Newmont filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $26.61 billion, which rose 23.7% on the year before. That growth rate was down 1.4 percentage points on the rate a quarter earlier.

What stands out

Net income rose 28.6% over the year while free cash flow rose 64.6%. Reported profit and cash are moving at different speeds.

Growth and profit

The trailing net margin was 34.7%. Net income over the twelve months was $9.24 billion, which rose 28.6% on the year before.

Cash flow

Operating cash flow over the twelve months was $13.10 billion, up 42.0% on the year before. Capital spending was $3.02 billion, or 11.4% of revenue. Free cash flow, operating cash flow less capital spending, was $10.07 billion, up 64.6% on the year before. Free cash flow was 37.9% of revenue (the free-cash-flow margin), up 9.4 percentage points from a year earlier. The average diluted share count fell 3.9% over the year.

In context

Today’s free-cash-flow margin of 37.9% is higher than 100% of the company’s own past quarterly readings, which have ranged from 0.5% to 37.8%. Today’s twelve-month revenue growth rate of 23.7% is higher than 61% of the company’s own past quarterly readings, which have ranged from −9.5% to 58.2%.

Guidance

The company raised its 2026E guidance for Gold By-Product CAS: 925. The company gave its Q4 2026E guidance for Gold By-Product CAS: 1250. The company gave its 2026E guidance for Adjusted Tax Rate: 33%. The company gave its 2027 guidance for Development Capital increase vs 2026: $500.0 million.

What it means for value

In our model, growth 5 percentage points lower would lower the value by 23.6%, and 5 percentage points higher would raise it by 30.2%. A free-cash-flow margin 1 percentage point lower would lower it by 2.6%. These sensitivities show how valuation responds to changes in growth and margin assumptions.

Investors will look for updates on capital spending levels to see if the high free-cash-flow margin is sustainable. The report will also clarify how the company is managing its development capital plans relative to its operational output.