Selected Financial Data
since 2005
Income Statement
Newmont Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Sales | Net income (loss) attributable to Newmont stockholders |
|---|---|---|
| Dec 31, 2023 | 11,812) | (2,494) |
| Dec 31, 2022 | 11,915) | (429) |
| Dec 31, 2021 | 12,222) | 1,166) |
| Dec 31, 2020 | 11,497) | 2,829) |
| Dec 31, 2019 | 9,740) | 2,805) |
| Dec 31, 2018 | 7,253) | 341) |
| Dec 31, 2017 | 7,348) | (98) |
| Dec 31, 2016 | 6,711) | (627) |
| Dec 31, 2015 | 7,729) | 220) |
| Dec 31, 2014 | 7,292) | 508) |
| Dec 31, 2013 | 8,322) | (2,462) |
| Dec 31, 2012 | 9,868) | 1,809) |
| Dec 31, 2011 | 10,358) | 366) |
| Dec 31, 2010 | 9,540) | 2,277) |
| Dec 31, 2009 | 7,705) | 1,297) |
| Dec 31, 2008 | 6,199) | 853) |
| Dec 31, 2007 | 5,526) | (1,886) |
| Dec 31, 2006 | 4,987) | 791) |
| Dec 31, 2005 | 4,406) | 322) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance from 2005 to 2023 is characterized by a general long-term increase in top-line revenue contrasted by extreme volatility in net profitability. While sales have grown significantly over the nineteen-year period, net income has experienced frequent and severe fluctuations, including several intervals of substantial losses.
- Revenue Trajectory
- Sales exhibited a consistent upward trajectory from 2005 to 2011, rising from US$ 4,406 million to US$ 10,358 million. This growth was followed by a period of contraction and instability between 2012 and 2018, during which revenue fluctuated and reached a low of US$ 6,711 million in 2016. A secondary growth phase began in 2019, with sales peaking at US$ 12,222 million in 2021 before stabilizing at US$ 11,812 million by the end of 2023.
- Net Income Volatility
- Profitability has been highly inconsistent, with net income shifting between significant gains and deep losses. Major losses were recorded in 2007 (US$ -1,886 million), 2013 (US$ -2,462 million), and 2023 (US$ -2,494 million). These downturns are interspersed with periods of strong profitability, most notably in 2010 (US$ 2,277 million), 2019 (US$ 2,805 million), and 2020 (US$ 2,829 million).
- Profitability Correlation
- A notable decoupling between sales growth and net income is observable. Although the highest revenue levels were achieved between 2020 and 2023, this period concluded with a sharp decline in profitability, resulting in the largest single-year loss in the dataset by 2023. This suggests that increased sales volume has not consistently translated into bottom-line growth, indicating that external market pressures or internal cost structures have had a dominant influence on net results.
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Balance Sheet: Assets
Newmont Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2023 | 7,512) | 55,506) |
| Dec 31, 2022 | 6,515) | 38,482) |
| Dec 31, 2021 | 7,696) | 40,564) |
| Dec 31, 2020 | 8,505) | 41,369) |
| Dec 31, 2019 | 6,272) | 39,974) |
| Dec 31, 2018 | 5,277) | 20,715) |
| Dec 31, 2017 | 5,066) | 20,563) |
| Dec 31, 2016 | 4,677) | 21,031) |
| Dec 31, 2015 | 4,983) | 25,182) |
| Dec 31, 2014 | 5,439) | 24,916) |
| Dec 31, 2013 | 4,874) | 24,764) |
| Dec 31, 2012 | 5,945) | 29,650) |
| Dec 31, 2011 | 5,388) | 27,474) |
| Dec 31, 2010 | 7,253) | 25,663) |
| Dec 31, 2009 | 5,822) | 22,299) |
| Dec 31, 2008 | 2,361) | 15,839) |
| Dec 31, 2007 | 2,672) | 15,598) |
| Dec 31, 2006 | 2,642) | 15,601) |
| Dec 31, 2005 | 3,036) | 13,992) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset profile of the organization exhibits a significant long-term expansion, characterized by periodic surges in both total and current asset valuations between 2005 and 2023. Total assets grew from 13.99 billion USD in 2005 to 55.51 billion USD by the end of 2023, representing a substantial increase in the overall scale of the balance sheet.
