Barrick earnings
Barrick’s next results are due on November 9, 2026. Watch production, costs and cash generation.
What has Barrick guided for the year?
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$3.8–4.2 billion, partly reflecting postponed Reko Diq spending. The 2027 outlook is 3.30–3.65 million ounces of gold and 195,000–225,000 tonnes of copper.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Gold production (millions of ounces) | 2026 | 2.90 | 3.25 | August 10, 2026 |
| Copper production (thousands of tonnes) | 2026 | 190 | 220 | August 10, 2026 |
| Total attributable capital expenditure (US$ billions) | 2026 | 3.8 | 4.2 | August 10, 2026 |
| Gold production, 2027 outlook (millions of ounces) | 2027 | 3.30 | 3.65 | February 5, 2026 |
| Copper production, 2027 outlook (thousands of tonnes) | 2027 | 195 | 225 | February 5, 2026 |
What this means. The production and cost figures are forecasts for the part of each mine that belongs to the company, not necessarily the mine’s full output or costs.
Has Barrick kept its past promises?
Barrick met its 2025 gold-production guidance of 3.15–3.50 million ounces and delivered approximately 3.26 million ounces. Its all-in sustaining costs finished above guidance, however. Gold prices also rose 44% from the previous year, creating a strong market tailwind. By August 2026, Barrick reported another quarter above its production expectations, but production delivery and cost control say more about management than higher metal prices alone.
What do Barrick’s recent revenue and profit results show?
Revenue rose from $3,681 million to $5,292 million. Shareholder net income also increased, while attributable gold production was almost unchanged at 796,000 ounces against 797,000 ounces. The main engine was price: realized gold rose from $3,295 to $4,417 an ounce. Retained operations did grow after adjusting for sold mines, but the financial surge was mostly price-driven.
Sequentially, revenue edged higher while gross margin, operating income and net income fell. Gold prices cooled and unit costs rose. Q2 also carried Mali royalties and penalties, remobilization costs, IPO expenses and inventory impairments, partly offset by disposal-related gains.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,292 | 5,218 | 5,997 | 4,148 | 3,681 | 3,130 | 3,645 | 3,368 |
| Gross margin | 54.7% | 59.8% | 54.8% | 54.4% | 49.0% | 43.0% | 45.3% | 39.1% |
| Operating income | 2,650 | 3,267 | 4,071 | 2,424 | 1,416 | 1,121 | 1,949 | 1,107 |
| Net income | 1,217 | 1,602 | 2,406 | 1,302 | 811 | 474 | 996 | 483 |
| EPS, diluted | 0.73 | 0.96 | 1.43 | 0.76 | 0.47 | 0.27 | 0.57 | 0.28 |
What should I watch in Barrick’s next results?
Barrick’s Q3 results are due on November 9, 2026. Management expects production to rise through the second half, so investors will examine not only ounces but also costs, cash generation and construction payments.