NEM Newmont Corporation
NYSE · Metals & Mining · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Jul 23, 2026NEM Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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| Ex-date | Split | Type |
|---|---|---|
| April 22, 1994 | 5-for-4 | Forward |
| Oct. 9, 1987 | 3-for-2 | Forward |
| June 11, 1987 | 2-for-1 | Forward |
About Newmont Corporation Company overview from Wikipedia
Newmont Corporation is an American gold mining company based in Denver, Colorado. It is the world's largest gold mining corporation. Incorporated in 1921, it holds ownership of gold mines in the United States, Canada, Mexico, the Dominican Republic, Australia, Ghana, Argentina, Peru, and Suriname. Newmont is also a partial owner of Nevada Gold Mines in Nevada with Barrick Mining being the majority owner and operator. In addition to gold, Newmont mines copper, silver, zinc and lead.
The Newmont Corporation bought Canadian mining company Goldcorp in 2019 for US$10 billion. In 2023, Newmont acquired Newcrest Mining for US$16.8 billion. Newmont is the only gold mining company listed in the S&P 500, and has approximately 31,600 employees globally (this number does not reflect the approximately 5,000 global employees laid off from August through November 2025).
History
Early years
The Newmont Company was founded in 1916 in New York by Colonel William Boyce Thompson as a holding company to invest in worldwide mineral, oil, and related companies. According to company lore, the name "Newmont" is a portmanteau "New York" and "Montana", reflecting where Thompson made his fortune and where he grew up. Newmont made its first major gold investment in 1917, with a founding 25 percent in the Anglo American Corporation of South Africa. Four years later, in 1921, the Newmont Company reincorporated as the Newmont Corporation.
In 1929, Newmont became a mining company with its first gold product by acquiring California's Empire Star Mine. By 1939, Newmont was operating 12 gold mines in North America. The company acquired interests overseas. For decades around the middle of the 20th century, Newmont had a controlling interest in the Tsumeb mine in Namibia and in the O'Okiep Copper Company in Namaqualand, South Africa. Beginning in 1925, Newmont acquired interests in a Texas oil field. Eventually, Newmont's oil interests included more than 70 blocks in the Louisiana, Gulf of Mexico area and oil and gas production in the North Sea. Fred Searls became president in 1947, after serving as the company's exploration geologist. Searls retired in 1954, and Plato Malozemoff took over as president.
Newmont began mining at Carlin, Nevada, in 1965. The "Carlin Trend" or "Carlin Unconformity" is the largest gold discovery in North America during the 20th century. In 1971 Newmont began heap leaching low grade ores there. In 1971, the South-West African (now Namibia) Tsumeb & Kombat mines managed by Newmont, had its operations stopped during the 1971–72 Namibian contract workers strike over the contract labor system and apartheid.
Major growth
In the 1980s, Newmont thwarted five takeover bids – from Consolidated Gold Fields (ConsGold), T. Boone Pickens, Minorco, Hanson Industries and James Goldsmith – who sought to break Newmont apart and sell its assets in an attempt to increase shareholder value. In 1987, defending against a $6.3 billion bid by T. Boone Pickens, the company paid a US$33 per share special dividend to all shareholders, US$2.2 billion in cash, of which US$1.75 billion was borrowed. To reduce this debt the company undertook a divestment program involving all of its copper, oil, gas, and coal interests.
As a further step in the restructuring, the company moved its headquarters from New York City to Denver in 1988. A decade later, Newmont Mining Corporation and Newmont Gold Company combined assets to form a unified worldwide gold company. Shareholders of both companies had identical interests in the reserves, production and earnings of Newmont Gold's operations. Newmont then merged with Santa Fe Railroad (a former Atchison, Topeka & Santa Fe Railway subsidiary, sold in preparation for the merger that produced the BNSF) to form North America's largest gold producer.
On June 21, 2000, Newmont announced a merger with Battle Mountain Gold. The merger was completed in January 2001. In February 2002, Newmont completed the acquisition of Normandy Mining and Franco-Nevada. Newmont faced competition in its bid for Normandy from AngloGold. By eventually outbidding the South African company, Newmont became the world's largest gold producer, with an annual production in excess of 8 million ounces.
In 2007, the company eliminated its 1.5 million ounce legacy hedge book to make Newmont the world's largest unhedged gold producer. The following year, Newmont acquired Miramar Mining Corporation and its Hope Bay deposit in the Canadian Arctic.
In 2009, Newmont purchased the remaining one-third interest in Boddington Gold Mine from AngloGold Ashanti, bringing its ownership to 100 percent. In April 2011, the company acquired Canada's Fronteer Gold Inc. for CA$2.3 billion. This made the company the world's second-largest gold producer. In 2017, Newmont produced 5.65 million ounces of gold at all-in sustaining costs of US$924 per ounce. The company reported adjusted net income of $780 million for the year, and further reduced net debt down to US$0.8 billion. In 2019, it acquired Canada's Goldcorp for $10 billion. In May 2023, Newmont agreed terms to purchase Newcrest. The deal was completed in November 2023.
Recent Developments (2025)
In 2025, Newmont completed the integration of Newcrest Mining following its US$17 billion acquisition finalized in 2024, creating one of the largest gold and copper producers globally. As part of a portfolio optimization strategy, the company completed a non-core asset divestiture program announced in 2024, generating up to US$4.3 billion in gross proceeds through the sale of operations including Musselwhite, Éléonore, Cripple Creek & Victor, Akyem, and Porcupine. Operationally, Newmont achieved commercial production at its Ahafo North project in Ghana in October 2025, following a first gold pour in September. Financially, the company reported record free cash flow of US$1.6 billion in the third quarter of 2025, its fourth consecutive quarter above US$1 billion, alongside revenue of US$5.52 billion and net income of US$1.84 billion.
In December 2025, Chief Executive Officer Tom Palmer announced his retirement, with Natascha Viljoen appointed as his successor effective January 2026, becoming the company’s first female CEO. The company also advanced its sustainability goals, investing US$500 million in environmental, social, and governance programs and reporting progress toward its 2050 net-zero target, including reductions in carbon emissions and expanded water stewardship initiatives.
Controversies
Buyat Bay, Sulawesi, Indonesia
In August 2004, the Indonesian Ministry of Environment filed a civil lawsuit against Newmont, claiming tailings from the company's Minahasa Raya mine polluted Buyat Bay. The company was cleared by an Indonesian court, with the judge ruling the pollution charges could not be proven.
Ghana
In 2009, Newmont earned the ironic Public Eye on Davos award (a criticism for "purely profit-oriented globalization") for its Akyem project in Ghana. Newmont said the award was issued based on several paragraphs of text which “clearly were intended to distort the facts”.
In 2010, Newmont was fined $4.9 million by the Ghanaian Environmental Protection Agency for not preventing, reporting and investigating a cyanide spill at Ahafo mine in an "appropriate and timely manner".
Australia
In May 2025, Newmont Corporation was fined $350,000 by the New South Wales Environment Protection Authority for environmental violations discovered at the company's Cadia gold mine. The ventilation site exceeded the limits for airborne solid dust particles on five occasions between 2021 and 2023. In addition to the fine, Newmont was ordered to pay NSW's Department of Climate Change, Energy, the Environment and Water $61,500 to fund a new dust monitoring system.
Securities Fraud Class Action Lawsuits
In 2025, Newmont faced multiple class action lawsuits alleging violations of federal securities laws. The suits claim that between February 22, 2024, and October 23, 2024, the company and its executives made false or misleading statements regarding production capabilities and cost management at Tier 1 assets, including Lihir in Papua New Guinea and Brucejack in Canada. These allegations followed disappointing third-quarter 2024 results, which revealed lower production and higher costs, causing Newmont's stock price to fall sharply.
Human Rights and Fatalities at Ahafo Mine
In January 2025, three people were killed and four injured during a confrontation between local residents and police contracted by Newmont at its Ahafo South Mine in Ghana. Reports indicate the incident occurred when locals allegedly attempted to extract leftover gold from a tailings dam. Civil society organizations called for an independent investigation into human rights abuses and criticized Newmont’s security protocols.
Environmental and Safety Issues at Red Chris Mine
In July 2025, Newmont’s Red Chris Mine in British Columbia suspended operations following two fall-of-ground incidents that trapped workers. The mine also faced criticism for selenium contamination in the Stikine River watershed, which environmental groups argue threatens salmon populations and Indigenous communities. These issues raised concerns about Newmont’s environmental and safety practices.
Legal Battle Over Conga Mine
Newmont continued to face legal challenges and community opposition regarding its proposed Conga gold and copper mine in Peru. In April 2025, a Peruvian appeals court overturned a previous ruling that had halted the project due to environmental concerns, ordering a new judgment. Local communities and NGOs argue the mine threatens water sources and human rights, fueling protests and reputational risks for the company.
Operations
Former operations
Newmont has purchased and sold a number of operations in recent years:
Red Lake Mine: Newmont completed sale of Red Lake mine for $375 million on March 31, 2020.
Continental Gold: Newmont sold its 19.9 percent equity stake and convertible bond in Continental Gold Inc. for $260 million on March 5, 2020.
Super Pit gold mine: Newmont sold its 50 percent stake in Kalgoorlie Consolidated Gold Mines to Northern Star Resources for $800 million in January 2020.
Golden Grove Mine: Owned by Normandy Mining since 1991, Golden Grove was acquired by Newmont Australia Ltd in February 2002 when Newmont took over Normandy. Newmont sold the mine to Oxiana Limited in June 2005 for A$265 million.
Pajingo: Pajingo (100% owned) is an underground mine located approximately 93 miles (150 kilometers) southwest of Townsville, Queensland, and 45 miles (72 kilometers) south of the local township of Charters Towers. Newmont sold the mine in late 2007; it is now owned by Conquest Mining.
Bronzewing Gold Mine: View Resources purchased the mine in July 2004 from Newmont for A$9.0 million, a package that also included the Mount McClure mining operation, 8 km west of Bronzewing.
Wiluna Gold Mine: Also part of the Normandy acquisition, in December 2003 Newmont sold Wiluna to a local management buyout team for shares and A$3.65 million in cash. The mine was onsold 3 years later for A$29.5 million.
Zarafshan: Newmont was part of a joint venture gold project in Uzbekistan, the first major Western investment in the region since the breakup of the Soviet Union. A difficult place to operate, Uzbekistan expropriated the company's assets in 2006.
Kori Kollo: The Kori Kollo open pit mine is on a high plain in northwestern Bolivia near Oruro, on government mining concessions issued to a Bolivian corporation, Empresa Minera Inti Raymi S.A. (“Inti Raymi”), in which Newmont had an 88% interest. The remaining 12% was owned by Mrs. Beatriz Rocabado. Inti Raymi owned and operated the mine. On July 23, 2009, Newmont announced the transfer of its interest in Empresa Minera Inti Raymi S.A., which owned the Kori Kollo gold mine and Kori Chaca gold mine, to Compania Procesadora de Minerales S.A. ("CPM"), a company controlled by Newmont's long-time Bolivian partner Jose Mercado.
Minahasa: Newmont owns 80% of Minahasa and the remaining 20% interest is a carried interest held by P.T. Tanjung Serapung, an unrelated Indonesian company. Minahasa is located on the island of Sulawesi, approximately 1,500 miles (2,414 kilometers) northeast of Jakarta. Mining was completed in late 2001 and gold production was completed in 2004.
Golden Giant: Newmont's Canadian operations previously included two underground mines. Golden Giant (100% owned) was located approximately 25 miles (40 kilometers) east of Marathon, Ontario, Canada, and had been in production since 1985. Mining operations at Golden Giant were completed in December 2005 with remnant mining and milling production continuing throughout most of 2006.
Holloway: Holloway was located approximately 35 miles (56 kilometers) east of Matheson, Ontario, and about 400 miles (644 kilometers) northeast of Golden Giant. It was in production since 1996. On November 6, 2006, Newmont completed the sale of the Holloway mine to St. Andrews Goldfields Ltd. resulting in a $13 pre-tax gain.
Martha Mine: Newmont completed the sale of its Waihi assets in New Zealand in October 2015.