- Total Asset Growth Trends
- A period of relative stability was observed from 2005 to 2008, with assets hovering between 13.99 billion USD and 15.84 billion USD. This was followed by a growth phase from 2009 to 2012, where total assets peaked at 29.65 billion USD. A subsequent contraction occurred between 2013 and 2018, with values settling around the 20 billion USD mark. A pivotal expansion occurred in 2019, as total assets surged to 39.97 billion USD and remained relatively stable until 2022. The most recent data indicates a sharp acceleration in growth, with total assets reaching 55.51 billion USD in 2023.
- Current Asset Volatility
- Current assets demonstrate more frequent fluctuations compared to total assets. After a decline to 2.36 billion USD in 2008, a significant increase was recorded in 2009, reaching 5.82 billion USD, and peaking at 7.25 billion USD in 2010. Throughout the mid-2010s, current assets remained largely range-bound between 4.6 billion USD and 5.4 billion USD. A secondary growth peak was observed in 2020 at 8.51 billion USD, followed by a moderate decline and a subsequent recovery to 7.51 billion USD by the end of 2023.
- Asset Composition and Structural Shifts
- The relationship between current assets and total assets suggests a shift toward a more capital-intensive structure. In 2005, current assets represented approximately 21.7% of total assets. By 2023, despite the increase in absolute current asset value, their proportion of total assets decreased to approximately 13.5%. This trend indicates that the growth in the balance sheet has been driven predominantly by non-current assets, likely reflecting significant investments in long-term infrastructure or strategic acquisitions.
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Balance Sheet: Liabilities and Stockholders’ Equity
Newmont Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Debt, finance lease and other financing obligations | Newmont stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2023 | 5,998) | 26,301) | 9,436) | 29,027) |
| Dec 31, 2022 | 2,926) | 18,949) | 6,132) | 19,354) |
| Dec 31, 2021 | 2,654) | 18,703) | 6,302) | 22,022) |
| Dec 31, 2020 | 3,369) | 17,490) | 6,702) | 23,008) |
| Dec 31, 2019 | 2,385) | 17,557) | 6,834) | 21,420) |
| Dec 31, 2018 | 1,787) | 9,203) | 4,261) | 10,502) |
| Dec 31, 2017 | 1,395) | 8,933) | 4,065) | 10,609) |
| Dec 31, 2016 | 1,750) | 9,157) | 4,615) | 10,721) |
| Dec 31, 2015 | 1,416) | 10,890) | 6,236) | 11,350) |
| Dec 31, 2014 | 2,198) | 11,827) | 6,646) | 10,274) |
| Dec 31, 2013 | 2,740) | 11,700) | 6,740) | 10,141) |
| Dec 31, 2012 | 3,141) | 12,702) | 6,298) | 13,773) |
| Dec 31, 2011 | 3,940) | 11,703) | 4,313) | 12,896) |
| Dec 31, 2010 | 2,747) | 9,947) | 4,441) | 13,345) |
| Dec 31, 2009 | 2,320) | 9,686) | 4,809) | 10,703) |
| Dec 31, 2008 | 1,596) | 7,367) | 3,542) | 7,102) |
| Dec 31, 2007 | 1,500) | 6,601) | 2,938) | 7,548) |
| Dec 31, 2006 | 1,739) | 5,166) | 1,911) | 9,337) |
| Dec 31, 2005 | 1,350) | 4,685) | 1,929) | 8,376) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The balance sheet exhibits a substantial expansion in scale from 2005 to 2023, characterized by a significant increase in both total obligations and shareholders' equity. The overall financial structure transitioned from a relatively lean balance sheet in the mid-2000s to a much larger capital base by 2023, with a marked acceleration in growth occurring after 2018.
- Total and Current Liabilities Trends
- Total liabilities grew from 4,685 million USD in 2005 to 26,301 million USD in 2023. This trajectory was not linear; a period of moderate growth occurred until 2012, followed by a stabilization phase between 2013 and 2018. A sharp upward inflection is observed starting in 2019, where liabilities nearly doubled from 9,203 million USD in 2018 to 17,557 million USD in 2019, eventually peaking in 2023. Current liabilities followed a similar volatile path, rising from 1,350 million USD in 2005 to 5,998 million USD in 2023, with a particularly steep increase noted in the final year of the period.
