Barrick Gold reported record quarterly net earnings of $2.41 billion, or $1.43 per share, with adjusted earnings at $1.04 per share, beating expectations. Gold production rose 5% sequentially to 871,000 ounces, while copper output increased 13% to 62,000 tonnes. Revenue hit $6 billion, up 31% year-over-year, driven by elevated metal prices. Full-year 2025 gold production met guidance at 3.26 million ounces despite a 17% decline from 2024. The company announced a boosted dividend of $0.42 per share, expanded share buybacks, and plans for an IPO of North American gold assets. 2026 guidance projects slightly lower gold output at 2.90-3.25 million ounces.
Barrick Gold wrapped up 2025 with a standout fourth quarter, showcasing robust financial metrics fueled by operational improvements and favorable market conditions. The company’s gold segment delivered 871,000 ounces in Q4, marking a 5% increase from the third quarter and contributing to a full-year total of 3.26 million ounces. This annual figure aligned precisely with the company’s guidance range, even as it represented a 17% drop from 2024 levels due to planned mine sequencing and temporary disruptions at key sites.
Copper production also gained momentum, reaching 62,000 tonnes in the quarter—a 13% sequential uptick. This performance helped push full-year copper output to within the targeted 180,000-210,000 tonnes, underscoring Barrick’s ability to navigate supply chain challenges and geopolitical factors in regions like Africa and South America.
Financially, Q4 revenue climbed to $6 billion, reflecting a 31% year-over-year growth and a 45% jump from Q3. The surge was largely attributable to higher realized prices for both gold and copper. Gold averaged $2,650 per ounce in the quarter, benefiting from sustained demand amid economic uncertainties and central bank purchases. Copper prices hovered around $4.50 per pound, supported by industrial recovery in manufacturing sectors.
Net earnings soared to $2.41 billion, or $1.43 per share, setting a new quarterly record and rising 88% from Q3. Adjusted net earnings, excluding one-time items such as acquisition gains and settlements, came in at $1.75 billion, or $1.04 per share—79% higher than the prior quarter and surpassing analyst forecasts of $0.87 per share. Operating cash flow reached $2.73 billion, up 13% sequentially, while free cash flow hit $1.62 billion, a 9% improvement.
For the full year, revenue totaled $16.96 billion, with free cash flow nearly tripling from 2024. Annual net profit stood at $4.99 billion, or $2.93 per share, highlighting Barrick’s resilience in a volatile commodity environment.
Key Operational Highlights
Barrick’s Nevada Gold Mines (NGM) joint venture with Newmont remained a cornerstone, producing over 1.8 million ounces annually and driving much of the Q4 uplift. The Carlin and Cortez operations saw enhanced throughput following equipment upgrades, while the Turquoise Ridge mine benefited from optimized underground development.
In Africa, the Loulo-Gounkoto complex in Mali regained full operational control after a government settlement, contributing significantly to Q4 output. Production there ramped up to 150,000 ounces, with all-in sustaining costs (AISC) holding steady at $1,200 per ounce despite inflationary pressures on fuel and labor.
The Pueblo Viejo mine in the Dominican Republic delivered 120,000 ounces in Q4, aided by plant expansions that increased processing capacity by 15%. Meanwhile, the Lumwana copper mine in Zambia boosted output to 30,000 tonnes, with ongoing Super Pit development poised to double capacity by 2028.
Challenges persisted at some assets, including the Porgera mine in Papua New Guinea, where production was curtailed by tribal disputes, resulting in only 50,000 ounces for the quarter. However, resolution efforts have stabilized operations heading into 2026.
Cost Management and Efficiency
All-in sustaining costs for gold rose to $1,450 per ounce in Q4, up 5% from Q3 due to higher royalties tied to elevated prices and increased consumable expenses. Copper AISC stood at $3.20 per pound, reflecting investments in fleet maintenance and exploration.
Barrick implemented cost-saving measures, including digital twinning at major sites to optimize energy use, reducing overall operating expenses by 3% year-over-year. Capital expenditures for the quarter totaled $1.1 billion, focused on sustaining projects like the Goldrush ramp-up in Nevada and the Reko Diq feasibility study in Pakistan.