Batu Hijau mine: Newmont completed the sale of Batu Hijau to PT Amman Mineral Internasional in 2016.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | NEM | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 14.6 | · | 16.5 | Undervalued | |
| P/S (TTM) | 4.8 | · | 5.3 | Undervalued | |
| P/B (MRQ) | 3.5 | · | 2.2 | Overvalued | |
| EV / EBITDA | 48.3 | · | · | · | |
| Price / FCF (TTM) | 12.7 | · | · | · | |
| Price / Cash Flow (TTM) | 9.8 | · | 11.7 | Fair value | |
| EV / Revenue (TTM) | 4.6 | · | · | · | |
| EV / FCF (TTM) | 12.3 | · | · | · | |
| Price / Tangible Book | 4.0 | · | · | · | |
| PEG Ratio | ≈1.1 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | NEM | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| EBITDA Margin | 11.1% | · | 43.4% | Weak | |
| Pretax Margin (TTM) | 51.8% | · | 41.8% | Top tier | |
| Net Profit Margin (TTM) | 33.4% | · | 21.9% | Top tier | |
| ROA (TTM) | 15.2% | · | 7.2% | Top tier | |
| ROE (TTM) | 25.5% | · | 12.0% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | NEM | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 0.1 | · | 0.0 | High debt | |
| Current Ratio (MRQ) | 2.5 | · | 2.9 | Low liquidity | |
| Quick Ratio (MRQ) | 1.9 | · | 2.1 | Low liquidity | |
| Long-Term Debt / Equity (MRQ) | 0.1 | · | 0.0 | High debt |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | NEM | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 21.3% | · | · | · | |
| Revenue CAGR 3Y | 23.9% | · | · | · | |
| Revenue CAGR 5Y | 14.5% | · | · | · | |
| EPS YoY | 118.8% | · | · | · | |
| Net Income YoY | 111.6% | · | · | · | |
| EPS CAGR 3Y | 26.0% | · | · | · | |
| EPS CAGR 5Y | 12.7% | · | · | · | |
| Net Income CAGR 3Y | 42.1% | · | · | · | |
| Net Income CAGR 5Y | 20.2% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | NEM | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.4 | · | 0.3 | Top tier | |
| Receivables Turnover | 21.4 | · | 19.8 | In line | |
| Revenue / Employee | ≈$1.3M | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Sep 3, 2026 | $0.26 | USD | ≈0.79% |
| May 27, 2026 | $0.26 | USD | ≈0.95% |
| Mar 3, 2026 | $0.26 | USD | ≈0.85% |
| Nov 26, 2025 | $0.25 | USD | ≈1.1% |
| Sep 4, 2025 | $0.25 | USD | ≈1.3% |
| May 27, 2025 | $0.25 | USD | ≈1.9% |
| Mar 4, 2025 | $0.25 | USD | ≈2.4% |
| Nov 27, 2024 | $0.25 | USD | ≈3.3% |
| Sep 5, 2024 | $0.25 | USD | ≈2.2% |
| Jun 4, 2024 | $0.25 | USD | ≈3.2% |
| Mar 4, 2024 | $0.25 | USD | ≈4.3% |
| Nov 29, 2023 | $0.40 | USD | ≈4.0% |
| Sep 6, 2023 | $0.40 | USD | ≈4.5% |
| May 31, 2023 | $0.40 | USD | ≈4.7% |
| Mar 8, 2023 | $0.40 | USD | ≈4.9% |
| Dec 7, 2022 | $0.55 | USD | ≈4.7% |
| Sep 7, 2022 | $0.55 | USD | ≈5.2% |
| Jun 1, 2022 | $0.55 | USD | ≈3.3% |
| Mar 9, 2022 | $0.55 | USD | ≈2.9% |
| Dec 8, 2021 | $0.55 | USD | ≈3.9% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Jul 22, 2026 | $2.10 | $2.01 | 4.5% |
| March 31, 2026 | $2.90 | $2.20 | 31.7% | |
| Dec. 31, 2025 | $2.52 | $2.02 | 24.7% | |
| Sept. 30, 2025 | $1.71 | $1.45 | 18.3% | |
| June 30, 2025 | $1.43 | $1.19 | 20.4% | |
| March 31, 2025 | $1.25 | $0.90 | 38.2% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.67B | $18.68B | $11.81B | $11.91B | $12.22B | $11.50B | $9.74B | $7.25B | $7.38B | $6.68B | $6.08B | $6.82B | |
| R&D Expense | $166M | $197M | $200M | $229M | $154M | $122M | $150M | $153M | $143M | $134M | $126M | $159M | |
| SG&A Expense | $382M | $442M | $299M | $276M | $259M | $269M | $313M | $244M | $237M | $233M | $241M | $237M | |
| Operating Expenses | $11.71B | $14.15B | $13.51B | $11.71B | $10.96B | $8.69B | $8.46B | $6.46B | $6.12B | $6.70B | $5.63B | $5.83B | |
| Interest Income | $214M | $152M | $148M | $78M | $18M | $24M | $57M | $56M | $28M | $11M | $6M | $4M | |
| Other Non-op | $6M | $363M | $-41M | $-27M | $125M | $-32M | $297M | $55M | $54M | $69M | $135M | $158M | |
| Pretax Income | $11.34B | $4.58B | $-2.03B | $-51M | $1.11B | $3.14B | $3.69B | $738M | $1.07B | $-220M | $295M | $821M | |
| Income Tax | $4.60B | $1.40B | $526M | $455M | $1.10B | $704M | $832M | $386M | $1.13B | $579M | $391M | $204M | |
| Net Income | $7.08B | $3.35B | $-2.49B | $-429M | $1.17B | $2.83B | $2.81B | $341M | $-114M | $-629M | $220M | $508M | |
| EPS (Basic) | $6.41 | $2.92 | $-2.97 | $-0.54 | $1.46 | $3.52 | $3.82 | $0.64 | $-0.21 | $-1.19 | $0.43 | $1.02 | |
| EPS (Diluted) | $6.39 | $2.92 | $-2.97 | $-0.54 | $1.46 | $3.51 | $3.81 | $0.64 | $-0.21 | $-1.18 | $0.43 | $1.02 | |
| Shares (Basic) | 1,106,000,000 | 1,146,000,000 | 841,000,000 | 794,000,000 | 799,000,000 | 804,000,000 | 735,000,000 | 533,000,000 | 533,000,000 | 530,000,000 | 516,000,000 | 499,000,000 | |
| Shares (Diluted) | 1,108,000,000 | 1,148,000,000 | 841,000,000 | 795,000,000 | 801,000,000 | 806,000,000 | 737,000,000 | 535,000,000 | 535,000,000 | 532,000,000 | 516,000,000 | 499,000,000 | |
| EBITDA | $2.52B | $2.58B | $2.11B | $2.19B | · | $2.30B | $1.96B | $1.22B | $1.25B | $1.22B | $1.24B | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.65B | $3.62B | $3.00B | $2.88B | $4.99B | $5.54B | $2.24B | $3.40B | $3.26B | $2.76B | $2.36B | $2.23B | |
| Short-term Investments | $594M | $21M | $23M | $880M | $82M | $290M | $237M | $48M | $62M | $56M | $19M | $73M | |
| Receivables | $1.07B | $1.06B | $734M | $366M | $337M | $449M | $373M | $254M | $124M | $160M | $81M | $186M | |
| Inventory | · | · | · | · | · | · | · | · | · | · | · | $700M | |
| Prepaid Expense | · | · | · | · | · | · | · | $154M | · | · | $112M | $147M | |
| Other Current Assets | $391M | $290M | $913M | $303M | $498M | $436M | $570M | $251M | $153M | $142M | $83M | $881M | |
| Current Assets | $13.07B | $12.28B | $7.51B | $6.51B | $7.70B | $8.51B | $6.27B | $5.28B | $5.07B | $4.68B | $4.98B | $5.44B | |
| PP&E (Net) | · | $33.55B | $37.56B | $24.07B | $24.12B | $24.28B | $25.28B | $12.26B | $12.34B | $12.48B | $13.21B | $13.65B | |
| PP&E (Gross) | · | · | · | · | · | · | $36.97B | $27.37B | $26.48B | $25.03B | $24.73B | $26.18B | |
| Accum. Depreciation | · | · | · | · | · | · | $11.69B | $15.11B | $14.14B | $12.55B | $11.52B | $12.54B | |
| Goodwill | $2.66B | $2.66B | $3.00B | $1.97B | $2.77B | $2.77B | $2.67B | $58M | · | · | $58M | $105M | |
| Intangibles | · | · | · | · | · | · | · | $97M | · | · | $94M | $109M | |
| Other Non-current Assets | $1.45B | $1.01B | $640M | $560M | $686M | $573M | $520M | $584M | $565M | $467M | $445M | $883M | |
| Total Assets | $57.12B | $56.35B | $55.51B | $38.48B | $40.56B | $41.37B | $39.97B | $20.71B | $20.65B | $21.07B | $25.13B | $24.86B | |
| Accounts Payable | $816M | $843M | $960M | $633M | $518M | $493M | $539M | $303M | $375M | $320M | $315M | $406M | |
| Accrued Liabilities | · | · | · | · | · | · | · | · | · | · | · | $99M | |
| Current Liabilities | $5.71B | $7.54B | $6.00B | $2.93B | $2.65B | $3.37B | $2.38B | $1.79B | $1.40B | $1.75B | $1.42B | $2.20B | |
| Capital Leases | · | · | · | · | · | $91M | $47M | $190M | $21M | · | · | · | |
| Deferred Tax | $4.04B | $2.82B | $2.99B | $1.81B | $2.14B | $2.07B | $2.41B | $612M | $595M | $592M | $538M | $656M | |
| Other Non-current Liabilities | $322M | $288M | $316M | $430M | $608M | $699M | $1.06B | $314M | $342M | $326M | $310M | $395M | |
| Total Liabilities | $23.08B | $26.24B | $26.30B | $18.95B | $18.70B | $17.49B | $17.56B | $9.20B | $9.13B | $9.16B | $10.84B | $11.83B | |
| Long-term Debt | $5.12B | $8.48B | $8.87B | $5.57B | $5.71B | $6.08B | $6.17B | $4.04B | $4.04B | $4.62B | $5.86B | $6.65B | |
| Total Debt | $5.12B | $8.48B | $8.87B | $5.57B | · | $6.03B | $6.14B | $4.04B | $4.07B | $4.62B | $6.24B | $6.65B | |
| Common Stock | $1.75B | $1.81B | $1.85B | $1.28B | $1.28B | $1.29B | $1.30B | $855M | $855M | $849M | $847M | $798M | |
| Retained Earnings | $3.43B | $-1.32B | $-3.00B | $916M | $3.10B | $4.00B | $2.29B | $383M | $410M | $716M | $1.41B | $1.24B | |
| Treasury Stock | $301M | $278M | $264M | $239M | $200M | $168M | $120M | $70M | $30M | · | · | · | |
| AOCI | $137M | $-95M | $14M | $29M | $-133M | $-216M | $-265M | $-284M | $-292M | $-334M | $-334M | $-478M | |
| Stockholders' Equity | $33.87B | $29.93B | $29.03B | $19.35B | $22.02B | $23.01B | $21.42B | $10.50B | $10.54B | $10.72B | $11.35B | $10.27B | |
| Liabilities + Equity | $57.12B | $56.35B | $55.51B | $38.48B | $40.56B | $41.37B | $39.97B | $20.71B | $20.65B | $21.03B | $25.13B | $24.92B | |
| Shares Outstanding | 1,096,000,000 | 1,134,000,000 | 1,159,000,000 | 799,000,000 | 797,000,000 | 804,000,000 | 811,000,000 | 535,000,000 | 534,000,000 | 531,000,000 | 530,000,000 | 499,000,000 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $2.52B | $2.58B | $2.11B | $2.19B | $2.32B | $2.30B | $1.96B | $1.22B | $1.26B | $1.21B | $1.10B | $1.09B | |
| Stock-based Comp | · | · | · | · | · | · | · | · | · | · | · | $51M | |
| Deferred Tax | $1.39B | $80M | $-104M | $-278M | $-109M | $-222M | $334M | $150M | $797M | $450M | $198M | $-77M | |
| Restructuring | $186M | $38M | $24M | $4M | $11M | $18M | $7M | $10M | $14M | $32M | $34M | $40M | |
| Other Non-cash | $-663M | $-666M | $2.74B | $901M | · | $270M | $-2.54B | $-622M | $215M | $1.27B | $33M | · | |
| Operating Cash Flow | $10.33B | $6.36B | $2.76B | $3.22B | $4.28B | $4.88B | $2.87B | $1.83B | $2.12B | $2.79B | $2.15B | $1.44B | |
