NYSE$B
Barrick Mining Corp · Q3 2026 earnings
Q3 2026 earnings · · Investor relations
Briefing
Barrick beats Q1 gold production guidance as higher prices drive 256% EPS growth
Barrick Mining reported strong first-quarter 2026 results on May 11, with gold production of 719,000 ounces exceeding its 640,000–680,000 ounce guidance and copper output of 49,000 tonnes in line with plan. Revenue rose 67% year-over-year to $5.22 billion, while net earnings jumped to $1.60 billion ($0.96 per share) from $474 million ($0.27) a year ago; adjusted EPS was $0.98. Operating cash flow surged 111% to $2.55 billion and attributable free cash flow nearly tripled to $1.21 billion, helped by higher realized gold prices and better-than-planned unit costs. Management reaffirmed full-year 2026 production and cost guidance, declared a $0.175 quarterly dividend, and authorized a new $3.0 billion share repurchase program while progressing the North American Barrick IPO.
- Gold production of 719,000 oz beat Q1 guidance of 640,000–680,000 oz; copper production was 49,000 tonnes, up 11% year-over-year.
- Revenue reached $5.22B (+67% YoY) and net earnings were $1.60B ($0.96 EPS); adjusted EPS of $0.98 rose 180% from Q1 2025.
- Operating cash flow of $2.55B (+111%) and attributable free cash flow of $1.21B (+195%) reflected stronger prices and cost control.
- Gold AISC of $1,708/oz was down 4% YoY and below plan; Q2 gold production guidance is 730,000–770,000 oz with full-year guidance unchanged.
- Board declared a $0.175/share dividend and approved up to $3.0B in share repurchases; North American Barrick IPO remains on track for year-end 2026.
Headline financials
Revenue & EPS history
Barrick · Revenue · Quarterly
$10.4B
Forward guidance
Barrick reaffirmed 2026 gold production guidance of 2.90–3.25 million ounces and expects Q2 output of 730,000–770,000 oz, increasing through Q3 and Q4. Full-year gold cost guidance remains COS $1,870–$2,070/oz, TCC $1,330–$1,470/oz, and AISC $1,760–$1,950/oz. Copper production guidance is unchanged at 190,000–220,000 tonnes.
Tailwinds
- Sequential production ramp expected through 2026 with Q2 gold output guided at 730,000–770,000 oz.
- Lumwana Super Pit Expansion on budget; Fourmile drilling accelerated through 2026.
- North American Barrick IPO targeted for completion by year-end 2026.
Headwinds
- Gold unit costs rose year-over-year due to higher royalties, mix, and inflation despite beating internal plans.
- Copper AISC of $3.67/lb was up 20% YoY on royalties and higher site operating costs.
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 Q3 2026
+0.1%
Avg return
Earnings day
-0.0%
Avg return
5 days after
-0.4%
Avg return
30 days after
46%
30 / 65 earnings
Positive
+12.3%
Q4 2021
Best reaction
-12.1%
Q4 2013
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q3 2026 | +9.0% | -5.9% | — | |
| Q2 2026 | -7.2% | -0.9% | -4.1% | |
| Q1 2026 | +1.7% | +14.7% | +26.1% | |
| Q2 2025 | -2.6% | +2.9% | +25.8% | |
| Q1 2025 | +0.9% | -5.2% | +3.1% | |
| Q3 2024 | -0.2% | -7.7% | -9.0% | |
| Q2 2024 | +9.9% | +13.2% | +13.5% | |
| Q1 2024 | -0.5% | +0.2% | +2.7% | |
| Q3 2023 | +2.8% | -1.7% | +10.6% | |
| Q2 2023 | -0.1% | +2.5% | -4.3% | |
| Q1 2023 | +3.2% | +0.3% | -12.5% | |
| Q4 2022 | -4.8% | -6.0% | +1.7% | |
| Q3 2022 | -1.0% | +8.9% | +18.4% | |
| Q2 2022 | +5.4% | +7.3% | -1.5% | |
| Q1 2022 | +0.7% | -4.1% | -7.7% | |
| Q4 2021 | +12.3% | +11.9% | +15.4% | |
| Q3 2021 | +5.3% | +5.4% | -2.1% | |
| Q2 2021 | -4.6% | -2.5% | -4.5% | |
| Q1 2021 | +7.0% | +8.7% | +6.6% | |
| Q4 2020 | -5.0% | -3.2% | +0.6% | |
| Q3 2020 | +5.3% | -5.4% | -14.3% | |
| Q2 2020 | -9.1% | -6.5% | +5.5% | |
| Q1 2020 | -3.3% | -7.7% | -17.4% | |
| Q4 2019 | +2.7% | +6.9% | -15.0% | |
| Q3 2019 | -1.1% | -1.0% | +2.1% | |
| Q2 2019 | -0.2% | +1.4% | -4.4% | |
| Q1 2019 | -2.8% | -3.2% | +6.4% | |
| Q3 2018 | -1.7% | -2.3% | +1.2% | |
| Q2 2018 | -0.8% | -4.7% | -8.0% | |
| Q1 2018 | +1.4% | -1.1% | -2.3% | |
| Q4 2017 | -1.8% | -4.9% | -14.8% | |
| Q3 2017 | -1.5% | -1.6% | -1.1% | |
| Q2 2017 | -3.1% | -3.7% | +5.7% | |
| Q1 2017 | -0.4% | +0.4% | -0.1% | |
| Q4 2016 | +2.1% | +3.0% | -5.9% | |
| Q3 2016 | +0.7% | -5.5% | -13.7% | |
| Q2 2016 | -5.3% | -4.1% | -19.0% | |
| Q1 2016 | -2.8% | — | — | |
| Q4 2015 | -3.6% | — | — | |
| Q3 2015 | -6.9% | — | — | |
| Q2 2015 | +7.6% | — | — | |
| Q1 2015 | +1.0% | — | — | |
| Q4 2014 | -1.2% | — | — | |
| Q3 2014 | -0.2% | — | — | |
| Q2 2014 | -0.4% | — | — | |
| Q1 2014 | +1.3% | — | — | |
| Q3 2013 | -0.7% | — | — | |
| Q4 2013 | -12.1% | — | — | |
| Q2 2013 | +6.5% | — | — | |
| Q2 2012 | -1.9% | — | — | |
| Q1 2013 | -2.8% | — | — | |
| Q4 2012 | -4.4% | — | — | |
| Q3 2012 | +1.0% | — | — | |
| Q1 2012 | +0.6% | — | — | |
| Q4 2011 | +2.1% | — | — | |
| Q3 2011 | -0.3% | — | — | |
| Q2 2011 | +0.3% | — | — | |
| Q4 2007 | -0.5% | — | — | |
| Q4 2010 | -0.5% | — | — | |
| Q1 2011 | +1.7% | — | — | |
| Q3 2010 | +1.0% | — | — | |
| Q2 2010 | +3.3% | — | — | |
| Q1 2010 | +3.3% | — | — | |
| Q4 2009 | +0.9% | — | — | |
| Q4 2008 | +0.9% | — | — |
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