Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Newmont Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Sales	11,812)	11,915)	12,222)	11,497)	9,740)
Costs applicable to sales	(6,699)	(6,468)	(5,435)	(5,014)	(5,195)
Depreciation and amortization	(2,108)	(2,185)	(2,323)	(2,300)	(1,960)
Reclamation and remediation	(1,533)	(921)	(1,846)	(366)	(280)
Gross profit	1,472)	2,341)	2,618)	3,817)	2,305)
Exploration	(265)	(231)	(209)	(187)	(265)
Advanced projects, research and development	(200)	(229)	(154)	(122)	(150)
General and administrative	(299)	(276)	(259)	(269)	(313)
Impairment charges	(1,891)	(1,320)	(25)	(49)	(5)
Loss on assets held for sale	—)	—)	(571)	—)	—)
Newcrest transaction and integration costs	(464)	—)	—)	—)	—)
Restructuring and severance	(24)	(4)	(11)	(18)	(7)
Settlement costs	(7)	(22)	(11)	(58)	(5)
COVID-19 specific costs	(1)	(38)	(87)	(92)	—)
Goldcorp transaction and integration costs	—)	—)	—)	(23)	(217)
Nevada JV transaction and implementation costs	—)	—)	—)	—)	(30)
Other	(21)	(18)	(34)	(193)	(36)
Other expense, net	(517)	(82)	(143)	(384)	(295)
Operating income (loss)	(1,700)	203)	1,257)	2,806)	1,277)
Gain on formation of Nevada Gold Mines	—)	—)	—)	—)	2,390)
Gain (loss) on asset and investment sales, net	(197)	35)	212)	677)	30)
Interest income	148)	78)	18)	24)	57)
Foreign currency exchange, net	(56)	(5)	23)	(73)	(7)
Change in fair value of investments	(47)	(46)	(135)	252)	166)
Insurance Proceeds	37)	14)	—)	—)	38)
Pension settlements	(9)	(137)	(4)	(92)	20)
Charges from debt extinguishment	—)	—)	(11)	(77)	—)
Impairment of investments	—)	—)	(1)	(93)	(2)
Other	36)	34)	23)	27)	25)
Other income (loss), net	(88)	(27)	125)	645)	327)
Interest expense, net of capitalized interest	(243)	(227)	(274)	(308)	(301)
Other income (expense)	(331)	(254)	(149)	337)	2,416)
Income (loss) before income and mining tax and other items	(2,031)	(51)	1,108)	3,143)	3,693)
Income and mining tax expense	(526)	(455)	(1,098)	(704)	(832)
Equity income of affiliates	63)	107)	166)	189)	95)
Net income (loss) from continuing operations	(2,494)	(399)	176)	2,628)	2,956)
Net income (loss) from discontinued operations	27)	30)	57)	163)	(72)
Net income (loss)	(2,467)	(369)	233)	2,791)	2,884)
Net (income) loss attributable to noncontrolling interests	(27)	(60)	933)	38)	(79)
Net income (loss) attributable to Newmont stockholders	(2,494)	(429)	1,166)	2,829)	2,805)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Sales: Sales demonstrated a consistent upward trend from 2019 to 2021, increasing from $9,740 million to a peak of $12,222 million. However, from 2022 to 2023, sales slightly declined to $11,812 million, indicating a plateauing or moderate decrease after prior growth.
Costs applicable to sales: Costs exhibited a steady increase across the entire period, rising from $5,195 million in 2019 to $6,699 million in 2023. This increase outpaced sales growth in the later years, which suggests pressure on gross margins.
Depreciation and amortization: Depreciation and amortization expenses rose from $1,960 million in 2019 to a peak of $2,323 million in 2021, then decreased steadily to $2,108 million by 2023. This pattern may reflect changes in asset bases or amortization schedules.
Reclamation and remediation: There was significant volatility in reclamation and remediation costs, increasing sharply to $1,846 million in 2021, then declining in 2022, before rising again to $1,533 million in 2023. This suggests episodic or project-based expenses with a notable peak in 2021.
Gross profit: Gross profit increased significantly from $2,305 million in 2019 to $3,817 million in 2020 but declined steadily thereafter to $1,472 million in 2023. This downward trend post-2020 points toward margin compression and rising costs relative to sales.
Operating expenses: Exploration costs remained relatively stable, fluctuating between $187 million and $265 million. Advanced projects and research/development expenses varied moderately but showed a slight increase in 2022. General and administrative costs slightly decreased over time but experienced a minor uptick in 2023. Significant impairment charges appeared in 2022 and 2023, peaking at $1,891 million, which heavily impacted operating results in those years.
Special charges and transaction costs: Impairment charges and transaction-related costs surged notably in 2022 and 2023, with impairment charges and Newcrest transaction costs heavily contributing to losses. Loss on assets held for sale was substantial in 2021 at $571 million, showing an isolated event impacting that year's results.
Other expenses and income: Other expenses fluctuated, with a notable increase in 2023 to $517 million. Interest income decreased from 2019 through 2021 but rebounded in 2022 and 2023. Foreign currency exchange and fair value changes in investments introduced additional volatility, with losses more prominent in later years.
Operating income (loss): Operating income peaked in 2020 at $2,806 million but then contracted sharply, turning into a loss of $1,700 million by 2023. This reversal underscores deteriorating core business profitability due to increased impairments and expenses.
Income and mining taxes: Tax expenses decreased after peaking in 2021, reflecting the changes in pre-tax income and tax planning impacts. The tax burden declined notably in 2022 despite negative income continuing into 2023.
Net income: Net income attributable to stockholders showed a strong positive performance in 2019 and 2020, followed by substantial declines in 2021 and losses in 2022 and 2023, with the loss deepening to $2,494 million in 2023. This trajectory indicates a challenging operating environment and significant write-downs affecting profitability.
Equity income of affiliates: Equity income from affiliates declined consistently from $189 million in 2020 to $63 million in 2023, potentially reflecting weakening performance or reduced stakes in associated entities.
Summary: Overall, the financial data reveals a period of strong revenue growth until 2021, followed by a plateau and then a decline in profitability. Rising costs, sizeable impairment charges, and transaction-related expenses have increasingly pressured earnings. The company faced challenges in maintaining margins and controlling operating expenses, resulting in negative operating income and net losses in the last two years analyzed. These patterns suggest that the company encountered both operational and non-operational difficulties impacting its financial health adversely toward the end of the period.

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Newmont Corp. (NYSE:NEM)

Income Statement