Barrick posts $5.29B in Q2 revenue, strikes $1.95B Newmont deal
What's the deal? Barrick MiningDealroom has a profile for this one. Try Dealroom → reported second-quarter 2026 revenue of $5.29 billion and net earnings of $1.22 billion, up 50% year-on-year. It also sealed a $1.95 billion agreement with NewmontDealroom has a profile for this one. Try Dealroom → and confirmed plans for a North American gold IPO by year-end.
The numbers: The company produced 796,000 ounces of copper and generated $1.70 billion of operating cash flow. Adjusted net earnings per share rose 55% to $0.73, while gold cost of sales fell to $1,993 per ounce despite fuel price pressures.
Why now? The Newmont deal resolves long-running disputes over the Nevada Gold Mines joint venture. Newmont will inject $1.95 billion in cash within 30 days, and both parties will vend early their excluded properties — Fourmile for Barrick, Mike and Fiberline for Newmont.
That consolidation expands the Nevada complex to roughly 100 million ounces of gold, giving Barrick greater asset flexibility.
What's the endgame? Barrick plans to spin off its North American gold assets in an IPO by year-end, a move Newmont has now consented to. The company frames the listing as a way to surface value for shareholders.
Shareholder returns: Barrick deployed $1.2 billion in share buybacks and set a $0.175 quarterly dividend, lifting total shareholder returns 242% from a year earlier.
Gold production exceeded guidance, aided by a faster-than-expected recovery at Pueblo Viejo and record underground tonnes at Cortez after the Goldrush expansion. The company invested $90 million in safety technology and held its full-year outlook, with a revised capital budget of $3.8 billion to $4.2 billion.
Chief executive officer Mark Hill pointed to "disciplined execution" and the company's high-quality assets.
The signal: Barrick is pairing strong results with structural moves — settling a joint-venture dispute, consolidating a major gold complex, and preparing a spinoff. Together they reshape its portfolio while gold and copper prices support cash generation.
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Image credit: James St. John
