ABX Q2 2026 - Preliminary Earnings Alert

Event: Quartr Q2 2026 event Retrieved: 2026-08-10T23:28:00Z Comparison mode: maximal Scorecard contract: v1 Source status: release=available (earnings release 3688102, 15 pages; MD&A 3997297 and slides 3995303 not read) | financials=earnings release only | transcript=available and complete (call 2026-08-10 15:00Z)

Consensus scorecard

• Consensus scorecard, bulleted equivalent:
  • Revenue / consolidated total revenue, consensus taken from the NYSE listing B: Quartr actual $5,292m against API Ninjas consensus $5,096.689m - Beat +$195.311m, +3.8%.
  • EPS / adjusted net earnings per share (basic), consensus taken from the NYSE listing B: Quartr actual $0.82 against API Ninjas consensus $0.81 - Beat +$0.01, +1.2%.

Reported results and guidance

• Financial results, bulleted equivalent (Q2 2026 vs Q2 2025, with Q1 2026 in brackets): revenues $5,292m vs $3,681m, +44% [$5,218m, +1%]; cost of sales $2,395m vs $1,878m, +28% [$2,099m]; net earnings attributable to equity holders $1,217m vs $811m, +50% [$1,602m, −24%]; adjusted net earnings $1,363m vs $800m, +70% [$1,648m]; attributable adjusted EBITDA $2,545m vs $1,690m, +51% [$2,761m] at a 60% margin against 55% [66%]; minesite sustaining capital expenditures $500m vs $479m [$380m]; project capital expenditures $654m vs $439m, +49% [$570m]; total consolidated capital expenditures $1,189m vs $934m [$979m], which includes capitalized interest of $35m against $16m [$29m]; total attributable capital expenditures $978m vs $717m [$755m]; net cash provided by operating activities $1,704m vs $1,329m, +28% [$2,554m, −33%] at a 32% margin against 36% [49%]; attributable operating cash flow $1,119m vs $929m [$1,968m]; free cash flow $515m vs $395m [$1,575m]; attributable free cash flow $141m vs $212m, −33% [$1,213m, −88%]; net earnings per share basic and diluted $0.73 vs $0.47 [$0.96]; adjusted net earnings per share $0.82 vs $0.47 [$0.98]; weighted average diluted shares 1,666m vs 1,716m [1,675m]; debt $4,682m vs $4,729m [$4,726m]; cash and equivalents $5,927m vs $4,802m [$7,131m]; net cash position $(1,245)m against $(73)m [$(2,405)m]. For the six months, revenues were $10,510m vs $6,811m (+54%), net earnings $2,819m vs $1,285m (+119%), adjusted net earnings $3,011m vs $1,403m (+115%), attributable adjusted EBITDA $5,306m vs $3,051m (+74%), operating cash flow $4,258m vs $2,541m (+68%), attributable free cash flow $1,354m vs $435m (+211%), net EPS $1.69 vs $0.75 and adjusted net EPS $1.80 vs $0.82.

• Operating results, bulleted equivalent (Q2 2026 vs Q2 2025, Q1 2026 in brackets): gold production 796koz vs 797koz, flat [719koz, +11% sequentially], against guidance of 730-770koz for the quarter; gold sold 801koz vs 770koz [748koz]; market gold price $4,506/oz vs $3,280/oz [$4,873/oz] and realized gold price $4,417/oz vs $3,295/oz, +34% [$4,823/oz, −8%]; gold cost of sales $1,993/oz vs $1,654/oz [$1,922/oz]; gold total cash costs $1,426/oz vs $1,239/oz [$1,327/oz]; gold all-in sustaining costs $1,866/oz vs $1,684/oz, +11% [$1,708/oz]; gold revenue $3,612m vs $2,575m [$3,683m]; gold attributable adjusted EBITDA $2,168m vs $1,424m [$2,481m]. Copper production 56kt vs 59kt, −5% [49kt]; copper sold 54kt vs 54kt [45kt]; market copper price $6.05/lb vs $4.32/lb [$5.83/lb] and realized copper price $6.15/lb vs $4.36/lb [$5.79/lb]; copper cost of sales $3.39/lb vs $2.56/lb, +32% [$3.41/lb]; copper C1 cash costs $2.47/lb vs $1.80/lb, +37% [$2.57/lb]; copper all-in sustaining costs $3.95/lb vs $2.90/lb, +36% [$3.67/lb]; copper revenue $697m vs $484m [$557m]; copper attributable adjusted EBITDA $377m vs $266m [$280m]. For the six months, gold production was 1,515koz vs 1,555koz (−3%) at AISC of $1,790/oz vs $1,728/oz, and copper production was 105kt vs 103kt (+2%) at AISC of $3.82/lb vs $2.98/lb.

