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B Q3 Earnings Beat Estimates on Higher Gold Prices, Sales Miss
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Key Takeaways
Barrick's Q3 earnings rose 41.4% to 82 cents per share, while revenues missed expectations.
B benefited from a 22.7% rise in realized gold prices, despite lower production and a 24.3% jump in AISC.
Barrick reaffirmed its 2026 gold and copper output guidance while advancing key expansion projects.
Barrick Mining Corporation (B - Free Report) reported adjusted earnings of 82 cents per share for the third quarter of 2026, up around 41.4% from 58 cents in the year-ago quarter. The figure beat the Zacks Consensus Estimate of 74 cents by 10.8%. Higher realized metal prices supported earnings growth despite elevated production costs.
Barrick recorded revenues of $5.07 billion, up 22.3% year over year. The top line missed the Zacks Consensus Estimate of $5.08 billion by 0.2%. Gold production declined 2% year over year to 816,000 ounces, while copper output fell 9%.
Barrick Mining Corporation Price, Consensus and EPS Surprise
Total gold production was 816,000 ounces in the reported quarter, down from 829,000 ounces a year ago. The metric missed the consensus estimate of 818,000 ounces. The average realized gold price was $4,243 per ounce, up around 22.7% year over year.
Gold cost of sales increased 24.8% to $1,950 per ounce. Total cash costs rose 21.9% to $1,386 per ounce, while all-in sustaining costs (AISC) climbed 24.3% to $1,911 per ounce.
B's Financials
Barrick ended the quarter with cash and cash equivalents of $5.59 billion, up from $5.04 billion a year ago. Total debt declined to $4.68 billion from $4.71 billion. The company held net cash of $909 million compared with $323 million in the prior-year quarter.
Barrick repurchased shares worth $761 million during the quarter under its $3 billion buyback program. It also declared a quarterly dividend of 17.5 cents per share, payable on Dec. 15, 2026, to shareholders of record as of Nov. 30.
Barrick Reaffirms Outlook
For 2026, Barrick continues to anticipate attributable gold production of 2.9-3.25 million ounces. Gold AISC is projected at $1,760-$1,950 per ounce, while total cash costs are expected to be $1,330-$1,470 per ounce. Gold cost of sales is forecast at $1,870-$2,070 per ounce.
Barrick reaffirmed copper production guidance of 190,000-220,000 tonnes, with AISC of $3.45-$3.75 per pound, C1 cash costs of $2.20-$2.45 and cost of sales of $3.05-$3.35 per pound.
Total attributable capital expenditures are projected at $3.8-$4.2 billion. The Lumwana expansion remains on schedule for first copper production at the end of the first quarter of 2028. Meanwhile, the company continues advancing the Fourmile project and expansion activities at Pueblo Viejo.
B’s Price Performance
Barrick’s shares have gained 7.3% in the past year compared with the 10.5% rise of the industry.
Image Source: Zacks Investment Research
B’s Zacks Rank & Key Picks
B currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Reliance, Inc. (RS - Free Report) , Element Solutions Inc. (ESI - Free Report) and Worthington Steel, Inc. (WS - Free Report) .
The Zacks Consensus Estimate for RS’ 2026 earnings is pegged at $26.54 per share, indicating an 86.1% year-over-year surge. RS shares have gained 57.2% over the past year.
The Zacks Consensus Estimate for ESI’s 2026 earnings is pegged at $1.85 per share, indicating a year-over-year rise of 24.2%. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 6%.
The Zacks Consensus Estimate for WS’ current fiscal-year earnings is pinned at $4.07 per share. WS shares have gained 24% over the past year.
View the Zacks #1 Rank List
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B Q3 Earnings Beat Estimates on Higher Gold Prices, Sales Miss
Key Takeaways
Barrick Mining Corporation (B - Free Report) reported adjusted earnings of 82 cents per share for the third quarter of 2026, up around 41.4% from 58 cents in the year-ago quarter. The figure beat the Zacks Consensus Estimate of 74 cents by 10.8%. Higher realized metal prices supported earnings growth despite elevated production costs.
Barrick recorded revenues of $5.07 billion, up 22.3% year over year. The top line missed the Zacks Consensus Estimate of $5.08 billion by 0.2%. Gold production declined 2% year over year to 816,000 ounces, while copper output fell 9%.
Barrick Mining Corporation Price, Consensus and EPS Surprise
Barrick Mining Corporation price-consensus-eps-surprise-chart | Barrick Mining Corporation Quote
B's Operations
Total gold production was 816,000 ounces in the reported quarter, down from 829,000 ounces a year ago. The metric missed the consensus estimate of 818,000 ounces. The average realized gold price was $4,243 per ounce, up around 22.7% year over year.
Gold cost of sales increased 24.8% to $1,950 per ounce. Total cash costs rose 21.9% to $1,386 per ounce, while all-in sustaining costs (AISC) climbed 24.3% to $1,911 per ounce.
B's Financials
Barrick ended the quarter with cash and cash equivalents of $5.59 billion, up from $5.04 billion a year ago. Total debt declined to $4.68 billion from $4.71 billion. The company held net cash of $909 million compared with $323 million in the prior-year quarter.
Barrick repurchased shares worth $761 million during the quarter under its $3 billion buyback program. It also declared a quarterly dividend of 17.5 cents per share, payable on Dec. 15, 2026, to shareholders of record as of Nov. 30.
Barrick Reaffirms Outlook
For 2026, Barrick continues to anticipate attributable gold production of 2.9-3.25 million ounces. Gold AISC is projected at $1,760-$1,950 per ounce, while total cash costs are expected to be $1,330-$1,470 per ounce. Gold cost of sales is forecast at $1,870-$2,070 per ounce.
Barrick reaffirmed copper production guidance of 190,000-220,000 tonnes, with AISC of $3.45-$3.75 per pound, C1 cash costs of $2.20-$2.45 and cost of sales of $3.05-$3.35 per pound.
Total attributable capital expenditures are projected at $3.8-$4.2 billion. The Lumwana expansion remains on schedule for first copper production at the end of the first quarter of 2028. Meanwhile, the company continues advancing the Fourmile project and expansion activities at Pueblo Viejo.
B’s Price Performance
Barrick’s shares have gained 7.3% in the past year compared with the 10.5% rise of the industry.
Image Source: Zacks Investment Research
B’s Zacks Rank & Key Picks
B currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Reliance, Inc. (RS - Free Report) , Element Solutions Inc. (ESI - Free Report) and Worthington Steel, Inc. (WS - Free Report) .
RS currently sports a Zacks Rank #1 (Strong Buy), while ESI and WS carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here
The Zacks Consensus Estimate for RS’ 2026 earnings is pegged at $26.54 per share, indicating an 86.1% year-over-year surge. RS shares have gained 57.2% over the past year.
The Zacks Consensus Estimate for ESI’s 2026 earnings is pegged at $1.85 per share, indicating a year-over-year rise of 24.2%. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 6%.
The Zacks Consensus Estimate for WS’ current fiscal-year earnings is pinned at $4.07 per share. WS shares have gained 24% over the past year.