Barrick Mining significantly increased capital returns during the second quarter of 2026, returning $1.50 billion to shareholders, up 242% year-over-year, as the gold and copper producer repurchased approximately $1.21 billion of shares and maintained its quarterly dividend.
Barrick repurchased $1.209 billion of shares during the quarter under its previously announced $3 billion share repurchase program. The company said the purchases reflect confidence in the value of its assets and long-term growth prospects, including the planned initial public offering of its North American gold business.
The company also declared a quarterly dividend of $0.175 per share. Barrick’s dividend policy targets an annualized payout equal to 50% of attributable free cash flow, consisting of a fixed base quarterly dividend of $0.175 per share and a potential year-end performance top-up based on attributable free cash flow generated during the year.
The higher capital returns were supported by strong operating and financial results. Q2 revenue increased 44% year-over-year to $5.29 billion, while operating cash flow increased 28% to $1.70 billion. Net earnings increased 50% to $1.22 billion, and adjusted net earnings increased to $1.36 billion. Attributable adjusted EBITDA increased 51% to $2.55 billion, representing a 60% margin.
Barrick produced 796,000 ounces of gold during Q2, up 11% sequentially and above its guidance range of 730,000 to 770,000 ounces. The outperformance reflected the ahead-of-schedule restart of Loulo-Gounkoto, a faster recovery at Pueblo Viejo following planned maintenance and record underground tonnes mined at Cortez as Goldrush continued ramping.
The company maintained its full-year production and cost guidance while reducing expected attributable capital expenditures to $3.8 billion to $4.2 billion from $4 billion to $4.45 billion, primarily because of lower anticipated spending at the Reko Diq project.
Barrick is also preparing to complete the IPO of a minority stake in a newly formed North American gold company by year-end. The planned business is expected to include interests in Nevada Gold Mines and Pueblo Viejo, the Fourmile project, other North American exploration properties and assets being contributed by Newmont.
KEY QUOTES:
“We delivered our third quarter in a row with excellent operational and financial performance. We beat the top end of our gold production guidance and generated much higher earnings and cash flow than a year ago.”
“With a strong balance sheet, high-quality assets, and disciplined execution, we remain well positioned to deliver on our plans for 2026 and continue creating long-term value for shareholders.”
Mark Hill, President And Chief Executive Officer Of Barrick Mining