| CapEx | $3.04B | $3.40B | $2.67B | $2.13B | $1.65B | $1.30B | $1.46B | $1.03B | $866M | $1.13B | $1.31B | $1.04B | |
| Investing Cash Flow | $606M | $-2.70B | $-1.00B | $-2.98B | $-1.87B | $91M | $-1.23B | $-1.18B | $-946M | $-74M | $-2.04B | $-507M | |
| Debt Issued | $0 | $3.48B | $0 | $0 | · | · | · | · | · | · | · | $601M | |
| Net Debt Issued | $-3.43B | $-384M | $0 | $-89M | · | $-1.16B | $-1.88B | · | $-580M | $-1.31B | $-454M | $-85M | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | $675M | · | |
| Stock Repurchased | $2.30B | $1.25B | $0 | $0 | $525M | $521M | $479M | $98M | · | · | · | · | |
| Net Stock Activity | $-2.30B | $-1.25B | $0 | $0 | · | $-521M | $-479M | $-98M | · | · | · | · | |
| Dividends Paid | $1.11B | $1.15B | $1.42B | $1.75B | $1.76B | $834M | $889M | $301M | $134M | $67M | $52M | $114M | |
| Financing Cash Flow | $-7.04B | $-2.95B | $-1.60B | $-2.36B | $-2.96B | $-1.68B | $-2.78B | $-455M | $-668M | $-1.82B | $302M | $-65M | |
| Net Change in Cash | $4.03B | $550M | $156M | $-2.15B | $-555M | $3.30B | $-1.14B | $191M | $516M | $897M | $382M | $849M | |
| Taxes Paid | $2.46B | $966M | $794M | $1.12B | $1.53B | $400M | $437M | $429M | $214M | $85M | $77M | $239M | |
| Free Cash Flow | $7.30B | $2.96B | $97M | $1.09B | · | $3.58B | $1.40B | $795M | $1.47B | $1.65B | $744M | $328M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 31.2% | 17.9% | -21.1% | -3.6% | · | 24.6% | 28.8% | 4.7% | · | -9.3% | 2.9% | 7.0% | |
| Pretax Margin | 50.0% | 24.5% | -17.2% | -0.43% | · | 27.3% | 37.9% | 10.2% | · | -3.2% | 12.5% | 6.9% | |
| EBITDA Margin | 11.1% | 13.8% | 17.8% | 18.3% | · | 20.0% | 20.1% | 16.8% | · | 18.2% | 16.0% | · | |
| ROA | 12.6% | 5.9% | -5.3% | -1.1% | · | 7.0% | 9.2% | 1.7% | -0.47% | -2.7% | 0.88% | 2.1% | |
| ROE | 22.2% | 11.4% | -10.3% | -2.1% | · | 12.7% | 17.6% | 3.2% | -0.92% | -5.7% | 2.0% | 5.0% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.3 | 1.6 | 1.3 | 2.2 | · | 2.5 | 2.6 | 3.0 | 3.6 | 2.7 | 3.5 | 2.5 | |
| Quick Ratio | 1.6 | 0.6 | 0.6 | 1.1 | · | 1.9 | 1.2 | 2.1 | 2.5 | 1.7 | 2.2 | 1.2 | |
| Debt / Equity | 0.2 | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.4 | 0.4 | 0.4 | 0.5 | 0.6 | |
| LT Debt / Equity | 0.2 | 0.3 | 0.2 | 0.3 | · | 0.2 | 0.3 | 0.3 | 0.4 | 0.4 | 0.5 | 0.6 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.4 | · | 0.3 | 0.3 | 0.3 | |
| Receivables Turnover | 21.4 | 20.9 | 21.5 | 33.9 | · | 28.0 | 31.1 | 38.4 | · | 64.5 | 34.7 | 35.1 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $31.10 | $26.56 | $25.20 | $24.41 | · | $28.76 | $26.51 | $19.70 | $19.90 | · | · | · | |
| Revenue / Share | $20.46 | $16.27 | $14.05 | $14.99 | · | $14.26 | $13.22 | $13.56 | · | $12.61 | $14.98 | $14.61 | |
| Cash Flow / Share | $9.33 | $5.54 | $3.29 | $4.05 | · | $6.06 | $3.89 | $3.42 | $4.36 | $5.24 | $4.16 | $2.88 | |
| Cash / Share | $7.02 | $3.21 | $2.61 | $3.63 | · | $6.92 | $2.78 | $6.37 | $6.11 | · | · | · | |
| Dividend / Share | · | · | · | · | $2.20 | $1.04 | $0.56 | $0.56 | $0.25 | $0.12 | $0.10 | $0.23 | |
| Dividend Paid / Share | $1.00 | $1.00 | $1.60 | $2.20 | $2.20 | $1.04 | · | · | · | · | · | · | |
| EPS (TTM) | $6.39 | $2.92 | $-2.97 | $-0.54 | $1.46 | $3.51 | $3.81 | $0.64 | $-0.21 | $-1.18 | $0.43 | $1.02 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 21.3% | 58.2% | -0.86% | -2.5% | 6.3% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 23.9% | 15.2% | 0.91% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 14.5% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 118.8% | · | · | · | -58.4% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | · | 26.0% | · | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 12.7% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 111.6% | · | · | · | -58.8% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | · | 42.1% | · | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 20.2% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividends Paid CAGR 5Y | 5.8% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $22.67B | $18.68B | $11.81B | $11.91B | $12.22B | $11.50B | $9.74B | $7.25B | $7.38B | $6.68B | $6.08B | $6.82B | |
| Net Income TTM | $7.08B | $3.35B | $-2.49B | $-429M | $1.17B | $2.83B | $2.81B | $341M | $-114M | $-629M | $220M | $508M | |
| Market Cap | $108.74B | $41.95B | $47.68B | $37.43B | · | $47.91B | $35.11B | $18.47B | $20.00B | · | · | · | |
| Enterprise Value | $105.61B | $46.78B | $53.53B | $40.12B | · | $48.11B | $38.77B | $19.07B | $20.74B | · | · | · | |
| P/E | 15.6 | 12.7 | -13.9 | -87.4 | 42.5 | 17.1 | 11.4 | 54.1 | -178.7 | -28.9 | 41.8 | 18.5 | |
| P/S | 4.8 | 2.2 | 4.0 | 3.1 | · | 4.2 | 3.6 | 2.5 | 2.7 | · | · | · | |
| P/B | 3.2 | 1.4 | 1.6 | 1.9 | · | 2.1 | 1.6 | 1.8 | 1.9 | · | · | · | |
| P / Tangible Book | 3.5 | 1.5 | 1.8 | 2.2 | 2.6 | 2.4 | · | · | · | · | · | · | |
| P / Cash Flow | 10.5 | 6.6 | 17.3 | 11.6 | · | 9.8 | 12.2 | 10.1 | 8.6 | · | · | · | |
| P / FCF | 14.9 | 14.2 | 491.6 | 34.4 | · | 13.4 | 25.0 | 23.2 | 13.6 | · | · | · | |
| EV / EBITDA | 41.9 | 18.2 | 25.4 | 18.4 | · | 20.9 | 19.8 | 15.7 | 16.6 | · | · | · | |
| EV / FCF | 14.5 | 15.8 | 551.9 | 36.8 | · | 13.4 | 27.6 | 24.0 | 14.1 | · | · | · | |
| EV / Revenue | 4.7 | 2.5 | 4.5 | 3.4 | · | 4.2 | 4.0 | 2.6 | 2.8 | · | · | · | |
| Dividend Yield | 1.0% | 2.7% | 3.0% | 4.7% | · | 1.7% | 2.5% | 1.6% | 0.67% | · | · | · | |
| Earnings Yield | 6.4% | 7.8% | -7.2% | -1.1% | 2.4% | 5.9% | 8.8% | 1.8% | -0.56% | -3.5% | 2.4% | 5.4% | |
| Payout Ratio | 15.6% | 34.2% | -56.7% | -407.0% | · | 29.5% | 31.7% | 88.3% | -136.7% | -10.7% | 23.6% | 22.4% | |
| Annual Payout | $1.11B | $1.15B | $1.42B | $1.75B | $1.76B | $834M | $889M | $301M | $134M | $67M | $52M | $114M |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.12B | $7.31B | $6.82B | $5.52B | $5.32B | $5.01B | $5.65B | $4.61B | $4.40B | $4.02B | $3.96B | $2.49B | $2.68B | $2.68B | $3.20B | $2.63B | |
| R&D Expense | $47M | $45M | $43M | $40M | $40M | $43M | $48M | $47M | $49M | $53M | $68M | $53M | $44M | $35M | $60M | $80M | |
| SG&A Expense | $74M | $79M | $91M | $86M | $95M | $110M | $128M | $113M | $100M | $101M | $84M | $70M | $71M | $74M | $66M | $73M | |
| Operating Expenses | $3.02B | $2.84B | $3.75B | $2.95B | $2.25B | $2.76B | $3.69B | $3.48B | $3.36B | $3.62B | $6.77B | $2.25B | $2.32B | $2.17B | $4.63B | $2.34B | |
| Interest Income | $87M | $84M | $63M | $56M | $54M | $41M | $38M | $37M | $38M | $39M | $40M | $35M | $37M | $36M | $35M | $27M | |
| Other Non-op | $-62M | $156M | $-204M | $-55M | $115M | $301M | $164M | $0 | $109M | $90M | $-165M | $42M | $-17M | $99M | $101M | $56M | |
| Pretax Income | $3.00B | $4.58B | $3.25B | $2.51B | $3.12B | $2.47B | $2.05B | $1.06B | $1.04B | $428M | $-3.10B | $232M | $300M | $539M | $-1.38B | $296M | |
| Income Tax | $952M | $1.40B | $2.07B | $787M | $1.09B | $647M | $702M | $244M | $191M | $260M | $77M | $73M | $163M | $213M | $112M | $96M | |
| Net Income | $2.20B | $3.26B | $1.30B | $1.83B | $2.06B | $1.89B | $1.40B | $922M | $853M | $170M | $-3.16B | $158M | $155M | $351M | $-1.48B | $213M | |
| EPS (Basic) | $2.07 | $3.01 | $1.20 | $1.67 | $1.86 | $1.68 | $1.23 | $0.80 | $0.74 | $0.15 | $-3.80 | $0.20 | $0.19 | $0.44 | $-1.86 | $0.27 | |
| EPS (Diluted) | $2.06 | $3.00 | $1.19 | $1.67 | $1.85 | $1.68 | $1.23 | $0.80 | $0.74 | $0.15 | $-3.80 | $0.20 | $0.19 | $0.44 | $-1.86 | $0.27 | |
| Shares (Basic) | 1,065,000,000 | 1,085,000,000 | · | 1,097,000,000 | 1,110,000,000 | 1,126,000,000 | · | 1,147,000,000 | 1,153,000,000 | 1,153,000,000 | · | 795,000,000 | 795,000,000 | 794,000,000 | · | 794,000,000 | |
| Shares (Diluted) | 1,067,000,000 | 1,087,000,000 | · | 1,100,000,000 | 1,112,000,000 | 1,127,000,000 | · | 1,149,000,000 | 1,155,000,000 | 1,153,000,000 | · | 796,000,000 | 795,000,000 | 795,000,000 | · | 795,000,000 | |
| EBITDA | $604M | $632M | · | $643M | $620M | $593M | · | $631M | $602M | $654M | · | $480M | $486M | $461M | · | $508M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $9.01B | $8.78B | $7.65B | $5.64B | $6.18B | $4.70B | $3.62B | $3.02B | $2.60B | $2.34B | $3.00B | $3.19B | $2.83B | $2.66B | $2.88B | $3.06B | |
| Short-term Investments | $0 | $4M | $594M | $328M | $468M | $18M | $21M | $43M | $50M | $23M | · | $24M | $409M | $847M | · | $755M | |
| Receivables | $686M | $1.14B | $1.07B | $1.05B | $637M | $887M | $1.06B | $974M | $955M | $782M | · | $78M | $185M | $348M | · | $289M | |
| Other Current Assets | $320M | $345M | $391M | $744M | $740M | $653M | $290M | $753M | $874M | $765M | · | $707M | $742M | $735M | · | $524M | |
| Current Assets | $13.31B | $13.51B | $13.07B | $10.37B | $10.40B | $10.74B | $12.28B | $12.58B | $12.07B | $11.81B | · | $5.96B | $6.13B | $6.56B | · | $6.32B | |
| PP&E (Net) | · | · | · | $33.62B | $33.59B | $33.57B | · | $33.70B | $33.66B | $33.56B | · | $24.47B | $24.28B | $24.10B | · | $24.15B | |
| Goodwill | $2.66B | $2.66B | $2.66B | $2.66B | $2.66B | $2.66B | $2.66B | $2.72B | $2.79B | $2.79B | $3.00B | $1.97B | $1.97B | $1.97B | $1.97B | $2.77B | |
| Other Non-current Assets | $1.41B | $1.42B | $1.45B | $1.02B | $1.02B | $885M | $1.01B | $526M | $564M | $576M | · | $673M | $669M | $670M | · | $657M | |
