Barrick Reports Full Year and Fourth Quarter 2025 Results

Executive Summary

• Barrick reported record Q4 2025 financials with $6.00B in revenue, $2.73B in operating cash flow, and $1.62B in free cash flow, alongside net earnings per share of $1.43. Full-year 2025 revenue reached $16.96B with net earnings of $4.99B ($2.93/share).
• The Board approved a new dividend policy targeting a 50% payout of attributable free cash flow, featuring a $0.175/share base quarterly dividend plus a performance top-up, and declared a $0.42/share Q4 dividend (a 140% increase over Q3). Total 2025 shareholder returns reached $2.39B, including $1.50B in share repurchases.
• The Board authorized preparations for an IPO of Barrick’s North American gold assets ("NewCo"), expected by late 2026, which will hold Nevada Gold Mines, Pueblo Viejo, and Fourmile. 2026 production guidance is set at 2.90–3.25M oz of gold and 190,000–220,000 tonnes of copper.

Key Details

• Q4 2025 Financials: Revenue of $6.00B (up 45% QoQ); Operating cash flow of $2.73B; Free cash flow of $1.62B; Net earnings of $2.41B ($1.43/share); Adjusted net earnings of $1.75B ($1.04/share).
• Full-Year 2025 Financials: Revenue of $16.96B (up 31% YoY); Operating cash flow of $7.69B; Free cash flow of $3.87B; Net earnings of $4.99B ($2.93/share); Adjusted net earnings of $4.14B ($2.42/share). Year-end cash balance of $6.71B (up 65% YoY).
• Q4 2025 Production & Costs: Gold production of 871,000 oz (up 5% QoQ) with COS of $1,904/oz, TCC of $1,205/oz, and AISC of $1,581/oz. Copper production of 62,000 tonnes (up 13% QoQ) with COS of $3.37/lb, C1 cash costs of $2.45/lb, and AISC of $3.61/lb.
• Full-Year 2025 Production & Costs: Gold production of 3.26M oz (down 17% YoY) with COS of $1,697/oz, TCC of $1,199/oz, and AISC of $1,637/oz. Copper production of 220,000 tonnes (up 13% YoY) with COS of $2.91/lb, C1 cash costs of $2.14/lb, and AISC of $3.20/lb.
• Dividend & Capital Allocation: Q4 dividend declared at $0.42/share (140% increase over Q3). New annual dividend policy targets 50% of attributable FCF, structured as a $0.175/share base quarterly dividend plus a year-end performance top-up. 2025 share repurchases totaled $1.50B (~3.0% of shares), including $500M in Q4. Total 2025 shareholder returns: $2.39B.
• North America Gold IPO: Board authorized management to prepare for an IPO of "NewCo" (expected late 2026) to maximize shareholder value. NewCo will hold NGM JV, Pueblo Viejo, and Fourmile. Barrick will retain a significant controlling interest post-IPO.
• Asset Divestitures: Sales of Hemlo and Tongon closed in Q4. Total non-core asset sales proceeds for 2025 reached $2.6B (including Donlin and Alturas).
• Fourmile Project (Nevada): Gold resource doubled for the second consecutive year: 2.6M oz indicated (4.6M tonnes at 17.59 g/t) and 13M oz inferred (25M tonnes at 16.9 g/t). 2026 drilling spend expected to increase to $150–160M. Bullion Hill Decline access progressing, with development planned to begin Q4 2026.
• Other Project Updates: Lumwana expansion slightly ahead of schedule with 2026 mining fleet deliveries underway. Pueblo Viejo expansion on track (300+ families moved to Nuevos Horizontes, tailings facility construction ongoing). Reko Diq site works advancing, though management is reviewing all aspects following increased security incidents.
• 2026 Guidance: Gold production 2.90–3.25M oz; COS $1,870–2,070/oz; TCC $1,330–1,470/oz; AISC $1,760–1,950/oz (based on $4,500/oz gold price assumption). Copper production 190,000–220,000 tonnes; COS $3.05–3.35/lb; C1 $2.20–2.45/lb; AISC $3.45–3.75/lb (based on $5.50/lb copper price assumption).
• Reserves & Resources (as of Dec 31, 2025): Gold P&P reserves: 85M oz (0.98 g/t). Gold Measured/Indicated resources: 150M oz (1.01 g/t); Inferred: 43M oz (1.0 g/t). Copper P&P reserves: 18M tonnes (0.46%). Copper Measured/Indicated resources: 24M tonnes (0.39%); Inferred: 4.2M tonnes (0.3%).
• Safety: Two colleague fatalities reported in Q4 (Bulyanhulu on Oct 21, 2025; Kibali on Dec 15, 2025). Full investigations conducted and safety protocols emphasized.

Notable Quotes

• “We reported record quarterly cash flow, delivered on our gold and copper production guidance, and successfully executed our 2025 operating plan. These achievements contributed to record adjusted net earnings per share in 2025 and the highest shareholder returns in this company’s history. On the back of this financial strength, the Board approved a further 40% increase to our quarterly base dividend and a dividend framework to allow shareholders to further participate in our performance.” — Mark Hill, President and CEO
• “As we progress towards an IPO of our North America business to maximize value, we remain steadfast in our focus on operational performance and improving safety. By maintaining a collaborative culture and operational rigor, we are well-positioned to carry our current momentum forward and continue unlocking value from our premier asset portfolio in 2026.” — Mark Hill, President and CEO