Short answer
Newmont (NEM) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $22.7B (+21.3% year over year) and net income of $7.1B.
- Top risk flagged: Legal risk from Australian Fair Work legislation causing additional employee-related accruals impacting settlement costs in 2023
FY2025 key financial metrics · XBRL
- Revenue
- $22.7B
- +21.3% YoY
- Net income
- $7.1B
- +111.6% YoY
- EPS (diluted)
- $6.39
- +118.8% YoY
- ROE
- 20.9%
- +9.7 pp YoY
- Operating cash flow
- $10.3B
- +62.4% YoY
Source: XBRL data from the Newmont (NEM) FY2025 10-K on SEC EDGAR. USD.
Newmont FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Leading gold producer with diversified mining operations including gold, copper, silver, lead, and zinc across multiple continents
- Newcrest acquisition completed Nov 2023, integrating results from late 2023, adding a 32% interest in Lundin Gold and expanding asset base
- Strategic divestiture of six non-core assets and development project initiated in 2024, completed by end of 2025, optimizing portfolio post-Newcrest acquisition
- Workforce size at Dec 31, 2025: approx. 17,500 employees and 26,600 contractors, with 27% union or collective bargaining participation
- Significant increase in gold production attributable ounces in 2025: 5.889 million ounces vs 6.849 million in 2024 post-divestitures and acquisition impact
Management Discussion & Analysis
- Revenue $22.67B in 2025, up $3.99B YoY from $18.68B in 2024, driven by gold sales increase $3.56B to $19.30B
- Operating margin approx. 36.4% in 2025 ($8.08B costs on $22.67B sales) vs 48.0% in 2024 ($8.96B costs on $18.68B sales)
- Best segment: NGM gold sales $1.33B, costs $1.33B, stable production 999k oz; Worst segment: Akyem divested, costs $2.36B on 43k oz gold
- Cash flow / capital: $1.07B net gain on asset sales in 2025, interest expense $229M (down from $375M), workforce reductions cut G&A from $442M to $382M
- Outlook / risks: Ghana royalty changes increase costs; 2026 GEO metal prices updated; NGM JV management dispute ongoing, potential material impact
Risk Factors
- Legal risk from Australian Fair Work legislation causing additional employee-related accruals impacting settlement costs in 2023
- Geographic exposure in French Guiana with wind-down and demobilization costs in 2024 risks operational disruption
- Supply chain and operational vulnerability from impairment charges up to $842M in 2025 on idle assets and inventory
- Competitive transaction risk related to Newcrest acquisition with integration costs of $72M in 2024 and $316M stamp duty in 2023
- Financial leverage improved: Net debt reduced from $5.3B in 2024 to net cash $(2.1)B in 2025 enhancing balance sheet flexibility
Generated from the filing text; verify against the original. How to read a 10-K
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