Barrick dividend
Barrick targets an annual dividend equal to 50.0% of attributable free cash flow. Attributable free cash flow was $2,837 million, the more relevant base for dividends.
How much does Barrick pay per share?
The base dividend is US$0.85 per share in 2027, matching the 2025 payout and the cash-flow policy’s recent evidence. It rises to US$0.90 in 2028 and US$0.95 in 2029 as production grows gradually. The bear case gives US$0.70 first, then US$0.55, assuming a prolonged squeeze. The bull case reaches US$1.10, US$1.30 and US$1.50, requiring cash flow well above the recent payout base.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| EBITDA | 10,192 (6,053 / 13,415) | 9,644 (4,925 / 14,597) | 9,501 (5,588 / 15,876) |
| Shares (millions) | 1,610 (1,635 / 1,607) | 1,583 (1,630 / 1,551) | 1,558 (1,634 / 1,505) |
| Dividends per share | 0.85 (0.70 / 1.10) | 0.90 (0.55 / 1.30) | 0.95 (0.55 / 1.50) |
What this means. A negative net debt number means the company has more cash than borrowed money.
Does Barrick's dividend come from its cash flow?
Barrick now targets an annual dividend equal to 50.0% of attributable free cash flow and authorized up to US$3 billion of buybacks. A dividend simply returns cash. A buyback creates value only if Barrick buys a larger ownership share of its mines at an attractive price. The record is therefore mixed: Barrick has built enduring assets and regained flexibility, but its capital has also funded costly mistakes, unfinished projects and payouts that sometimes ran ahead of the cash those projects generated.
Ownership is the decisive adjustment. Consolidated free cash flow was $3,868 million. After adding Barrick’s share of equity investees and removing cash belonging to non-controlling owners, attributable free cash flow was $2,837 million. That is the more relevant base for dividends.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 3,856 | 1,303 | 633 | 412 | 1,923 |
| − Dividends paid | 890 | 696 | 700 | 1,143 | 634 |
| − Share buybacks | 1,500 | 498 | 0 | 424 | 0 |
| = Free cash flow not paid out | 185 | ||||
| Paid out, % of free cash flow | 62.0% | 91.6% | 110.6% | 380.3% | 33.0% |
What this means. The two payout percentages differ because our real free cash flow also subtracts the cost of shares given to employees, while the company's basic free cash flow does not.
What could change Barrick's dividend?
The forecast points to C$66.27 by October 2027 and C$68.99 by October 2029, if production growth and project delivery offset easing price support. For 2026, management guides to 2.90–3.25 million ounces of gold and 190,000–220,000 tonnes of copper. Attributable capital expenditure is guided at US$3.8–4.2 billion, partly reflecting postponed Reko Diq spending. The 2027 outlook is 3.30–3.65 million ounces of gold and 195,000–225,000 tonnes of copper.
What is Barrick's dividend yield against its share price?
Free cash flow is cash left after operating expenses and capital spending. Its yield measures cash generation against the share price, while dividend yield measures only what reaches shareholders. Reserves are different from warehouse inventory: they are estimates of material that can be mined economically. NPV, or net present value, discounts the future cash from that material because delayed money is worth less today.
| Today (Oct 13, 2026) | |
|---|---|
| Share price | 57.24 |
| Free cash flow yield (calculated) | 5.8% |
| Dividend yield (calculated) | 2.1% |