Newmont (NEM) FY2025 10-K Annual Report
Newmont (NEM) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 19, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Newmont FY2025 10-K Analysis
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
Newmont FY2025 Key Financial MetricsXBRL
Revenue
$22.7B
▲ +21.3% YoY
Net Income
$7.1B
▲ +111.6% YoY
Net Margin
31.3%
▲ +1333bp YoY
ROE
20.9%
▲ +973bp YoY
Total Assets
$57.1B
▲ +1.4% YoY
EPS (Diluted)
$6.39
▲ +118.8% YoY
Operating Cash Flow
$10.3B
▲ +62.4% YoY
Source: XBRL data from Newmont FY2025 10-K filing on SEC EDGAR. All figures in USD.
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