| Total Assets | $57.64B | $57.67B | $57.12B | $54.69B | $55.16B | $55.52B | $56.35B | $56.17B | $55.68B | $55.34B | $55.51B | $38.08B | $38.13B | $38.37B | $38.48B | $39.14B | |
| Accounts Payable | $906M | $828M | $816M | $832M | $742M | $771M | $843M | $772M | $683M | $698M | · | $651M | $565M | $648M | · | $570M | |
| Current Liabilities | $5.23B | $5.53B | $5.71B | $5.09B | $4.67B | $5.43B | $7.54B | $6.41B | $5.73B | $5.48B | · | $2.81B | $2.69B | $2.75B | · | $2.32B | |
| Deferred Tax | $3.85B | $3.95B | $4.04B | $2.88B | $2.89B | $2.73B | $2.82B | $2.88B | $3.05B | $3.09B | · | $1.70B | $1.79B | $1.80B | · | $1.86B | |
| Other Non-current Liabilities | $338M | $332M | $322M | $339M | $365M | $430M | $288M | $238M | $247M | $300M | · | $429M | $426M | $437M | · | $483M | |
| Total Liabilities | $22.23B | $22.57B | $23.08B | $21.28B | $22.88B | $24.09B | $26.24B | $26.28B | $26.11B | $26.26B | · | $18.82B | $18.72B | $18.82B | · | $17.74B | |
| Long-term Debt | $5.08B | $5.08B | $5.12B | $5.18B | $7.13B | $7.51B | $8.48B | $8.55B | $8.69B | $8.93B | · | $5.58B | $5.57B | $5.57B | · | $5.62B | |
| Total Debt | $5.08B | $5.08B | · | $5.18B | $7.13B | $7.51B | · | $8.55B | $8.69B | $8.93B | · | $5.58B | $5.57B | $5.57B | · | $5.57B | |
| Common Stock | $1.70B | $1.73B | $1.75B | $1.76B | $1.77B | $1.80B | $1.81B | $1.84B | $1.85B | $1.85B | · | $1.28B | $1.28B | $1.28B | · | $1.28B | |
| Retained Earnings | $5.72B | $4.97B | $3.43B | $2.70B | $1.45B | $153M | $-1.32B | $-2.10B | $-2.58B | $-3.11B | · | $623M | $785M | $948M | · | $2.83B | |
| Treasury Stock | $348M | $346M | $301M | $297M | $294M | $293M | $278M | $276M | $274M | $274M | · | $263M | $261M | $261M | · | $238M | |
| AOCI | $114M | $156M | $137M | $109M | $44M | $-39M | $-95M | $21M | $-7M | $-16M | · | $8M | $13M | $23M | · | $-7M | |
| Stockholders' Equity | $35.24B | $34.93B | $33.87B | $33.23B | $32.11B | $31.25B | $29.93B | $29.71B | $29.38B | $28.89B | · | $19.07B | $19.23B | $19.38B | · | $21.22B | |
| Liabilities + Equity | $57.64B | $57.67B | $57.12B | $54.69B | $55.16B | $55.52B | $56.35B | $56.17B | $55.68B | $55.34B | · | $38.08B | $38.13B | $38.37B | · | $39.14B | |
| Shares Outstanding | 1,066,000,000 | 1,080,000,000 | 1,089,000,000 | 1,100,000,000 | 1,108,000,000 | 1,127,000,000 | 1,127,000,000 | 1,151,000,000 | 1,158,000,000 | 1,160,000,000 | 1,159,000,000 | 801,000,000 | 800,000,000 | 800,000,000 | 799,000,000 | 799,000,000 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $604M | $632M | $665M | $643M | $620M | $593M | $689M | $631M | $602M | $654M | $681M | $480M | $486M | $461M | $571M | $508M | |
| Deferred Tax | $-101M | $-45M | $975M | $74M | $217M | $125M | $115M | $7M | $-95M | $53M | $-101M | $-24M | $6M | $15M | $-133M | $-34M | |
| Restructuring | $12M | $6M | $75M | $87M | $15M | $9M | $18M | $5M | $9M | $6M | $5M | $7M | $10M | $2M | $1M | $2M | |
| Other Non-cash | · | $-64M | · | · | · | $-578M | · | · | · | $-767M | · | · | · | $-708M | · | · | |
| Operating Cash Flow | $2.92B | $3.79B | $3.62B | $2.30B | $2.38B | $2.03B | $2.51B | $1.65B | $1.43B | $776M | $616M | $1.00B | $663M | $481M | $1.01B | $473M | |
| CapEx | $719M | $641M | $808M | $727M | $674M | $826M | $875M | $877M | $800M | $850M | $920M | $604M | $616M | $526M | $646M | $529M | |
| Investing Cash Flow | $-731M | $-302M | $-780M | $-31M | $679M | $738M | $-701M | $-562M | $-641M | $-798M | $-249M | $-253M | $-158M | $-342M | $-726M | $-1.22B | |
| Debt Issued | · | · | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.48B | $0 | $0 | $0 | $0 | · | · | |
| Net Debt Issued | · | $-39M | · | · | · | $-985M | · | · | · | $53M | · | · | · | $0 | · | · | |
| Stock Repurchased | $1.57B | $1.90B | $428M | $516M | $1.01B | $348M | $798M | $344M | $104M | $0 | $0 | $0 | · | · | $0 | $0 | |
| Net Stock Activity | · | $-1.90B | · | · | · | $-348M | · | · | · | · | · | · | · | · | · | · | |
| Dividends Paid | $277M | $282M | $272M | $273M | $279M | $282M | $282M | $286M | $289M | $288M | $461M | $318M | $318M | $318M | $436M | $437M | |
| Financing Cash Flow | $-1.94B | $-2.36B | $-833M | $-2.80B | $-1.75B | $-1.66B | $-1.21B | $-789M | $-658M | $-299M | $-538M | $-381M | $-334M | $-350M | $-479M | $-460M | |
| Net Change in Cash | $232M | $1.13B | $2.01B | $-546M | $1.49B | $1.08B | $600M | $156M | $-140M | $-719M | $-164M | $364M | $175M | $-219M | $-196M | $-1.23B | |
| Taxes Paid | $1.08B | $1.27B | $757M | $588M | $648M | $465M | $408M | $254M | $208M | $96M | · | · | · | · | · | · | |
| Free Cash Flow | · | $3.14B | · | · | · | $1.21B | · | · | · | $-74M | · | · | · | $-45M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 36.0% | 44.6% | · | 33.2% | 38.8% | 37.7% | · | 20.0% | 19.4% | 4.2% | · | 6.3% | 5.8% | 13.1% | · | 8.1% | |
| Pretax Margin | 49.0% | 62.7% | · | 45.4% | 58.6% | 49.3% | · | 23.0% | 23.5% | 10.6% | · | 9.3% | 11.2% | 20.1% | · | 11.2% | |
| EBITDA Margin | 9.9% | 8.6% | · | 11.6% | 11.7% | 11.8% | · | 13.7% | 13.7% | 16.3% | · | 19.2% | 18.1% | 17.2% | · | 19.3% | |
| ROA | 3.9% | 5.8% | · | 3.3% | 3.7% | 3.4% | · | 2.0% | 1.8% | 0.36% | · | 0.41% | 0.40% | 0.90% | · | 0.54% | |
| ROE | 6.5% | 9.9% | · | 5.8% | 6.7% | 6.3% | · | 3.8% | 3.5% | 0.70% | · | 0.78% | 0.76% | 1.7% | · | 0.97% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.5 | 2.4 | · | 2.0 | 2.2 | 2.0 | · | 2.0 | 2.1 | 2.2 | · | 2.1 | 2.3 | 2.4 | · | 2.7 | |
| Quick Ratio | 1.9 | 1.8 | · | 1.4 | 1.6 | 1.0 | · | 0.6 | 0.6 | 0.6 | · | 1.2 | 1.3 | 1.4 | · | 1.8 | |
| Debt / Equity | 0.1 | 0.1 | · | 0.2 | 0.2 | 0.2 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | |
| LT Debt / Equity | 0.1 | 0.1 | · | 0.2 | 0.2 | 0.2 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 9.2 | 7.2 | · | 5.5 | 6.7 | 6.0 | · | 8.8 | 7.7 | 7.1 | · | 13.6 | 9.8 | 7.0 | · | 8.5 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $33.06 | $32.34 | · | $30.21 | $28.98 | $27.73 | · | $25.81 | $25.37 | $24.91 | · | $23.81 | $24.03 | $24.22 | · | $26.56 | |
| Revenue / Share | $5.73 | $6.72 | · | $5.02 | $4.78 | $4.45 | · | $4.01 | $3.81 | $3.49 | · | $3.13 | $3.37 | $3.37 | · | $3.31 | |
| Cash Flow / Share | · | $3.48 | · | · | · | $1.80 | · | · | · | $0.67 | · | · | · | $0.60 | · | · | |
| Cash / Share | $8.45 | $8.12 | · | $5.13 | $5.58 | $4.17 | · | $2.62 | $2.25 | $2.01 | · | $3.98 | $3.54 | $3.32 | · | $3.83 | |
| Dividend / Share | $0.26 | $0.26 | · | $0.25 | $0.25 | $0.25 | · | $0.25 | $0.25 | $0.25 | · | $0.40 | $0.40 | $0.40 | · | $0.55 | |
| EPS (TTM) | $7.92 | $7.71 | · | $6.43 | $5.56 | $4.45 | · | $-2.11 | $-2.71 | $-3.26 | · | $-1.03 | $-0.96 | $-0.66 | · | $1.27 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $25.77B | $24.97B | · | $21.50B | $20.58B | $19.67B | · | $16.99B | $14.88B | $13.16B | · | $11.05B | $11.20B | $11.57B | · | $12.11B | |
| Net Income TTM | $8.60B | $8.46B | · | $7.19B | $6.28B | $5.07B | · | $-1.21B | $-1.98B | $-2.67B | · | $-813M | $-758M | $-526M | · | $1.00B | |
| Market Cap | $99.56B | $116.91B | · | $92.74B | $64.55B | $54.41B | · | $61.52B | $48.49B | $41.57B | · | $29.60B | $34.13B | $39.22B | · | $33.58B | |
| Enterprise Value | $95.64B | $113.21B | · | $91.95B | $65.03B | $57.20B | · | $67.01B | $54.53B | $48.15B | · | $31.96B | $36.46B | $41.28B | · | $35.34B | |
| P/E | 11.8 | 14.0 | · | 13.1 | 10.5 | 10.8 | · | -25.3 | -15.5 | -11.0 | · | -35.9 | -44.4 | -74.3 | · | 33.1 | |
| P/S | 3.9 | 4.7 | · | 4.3 | 3.1 | 2.8 | · | 3.6 | 3.3 | 3.2 | · | 2.7 | 3.0 | 3.4 | · | 2.8 | |
| P/B | 2.8 | 3.3 | · | 2.8 | 2.0 | 1.7 | · | 2.1 | 1.7 | 1.4 | · | 1.6 | 1.8 | 2.0 | · | 1.6 | |
| P / Tangible Book | 3.1 | 3.6 | · | 3.0 | 2.2 | 1.9 | · | 2.3 | 1.8 | 1.6 | · | 1.7 | 2.0 | 2.3 | · | 1.8 | |
| P / Cash Flow | · | 30.9 | · | · | · | 26.8 | · | · | · | 53.6 | · | · | · | 81.5 | · | · | |
| EV / Revenue | 3.7 | 4.5 | · | 4.3 | 3.2 | 2.9 | · | 3.9 | 3.7 | 3.7 | · | 2.9 | 3.3 | 3.6 | · | 2.9 | |
| Dividend Yield | 1.1% | 0.95% | · | 1.2% | 1.8% | 2.1% | · | 2.1% | 2.8% | 3.3% | · | 4.7% | 4.4% | 4.2% | · | 5.2% | |
| Earnings Yield | 8.5% | 7.1% | · | 7.6% | 9.5% | 9.2% | · | -4.0% | -6.5% | -9.1% | · | -2.8% | -2.2% | -1.4% | · | 3.0% | |
| Payout Ratio | · | 8.6% | · | · | · | 14.9% | · | · | · | 169.4% | · | · | · | 90.6% | · | · | |
| Annual Payout | $1.10B | $1.11B | · | $1.12B | $1.13B | $1.14B | · | $1.32B | $1.36B | $1.39B | · | $1.39B | $1.51B | $1.63B | · | $1.75B |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Revenue | $22.67B | · | · | $18.68B | · |
| Net Income | $7.08B | · | · | $3.35B | · |
| Diluted EPS | $6.39 | · | · | $2.92 | · |
| Metric | 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Debt / Equity | 0.2 | · | · | 0.3 | · |
| Current Ratio | 2.3 | · | · | 1.6 | · |
| Quick Ratio | 1.6 | · | · | 0.6 | · |
| Metric | 2025-12-31 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Free Cash Flow | $7.30B | · | · | $2.96B | · |
Institutional owners (13F) 1,960 filers · $92.5B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 152 (-167 vs prior Q) | 182 (+61 vs prior Q) | 708 (+28 vs prior Q) | 746 (+28 vs prior Q) | +19.3M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $13,390,613,207 | 134,107,293 | 14.47% | Shares |