• Regional results, bulleted equivalent (Q2 2026, attributable, with Q2 2025 and six-month 2026 where shown): North America produced 494koz against 508koz a year earlier and 951koz for the half, sold 494koz, at cost of sales $1,900/oz, total cash costs $1,330/oz and AISC $1,729/oz, generating revenue of $2,234m and attributable adjusted EBITDA of $1,352m, against 2026 guidance of 1,770-1,980koz at COS $1,820-$2,010/oz, TCC $1,270-$1,410/oz and AISC $1,690-$1,870/oz. South America & Asia Pacific produced 59koz against 85koz and 133koz for the half, sold 68koz, at COS $2,031/oz, TCC $1,247/oz and AISC $1,597/oz, generating revenue of $317m and attributable adjusted EBITDA of $197m, against guidance of 630-730koz at COS $1,490-$1,590/oz, TCC $940-$1,020/oz and AISC $1,430-$1,530/oz. Africa & Middle East produced 243koz against 204koz and 431koz for the half, sold 239koz, at COS $2,175/oz, TCC $1,662/oz and AISC $2,039/oz, generating revenue of $1,061m and attributable adjusted EBITDA of $619m, against guidance of 820-910koz at COS $1,420-$1,520/oz, TCC $1,060-$1,140/oz and AISC $1,360-$1,460/oz. The three regions sum to total gold production of 796koz, gold sold of 801koz, gold revenue of $3,612m and gold attributable adjusted EBITDA of $2,168m.

• Guidance, bulleted equivalent: full-year 2026 production and cost guidance is unchanged, with attributable gold production of 2.90-3.25 million ounces at cost of sales of $1,870-$2,070/oz, total cash costs of $1,330-$1,470/oz and AISC of $1,760-$1,950/oz on a $4,500/oz gold price assumption, and attributable copper production of 190,000-220,000 tonnes at cost of sales of $3.05-$3.35/lb, C1 cash costs of $2.20-$2.45/lb and AISC of $3.45-$3.75/lb on a $5.50/lb copper price assumption. Cost guidance assumes a WTI oil price of $70 per barrel; the company states that every $10 per barrel change in oil affects diesel-related costs by $12/oz across gold operations and $0.04/lb across copper sites. Total attributable capital expenditure was reduced to $3.8bn-$4.2bn from $4.0bn-$4.45bn, which the company attributes primarily to decreased spending at the Reko Diq project. A quarterly dividend of $0.175 per share was declared, payable September 15, 2026 to holders of record August 31, 2026, under a policy targeting a 50% annualized payout of attributable free cash flow comprising the fixed $0.175 base plus a year-end performance top-up. The company also states that all milestones have been achieved to complete the North American IPO by year end, that Mark Hill will be CEO of the new company upon separation, and that the new entity is expected to include Nevada Gold Mines, Pueblo Viejo, the Fourmile project and all other North American exploration properties.

