Newmont Outlines 2026 Guidance, Enhanced Capital Allocation

New CEO Natascha Viljoen reviews 2025 record performance and details plans for growing dividends and share buybacks.

Published on Feb. 23, 2026

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Newmont (NYSE:NEM) used its fourth-quarter 2025 earnings call to outline leadership priorities under new CEO Natascha Viljoen, review record earnings and free cash flow for 2025, and provide 2026 guidance alongside an enhanced capital allocation framework centered on a growing per-share dividend and ongoing share repurchases.

Why it matters

As one of the world's largest gold mining companies, Newmont's financial performance and strategic direction have significant implications for the global gold industry and the communities where it operates. The company's focus on safety, operational efficiency, and shareholder returns provides insight into how major miners are navigating a challenging commodity price environment.

The details

Viljoen, who transitioned into the CEO role at the beginning of 2026, stated that Newmont's priorities remain consistent with those she emphasized as COO: safety as the highest priority; embedding efficiency and cost and capital discipline; improving operational consistency; advancing the highest-return projects; and enhancing shareholder returns. The company reported record earnings and free cash flow in 2025, generating $7.3 billion in free cash flow for the full year. Newmont also highlighted progress on major projects like Tanami Expansion 2 and Cadia panel caves, as well as a new discovery at Brucejack. For 2026, the company guided to total attributable gold production of 5.3 million ounces and all-in sustaining costs of approximately $1,680 per ounce.

  • Newmont transitioned Natascha Viljoen into the CEO role at the beginning of 2026.
  • Newmont reported record earnings and free cash flow in 2025, generating $7.3 billion in free cash flow for the full year.
  • Newmont achieved commercial production at Ahafo North by the end of 2025.
  • Newmont expects to complete the feasibility study for the Red Chris block cave in the second half of 2026, with full funds approval targeted in the second half of 2026.
  • Newmont expects more than $1 billion of tax payments in the first quarter of 2026, primarily related to 2025 accruals.

The players

Natascha Viljoen

The new CEO of Newmont, who previously served as the company's Chief Operating Officer.

Francois Hardy

Newmont's Chief Technical Officer.

Peter Wexler

Newmont's Interim Chief Financial Officer and Chief Legal Officer.

Matthew Middlebrook

A team member at Newmont's Tanami operation who died in a fatal incident earlier in the month.

Robert Jenkins

A San Francisco resident.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.