| BlackRock, Inc. | $11,289,752,771 | 120,875,298 | 12.20% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $6,506,550,539 | 69,663,282 | 7.03% | Shares |
| STATE STREET CORP | $4,893,851,967 | 52,396,702 | 5.29% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $3,603,445,226 | 38,580,784 | 3.89% | Shares |
| VAN ECK ASSOCIATES CORP | $2,999,512,793 | 32,114,698 | 3.24% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $2,685,293,709 | 27,976,177 | 2.90% | Shares |
| FMR LLC | $1,864,664,053 | 19,964,283 | 2.02% | Shares |
| Invesco Ltd. | $1,629,125,809 | 17,442,460 | 1.76% | Shares |
| NORGES BANK | $1,340,196,320 | 14,348,997 | 1.45% | Shares |
| Bank of New York Mellon Corp | $1,219,505,198 | 13,056,801 | 1.32% | Shares |
| NORTHERN TRUST CORP | $1,200,624,123 | 12,854,648 | 1.30% | Shares |
| MORGAN STANLEY | $1,097,974,885 | 11,755,617 | 1.19% | Shares |
| First Eagle Investment Management, LLC | $1,080,668,406 | 11,570,326 | 1.17% | Shares |
| PeakShares LLC | $977,898,000 | 10,470 | 1.06% | Shares |
| Amundi | $935,835,228 | 10,019,650 | 1.01% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $917,913,918 | 9,826,386 | 0.99% | Shares |
| DEUTSCHE BANK AG\ | $911,180,045 | 9,755,675 | 0.98% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $848,329,379 | 7,836,761 | 0.92% | Shares |
| JPMORGAN CHASE & CO | $794,191,146 | 8,403,248 | 0.86% | Shares |
| Legal & General Group Plc | $778,894,447 | 8,339,341 | 0.84% | Shares |
| GOLDMAN SACHS GROUP INC | $776,597,852 | 8,314,752 | 0.84% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $669,917,481 | 7,231,406 | 0.72% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $614,267,796 | 6,576,743 | 0.66% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $559,897,788 | 5,994,623 | 0.61% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $536,785,372 | 5,747,167 | 0.58% | Shares |
| AMERIPRISE FINANCIAL INC | $526,168,746 | 5,635,253 | 0.57% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $519,182,580 | 5,558,700 | 0.56% | Call option |
| Orbis Allan Gray Ltd | $517,841,916 | 5,544,346 | 0.56% | Shares |
| BANK OF AMERICA CORP /DE/ | $496,722,304 | 5,318,226 | 0.54% | Shares |
| HSBC HOLDINGS PLC | $476,846,288 | 5,109,955 | 0.52% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $456,497,787 | 4,924,995 | 0.49% | Shares |
| Boston Partners | $441,984,911 | 4,727,880 | 0.48% | Shares |
| JANE STREET GROUP, LLC | $392,476,140 | 4,202,100 | 0.42% | Put option |
| ROYAL BANK OF CANADA | $374,765,000 | 4,012,480 | 0.41% | Shares |
| Robeco Institutional Asset Management B.V. | $338,854,448 | 3,627,992 | 0.37% | Shares |
| FRANKLIN RESOURCES INC | $334,907,243 | 3,585,615 | 0.36% | Shares |
| National Pension Service | $328,598,105 | 3,518,181 | 0.36% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $317,941,165 | 3,404,081 | 0.34% | Shares |
| Nuveen, LLC | $317,097,829 | 3,395,052 | 0.34% | Shares |
| Swiss National Bank | $284,487,527 | 3,045,905 | 0.31% | Shares |
| UBS Group AG | $282,585,997 | 3,025,546 | 0.31% | Shares |
| ASSETMARK, INC | $281,763,285 | 3,016,738 | 0.30% | Shares |
| JANE STREET GROUP, LLC | $260,033,913 | 2,784,089 | 0.28% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $256,487,609 | 2,746,120 | 0.28% | Shares |
| Bridgewater Associates, LP | $251,728,878 | 2,695,170 | 0.27% | Shares |
| UBS Group AG | $251,491,829 | 2,692,632 | 0.27% | Call option |
| CITADEL ADVISORS LLC | $251,115,240 | 2,688,600 | 0.27% | Put option |
| Allianz Asset Management GmbH | $247,516,164 | 2,650,066 | 0.27% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $244,796,917 | 2,620,952 | 0.26% | Shares |
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Newmont Mining Corporation, Newmont Mining Corporation of Canada Limited | May 5, 2008 | · | Initial filing | · | SEC |
| Newmont Mining Corporation of Canada Limited, Newmont Mining Corporation ×8 filings | March 19, 2008 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 105 insiders · 61 officers · 41 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Natascha Viljoen | President & CEO | Oct. 1, 2026 S | 127,471 | 0 | 4 | $-2,139,486 |
| Thomas Ronald Palmer | CEO | Dec. 30, 2025 F | 279,401 | 0 | 1 | $-406,700 |
| Gary J Goldberg | Chief Executive Officer | Sept. 3, 2019 S | 810,512 | 0 | 0 | $0 |
| Brian Tabolt | Chief Financial Officer | Aug. 5, 2026 S | 29,324 | 0 | 1 | $-1,202,755 |
| Karyn F. Ovelmen | EVP & CFO | Feb. 26, 2025 F | 74,677 | 0 | 0 | $0 |
| Nancy Buese | EVP & CFO | June 30, 2022 S | 39,530 | 0 | 0 | $0 |
| Laurie Brlas | EVP & CFO | Sept. 9, 2016 F | 141,738 | 0 | 0 | $0 |
| Russell David Ball | EVP & CFO | March 31, 2013 A | 74,805 | 0 | 0 | $0 |
| Mark C Rodgers | Chief Operating Officer | July 27, 2026 A | 32,710 | 0 | 4 | $-1,654,315 |
| Robert D Atkinson | EVP & COO | Feb. 28, 2024 F | 90,555 | 0 | 0 | $0 |
| Chris J Robison | EVP, COO | Feb. 24, 2016 F | 117,994 | 0 | 0 | $0 |
| Peter Toth | EVP, Chief Sustain & Dev Off | Oct. 1, 2026 S | 34,315 | 0 | 8 | $-2,580,480 |
| Peter Wexler | Chief Legal Officer | July 28, 2026 F | 70,923 | 0 | 1 | $-1,473,052 |
| David James Fry | EVP, Project Development | July 27, 2026 A | 20,838 | 0 | 1 | $-2,050,011 |
| David John Thornton | Chief Technical Officer | July 27, 2026 A | 25,837 | 0 | 3 | $-1,350,096 |
| Deborah Leyva | Interim Chief People Officer | May 14, 2026 A | 17,231 | 0 | 0 | $0 |
| Francois Hardy | EVP & CTO | March 2, 2026 F | 37,487 | 0 | 0 | $0 |
| Jennifer Cmil | EVP and Chief People Officer | March 2, 2026 F | 69,600 | 0 | 0 | $0 |
| Joshua Cage | CAO and Controller | Nov. 6, 2024 J | 19,588 | 0 | 0 | $0 |
| Mark David Ebel | Interim Chief Legal Officer | Feb. 28, 2024 F | 32,241 | 0 | 0 | $0 |
| Dean Gehring | EVP, Chief Dev Officer-Peru | Feb. 28, 2024 F | 79,190 | 0 | 0 | $0 |
| Suzanne P Retallack | CSSO | Feb. 26, 2024 A | 39,788 | 0 | 0 | $0 |
| Nancy Lipson | EVP & Chief Legal Officer | Feb. 28, 2023 F | 45,023 | 0 | 0 | $0 |
| Aaron Puna | EVP & CTO | Feb. 27, 2023 A | 82,610 | 0 | 0 | $0 |
| Mark Casper | Acting CTO | Nov. 2, 2022 S | 18,217 | 0 | 0 | $0 |
| Stephen P Gottesfeld | EVP and Chief S&EA Officer | June 9, 2022 S | 83,753 | 0 | 0 | $0 |
| Blake Rhodes | SVP, Strategic Development | March 7, 2022 S | 62,760 | 0 | 0 | $0 |
| John Kitlen | VP, Controller & CAO | May 7, 2021 F | 28,789 | 0 | 0 | $0 |
| Randall E Engel | EVP, Strategic Development | March 10, 2021 S | 237,281 | 0 | 0 | $0 |
| Scott P Lawson | EVP&Chief Integration Officer | Sept. 3, 2019 S | 121,545 | 0 | 0 | $0 |
| William N Macgowan | EVP, Human Resources | Sept. 3, 2019 S | 200,351 | 0 | 0 | $0 |
| Elaine J Dorward-King | EVP, S&ER | May 1, 2019 S | 142,122 | 0 | 0 | $0 |
| Glenn Culpepper | SVP, Controller | Feb. 24, 2016 F | 26,966 | 0 | 0 | $0 |
| MAHONEY THOMAS P | Vice President and Treasurer | May 1, 2015 S | 79,695 | 0 | 0 | $0 |
| Christopher S Howson | Former VP and Controller | Feb. 27, 2015 S | 33,603 | 0 | 0 | $0 |
| Thomas R. Kerr | SVP, North America | Nov. 8, 2013 F | 28,610 | 0 | 0 | $0 |
| Cruz Carlos Santa | SVP, Australia & New Zealand | Nov. 8, 2013 A | 62,060 | 0 | 0 | $0 |
| David V Gutierrez | VP, Planning and Tax | May 1, 2013 S | 36,294 | 0 | 0 | $0 |
| David Schummer | SVP, Africa | March 4, 2013 S | 12,384 | 0 | 0 | $0 |
| David A. Ottewell | Vice President and Controller | Sept. 11, 2012 M | 13,551 | 0 | 0 | $0 |
| Lansdown Guy L P | EVP, Discovery and Development | March 31, 2012 A | 63,827 | 0 | 0 | $0 |
| Brian A Hill | EVP, External Affairs | March 2, 2012 S | 62,690 | 0 | 0 | $0 |
| Roger Johnson | Vice President & CAO | March 9, 2011 M | 11,535 | 0 | 0 | $0 |
| Timothy C Netscher | SVP, Asia Pacific Operations | March 1, 2011 A | 18,677 | 0 | 0 | $0 |
| Alan R Blank | EVP, Legal & External Affairs | May 4, 2010 M | 26,381 | 0 | 0 | $0 |
| Brant Hinze | Vice President | Dec. 1, 2009 M | 16,407 | 0 | 0 | $0 |
| Britt D Banks | Executive VP | July 31, 2008 F | 22,753 | 0 | 0 | $0 |
| Stephen M Enders | Senior Vice President | April 28, 2008 A | 12,509 | 0 | 0 | $0 |
| Gordon R Nixon | Vice President | Feb. 25, 2008 A | 15,324 | 0 | 0 | $0 |
| MURDY WAYNE W | Chairman | Dec. 19, 2007 G | 48,439 | 0 | 0 | $0 |
| Robert Joseph Gallagher | Vice President | Dec. 11, 2007 M | 20,126 | 0 | 0 | $0 |
| HARQUAIL DAVID | Executive Vice President | Nov. 2, 2007 M | 51,893 | 0 | 0 | $0 |
| ENOS THOMAS L | Executive Vice President | June 29, 2007 A | 30,020 | 0 | 0 | $0 |
| William M Zisch | Vice President | Feb. 26, 2007 F | 12,492 | 0 | 0 | $0 |
| HANSEN BRUCE D | Senior Vice President | April 26, 2006 A | 51,880 | 0 | 0 | $0 |
| Paul J Dowd | Vice President | Feb. 24, 2006 A | 7,884 | 0 | 0 | $0 |
| KARRAS DONALD G | Vice President | Oct. 26, 2005 A | 21,746 | 0 | 0 | $0 |
| FRANCISCO DAVID H | VP, Operations | Sept. 30, 2005 A | 52,036 | 0 | 0 | $0 |
| Richard Perry | Vice President | April 27, 2005 A | 16,323 | 0 | 0 | $0 |
| DOW JOHN A S | Executive Vice President | March 3, 2005 M | 46,430 | 0 | 0 | $0 |
| David W Peat | Vice President | April 27, 2004 A | 5,545 | 0 | 0 | $0 |
| Peter David Beaven | Director | Sept. 2, 2026 A | 1,092 | 0 | 0 | $0 |
| Gregory H Boyce | Director | Aug. 24, 2026 G | 46,871 | 0 | 0 | $0 |
| Sally-Anne Layman | Director | May 13, 2026 A | 11,652 | 0 | 0 | $0 |