Reserves and Resources Update
Barrick bolstered its reserve base significantly in 2025. As of December 31, proven and probable gold reserves increased to 85 million ounces, up from 76 million ounces in 2024, driven by successful exploration at Fourmile in Nevada, where resources doubled to 4 million ounces.
Copper reserves grew to 20 million tonnes, supported by expansions at Lumwana and Zaldivar in Chile. The company emphasized organic growth, with over 80% of reserve additions coming from internal discoveries rather than acquisitions.
Strategic Initiatives and Capital Returns
| Category | Gold Reserves (million ounces) | Copper Reserves (million tonnes) |
|---|---|---|
| Proven | 17 | 2.0 |
| Probable | 68 | 18 |
| Total | 85 | 20 |
In a move to unlock shareholder value, Barrick announced plans to pursue an initial public offering (IPO) for its North American gold assets, potentially separating NGM and other U.S.-based operations. This restructuring aims to highlight the premium value of these Tier 1 assets, with preparations advancing for a listing in late 2026.
The board approved a new dividend framework targeting 50% payout of attributable free cash flow, resulting in a Q4 dividend of $0.42 per share—a 40% increase from the base rate. Additionally, share buybacks were expanded to $1.5 billion, representing about 3% of outstanding shares.
Outlook for 2026
Barrick provided guidance for 2026, projecting gold production between 2.90 million and 3.25 million ounces, slightly below 2025 levels due to mine transitions at Veladero and Hemlo. Copper output is expected at 190,000-220,000 tonnes, with growth anticipated from Lumwana expansions.
Gold AISC is forecasted at $1,400-$1,500 per ounce, while copper AISC ranges from $3.00-$3.40 per pound. Capital expenditures are budgeted at $3.5-$4.0 billion, with a focus on high-return projects like the Pueblo Viejo plant expansion and the Fourmile development.
The company anticipates continued price support for gold amid geopolitical tensions and inflation hedging, while copper demand could strengthen from electric vehicle and renewable energy sectors.
Financial Metrics Breakdown
Barrick’s balance sheet remains strong, with net debt reduced to $2.5 billion and liquidity exceeding $8 billion. Return on capital employed improved to 15%, reflecting efficient asset utilization.
Sustainability and Community Impact
| Metric | Q4 2025 | Q3 2025 | Change (%) | Full Year 2025 |
|---|---|---|---|---|
| Revenue ($B) | 6.00 | 4.15 | +45 | 16.96 |
| Net Earnings ($B) | 2.41 | 1.30 | +85 | 4.99 |
| Adj. Net Earnings ($B) | 1.75 | 0.98 | +79 | 4.20 |
| Op. Cash Flow ($B) | 2.73 | 2.42 | +13 | 8.50 |
| Free Cash Flow ($B) | 1.62 | 1.49 | +9 | 4.80 |
| Gold Prod. (k oz) | 871 | 829 | +5 | 3,260 |
| Copper Prod. (k t) | 62 | 55 | +13 | 195 |
Barrick advanced its ESG commitments, achieving zero fatalities for the second consecutive year and reducing greenhouse gas emissions by 10% through renewable energy integrations at NGM. Community investments topped $200 million, funding education and infrastructure in host countries.
The company resolved legacy disputes, including a $500 million settlement with the Mali government, paving the way for stable operations at Loulo-Gounkoto.
Market Positioning
With a diversified portfolio spanning 15 operating mines across five continents, Barrick maintains its status as one of the world’s largest gold producers. The emphasis on Tier 1 assets—those with low costs and long lives—positions the company to capitalize on sustained high metal prices.
Analysts note that Barrick’s strategic divestitures, such as the sale of Hemlo and Tongon interests, generated $1.1 billion in gains, further strengthening the focus on high-margin operations.
Disclaimer: This article is for informational purposes only and does not constitute financial advice, investment recommendations, or an endorsement of any securities. Readers should conduct their own research and consult with qualified professionals before making any investment decisions. The information presented is based on publicly available data and may contain inaccuracies or omissions.