Key bullish aspects

• Revenue of $5,292m beat the API Ninjas consensus of $5,096.689m by $195.311m, or 3.8%, and adjusted net earnings per share of $0.82 beat the $0.81 consensus by $0.01, or 1.2%.
• Gold production of 796,000 attributable ounces exceeded the company's own quarterly guidance range of 730,000-770,000 ounces, driven by the ahead-of-schedule Loulo-Gounkoto restart, faster-than-expected Pueblo Viejo recovery after Q1 maintenance, and record underground tonnes at Cortez as Goldrush ramps.
• Net earnings rose 50% year over year to $1,217m and adjusted net earnings rose 70% to $1,363m; net EPS rose 55% to $0.73 and adjusted net EPS rose 74% to $0.82, with the EPS growth outpacing earnings growth because the diluted share count fell 3%.
• Attributable adjusted EBITDA rose 51% to $2,545m at a 60% margin against 55% a year earlier.
• Operating cash flow rose 28% year over year to $1,704m and free cash flow rose 30% to $515m.
• Realized gold price rose 34% to $4,417/oz and realized copper price rose 41% to $6.15/lb.
• Full-year production and cost guidance was maintained on every gold and copper metric, and total attributable capital expenditure guidance was reduced to $3.8bn-$4.2bn from $4.0bn-$4.45bn.
• Shareholder returns rose 242% year over year to $1.50bn, comprising $1.209bn of buybacks under the $3.0bn program and the $0.175 quarterly dividend.
• The balance sheet remains net cash at $(1,245)m, with $5,927m of cash against $4,682m of debt, and cash is up 23% year over year.
• Six-month results are materially stronger than the prior year across the board: revenue +54%, net earnings +119%, adjusted net earnings +115%, attributable adjusted EBITDA +74%, operating cash flow +68% and attributable free cash flow +211%.
• The North American IPO is stated to have achieved all milestones for completion by year end, with a named CEO, and the copper growth pipeline is on schedule with Lumwana Super Pit first copper targeted for end of Q1 2028.

Key bearish aspects

• Attributable free cash flow, the measure the dividend policy is explicitly built on, fell 33% year over year to $141m and 88% sequentially from $1,213m. The company returned $1.50bn to shareholders in the quarter against that $141m.
• Cash fell $1,204m sequentially to $5,927m from $7,131m, and the net cash position narrowed to $(1,245)m from $(2,405)m at March 31, 2026.
• Every sequential comparison deteriorated: net earnings −24%, adjusted net earnings −17%, attributable adjusted EBITDA −8%, operating cash flow −33%, attributable operating cash flow −43% and free cash flow −67%, on revenue that was up only 1%.
• Gold production of 796koz was flat against 797koz a year earlier, and six-month production of 1,515koz is down 3% against 1,555koz. The entire earnings increase came from price, not volume.
• Africa & Middle East AISC of $2,039/oz is far above that region's full-year guidance range of $1,360-$1,460/oz, and its six-month AISC of $1,944/oz is also well above it. Its cost of sales of $2,175/oz is likewise above the $1,420-$1,520/oz guide.
• South America & Asia Pacific produced only 59koz in the quarter and 133koz for the half against full-year guidance of 630-730koz, and its cost of sales of $2,031/oz is far above the $1,490-$1,590/oz guide.
• Gold unit costs rose across the board: cost of sales +20% to $1,993/oz, total cash costs +15% to $1,426/oz and AISC +11% to $1,866/oz, attributed to lower grades at Carlin, Cortez and North Mara, higher fuel costs and higher royalties.
• Copper unit costs rose faster still: cost of sales +32%, C1 cash costs +37% and AISC +36%, with copper AISC of $3.95/lb above the $3.45-$3.75/lb full-year guide.
• Copper production fell 5% year over year to 56kt, and six-month copper sold fell 6% to 99kt.
• The operating cash flow margin fell to 32% from 36% a year earlier and from 49% in Q1, despite a 34% higher realized gold price.
• Project capital expenditures rose 49% year over year to $654m and total attributable capital expenditure rose 36% to $978m, so the capital expenditure guidance reduction is a cut to planned spend rather than evidence of lower current spending.
• Adjusted net earnings of $1,363m exceed net earnings of $1,217m by $146m; the composition of that $146m of adjusting items is not itemized on the pages read.
• Realized gold price fell 8% sequentially to $4,417/oz from $4,823/oz while gold AISC rose 9% to $1,866/oz, compressing the unit margin.