- Debt and Financing Obligations
- Debt, finance lease, and other financing obligations increased from 1,929 million USD in 2005 to 9,436 million USD in 2023. A notable peak occurred in 2013 at 6,740 million USD before a period of deleveraging reduced these obligations to 4,065 million USD by 2016. A second expansion phase began in 2019, with debt levels rising and remaining elevated above 6,000 million USD through 2022, before reaching the period high in 2023.
- Stockholders' Equity Growth
- Newmont stockholders' equity demonstrated a strong long-term upward trend, moving from 8,376 million USD in 2005 to 29,027 million USD in 2023. The most significant growth event occurred between 2018 and 2019, where equity more than doubled from 10,502 million USD to 21,420 million USD. This suggests a major capital infusion or a significant accounting adjustment during that period. Equity levels remained robust through 2022 before increasing further in 2023.
- Leverage and Capital Structure Analysis
- The relationship between total liabilities and stockholders' equity remained relatively balanced over the long term, although the absolute values scaled. In 2005, the ratio of total liabilities to equity was approximately 0.56. By 2023, this ratio shifted to approximately 0.91. While the total debt burden increased, the simultaneous growth in equity provided a buffer, maintaining a capital structure where equity continues to exceed total liabilities.
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Cash Flow Statement
Newmont Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2023 | 2,754) | (1,002) | (1,603) |
| Dec 31, 2022 | 3,198) | (2,983) | (2,356) |
| Dec 31, 2021 | 4,266) | (1,868) | (2,958) |
| Dec 31, 2020 | 4,890) | 166) | (1,680) |
| Dec 31, 2019 | 2,876) | (1,226) | (2,777) |
| Dec 31, 2018 | 1,837) | (1,177) | (455) |
| Dec 31, 2017 | 2,350) | (961) | (864) |
| Dec 31, 2016 | 1,917) | (34) | (1,480) |
| Dec 31, 2015 | 2,157) | (2,041) | 296) |
| Dec 31, 2014 | 1,451) | (507) | (65) |
| Dec 31, 2013 | 1,561) | (1,313) | (212) |
| Dec 31, 2012 | 2,388) | (3,264) | 689) |
| Dec 31, 2011 | 3,591) | (5,067) | (854) |
| Dec 31, 2010 | 3,180) | (1,419) | (915) |
| Dec 31, 2009 | 2,914) | (2,781) | 2,572) |
| Dec 31, 2008 | 1,403) | (2,151) | 123) |
| Dec 31, 2007 | 525) | (2,467) | 465) |
| Dec 31, 2006 | 1,237) | (838) | (333) |
| Dec 31, 2005 | 1,253) | (977) | 38) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile from 2005 to 2023 reveals a company with a consistent ability to generate positive cash flow from operations, though it is subject to significant periodic volatility in investment and financing activities.
- Operating Cash Flow Trends
- Net cash provided by operating activities has remained positive throughout the entire period. A period of significant growth occurred between 2008 and 2011, with values rising from 1.403 billion USD to a peak of 3.591 billion USD. Following a mid-term stabilization phase between 2013 and 2018, where cash flows generally fluctuated between 1.4 billion USD and 2.3 billion USD, a substantial increase was observed in 2020, reaching the historical maximum of 4.890 billion USD. Since 2020, a gradual downward trend has emerged, with cash flows decreasing to 2.754 billion USD by the end of 2023.
- Investing Activity Patterns
- Investing activities are characterized by consistent net outflows, reflecting ongoing capital expenditures and strategic investments typical of the industry. The most aggressive investment phase occurred between 2007 and 2012, highlighted by a significant outflow of 5.067 billion USD in 2011. Investment spending decreased notably between 2013 and 2017, including a near-zero outflow in 2016. A resurgence in capital allocation was observed in 2021 and 2022, with outflows reaching 1.868 billion USD and 2.983 billion USD, respectively, before moderating to 1.002 billion USD in 2023. A singular exception occurred in 2020, when investing activities provided a small net inflow of 166 million USD.
