Barrick Q3 2026 earnings review

Adjusted EPS rose 41.4% to $0.82 as the realized gold price rose 22.7%.

Barrick Mining Corporation · Q3 2026 · Published Nov 9, 2026 · By DeepCell AI · Sources

Barrick Q3 2026 earnings review

Quarter ended September 30, 2026 · NYSE: B · TSX: ABX

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Barrick (B) Q3 2026 earnings review

Adjusted EPS rose 41.4% to $0.82 as the realized gold price rose 22.7%

  1. 1.Adjusted EPS beat the Zacks consensus of $0.74 but missed Benzinga’s $0.85
  2. 2.Revenues rose 22.3% to $5,073M on higher gold and copper prices
  3. 3.Copper AISC of $4.52/lb was above the 2026 guidance range
  4. 4.Barrick bought back $761M of shares; net cash rose to $909M
  5. 5.The pre-market share-price reaction is shown in the results table

Note: Adjusted EPS, AISC and attributable figures are company non-GAAP measures. AISC is all-in sustaining costs.Source: Barrick news release, Nov 9, 2026; Zacks via Yahoo Finance, Nov 9, 2026; Benzinga, Nov 9, 2026; CNBC quote, Nov 9, 2026, 9:06 AM ET; analysis of company data

2

2 · Executive summary

Adjusted EPS of $0.82 beat Zacks but missed Benzinga; revenues missed Benzinga by 4.3%

Q3 2026 results vs. consensus (providers differ)

MetricActualConsensusVarianceResult
Adjusted EPS vs. Zacks$0.82$0.74+$0.08 / +10.8%Beat
Adjusted EPS vs. Benzinga$0.82$0.85-$0.03 / -3.5%Miss
Revenues vs. Benzinga$5,073M$5,302M-$229M / -4.3%Miss

Share price after the Nov 9 release (CNBC)

MeasureNov 6 closeNov 9 pre-market, 9:06 AM ETChange vs. Nov 6 close
Barrick (NYSE: B)$40.56$41.79+$1.23 / +3.0%

Note: Zacks and Benzinga EPS consensus differ, so the result depends on the provider. Pre-market prices are indications, not a close. This deck does not attribute a cause to the move.Source: Barrick news release, Nov 9, 2026; Zacks via Yahoo Finance and Benzinga, Nov 9, 2026; CNBC quote, Nov 9, 2026, 9:06 AM ET; analysis of company data

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3 · Q3 results vs. consensus

Barrick kept 2026 guidance, but nine-month copper AISC of $4.05/lb is above its range

2026 guidance (unchanged) vs. nine months 2026

Metric2026 guidanceNine months 2026Position
Gold production, koz2,900–3,2502,331On track
Gold COS, $/oz$1,870–$2,070$1,956Within range
Gold TCC, $/oz$1,330–$1,470$1,381Within range
Gold AISC, $/oz$1,760–$1,950$1,831Within range
Copper production, kt190–220155On track
Copper C1 cash costs, $/lb$2.20–$2.45$2.60Above range
Copper AISC, $/lb$3.45–$3.75$4.05Above range

Note: AISC is all-in sustaining costs; TCC is total cash costs; COS is cost of sales. Guidance assumes $4,500/oz gold, $5.50/lb copper and $70/bbl WTI oil. Position compares nine-month results with the full-year range (DeepCell assessment).Source: Barrick news release, Nov 9, 2026; analysis of company data

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4 · 2026 guidance

Revenues rose 22.3% while net earnings rose 1.2% to $1,317M

  1. Prices drove the gainRealized gold price rose to $4,243/oz from $3,457/oz.
  2. Costs rose tooGold AISC rose 24.3% to $1,911/oz.
  3. Adjusted earnings rose fasterAdjusted net earnings rose 37.2% to $1,347M.

