NYSE$AU
AngloGold Ashanti Ltd-ADR · Q1 2026 earnings
Q1 2026 earnings · · Investor relations
Briefing
AngloGold Ashanti Q1 2026: record $1.17B free cash flow, $2.52 EPS on 724koz gold at $4,863/oz
AngloGold Ashanti delivered record Q1 2026 free cash flow of $1.17 billion, up 190% from $403 million, as gold income reached $3.15 billion on 724,000 ounces produced at an average realized price of $4,863/oz (+69% YoY). Headline earnings rose 187% to $1.29 billion ($2.52 per share) from $447 million ($0.88), with EBITDA up 130% to $2.29 billion. The balance sheet swung to $868 million net cash from $755 million net debt a year earlier. The board declared a record interim dividend of $585 million (116 US cents per share) and proposed a $2.0 billion share repurchase subject to shareholder approval.
- Gold production of 724koz (+1% YoY) with gold income of $3.15B on $4,863/oz average price
- Headline earnings of $1.29B ($2.52/share), up 187% YoY; EBITDA of $2.29B (+130%)
- Record free cash flow of $1.17B; net cash position of $868M vs net debt of $755M prior year
- Interim dividend of $585M (116 cps) plus proposed $2.0B buyback programme
Headline financials
Revenue & EPS history
AngloGold Ashanti · Revenue · Quarterly
$3.15B
Forward guidance
Full-year 2026 guidance unchanged: gold production 2.8-3.17Moz, total cash costs $1,315-$1,430/oz, AISC $1,780-$1,990/oz, and capex $1.825-$1.975B.
Tailwinds
- Strong cash generation supports capital returns and Nevada growth projects
- Arthur Gold PFS shows up to $3.46B NPV at $3,500/oz gold
Headwinds
- Total cash costs rose 14% to $1,391/oz on royalties and inflation
- Fatal contractor incident at Obuasi in April underscores ongoing safety focus
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2026
+1.5%
Avg return
Earnings day
+4.6%
Avg return
5 days after
+7.8%
Avg return
30 days after
59%
32 / 54 earnings
Positive
+14.6%
Q3 2022
Best reaction
-10.3%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +6.8% | +2.1% | — | |
| Q4 2025 | +6.2% | +15.7% | -25.7% | |
| Q2 2025 | +5.1% | +26.0% | +22.5% | |
| Q1 2025 | +6.8% | -4.8% | +9.8% | |
| Q4 2024 | +6.3% | +4.0% | +30.8% | |
| Q3 2024 | +5.4% | -6.2% | -5.0% | |
| Q4 2023 | +8.8% | +4.9% | +10.9% | |
| Q1 2024 | -0.1% | +7.9% | +3.6% | |
| Q2 2023 | +1.1% | +9.7% | -3.1% | |
| Q3 2023 | +1.1% | +9.7% | -3.1% | |
| Q1 2023 | +1.4% | +10.5% | +10.1% | |
| Q4 2022 | +8.3% | +7.6% | +41.2% | |
| Q3 2022 | +14.6% | +27.4% | +46.2% | |
| Q2 2022 | -1.7% | -6.5% | -4.9% | |
| Q1 2022 | +2.2% | -2.0% | -14.7% | |
| Q4 2021 | +0.9% | +2.5% | -13.1% | |
| Q2 2021 | +1.8% | +4.1% | +9.4% | |
| Q1 2021 | +6.2% | +6.1% | -4.9% | |
| Q4 2020 | +12.2% | +10.6% | +8.3% | |
| Q2 2020 | +1.9% | -0.1% | +11.7% | |
| Q1 2020 | -6.6% | -0.8% | +36.0% | |
| Q4 2019 | -10.3% | -16.2% | +33.0% | |
| Q2 2019 | -4.8% | -0.4% | +5.2% | |
| Q1 2019 | -3.2% | +1.9% | -9.9% | |
| Q4 2018 | -1.6% | +1.0% | -4.0% | |
| Q2 2018 | +0.1% | +3.7% | +5.8% | |
| Q4 2017 | +3.5% | +0.7% | -3.1% | |
| Q2 2017 | -3.0% | +0.8% | +3.8% | |
| Q4 2016 | +7.2% | +11.6% | +7.6% | |
| Q2 2016 | +6.4% | +7.4% | +22.4% | |
| Q4 2015 | +10.2% | — | — | |
| Q3 2015 | -1.7% | — | — | |
| Q2 2015 | +8.0% | — | — | |
| Q1 2015 | -1.2% | — | — | |
| Q4 2014 | +4.1% | — | — | |
| Q3 2014 | -1.4% | — | — | |
| Q2 2014 | +2.0% | — | — | |
| Q1 2014 | -1.5% | — | — | |
| Q4 2013 | -5.6% | — | — | |
| Q3 2013 | -7.5% | — | — | |
| Q2 2013 | -7.5% | — | — | |
| Q1 2013 | -1.1% | — | — | |
| Q4 2012 | -0.5% | — | — | |
| Q3 2012 | +6.0% | — | — | |
| Q2 2012 | -1.7% | — | — | |
| Q1 2012 | -1.7% | — | — | |
| Q4 2011 | -4.0% | — | — | |
| Q2 2011 | -3.3% | — | — | |
| Q3 2011 | -3.3% | — | — | |
| Q1 2011 | +3.2% | — | — | |
| Q4 2010 | +0.7% | — | — | |
| Q2 2010 | +0.6% | — | — | |
| Q3 2010 | +0.6% | — | — | |
| Q1 2010 | +6.0% | — | — |
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