Newmont posts record Q1 free cash flow amid rising gold prices and strong buyback plan.

Newmont Corporation, the world's largest gold producer, reported a strong Q1 2026 with revenue of $7.31 billion, a 46% increase year-over-year, and free cash flow of $3.1 billion. The company benefits from a structural gold bull market driven by central bank buying, with gold prices averaging $4,900 per ounce. Newmont's cash margin stood at $3,871 per ounce, and all-in sustaining costs were $1,029 per ounce. The stock trades below $110 but has a fair value estimate of $145, supported by a $6 billion share buyback and a net cash balance sheet. Management expects stable production of 5.3 million ounces in 2026 and conservative cost guidance, with potential upside if commodity prices remain high.