Key figures in $M for Q3 2026 vs. Q3 2025

$M unless notedQ3 2025Q3 2026YoY
Revenues$4,148M$5,073M22.3%
Attributable adjusted EBITDA$2,022M$2,475M22.4%
Net earnings$1,302M$1,317M1.2%
Net earnings per share ($)$0.76$0.805.3%
Adjusted EPS ($)$0.58$0.8241.4%

Note: AISC is all-in sustaining costs. Net earnings are attributable to equity holders of Barrick. Adjusted EPS uses basic shares.Source: Barrick news release, Nov 9, 2026; analysis of company data

5

5 · Q3 key financials

Gold attributable EBITDA rose 19.1% to $2,117M, and copper rose 46.1%

Revenue and attributable adjusted EBITDA by metal

$M, Q3 2025 vs. Q3 2026

MetalQ3 2025Q3 2026YoY
Gold revenue$2,943M$3,517M19.5%
Gold attributable EBITDA$1,777M$2,117M19.1%
Copper revenue$473M$677M43.1%
Copper attributable EBITDA$245M$358M46.1%
Attributable adjusted EBITDA$2,022M$2,475M22.4%
Gold production was 816 koz, down 1.6%“For the fourth consecutive quarter, we improved safety, executed against our plans, strengthened Nevada Gold Mines, advanced our growth projects, and returned significant capital to shareholders.” Mark Hill, President and CEO

Note: Metal revenue and EBITDA are attributable figures from the operating results table. Production fell on weather at Veladero and delayed high-grade access at North Mara.Source: Barrick news release, Nov 9, 2026; analysis of company data

6

6 · Gold and copper results

7 · Attributable EBITDA bridge

Barrick International AISC rose to $1,981/oz, above its 2026 guidance range

Gold AISC by region

$ per ounce, Q3 2025 vs. Q3 2026

Barrick International · Q3 2025: $1,448Barrick International · Q3 2026: $1,981North America · Q3 2025: $1,450North America · Q3 2026: $1,731Total gold · Q3 2025: $1,538Total gold · Q3 2026: $1,911Q3 2025Q3 2026$0$500$1,000$1,500$2,000$2,400$1,448$1,981$1,450$1,731$1,538$1,911Barrick InternationalNorth AmericaTotal gold
International AISC was $31/oz above the top of its range; North America rose 19.4%

Note: AISC is all-in sustaining costs. Barrick International combines the Africa and Middle East and the South America and Asia Pacific regions. Its 2026 AISC guidance is $1,760–$1,950/oz.Source: Barrick news release, Nov 9, 2026; analysis of company data

8

8 · Gold AISC by region

Other expense adjustments of $104M lifted adjusted net earnings above net earnings

Net earnings to adjusted net earnings

$M, Q3 2026

$M · Net earnings: $1,317M$M · Disposal gains: -$102M$M · Other expense: $104M$M · Tax items: $31M$M · Impairment: -$1M$M · Currency: $1M$M · NCI and tax: -$3M$M · Adjusted net earnings: $1,347MNetearningsDisposalgainsOtherexpenseTax itemsImpairmentCurrencyNCI and taxAdjustednet earnin…$0M$500M$1,000M$1,600M$1,317M-$102M$104M$31M-$1M$1M-$3M$1,347M
Disposal gains of $102M, mainly the Bambadji sale, were excluded

Note: Other expense adjustments mainly relate to royalties, penalties and interest at Loulo-Gounkoto under the 2023 Mining Code. NCI is non-controlling interests.Source: Barrick news release, Nov 9, 2026; analysis of company data

9

9 · Adjusted net earnings bridge

Attributable adjusted EBITDA margin was 59.7%, against 59.4% a year ago

Margins

%, Q3 2025 vs. Q3 2026

Attributable adjusted EBITDA margin · Q3 2025: 59.4%Attributable adjusted EBITDA margin · Q3 2026: 59.7%Operating cash flow margin · Q3 2025: 58.4%Operating cash flow margin · Q3 2026: 49.1%Net earnings margin · Q3 2025: 31.4%Net earnings margin · Q3 2026: 26.0%Q3 2025Q3 20260.0%20.0%40.0%70.0%59.4%59.7%58.4%49.1%31.4%26.0%

