While gold has enjoyed a banner 12 months, rising around 65%1, it has been far outpaced by gold mining stock Newmont Corporation. Over the last year, its stock price has climbed by more than 150%2, making the rise in the gold price look underwhelming.
Recently, Newmont posted its fourth quarter and full-year results for 20253, giving investors a glimpse of its performance amid the historic bull market in gold. Here are some highlights from the report, and a look at how the gold mining stock is set up post earnings.
Record Cash Flows in 2025
For 2025, Newmont produced a total of 5.9 million ounces of gold along with 28 million ounces of silver and 135,000 tons of copper. Gold by-product all in sustaining costs (AISC) for the period was $1,358 per ounce.
These production levels and costs led to adjusted net income for the period of $7.6 billion or $6.89 per diluted share. That compares to figures of $3.9 billion and $3.48 for 2024.
Zooming in on cash flow, the company generated $10.3 billion of cash from operating activities and reported an all-time annual record $7.3 billion in free cash flow for the year. The free cash flow figure was up approximately 150% year over year.
Average realized gold price for the year was $3,498 per ounce versus $2,408 per ounce in 2024. Note that in Q4, average realized gold price was $4,216 per ounce, an increase of $677 per ounce on Q3.
On the back of this strong performance, Newmont was able to return $3.4 billion of capital to shareholders through share repurchases and dividend payments in 2025. It also reduced debt by $3.4 billion, ending the year with a net cash position of $2.1 billion, with $7.6 billion in cash and $11.6 billion in total liquidity.
Note that in the full-year results, the company announced an enhanced capital allocation framework. This is designed to maximize total return of capital to shareholders in the years ahead via higher dividends and share repurchases while simultaneously enabling the company to make high-return capital investments for long-term value creation.
Looking ahead, Newmont said that for 2026, it is targeting production of approximately 5.3 million gold ounces. Gold by-product AISC is expected to be $1,680 per ounce, benefitting from profitable production of other metals.
Newmont Stock: The Setup
While Newmont stock has risen significantly over the last 12 months as the price of gold has surged, it could still have room to run. At present, it’s not in “overbought” territory, as its relative strength index (RSI) is below 604. Meanwhile, in terms of valuation, it has a forward-looking price-to-earnings (P/E) ratio of just 13.34 – a multiple well below the market average. Note that the average analyst price target is approximately $1365 – around 10% above the current share price. Given the RSI and the earnings multiple, Newmont could be a stock to watch in 2026, especially if gold prices continue to rally.
Footnotes:
1GoldPrice.org, Gold Price Performance USD, as of February 20, 2026
2Google Finance, as of February 20, 2026
3Newmont, Newmont Reports Fourth Quarter and Full Year 2025 Results, Provides 2026 Guidance, and Announces Enhanced Capital Allocation Framework, as of February 19, 2026
4LSEG, as of February 20, 2026
5Investing.com, Newmont Goldcorp Corp (NEM), as of February 20, 2026