| Emma Fitzgerald | Director | May 13, 2026 A | 16,908 | 0 | 0 | $0 |
| Garza Jose Manuel Madero | Director | May 13, 2026 A | 18,452 | 0 | 0 | $0 |
| Rene Medori | Director | May 13, 2026 A | 29,644 | 0 | 0 | $0 |
| Harry M. Conger IV | Director | May 13, 2026 A | 8,692 | 0 | 0 | $0 |
| Bruce R Brook | Director | May 13, 2026 A | 34,354 | 0 | 3 | $-537,285 |
| Jane Nelson | Director | May 13, 2026 A | 59,287 | 0 | 0 | $0 |
| Philip Aiken | Director | April 26, 2024 A | 14,488 | 0 | 0 | $0 |
| Susan N Story | Director | April 26, 2024 A | 14,848 | 0 | 0 | $0 |
| Patrick Awuah | Director | April 28, 2023 A | 9,100 | 0 | 0 | $0 |
| Mary A Laschinger | Director | April 28, 2023 A | 7,556 | 0 | 0 | $0 |
| Come Matthew Coon | Director | April 29, 2021 A | 12,916 | 0 | 0 | $0 |
| Kofi Bucknor | Director | April 22, 2020 A | 39,285 | 0 | 0 | $0 |
| Noreen Doyle | Director | April 22, 2020 A | 53,103 | 0 | 0 | $0 |
| Veronica M Hagen | Director | April 22, 2020 A | 53,103 | 0 | 0 | $0 |
| Clement Pelletier | Director | July 1, 2019 A | 19,955 | 0 | 0 | $0 |
| Charles Sartain | Director | July 1, 2019 A | 4,255 | 0 | 0 | $0 |
| Cristina Bitar | Director | July 1, 2019 A | 5,910 | 0 | 0 | $0 |
| Beverley Anne Briscoe | Director | July 1, 2019 A | 29,646 | 0 | 0 | $0 |
| Sheri E. Hickok | Director | June 5, 2019 A | 12,129 | 0 | 0 | $0 |
| Peifang Zhang | Director | June 5, 2019 A | 12,129 | 0 | 0 | $0 |
| Joseph A Carrabba | Director | June 5, 2019 A | 48,179 | 0 | 0 | $0 |
| Vincent A Calarco | Director | April 21, 2017 A | 46,776 | 0 | 0 | $0 |
| Alberto Calderon | Director | April 23, 2015 A | 6,461 | 0 | 0 | $0 |
| Donald C Roth | Director | April 24, 2014 A | 27,279 | 0 | 0 | $0 |
| Simon R Thompson | Director | April 25, 2013 A | 18,652 | 0 | 0 | $0 |
| John B Prescott | Director | May 1, 2012 J | 12,930 | 0 | 0 | $0 |
| Michael S Hamson | Director | May 1, 2012 J | 16,968 | 0 | 0 | $0 |
| Glen A Barton | Director | April 25, 2011 J | 14,339 | 0 | 0 | $0 |
| TARANIK JAMES V | Director | April 29, 2010 A | 21,344 | 0 | 0 | $0 |
| Robert Jos Miller | Director | May 28, 2009 S | 7,879 | 0 | 0 | $0 |
| LASSONDE PIERRE | Director | July 31, 2007 G | 57,278 | 0 | 0 | $0 |
| PLUMBRIDGE ROBIN A | Director | April 25, 2007 J | 15,699 | 0 | 0 | $0 |
| Seymour E Schulich | Director | Sept. 13, 2006 G | · | 0 | 0 | $0 |
| Michael K Reilly | Director | April 28, 2004 J | 8,901 | 0 | 0 | $0 |
| NEWMONT MINING CORP /DE/ | 10% owner | March 30, 2005 J | · | 0 | 0 | $0 |
| David Thomas Seaton | · | May 13, 2026 A | 5,140 | 0 | 0 | $0 |
| Julio M Quintana | · | May 13, 2026 A | 46,797 | 0 | 0 | $0 |
| Maura J Clark | · | May 13, 2026 A | 21,061 | 0 | 0 | $0 |
| HUSPENI JEFFREY R | · | March 4, 2013 S | 48,505 | 0 | 0 | $0 |
| Richard T Obrien | · | March 1, 2013 F | 345,948 | 0 | 0 | $0 |
| HIGDON LEO I JR | · | June 15, 2005 A | 9,563 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 192 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| RING · iShares, Inc. | 16.47% | 3,205,827 SH | Sept. 11, 2026 | Daily |
| IYM · iShares Trust | 11.83% | 1,106,752 SH | Sept. 11, 2026 | Daily |
| FMAT · FIDELITY COVINGTON TRUST | 6.82% | 421,310 NS | July 31, 2026 | N-PORT |
| VAW · VANGUARD WORLD FUND | 6.59% | 3,168,750 SH | Aug. 19, 2026 | Daily |
| FXZ · First Trust Exchange-Traded AlphaDE… | 4.88% | 191,760 NS | July 31, 2026 | N-PORT |
| SLVP · iShares, Inc. | 4.57% | 360,606 SH | Sept. 11, 2026 | Daily |
| BUL · Pacer Funds Trust | 4.56% | 63,933 NS | July 31, 2026 | N-PORT |
| MXI · iShares Trust | 4.21% | 135,388 SH | Sept. 11, 2026 | Daily |
| ICOP · iShares Trust | 3.90% | 154,518 SH | Sept. 11, 2026 | Daily |
| RSPM · Invesco Exchange-Traded Fund Trust | 3.79% | 56,017 SH | Oct. 1, 2026 | Daily |
| PYZ · Invesco Exchange-Traded Fund Trust | 3.38% | 18,582 SH | Oct. 1, 2026 | Daily |
| IGE · iShares Trust | 3.28% | 208,534 SH | Sept. 11, 2026 | Daily |
| FCPI · FIDELITY COVINGTON TRUST | 2.73% | 78,698 NS | July 31, 2026 | N-PORT |
| ABLD · Abacus FCF ETF Trust | 2.68% | 26,532 NS | July 31, 2026 | N-PORT |
| FGSI · First Trust Exchange-Traded Fund IV | 2.04% | 450 NS | July 31, 2026 | N-PORT |
| LSEQ · Harbor ETF Trust | 1.98% | 3,232 NS | July 31, 2026 | N-PORT |
| SPGP · Invesco Exchange-Traded Fund Trust | 1.96% | 346,522 SH | Oct. 1, 2026 | Daily |
| GUNR · FlexShares Trust | 1.85% | 1,432,607 NS | July 31, 2026 | N-PORT |
| LYLD · Cambria ETF Trust | 1.81% | 1,403 NS | July 31, 2026 | N-PORT |
| SPHQ · Invesco Exchange-Traded Fund Trust | 1.80% | 2,907,797 SH | Oct. 1, 2026 | Daily |
| COWZ · Pacer Funds Trust | 1.80% | 3,585,366 NS | July 31, 2026 | N-PORT |
| SMRI · EA Series Trust | 1.75% | 120,150 NS | July 31, 2026 | N-PORT |
| RPG · Invesco Exchange-Traded Fund Trust | 1.42% | 237,124 SH | Oct. 1, 2026 | Daily |
| VMAX · Lattice Strategies Trust | 1.29% | 6,777 NS | July 31, 2026 | N-PORT |
| REVS · Columbia ETF Trust I | 1.07% | 38,085 NS | July 31, 2026 | N-PORT |
| PALC · Pacer Funds Trust | 1.07% | 23,948 NS | July 31, 2026 | N-PORT |
| COWG · Pacer Funds Trust | 1.04% | 245,179 NS | July 31, 2026 | N-PORT |
| BKDV · BNY Mellon ETF Trust II | 1.03% | 202,024 NS | July 31, 2026 | N-PORT |
| FBCV · FIDELITY COVINGTON TRUST | 0.97% | 18,338 NS | July 31, 2026 | N-PORT |
| SYLD · Cambria ETF Trust | 0.94% | 99,501 NS | July 31, 2026 | N-PORT |
| CVAR · ETF Opportunities Trust | 0.93% | 4,253 NS | July 31, 2026 | N-PORT |
| FLRG · FIDELITY COVINGTON TRUST | 0.92% | 28,466 NS | July 31, 2026 | N-PORT |
| VFMF · VANGUARD WELLINGTON FUND | 0.90% | 67,513 SH | Aug. 19, 2026 | Daily |
| VFQY · VANGUARD WELLINGTON FUND | 0.89% | 45,366 SH | Aug. 19, 2026 | Daily |
| ABFL · Abacus FCF ETF Trust | 0.87% | 48,960 NS | July 31, 2026 | N-PORT |
| SPVM · Invesco Exchange-Traded Fund Trust | 0.87% | 9,841 SH | Oct. 1, 2026 | Daily |
| VOE · VANGUARD INDEX FUNDS | 0.86% | 3,428,817 SH | Aug. 19, 2026 | Daily |
| VAMO · Cambria ETF Trust | 0.83% | 9,649 NS | July 31, 2026 | N-PORT |
| PEXL · Pacer Funds Trust | 0.82% | 4,423 NS | July 31, 2026 | N-PORT |
| JOET · Virtus ETF Trust II | 0.81% | 20,981 NS | July 31, 2026 | N-PORT |
| SPHB · Invesco Exchange-Traded Fund Trust … | 0.78% | 64,586 SH | Oct. 1, 2026 | Daily |
| DFLV · Dimensional ETF Trust | 0.78% | 562,708 NS | July 31, 2026 | N-PORT |
| XOEF · iShares Trust | 0.76% | 1,344 SH | Sept. 11, 2026 | Daily |
| QLC · FlexShares Trust | 0.73% | 78,848 NS | July 31, 2026 | N-PORT |
| VLUE · iShares Trust | 0.72% | 548,464 SH | Sept. 11, 2026 | Daily |
| QDEF · FlexShares Trust | 0.72% | 41,820 NS | July 31, 2026 | N-PORT |
| DYNF · BlackRock ETF Trust | 0.71% | 2,348,467 SH | Sept. 11, 2026 | Daily |
| UPSD · ETF Series Solutions | 0.70% | 8,790 NS | July 31, 2026 | N-PORT |
| ESMV · iShares Trust | 0.70% | 430 SH | Sept. 11, 2026 | Daily |
| DFUV · Dimensional ETF Trust | 0.58% | 958,316 NS | July 31, 2026 | N-PORT |
| FTC · First Trust Exchange-Traded AlphaDE… | 0.57% | 80,384 NS | July 31, 2026 | N-PORT |
| RECS · Columbia ETF Trust I | 0.54% | 339,053 NS | July 31, 2026 | N-PORT |
| LSVD · ADVISORS' INNER CIRCLE FUND | 0.53% | 37,038 NS | July 31, 2026 | N-PORT |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0.53% | 218,630 SH | Oct. 1, 2026 | Daily |
| IWX · iShares Trust | 0.50% | 154,181 SH | Sept. 11, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.49% | 104,458 SH | Aug. 19, 2026 | Daily |
| ROUS · Lattice Strategies Trust | 0.48% | 36,174 NS | July 31, 2026 | N-PORT |
| VO · VANGUARD INDEX FUNDS | 0.48% | 11,567,495 SH | Aug. 19, 2026 | Daily |
| INFO · Harbor ETF Trust | 0.47% | 42,681 NS | July 31, 2026 | N-PORT |
| USMV · iShares Trust | 0.45% | 841,493 SH | Sept. 11, 2026 | Daily |
| EVUS · iShares Trust | 0.43% | 13,025 SH | Sept. 11, 2026 | Daily |
| VYM · VANGUARD WHITEHALL FUNDS | 0.41% | 4,261,274 SH | Aug. 19, 2026 | Daily |
| ILCV · iShares Trust | 0.39% | 41,542 SH | Sept. 11, 2026 | Daily |
| SUSL · iShares Trust | 0.39% | 37,344 SH | Sept. 11, 2026 | Daily |
| IVW · iShares Trust | 0.38% | 2,276,940 SH | Sept. 11, 2026 | Daily |
| DSI · iShares Trust | 0.38% | 161,720 SH | Sept. 11, 2026 | Daily |
| VTV · VANGUARD INDEX FUNDS | 0.37% | 10,152,209 SH | Aug. 19, 2026 | Daily |
| SUSA · iShares Trust | 0.37% | 116,613 SH | Sept. 11, 2026 | Daily |
| IWD · iShares Trust | 0.36% | 2,371,749 SH | Sept. 11, 2026 | Daily |
| IUSG · iShares Trust | 0.36% | 939,931 SH | Sept. 11, 2026 | Daily |
| DFVX · Dimensional ETF Trust | 0.36% | 20,173 NS | July 31, 2026 | N-PORT |
| ESG · FlexShares Trust | 0.36% | 5,040 NS | July 31, 2026 | N-PORT |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.34% | 16,528 NS | July 31, 2026 | N-PORT |
| VFVA · VANGUARD WELLINGTON FUND | 0.29% | 26,535 SH | Aug. 19, 2026 | Daily |
| FDRR · FIDELITY COVINGTON TRUST | 0.29% | 22,680 NS | July 31, 2026 | N-PORT |
| IQSU · New York Life Investments ETF Trust | 0.29% | 9,968 NS | July 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.28% | 17,469 NS | July 31, 2026 | N-PORT |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.28% | 23,324 SH | Oct. 1, 2026 | Daily |
| VOOG · VANGUARD ADMIRAL FUNDS | 0.28% | 793,273 SH | Aug. 19, 2026 | Daily |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.28% | 644,352 SH | Aug. 19, 2026 | Daily |