Attributable adjusted EBITDA marginOperating cash flow marginNet earnings margin

Operating cash flow margin fell to 49.1% from 58.4%

Note: EBITDA margin uses revenues as adjusted; other margins use revenues (DeepCell calculation).Source: Barrick news release, Nov 9, 2026; analysis of company data

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10 · Margin analysis

Attributable free cash flow fell 44.4% to $642M as capex rose 40.2%

Operating cash flow to attributable free cash flow

$M, Q3 2026

$M · Operating cash flow: $2,489M$M · Capex: -$1,322M$M · Free cash flow: $1,167M$M · Equity investees: $80M$M · NCI share: -$605M$M · Attributable free cash flow: $642MOperating cashflowCapexFree cash flowEquityinvesteesNCI shareAttributablefree cash flow$0M$1,000M$2,000M$3,000M$2,489M-$1,322M$1,167M$80M-$605M$642M
Consolidated free cash flow was $1,167M, down 21.1%

Note: Attributable free cash flow adds Barrick’s share of equity investees and removes the share of non-controlling interests.Source: Barrick news release, Nov 9, 2026; analysis of company data

11

11 · Free cash flow

Barrick repurchased $761M of shares as project capex rose 28.9%

Capital returns and capital expenditure

$M unless noted, Q3 2025 vs. Q3 2026

ItemQ3 2025Q3 2026
Minesite sustaining capex$395M$593M
Project capex$532M$686M
Total consolidated capex$943M$1,322M
Attributable capex$757M$1,157M
Share repurchases—$761M
The quarterly dividend is $0.175 per share; total returns were $1.04B

Note: Repurchases are under the $3.0B buyback program. 2026 attributable capex guidance is $3.8–4.2B.Source: Barrick news release, Nov 9, 2026; analysis of company data

12

12 · Capital returns and capex

Net cash rose to $909M from $323M a year earlier

Cash, debt and net cash at quarter end

$M, Sep 30, 2025 vs. Sep 30, 2026

Cash and equivalents · Sep 30, 2025: $5,037MCash and equivalents · Sep 30, 2026: $5,589MNet cash · Sep 30, 2025: $323MNet cash · Sep 30, 2026: $909MDebt · Sep 30, 2025: $4,714MDebt · Sep 30, 2026: $4,680MSep 30, 2025Sep 30, 2026$0M$2,000M$4,000M$6,000M$5,037M$5,589M$323M$909M$4,714M$4,680MCash and equivalentsNet cashDebt
Debt fell 0.7% YoY while cash rose 11.0%

Note: Net cash is cash and equivalents less current and long-term debt. Barrick reports net leverage of -0.1x adjusted EBITDA.Source: Barrick news release, Nov 9, 2026; analysis of company data

13

13 · Balance sheet and net cash

Copper costs and the gold price are the main swing factors after AISC rose to $1,911/oz

Indicator
What to watch
Implication
Q3 reading
Gold price
Revenue and margins
Guide assumes $4,500/oz
Realized $4,243/oz
Copper costs
Copper margins
Diesel and local currency
AISC $4.52/lb vs. $3.75 top
Mali and Loulo-Gounkoto
Royalties and penalties
2023 Mining Code
Other adjustments $104M
Fourth-quarter output
Production guidance
North Mara high grade in Q4
569 koz needed for low end

Note: AISC is all-in sustaining costs. Watch points are analytical, not company targets.Source: Barrick news release, Nov 9, 2026; analysis of company data

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14 · Key risks to guidance

Appendix: Gold operations

ClaimEvidenceCalculation
Gold production816 koz, (1.6%) YoYAttributable basis
Gold sold810 koz, (3.2%) YoYAttributable basis
Gold cost of sales per ounce$1,950, 24.8% YoYLower grades, royalties, diesel
Gold total cash costs per ounce$1,386, 21.9% YoYNon-GAAP
Realized price less AISC$2,332/oz vs. $1,919/ozDeepCell calculation

