Is Newmont profitable in 2026?

Yes. Newmont posted FY2025 net income of roughly $7.09-7.2B on revenue of $22.67B, with adjusted EBITDA of $13.5B and record free cash flow of $7.3B, as reported February 19, 2026. Q1 2026 EPS of $2.90 beat estimates of $2.07.

Is Newmont laying off workers?

Yes. Newmont cut roughly 5,000 global employees between August and November 2025, and its 10-K headcount fell from 22,200 in FY2024 to 17,500 in FY2025, a 21% decline, driven by divestitures and automation.

Could AI replace Newmont's business?

No. Newmont's moat is physical ore bodies, multi-decade mining leases and government concessions worth roughly $96B in sunk capital, which AI cannot replicate. Automation like Komatsu's Frontrunner haulage at Cortez (2025-2026) optimizes operations but cannot mine ore or secure mineral rights.

Who is Newmont's biggest competitor?

Barrick Mining Corporation is Newmont's closest rival and also its Nevada Gold Mines joint-venture partner, though in April 2026 Newmont issued a default notice against Barrick alleging it diverted JV resources to its own Fourmile project.

Newmont is a publicly traded, widely held company on NYSE (ticker NEM) with no controlling parent; top institutional holders as of mid-2026 include Vanguard Group (~134M shares) and BlackRock (~126M shares).

Why did Newmont's CEO change in 2026?

Tom Palmer, CEO since 2019, retired December 31, 2025. Natascha Viljoen, previously President and COO, became President and CEO on January 1, 2026, becoming the first woman to lead Newmont in over 100 years.

Manufacturing companies · United States

Newmont

newmont.com ↗

World's largest gold miner, digging and processing physical gold from owned mines globally.

Hard to displace

Assessed 20 July 2026 · Evidence as of 20 July 2026

Strong structural protection; the business model survives ai pressure.

On the recordSince 20 July 2026 · Checkable from July 23, 2026 · Every call on the record Checkpoint: Q2 2026 earnings call and update on Barrick Nevada Gold Mines JV dispute

The call

Newmont's survival rests on rock and permits, not code, so its real risk is a gold price crash or a Barrick joint venture blowup, not AI.

Newmont digs gold from mines it owns or has long-term rights to operate, and it sits on nearly $100 billion worth of equipment, permits, and ore in the ground. These physical assets and government licenses are nearly impossible to copy or replace, and AI cannot do this work. The company has lots of cash and can survive downturns easily, but whether shareholders make money depends almost entirely on what gold sells for on world markets, not on how well Newmont runs its business, and that price swung wildly from $5,600 per ounce in January 2026 to lower levels just weeks later.

Why

AI pressure: None apparent. AI can optimize ore sorting or haul routes but cannot conjure gold deposits or mining permits out of thin air. Could AI do the core job? Unlikely.

Bigger players: Barrick Mining. Joint venture dispute over Nevada Gold Mines and Barrick's planned NewCo IPO could reshape the partnership, not replace Newmont. Could a giant copy it? No, they are blocked.

What protects it. Physical ore bodies, multi-decade mining leases, and government concessions took decades and $96B to build and can't be copied or coded around.

What would change this call

Resolution of the Newmont-Barrick Nevada Gold Mines JV dispute after the April 2026 default notice. Would show whether JV conflict disrupts Nevada production or stays contained.
Gold price trend versus the January 2026 peak of about $5,600/oz through year end. Would show whether revenue and margins hold up or compress with commodity prices.
Q2 2026 earnings release on July 23, 2026 versus consensus of $2.13 EPS and $6.34B revenue. Would show whether production cuts and cost inflation are eroding cash flow.

Key numbers

FY2025 revenue $22.67B, up 21.3% YoY (2025-12-31)
Record free cash flow $7.3B in FY2025 (2025-12-31)
Gold price peaked near $5,600/oz then corrected (2026-01-31)

Named risks

Sustained gold price collapse below roughly $2,500-4,000/oz would undercut current record cash flow and margins. Severity: high
Barrick Nevada Gold Mines JV dispute could escalate into costly litigation or JV breakup, stranding Nevada production. Severity: high
Ghana tax regime change (3% levy, +2.5 point corporate tax, 8% withholding) raises effective tax burden post-2025. Severity: medium
Continued headcount reduction (21% drop in FY2025) and automation rollout could strain labor relations and site continuity. Severity: medium
Legacy Peru litigation (Yanacocha land and human-rights disputes) poses ongoing reputational and legal overhang. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Barrick Mining Corporation	contesting	Newmont filed default notice against Barrick over Nevada JV resource diversion, April 2026
Zijin Mining Group	gaining on	Acquired Newmont's Akyem mine in 2025 divestiture, reported near-parity market cap (~$63B) in Sept 2025 ranking
Agnico Eagle Mines	contesting	Frequently compared head-to-head with Newmont as top gold producer peer, May 2026 analysis
AngloGold Ashanti	contesting	Named peer in global gold-mining rankings alongside Newmont, 2026

Questions people ask

Is Newmont profitable in 2026?: Yes. Newmont posted FY2025 net income of roughly $7.09-7.2B on revenue of $22.67B, with adjusted EBITDA of $13.5B and record free cash flow of $7.3B, as reported February 19, 2026. Q1 2026 EPS of $2.90 beat estimates of $2.07.
Is Newmont laying off workers?: Yes. Newmont cut roughly 5,000 global employees between August and November 2025, and its 10-K headcount fell from 22,200 in FY2024 to 17,500 in FY2025, a 21% decline, driven by divestitures and automation.
Could AI replace Newmont's business?: No. Newmont's moat is physical ore bodies, multi-decade mining leases and government concessions worth roughly $96B in sunk capital, which AI cannot replicate. Automation like Komatsu's Frontrunner haulage at Cortez (2025-2026) optimizes operations but cannot mine ore or secure mineral rights.
Who is Newmont's biggest competitor?: Barrick Mining Corporation is Newmont's closest rival and also its Nevada Gold Mines joint-venture partner, though in April 2026 Newmont issued a default notice against Barrick alleging it diverted JV resources to its own Fourmile project.
Who owns Newmont?: Newmont is a publicly traded, widely held company on NYSE (ticker NEM) with no controlling parent; top institutional holders as of mid-2026 include Vanguard Group (~134M shares) and BlackRock (~126M shares).
Why did Newmont's CEO change in 2026?: Tom Palmer, CEO since 2019, retired December 31, 2025. Natascha Viljoen, previously President and COO, became President and CEO on January 1, 2026, becoming the first woman to lead Newmont in over 100 years.

Timeline

2026-07-01Newmont schedules Q2 2026 earnings call, expands 2026 share repurchase authorization
2026-04-30Newmont issues notice of default against Barrick over alleged Nevada JV resource diversion
2026-02-19FY2025 results: $22.67B revenue, $7.3B record FCF, enhanced capital allocation framework announced
2026-01-31Gold price hits all-time peak near $5,600/oz before correcting
2026-01-01Natascha Viljoen becomes President and CEO, first woman to lead Newmont in 100+ years
2025-12-31Ghana's 10-year investment stability agreement expires, raising Ahafo tax burden
2025-11-30Newmont completes roughly 5,000 global layoffs (started August 2025)
2025-09-29Newmont announces retirement of CEO Tom Palmer effective December 31, 2025
2025-07-14Newmont monetizes Greatland Resources and Discovery Silver equity stakes for ~$470M
2023-11-30Newmont acquires Newcrest Mining for ~$16.8B, becoming top global gold producer

Revision history

20 July 2026

First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.

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