Key uncertainties

• Full-year gold production guidance of 2,900-3,250koz requires 1,385-1,735koz in the second half against 1,515koz produced in the first, so the top of the range implies a 15% half-on-half increase while the bottom implies a decline. The release states the company is on track but does not phase the remaining volume.
• The Africa & Middle East region's AISC of $2,039/oz against a $1,360-$1,460/oz full-year guide implies a very large second-half cost reduction for consolidated guidance to hold. The release does not explain how that gap closes.
• South America & Asia Pacific has produced 133koz of a 630-730koz full-year guide, which implies roughly 500-600koz in the second half against 133koz in the first. The release does not identify the assets or restarts that deliver it.
• The dividend policy targets 50% of attributable free cash flow on an annualized basis, but attributable free cash flow of $141m in the quarter was far below the $1.50bn returned. Whether the year-end performance top-up absorbs this or the buyback pace slows is not addressed.
• Cost guidance is anchored to $4,500/oz gold, $5.50/lb copper and $70/bbl WTI. The quarter's market gold price was $4,506/oz and copper $6.05/lb, both at or above assumption, so the royalty component of costs is already running above the guidance basis; the release quantifies only the oil sensitivity.
• The North American IPO is stated as expected by end of 2026 subject to market conditions and approvals, and the release notes Barrick is free to proceed unilaterally while working with its joint venture partner. Neither the size of the minority stake, the valuation, nor the resolution with the joint venture partner is disclosed.
• Total attributable capital expenditure guidance was reduced primarily on decreased Reko Diq spending; the release does not state whether the Reko Diq schedule changed or only the timing of spend.
• The $146m difference between net earnings and adjusted net earnings is not itemized on the pages read, so the nature of the adjustments in the quarter is unresolved.
• Gold and copper segment revenue of $3,612m and $697m are presented on an attributable basis and sum to $4,309m against consolidated revenue of $5,292m, leaving $983m not attributed to either commodity line in the tables read; the release does not bridge that difference on the pages read.
• The Fourmile prefeasibility study is targeted for 2028 and the Pueblo Viejo Naranjo starter dam permit for Q1 2027; neither project has disclosed capital cost or production contribution in this release.

Market context

• API Ninjas price snapshot for the NYSE listing B: $40.91 with volume of 27,613,353, timestamped 2026-08-10T22:51:14Z. That is after the 20:00Z regular-session close on the day of the release. It is a single quote from one source, not an exchange-official close and not a measured intraday reaction, so no percentage move is characterized here. No snapshot is shown for the TSX listing ABX.
• The release was published pre-market on August 10, 2026; the Quartr source PDF carries a 2026-08-10 10:17:13 timestamp, and the Quartr event record shows the report expected at 10:00Z ahead of the 15:00Z (11:00 a.m. Eastern) webcast.