AISC is all-in sustaining costs. Source: Barrick news release, Nov 9, 2026; analysis of company data

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15 · Appendix: Gold operations

Appendix: Copper operations

ClaimEvidenceCalculation
Copper production50 kt, (9.1%) YoYAttributable basis
Realized copper price$6.54/lb, 49.0% YoYNon-GAAP
Copper cost of sales per pound$3.65, 36.2% YoYDiesel and labor costs
Copper C1 cash costs per pound$2.76, 40.8% YoYNon-GAAP
Copper AISC above guidance top$0.77/lbDeepCell calculation

AISC is all-in sustaining costs. Source: Barrick news release, Nov 9, 2026; analysis of company data

16

16 · Appendix: Copper operations

Appendix: Regional detail

ClaimEvidenceCalculation
North America gold production497 koz, (7.3%) YoYNevada Gold Mines and Pueblo Viejo
North America AISC$1,731/ozGuide $1,690–$1,870/oz
Barrick International production319 koz, 8.9% YoYLoulo-Gounkoto ramp-up
Barrick International AISC$1,981/oz, 36.8% YoYGuide $1,760–$1,950/oz

AISC is all-in sustaining costs. Source: Barrick news release, Nov 9, 2026; analysis of company data

17

17 · Appendix: Regional detail

Appendix: Nine-month results

ClaimEvidenceCalculation
Revenues, nine months$15,583M, 42.2% YoYvs. nine months 2025
Gold production, nine months2,331 koz569 koz needed in Q4 for low end
Copper production, nine months155 ktGuide 190–220 kt
Attributable FCF, nine months$1,996MNon-GAAP

Source: Barrick news release, Nov 9, 2026; analysis of company data

18

18 · Appendix: Nine-month results

19 · Appendix: Earnings and cash flow

Appendix: sources

  • News release: Barrick Mining Corporation, Nov 9, 2026 — https://www.barrick.com/English/news/news-details/2026/q3-2026-results/default.aspx
  • Consensus: Zacks Equity Research via Yahoo Finance, Nov 9, 2026 — https://finance.yahoo.com/markets/stocks/articles/barrick-mining-b-surpasses-q3-111002057.html
  • Consensus: Benzinga, Nov 9, 2026 — https://www.benzinga.com/news/earnings/26/11/63024536/barrick-mining-q3-adj-eps-0-82-misses-0-85-estimate-sales-5-073b-miss-5-302b-estimate
  • Guidance: 2026 operating and cost guidance table, same news release (unchanged in Q3)
  • Non-GAAP measures: attributable adjusted EBITDA, AISC, total cash costs and adjusted EPS are company-defined; reconciliations are in the news release endnotes
  • Share price: CNBC B quote, Nov 6 close and Nov 9 pre-market at 9:06 AM ET — https://www.cnbc.com/quotes/B

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20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Barrick Mining Corporation's Nov 9, 2026 news release. Consensus figures come from Zacks (via Yahoo Finance) and Benzinga; the share price comes from CNBC. We have not independently verified third-party data.

Forward-looking statements. Guidance and watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Past performance. Past results, including those for Q3 2026, are not a reliable indicator of future results.

Non-GAAP measures. Adjusted net earnings, attributable adjusted EBITDA, free cash flow, TCC, AISC and C1 cash costs follow Barrick's definitions. They supplement, and do not replace, IFRS measures.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Barrick Mining Corporation and does not represent its views. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings and consult a qualified professional adviser before making any investment decision.

Date of analysis. Figures are as reported on Nov 9, 2026. The share price is a pre-market indication at 9:06 AM ET on Nov 9, 2026, not a regular-session close.

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21 · Disclosures

Sources

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