2.20–$2.45 per pound
- NoteCopper AISC: $3.45–$3.75 per pound
- Note2026 total attributable capital expenditure: $3.8 billion-$4.2 billion
- NoteGold price assumption: $4,500 per ounce
- NoteCopper price assumption: $5.50 per pound
- NoteOil price (WTI) assumption: $70 per barrel
- NoteExpected completion of the IPO by the end of 2026, subject to market and other conditions and necessary approvals.
- NoteLumwana Super Pit Expansion first copper production targeted for the end of Q1 2028.
- NoteFourmile prefeasibility study targeted for completion in 2028.
- NotePueblo Viejo starter dam permit approval targeted for Q1 2027.
Capital returns
- A quarterly dividend of $0.175 per share has been declared in respect of performance for the second quarter of 2026.
- The Q2 2026 dividend will be paid on September 15, 2026, to shareholders of record at the close of business on August 31, 2026.
- Barrick repurchased $1.209 billion of shares during the quarter under the previously announced $3.0 billion share repurchase program.
- Shareholder returns increased by 242% year-on-year to $1.50 billion.
- Barrick’s dividend policy targets a total payout of 50% of attributable free cash flow on an annualized basis.
What drove it
- Gold production increased 11% over Q1 to 796,000 ounces, driven by the ahead-of-schedule ramp-up at Loulo-Gounkoto, a faster-than-expected recovery at Pueblo Viejo following planned Q1 maintenance, and record underground tonnes at Cortez as Goldrush continues to ramp up.
- Higher realized gold and copper prices drove the year-on-year increase in earnings.
- Gold revenues increased 40% to $3,612 million and copper revenues increased 44% to $697 million.
- Newmont will pay Barrick a top-up payment of $1.95 billion cash within thirty days under the Nevada Gold Mines agreement.
- The agreement with Newmont expands the Nevada complex to nearly 100-million-ounces and resolves all outstanding disputes related to NGM.
- Total attributable capital expenditure guidance was reduced primarily reflecting decreased spending at the Reko Diq project.
Concerns
- Gold COS increased 20% year-on-year to $1,993/oz, while gold TCC increased 15% to $1,426/oz and gold AISC increased 11% to $1,866/oz.
- Lower grades processed at Carlin, Cortez, and North Mara, higher fuel costs, and higher royalties associated with the stronger realized gold price drove higher gold costs.
- Copper COS increased 32% year-on-year to $3.39/lb, C1 cash costs increased 37% to $2.47/lb, and copper AISC increased 36% to $3.95/lb.
- Attributable free cash flow was $141 million, down 33% year-on-year and 88% from Q1 2026, while total attributable capital expenditures increased 36% year-on-year to $978 million.
- Copper production decreased 5% year-on-year to 56,000 tonnes.
- The planned North American IPO remains subject to market and other conditions and necessary approvals.
What to watch
- Delivery of 2026 gold production guidance of 2.90–3.25 million ounces and copper production guidance of 190,000–220,000 tonnes.
- Delivery of 2026 gold AISC guidance of $1,760–$1,950 per ounce and copper AISC guidance of $3.45–$3.75 per pound.
- Expected completion of the North American gold assets IPO by the end of 2026.
- Receipt of the $1.95 billion cash top-up payment from Newmont within thirty days.
- Start of Fourmile decline development expected in Q3 2026.
- Lumwana Super Pit Expansion progress toward first copper production targeted for the end of Q1 2028.
- Pueblo Viejo starter dam permit approval targeted for Q1 2027.
Balance sheet and cash flow
- Net cash provided by operating activities was $1,704 million.
- Free cash flow was $515 million.
- Attributable free cash flow was $141 million.
- Debt (current and long-term) was $4,682 million.
- Cash and equivalents were $5,927 million.
- Debt, net of cash was $(1,245) million.
- Net leverage was -0.1:1.
Analysis
Barrick reported a strong second quarter under IFRS, with revenues of $5,292 million, up 44% year-on-year and 1% from Q1 2026. Net earnings attributable to equity holders of the Company were $1,217 million, up 50% year-on-year, while adjusted net earnings increased 70% to $1,363 million. Net earnings per share were $0.73 and adjusted net earnings per share were $0.82, up 55% and 74%, respectively, from the prior-year quarter. The release attributes the year-on-year earnings increase to higher realized gold and copper prices.
Operationally, attributable gold production rose 11% sequentially to 796 thousand ounces and exceeded the quarterly guidance range of 730,000–770,000 ounces. The improvement reflected the ahead-of-schedule ramp-up at Loulo-Gounkoto, a faster-than-expected recovery at Pueblo Viejo after planned Q1 maintenance, and record underground tonnes at Cortez as Goldrush ramped up. Gold revenue was $3,612 million, up 40% year-on-year, while copper revenue was $697 million, up 44%. Copper production increased 14% from Q1 2026 but was down 5% year-on-year to 56 thousand tonnes.
Higher commodity prices supported profitability, but production costs increased materially. Gold COS was $1,993/oz, up 20% year-on-year, gold TCC was $1,426/oz, up 15%, and gold AISC was $1,866/oz, up 11%. Barrick cited lower grades at Carlin, Cortez, and North Mara, higher fuel costs, and higher royalties associated with the stronger realized gold price. Copper costs also increased, with COS of $3.39/lb, C1 cash costs of $2.47/lb, and AISC of $3.95/lb, up 32%, 37%, and 36%, respectively, from Q2 2025.
Cash generation remained substantial, with net cash provided by operating activities of $1,704 million, up 28% year-on-year. However, capital spending rose, including $978 million of total attributable capital expenditures, and attributable free cash flow was $141 million, down 33% year-on-year and 88% sequentially. Barrick ended the quarter with $5,927 million of cash and equivalents, $4,682 million of debt, and $(1,245) million of debt net of cash. The company repurchased $1.209 billion of shares and declared a quarterly dividend of $0.175 per share.
Barrick maintained its 2026 gold and copper production and cost guidance while reducing 2026 total attributable capital expenditure guidance to $3.8 billion-$4.2 billion from $4.0 billion-$4.45 billion previously, primarily due to decreased spending at Reko Diq. Strategic activity was also central to the release: Barrick reached an agreement with Newmont to expand Nevada Gold Mines through early vend-ins, resolve outstanding NGM disputes, and receive a $1.95 billion cash top-up payment within thirty days. Newmont also consented to Barrick’s planned North American gold assets IPO, which Barrick expects to complete by the end of 2026, subject to market and other conditions and necessary approvals.
Management, verbatim
We achieved an historic agreement with Newmont. Newmont has consented to the IPO and the parties have agreed to expand NGM with the early vend-in of our excluded properties, as well as settling all disputes. Through this agreement with our joint venture partner, we have substantially extended the asset base, and provided greater flexibility and value.
Mark Hill, President and Chief Executive Officer
We delivered our third quarter in a row with excellent operational and financial performance. We beat the top end of our gold production guidance and generated much higher earnings and cash flow than a year ago.
Mark Hill, President and Chief Executive Officer
We are on track to complete the IPO of our North American gold assets by the end of this year. We are excited to launch a pure play gold company with high-quality, long-life assets exclusively in low-risk jurisdictions.
Mark Hill, President and Chief Executive Officer
Not in the filing
stated, not guessed- Gross profit and gross margin were not reported.
- Operating income and operating margin were not reported.
- Income tax rate was not reported.
- Revenue guidance was not reported.
- Gross margin guidance was not reported.
- Operating expense guidance was not reported.
- Tax rate guidance was not reported.
- Prior-release outlook was not provided, so comparison of actual results with prior guidance is unavailable.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.