Gold miners are on track to post their strongest earnings in years, buoyed by record-high bullion prices and improving operational stability.
According to LSEG data, leading producers Newmont and Barrick are expected to deliver a combined profit of nearly $3 billion in the third quarter, more than double the $1.4 billion reported a year earlier.
Gold Prices Hit Historic Levels
Gold prices averaged $3,574.95 per ounce during the July–September quarter, a 43.5% jump from the same period last year.
Earlier this month, the precious metal broke through the $4,000-per-ounce threshold for the first time ever, with analysts suggesting it could hit $5,000 in 2026 if current geopolitical tensions persist.
Rising uncertainty around trade policies, renewed Trump-era tariffs, and broader market instability have fueled the rally.
Miners Rewarding Shareholders
Higher profits are translating into larger shareholder returns.
Newmont returned $1 billion to investors last quarter and announced a $3 billion buyback program.
A company spokesperson said Newmont remains “well-positioned to deliver strong returns to shareholders through a predictable common dividend and active share repurchase program.”
Barrick, meanwhile, paid a 15-cent-per-share dividend, including a performance payout, and returned $753 million during the first half of 2025.
RBC Capital Markets analysts said, “We forecast a majority of producers will be in a net cash position as of third quarter. Buyback activity across large-cap producers should continue in Q3, where commentary on this going forward will be of note, given recent share price gains.”
Leadership Changes Draw Attention
Both Barrick and Newmont recently announced CEO transitions that have attracted industry-wide attention.
Barrick’s longtime chief, Mark Bristow, made a surprise exit, prompting speculation about the company’s future direction after it took a $1 billion write-off tied to its Mali operations.
Analysts say the new CEO could reshape Barrick’s strategy regarding key assets, including its Reko Diq project in Pakistan.
Newmont’s leadership change was smoother, with the appointment of Natascha Viljoen, the company’s first female CEO, receiving praise from analysts as a well-anticipated and strategic move.
Outlook for the Sector
Shares of Newmont have surged 132% this year, while Barrick’s stock is up nearly 98%.
Other major players — including Agnico Eagle and Kinross — are set to release earnings in the coming weeks, with investors eager to see whether the gold rally can maintain its momentum into 2026.
With record prices, strong balance sheets, and renewed investor interest, the gold mining industry appears poised for one of its most profitable eras in decades.