| ACIO · ETF Series Solutions | 0.28% | 69,303 NS | July 31, 2026 | N-PORT |
| FDLO · FIDELITY COVINGTON TRUST | 0.27% | 40,998 NS | July 31, 2026 | N-PORT |
| ADME · ETF Series Solutions | 0.27% | 8,447 NS | July 31, 2026 | N-PORT |
| PEVC · Pacer Funds Trust | 0.27% | 68 NS | July 31, 2026 | N-PORT |
| FVAL · FIDELITY COVINGTON TRUST | 0.26% | 36,679 NS | July 31, 2026 | N-PORT |
| FQAL · FIDELITY COVINGTON TRUST | 0.25% | 37,764 NS | July 31, 2026 | N-PORT |
| USCL · iShares Trust | 0.25% | 56,004 SH | Sept. 11, 2026 | Daily |
| TOPC · iShares Trust | 0.25% | 649 SH | Sept. 11, 2026 | Daily |
| FDMO · FIDELITY COVINGTON TRUST | 0.25% | 23,724 NS | July 31, 2026 | N-PORT |
| MGV · VANGUARD WORLD FUND | 0.24% | 335,498 SH | Aug. 19, 2026 | Daily |
| IWL · iShares Trust | 0.24% | 41,532 SH | Sept. 11, 2026 | Daily |
| XVV · iShares Trust | 0.23% | 12,250 SH | Sept. 11, 2026 | Daily |
| GARP · iShares Trust | 0.23% | 55,015 SH | Sept. 11, 2026 | Daily |
| FFLV · FIDELITY COVINGTON TRUST | 0.23% | 395 NS | July 31, 2026 | N-PORT |
| PFIG · Invesco Exchange-Traded Fund Trust … | 0.22% | 290,000 | Oct. 1, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.22% | 15,185 SH | Oct. 1, 2026 | Daily |
| SIZE · iShares Trust | 0.22% | 7,327 SH | Sept. 11, 2026 | Daily |
| LRGF · iShares Trust | 0.22% | 63,067 SH | Sept. 11, 2026 | Daily |
| WLDR · Two Roads Shared Trust | 0.22% | 2,094 NS | July 31, 2026 | N-PORT |
| QVML · Invesco Exchange-Traded Fund Trust … | 0.21% | 30,588 SH | Oct. 1, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.21% | 12,180 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.21% | 73,776 NS | July 31, 2026 | N-PORT |
| IVV · iShares Trust | 0.21% | 13,455,588 SH | Sept. 11, 2026 | Daily |
| EUSA · iShares, Inc. | 0.21% | 31,197 SH | Sept. 11, 2026 | Daily |
| EWG · iShares, Inc. | 0.20% | 51,003 SH | Sept. 11, 2026 | Daily |
| ILCB · iShares Trust | 0.20% | 20,668 SH | Sept. 11, 2026 | Daily |
| IWB · iShares Trust | 0.19% | 739,304 SH | Sept. 11, 2026 | Daily |
| IYY · iShares Trust | 0.19% | 45,693 SH | Sept. 11, 2026 | Daily |
| PBP · Invesco Exchange-Traded Fund Trust | 0.19% | 6,270 SH | Oct. 1, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.18% | 944,705 NS | July 31, 2026 | N-PORT |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0.18% | 182,552 SH | Oct. 1, 2026 | Daily |
| RSP · Invesco Exchange-Traded Fund Trust | 0.18% | 1,519,822 SH | Oct. 1, 2026 | Daily |
| IWV · iShares Trust | 0.18% | 293,245 SH | Sept. 11, 2026 | Daily |
| ITOT · iShares Trust | 0.18% | 1,389,854 SH | Sept. 11, 2026 | Daily |
| ESGU · iShares Trust | 0.18% | 258,062 SH | Sept. 11, 2026 | Daily |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.18% | 30,173 NS | July 31, 2026 | N-PORT |
| ESGV · VANGUARD WORLD FUND | 0.17% | 241,248 SH | Aug. 19, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.17% | 224,462 NS | July 31, 2026 | N-PORT |
| ESUM · Strategy Shares | 0.17% | 3,250 NS | July 31, 2026 | N-PORT |
| HQGO · Lattice Strategies Trust | 0.16% | 847 NS | July 31, 2026 | N-PORT |
| TOK · iShares Trust | 0.16% | 3,098 SH | Sept. 11, 2026 | Daily |
| VV · VANGUARD INDEX FUNDS | 0.16% | 1,246,816 SH | Aug. 19, 2026 | Daily |
| XRMI · Global X Funds | 0.16% | 849 NS | July 31, 2026 | N-PORT |
| BKLC · BNY Mellon ETF Trust | 0.16% | 91,999 NS | July 31, 2026 | N-PORT |
| CHRI · Global X Funds | 0.16% | 134 NS | July 31, 2026 | N-PORT |
| CRBN · iShares Trust | 0.16% | 14,538 SH | Sept. 11, 2026 | Daily |
| CATH · Global X Funds | 0.16% | 21,695 NS | July 31, 2026 | N-PORT |
| XTR · Global X Funds | 0.16% | 80 NS | July 31, 2026 | N-PORT |
| BBUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.16% | 147,102 NS | July 31, 2026 | N-PORT |
| PHDG · Invesco Actively Managed Exchange-T… | 0.16% | 830 SH | Oct. 1, 2026 | Daily |
| XCLR · Global X Funds | 0.16% | 59 NS | July 31, 2026 | N-PORT |
| PTLC · Pacer Funds Trust | 0.16% | 53,939 NS | July 31, 2026 | N-PORT |
| XYLD · Global X Funds | 0.15% | 53,505 NS | July 31, 2026 | N-PORT |
| URTH · iShares, Inc. | 0.15% | 101,968 SH | Sept. 11, 2026 | Daily |
| HELO · J.P. Morgan Exchange-Traded Fund Tr… | 0.15% | 75,996 NS | July 31, 2026 | N-PORT |
| VOTE · TCW ETF Trust | 0.15% | 18,045 NS | July 31, 2026 | N-PORT |
| XYLG · Global X Funds | 0.15% | 1,048 NS | July 31, 2026 | N-PORT |
| PRF · Invesco Exchange-Traded Fund Trust | 0.15% | 129,159 SH | Oct. 1, 2026 | Daily |
| VOXP · Advisors Series Trust | 0.15% | 93 NS | July 31, 2026 | N-PORT |
| VOO · VANGUARD INDEX FUNDS | 0.15% | 27,722,517 SH | Aug. 19, 2026 | Daily |
| TOV · EA Series Trust | 0.15% | 4,349 NS | July 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.15% | 36,336 NS | July 31, 2026 | N-PORT |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 0.15% | 127,496 NS | July 31, 2026 | N-PORT |
| SPUU · Direxion Shares ETF Trust | 0.14% | 4,028 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.14% | 317,839 NS | July 31, 2026 | N-PORT |
| QDPL · Pacer Funds Trust | 0.14% | 25,711 NS | July 31, 2026 | N-PORT |
| FFLC · FIDELITY COVINGTON TRUST | 0.14% | 18,069 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.14% | 33,897,325 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.14% | 175,976 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.14% | 89,899 SH | Aug. 19, 2026 | Daily |
| GGME · Invesco Exchange-Traded Fund Trust | 0.14% | 910 SH | Oct. 1, 2026 | Daily |
| LGDX · Tidal Trust III | 0.14% | 2,102 NS | July 31, 2026 | N-PORT |
| ACWI · iShares Trust | 0.14% | 364,479 SH | Sept. 11, 2026 | Daily |
| ACVF · ETF Opportunities Trust | 0.13% | 2,151 NS | July 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.12% | 28,914 NS | July 31, 2026 | N-PORT |
| HCMT · Direxion Shares ETF Trust | 0.12% | 7,431 NS | July 31, 2026 | N-PORT |
| RWL · Invesco Exchange-Traded Fund Trust … | 0.12% | 98,102 SH | Oct. 1, 2026 | Daily |
| SPXL · Direxion Shares ETF Trust | 0.12% | 83,453 NS | July 31, 2026 | N-PORT |
| FEUS · FlexShares Trust | 0.11% | 1,320 NS | July 31, 2026 | N-PORT |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.09% | 943,345 SH | Aug. 19, 2026 | Daily |
| MGC · VANGUARD WORLD FUND | 0.09% | 107,154 SH | Aug. 19, 2026 | Daily |
| ISCF · iShares Trust | 0.07% | 7,006 SH | Sept. 11, 2026 | Daily |
| VIGI · VANGUARD WHITEHALL FUNDS | 0.07% | 99,723 SH | Aug. 19, 2026 | Daily |
| EZU · iShares, Inc. | 0.05% | 73,300 SH | Sept. 11, 2026 | Daily |
| PDN · Invesco Exchange-Traded Fund Trust … | 0.05% | 2,368 SH | Oct. 1, 2026 | Daily |
| EFG · iShares Trust | 0.04% | 88,840 SH | Sept. 11, 2026 | Daily |
| DMXF · iShares Trust | 0.04% | 5,002 SH | Sept. 11, 2026 | Daily |
| IGPT · Invesco Exchange-Traded Fund Trust | 0.03% | 7,138 SH | Oct. 1, 2026 | Daily |
| IQLT · iShares Trust | 0.03% | 59,216 SH | Sept. 11, 2026 | Daily |
| IEUR · iShares Trust | 0.03% | 36,117 SH | Sept. 11, 2026 | Daily |
| GLOF · iShares Trust | 0.02% | 358 SH | Sept. 11, 2026 | Daily |
| VGK · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.02% | 136,241 SH | Aug. 19, 2026 | Daily |
| IGRO · iShares Trust | 0.02% | 3,734 SH | Sept. 11, 2026 | Daily |
| EFA · iShares Trust | 0.02% | 201,545 SH | Sept. 11, 2026 | Daily |
| IEFA · iShares Trust | 0.01% | 427,103 SH | Sept. 11, 2026 | Daily |
| IDEV · iShares Trust | 0.01% | 71,419 SH | Sept. 11, 2026 | Daily |
| AQLT · iShares Trust | 0.01% | 525 SH | Sept. 11, 2026 | Daily |
| IMFL · Invesco Exchange-Traded Self-Indexe… | 0.01% | 1,638 SH | Oct. 1, 2026 | Daily |
| ACWX · iShares Trust | 0.01% | 18,884 SH | Sept. 11, 2026 | Daily |
| VXUS · VANGUARD STAR FUNDS | 0.01% | 840,895 SH | Aug. 19, 2026 | Daily |
| VEU · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.01% | 131,875 SH | Aug. 19, 2026 | Daily |
| VEA · VANGUARD TAX-MANAGED FUNDS | 0.01% | 553,537 SH | Aug. 19, 2026 | Daily |
| VSGX · VANGUARD WORLD FUND | 0.01% | 11,613 SH | Aug. 19, 2026 | Daily |
| IXUS · iShares Trust | 0.01% | 86,434 SH | Sept. 11, 2026 | Daily |
| BIV · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| BLV · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| BND · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| VCIT · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| VCLT · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| VTC · VANGUARD SCOTTSDALE FUNDS | · | · | July 30, 2026 | Daily |
| BNDW · VANGUARD SCOTTSDALE FUNDS | · | · | July 30, 2026 | Daily |
| VCEB · VANGUARD WORLD FUND | · | · | July 30, 2026 | Daily |
NEM Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
21 analysts · 2026-10-01Mean target $137.74 +19.2%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
Latest News Recent headlines mentioning this company
NEM AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects
Newmont is a high-efficiency gold miner caught between strong operational performance and the looming threat of a stronger dollar. Claude and ChatGPT remain cautious, citing unexplained earnings volatility, while Grok argues that superior margins justify a bullish re-rating. Gemini bridged the gap, noting that while the company's 21.7% return on equity is impressive, the stock's upside is ultimately tethered to Federal Reserve policy and gold price stability.