Source limitations

• Every displayed actual comes from Quartr earnings release document 3688102. The Financial and Operating Highlights table (page 5) and the Regional Summary and 2026 Guidance table (page 6) were read directly, along with the narrative on pages 1 through 4 and the non-GAAP endnote on page 7. Pages 8 through 15, which contain the remaining non-GAAP reconciliation tables, were not read. The accompanying MD&A document 3997297 and slides 3995303 attached to this event were not read.
• The source PDF renders both large tables in a merged layout in which the eight column headers separate from their data rows. Column assignment was verified by internal footing rather than by position alone. Quarterly figures sum to the six-month figures on every additive line: revenues $5,292m plus $5,218m equals $10,510m; cost of sales, net earnings, adjusted net earnings, attributable adjusted EBITDA, both capital expenditure lines, operating cash flow, attributable operating cash flow, free cash flow and attributable free cash flow all foot the same way. Derived relationships also hold: total consolidated capital expenditure equals minesite sustaining plus project capital plus the disclosed capitalized interest in all three quarters ($500m + $654m + $35m = $1,189m; $380m + $570m + $29m = $979m; $479m + $439m + $16m = $934m); free cash flow equals operating cash flow less total consolidated capital expenditure ($1,704m − $1,189m = $515m); attributable free cash flow equals attributable operating cash flow less total attributable capital expenditure ($1,119m − $978m = $141m); debt net of cash equals debt less cash in all three columns; the operating cash flow margin of 32% equals $1,704m over $5,292m; and EPS reconciles to earnings over shares ($1,217m / 1,666m = $0.73; $1,363m / 1,666m = $0.82; $811m / 1,716m = $0.47). In the regional table, the three regions sum to the total gold line for production, ounces sold, revenue and attributable adjusted EBITDA in all five columns.
• API Ninjas supplied only the consensus estimates. The row used is dated 2026-08-10, matching the Quartr event date exactly. It carries no fiscal_year or fiscal_quarter, so the exact ticker-and-date path was used, which is the expected release-day behavior.
• LISTING AND CONFIGURATION NOTE FOR THE HUMAN OPERATOR: the Quartr primary ticker for this issuer is ABX, its Toronto listing. API Ninjas does carry a row literally keyed to "ABX", but that row belongs to a different and far smaller issuer - it shows Q2 2026 revenue of $73.0m and EPS of $0.28 against Barrick's $5,292m and $0.82, and it is dated 2026-08-06, four days from the Quartr event date and therefore outside even the maximal-mode three-day drift tolerance. It was rejected on both grounds and none of its figures appear anywhere in this report. The consensus shown above comes instead from the API Ninjas row for "B", Barrick's New York listing. The identity is established by the release document itself, which states that Barrick shares trade on the New York Stock Exchange under the symbol "B" and on the Toronto Stock Exchange under the symbol "ABX". No currency or share-ratio conversion is involved: Barrick reports in U.S. dollars, and B is an ordinary common listing rather than a depositary receipt, so the estimates are used as published. However, config/listing-map.json contains no entry mapping ABX to B, so this row was assembled outside the configured cross-listing path rather than through comparison.resolve_cross_listing_estimates. Adding an ABX entry with api_ticker "B", depositary_share_ratio 1, and USD as both listing and local currency would put future Barrick events on the supported path.
• EPS basis: adjusted net earnings per share (basic) was selected because the provider's own actual EPS series for the B listing tracks Barrick's adjusted measure. Its Q1 2026 actual of $0.98 equals Barrick's reported Q1 2026 adjusted net earnings per share of $0.98 against net earnings per share of $0.96, and its Q2 2025 actual of $0.47 equals both measures in that quarter, which were identical.
• EPS BASIS CAVEAT: this row's direction is basis-sensitive. On net earnings per share of $0.73 the same $0.81 estimate would be a MISS of $0.08, or −9.9%, rather than the +1.2% beat shown. The evidence for the adjusted basis is the single clean Q1 2026 match described above; a second confirming quarter is not available because Q2 2025 had identical net and adjusted EPS. The revenue row is not affected by this.
• The provider's historical revenue actuals for B are close to but not identical with Barrick's reported revenue: $5,175.306m against Barrick's reported $5,218m for Q1 2026, and $3,728.800m against $3,681m for Q2 2025, differences of 0.8% and 1.3%. This suggests a slightly different revenue definition or a restatement on the provider side. Those provider actual fields are diagnostics only and none of them are displayed as company results; the revenue variance shown is calculated as Barrick's reported $5,292m less the provider's $5,096.689m estimate.
• Gold and copper revenue and attributable adjusted EBITDA figures throughout are presented by the company on an attributable basis using Barrick's ownership share, while total revenue, cost of sales, net earnings and consolidated capital expenditure are consolidated. The two bases are not additive and are labeled as such in the tables above.
• Prior-quarter comparisons labeled Q1 2026 are the company's own 3/31/26 column from the same table, not a separately sourced figure.
• The price snapshot is a single API Ninjas quote for the NYSE listing, timestamped after the regular-session close, not an exchange-official close, and is presented as such.