- Financing Activity Dynamics
- Financing activities show a distinct shift in strategic direction over the nineteen-year period. Early years were characterized by alternating inflows and outflows, including a large cash injection of 2.572 billion USD in 2009. However, from 2016 onwards, the company entered a sustained period of net cash outflows. This trend accelerated between 2019 and 2022, with annual outflows ranging from 1.680 billion USD to 2.958 billion USD. This persistent negative cash flow in financing suggests a long-term commitment to debt reduction, dividend distributions, or share repurchases.
- Overall Cash Flow Synthesis
- The relationship between the three cash flow components indicates a cycle of operational generation funding both heavy capital investment and shareholder returns. The peak operational performance in 2020 coincided with a rare positive investing cash flow, resulting in a surge of available liquidity. The subsequent years show a balanced approach where operating cash flows have remained sufficient to cover both renewed investment spending and significant financing outflows.
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Per Share Data
Newmont Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2023 | -2.97 | -2.97 | 1.60 |
| Dec 31, 2022 | -0.54 | -0.54 | 2.20 |
| Dec 31, 2021 | 1.46 | 1.46 | 2.20 |
| Dec 31, 2020 | 3.52 | 3.51 | 1.04 |
| Dec 31, 2019 | 3.82 | 3.81 | 1.44 |
| Dec 31, 2018 | 0.64 | 0.64 | 0.56 |
| Dec 31, 2017 | -0.18 | -0.18 | 0.25 |
| Dec 31, 2016 | -1.18 | -1.18 | 0.13 |
| Dec 31, 2015 | 0.43 | 0.43 | 0.10 |
| Dec 31, 2014 | 1.02 | 1.02 | 0.23 |
| Dec 31, 2013 | -4.94 | -4.94 | 1.23 |
| Dec 31, 2012 | 3.65 | 3.63 | 1.40 |
| Dec 31, 2011 | 0.74 | 0.73 | 1.00 |
| Dec 31, 2010 | 4.63 | 4.55 | 0.50 |
| Dec 31, 2009 | 2.66 | 2.66 | 0.40 |
| Dec 31, 2008 | 1.88 | 1.87 | 0.40 |
| Dec 31, 2007 | -4.17 | -4.17 | 0.40 |
| Dec 31, 2006 | 1.76 | 1.75 | 0.40 |
| Dec 31, 2005 | 0.72 | 0.72 | 0.40 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per-share financial performance from 2005 to 2023 is characterized by significant volatility in earnings and a fluctuating dividend policy that reflects broader cyclical trends. Earnings per share exhibit a pattern of sharp peaks and deep troughs, indicating a high sensitivity to external market factors.
- Earnings Per Share (EPS) Trends
- Basic and diluted earnings per share demonstrate extreme variance over the analyzed period. Notable peaks occurred in 2010 (US$ 4.63) and 2019-2020, where earnings reached US$ 3.82 and US$ 3.52, respectively. Conversely, substantial losses were recorded in 2007 (US$ -4.17), 2013 (US$ -4.94), and most recently in 2023 (US$ -2.97). The narrow gap between basic and diluted EPS throughout the period suggests a minimal impact from potentially dilutive securities.
- Dividend Distribution Patterns
- Dividend payments remained stable at US$ 0.40 from 2005 through 2008 before entering a period of growth, peaking at US$ 1.40 in 2012. A sharp contraction in payouts began in 2014, with dividends dropping to US$ 0.23 and reaching a low of US$ 0.10 in 2015. A subsequent recovery phase saw dividends climb steadily from 2016, reaching a high of US$ 2.20 in 2021 and 2022, before declining to US$ 1.60 in 2023.
- Earnings and Dividend Correlation
- The relationship between earnings and dividend payouts reveals varying degrees of alignment. In the early period, dividends were maintained despite the negative EPS of 2007. However, the significant dividend reductions between 2014 and 2017 coincided with a period of depressed or negative earnings. Most recently, a divergence is observed in 2023, where a dividend of US$ 1.60 was maintained despite a diluted EPS loss of US$ 2.97, suggesting a reliance on retained earnings or other capital sources to sustain payouts during earnings contractions.
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