Round 1 — Opening Takes
Newmont is leveraging a gold price uptrend into superior profitability that peers can't match yet. Its net margin has surged to 31.25%, which means the company is keeping over 30 cents of every revenue dollar as bottom-line profit—a rare feat in mining that signals strong cost control and pricing power. ROE stands at 21.72%, above the peer median, showing efficient use of shareholder capital to generate returns even as gold fluctuates. At a P/E of 18.6 below peers, the stock trades at a discount to its earnings power, leaving room for multiple expansion if gold holds firm.
Newmont remains a classic gold proxy, vulnerable to commodity price reversals that could erase recent gains. ROE at 21.72% looks impressive but prior quarters hovered near zero, highlighting how leverage amplifies swings— a gold drop below $2,500/oz could halve margins overnight. P/B ratio at 3.2 is up sharply, suggesting the market is already pricing in peak cycle optimism with limited margin of safety. Recent price volatility, with weekly swings from 48 to 60, warns of momentum traps if sentiment sours.
Newmont is trading at a valuation discount to peers while delivering superior profitability — a rare combination in cyclical mining. The P/E of 18.6x sits well below Agnico Eagle's 20x and Coeur d'Alene's 34x, yet Newmont's 21.7% ROE crushes most of the peer set, meaning management is converting capital into returns at a pace the market hasn't fully priced in. Gross margins at 64% and net margins at 31% show pricing power even in a normalized gold environment. If gold holds above $2,000 and the company sustains operational discipline, the multiple re-rates upward.
Gold stocks are cyclical, and Newmont's valuation assumes the commodity stays elevated — a dangerous bet in 2026. The P/E has expanded from 15.4x in Q4 2025 to 18.6x today, yet EPS jumped from $1.19 to $6.39, a move that looks driven by one-time gains or accounting changes rather than sustainable operational leverage. The current ratio of 2.29x is healthy, but debt-to-equity at 0.165x is tight for a miner; if capex needs spike or gold retreats, the balance sheet tightens fast. My concern is that the market is already pricing in a benign scenario.
Newmont is successfully translating higher gold prices into massive operational efficiency, making it the premier play for investors seeking exposure to precious metals. The company is generating a 31.25% net profit margin, which confirms that for every dollar of gold they sell, they are keeping nearly a third as pure profit. This is bolstered by a robust 21.72% return on equity. This metric demonstrates that management is effectively deploying shareholder capital to generate significant wealth, putting them in a much stronger position than smaller, less efficient peers like SSR Mining.
The stock is now priced for perfection, leaving little room for error if gold prices soften or production costs spike. Investors are currently paying 18.56 times trailing earnings for the stock. While that looks reasonable compared to peers, it represents a significant valuation expansion from the 12.88 multiple we saw in late 2025. Furthermore, the price-to-book ratio has climbed to 3.21. This suggests the market is paying a steep premium over the company's net asset value, which historically signals that the best growth phase might already be baked into the current share price.
The strongest bull case is that Newmont can sustain steady, high-margin earnings and efficient capital use into 2026. ROE TTM 21.72% — That means Newmont turns equity into profit at a solid rate, signaling capital efficiency in a cyclical business. Net margin TTM 31.25% — That shows durable profitability on revenue and cushions earnings against input-cost swings. P/E TTM 18.56 — That implies the stock trades at a reasonable multiple for a high-quality miner, leaving room for upside if gold prices stay supported.
The strongest bear case is that Newmont is exposed to gold-price cyclicality and earnings volatility that could compress both earnings and the multiple. P/S TTM 5.8019 — That indicates investors are pricing in strong revenue growth; if gold prices soften or sales slow, the multiple can compress. EPS TTM 6.3871 — That shows a solid earnings base, but 2025Q4 EPS fell to 1.1903, illustrating earnings volatility and risk if metal prices drift lower. P/B Annual 3.2174 — That valuation isn't cheap; if asset values or reserve assumptions deteriorate, downside protection fades and multiples could compress.
Round 2 — Responses & Rebuttals
Round 2 — Responses & Rebuttals
Claude, your skepticism on the EPS jump from $1.19 to $6.39 as one-time misses the margin trends proving operational leverage. Net margin climbed to 31.25%, meaning Newmont now pockets nearly a third of revenue as profit—a durable edge in mining that sustains earnings even if gold eases slightly. With debt-to-equity at just 0.165, the balance sheet shrugs off capex spikes better than you suggest, supporting my buy call.
I need to push back on Grok's ROE reading here. Grok, you're calling 21.72% impressive, but look at the data: in 2025Q4, ROE was 0.2172—that's 21.72% expressed as a decimal, not a percentage point. The same goes for gross margin at 0.7027 and net margin at 0.1908 that quarter. Newmont's actual trailing ROE is closer to 21.7%, yes, but the prior-quarter figures show the raw decimals, not percentages. My concern stands: we're seeing accounting volatility or one-time items inflating the headline numbers. The cyclicality risk you flagged is real, but the baseline profitability claim needs scrutiny first.
Claude, your concern about Newmont's debt-to-equity ratio misses the reality of their current liquidity profile. While you worry about a tight balance sheet, the company is maintaining a current ratio of 2.29. This means Newmont has more than two dollars of liquid assets for every dollar of short-term debt, providing a massive buffer against the operational volatility typical of miners. I disagree that the balance sheet is tightening; instead, they are effectively using their cash flow to manage obligations while gold prices remain supportive of their long-term capital expenditure requirements.
Claude, your point that the EPS leap looks like a one-time gain understates the durability of Newmont's earnings. EPS TTM is 6.39. That level signals a real, recurring profit base rather than a random spike. Still, the earnings quality will hinge on gold price and capex, so sensitivity remains. If gold stays above current levels and capex remains disciplined, Newmont could sustain the margin and ROE traction into 2026Q2 and beyond, supporting modest multiple expansion rather than a one-way re-rating.
Round 3 — Final Rebuttals
Round 3 — Final Rebuttals
Claude and Gemini, while balance sheet liquidity is solid, the chart tells a clearer story of conviction. NEM broke out from $52 to $60 over five weeks, powered by 62 million share volume on the June 13 surge to $57.90. That level of institutional turnover validates the EPS and margin durability amid gold's uptrend, not just accounting noise. It positions NEM for multiple expansion into 2026Q2, reinforcing my buy.
I want to push back on something nobody's touched yet: the EPS volatility itself. ChatGPT, you're calling $6.39 a durable earnings base, but that's a 437% jump from $1.19 in Q4 2025—in a single quarter. That's not operational leverage; that's a flag. For a miner with a 0.165 debt-to-equity ratio, Grok, that kind of earnings swing usually signals either a one-time gain, a reserve revaluation, or a change in accounting treatment, not sustainable margin expansion. Before we price in multiple re-rating, we need to know what drove that $5.2 EPS delta. Is it gold price, cost cuts, or accounting? The margin story only holds if the earnings are real.
I want to widen the frame here, because we are ignoring the macro regime that dictates Newmont's ceiling. The real threat to this gold thesis is the strength of the U.S. Dollar. Gold is priced in dollars, and a persistent, high-interest-rate environment keeps the DXY index elevated, acting as a structural headwind for the entire precious metals sector. Even with a 21.72% ROE, which shows how efficiently the company turns shareholder investment into profit, Newmont cannot outrun a strengthening dollar. If the Fed keeps rates higher for longer through 2026, the current valuation premium will likely evaporate regardless of operational success.
Grok, your point that Newmont's net margin is superior to peers isn't as durable as it looks. Net margin TTM: 31.25%. That level is strong but mining margins are notoriously cyclical and can revert if gold prices slide. 2025Q4 net margin: 19.08%. This quarterly swing shows durability hinges on commodity prices and cost discipline, not a one-way expansion.
Price Forecasts
| Model | 3M Target | 6M Target | Reasoning |
|---|---|---|---|
| Grok | $62.00 | $72.00 | I think Newmont's superior margins and low P/E will drive a re-rating as gold demand persists into 2026. My key catalyst is the Q3 2025 earnings release in late October, where sustained EPS above $1.50 would confirm operational leverage beyond one-offs, pushing toward my 6-month target. The big risk is a Fed rate hike in December 2025 strengthening the dollar and dropping gold below $2,400/oz, compressing margins fast. At today's P/E of 18.6, below peers like AU's 20, Newmont offers a valuation discount to its 31% net margins, meaning every sustained earnings beat justifies 20-30% upside from $53.94. |
| Claude | $56.50 | $59.75 | Newmont trades at a genuine valuation discount to peers while delivering superior margins, but the EPS swing from $1.19 to $6.39 remains unexplained—I need clarity before pricing in durability. My thesis: the stock re-rates modestly if gold holds $2,000+ and management clarifies that $6.39 EPS reflects operational leverage, not one-time items. Catalyst: 2026Q3 earnings guidance confirming 30%+ net margins are sustainable. Risk: a Fed pivot toward rate cuts weakens the dollar but also signals economic slowdown, pressuring gold below $1,900. At 18.6x trailing earnings, Newmont isn't cheap, but it's not expensive for a miner with 21.7% ROE—that efficiency justifies modest multiple hold. I'm holding my hold; Gemini's macro dollar thesis moved me slightly bearish on the 6-month case. |
| Gemini | $58.50 | $62.00 | My thesis is that Newmont’s operational efficiency will carry the stock higher, provided the gold price remains constructive. The primary catalyst for my 6-month target is the Q3 2026 earnings release, where I expect management to demonstrate that the current 64.33% gross margin is sustainable through disciplined cost controls. The main risk is a sudden hawkish pivot from the Federal Reserve, which would likely strengthen the dollar and suppress gold demand. At a 18.56 trailing P/E, the market is currently valuing the company at a reasonable multiple relative to its peers, but any sign of margin compression will quickly force a valuation re-rating downward. |
| Chatgpt | $58.00 | $63.00 | I think Newmont can drift higher in the next several months. From the current price near 53.94, the setup looks constructive. Catalyst: the upcoming Q2 2026 earnings release will reveal margin durability and any guidance tweaks. Risk: a sustained drop in gold or a stronger dollar could curb earnings and compress the multiple. The metric I watch is P/E around 18.6x. That implies the market is pricing in solid earnings power and leaves room for multiple expansion if gold holds. |
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