Barrick Gold Announces Stellar Quarter, Strategic Shifts, and Major Dividend Hike

Barrick Mining CA0679011084

Barrick Gold Corporation has unveiled a transformative set of announcements, headlined by record-breaking financial results for the final quarter of 2025, a substantial increase in shareholder returns, and significant leadership and strategic updates.

The company confirmed the appointment of Mark Hill as its new President and Chief Executive Officer. Hill will also join the Board of Directors as a non-independent member, a move the company attributes to the "strong performance" under his leadership. In a separate board development, Robert Samek has been appointed and is slated to serve on the Audit & Risk and Compensation committees.

Strategically, the board has authorized management to advance preparations for an initial public offering (IPO) of its North American gold assets. The transaction is anticipated to be completed by the end of 2026. The new entity, referred to internally as "NewCo," is expected to include interests in Nevada Gold Mines and Pueblo Viejo, as well as the wholly-owned Fourmile discovery in Nevada. Barrick intends to retain a significant controlling majority stake following the public listing.

Record Financial Performance

The miner reported exceptional financial strength for the three months ending December 2025. Revenue surged to $6.00 billion, a 45% increase from the $4.15 billion recorded in the third quarter.

Profitability metrics saw even more dramatic gains. Net earnings per share (EPS) reached $1.43, while adjusted EPS came in at $1.04. These figures represent staggering quarterly growth of 88% and 79%, respectively, compared to Q3 and are noted as company records for a quarterly period.

Cash generation was equally robust. Operating cash flow totaled $2.73 billion, with free cash flow hitting $1.62 billion. These results mark sequential improvements of 13% and 9%.

Full-Year 2025 Summary:
* Revenue: $16.96 billion (+31% vs. 2024)
* Operating Cash Flow: $7.69 billion (+71%)
* Free Cash Flow: $3.87 billion (+194%)
* Earnings Per Share: $2.93 (+140%)

Production Metrics and Share Buybacks

Operational delivery remained on target. Fourth-quarter gold production was 871,000 ounces (+5% quarter-over-quarter), bringing the full-year total to 3.26 million ounces. Copper output for Q4 was 62,000 tonnes, with annual production reaching 220,000 tonnes.

The company also continued its capital return program via share repurchases. Throughout 2025, Barrick bought back approximately 51.9 million shares for $1.5 billion, representing about 3.0% of its outstanding shares. $500 million of this total was deployed in the fourth quarter alone.

Overhauled Dividend Policy and Future Outlook

In a direct benefit to shareholders, the board declared a quarterly dividend of $0.42 per share for Q4 2025. This payout, scheduled for March 16, 2026, to shareholders of record on February 27, 2026, constitutes a massive 140% increase over the prior quarter's distribution.

Concurrently, Barrick is instituting a new dividend framework. The policy targets a total payout of 50% of attributable free cash flow on an annualized basis. It will consist of a fixed base dividend of $0.175 per quarter—a 40% increase—supplemented by a year-end performance-linked component.

Looking ahead, the company provided 2026 gold production guidance of 2.90 to 3.25 million ounces. It also noted that gold resources at the Fourmile project in Nevada have been doubled, with further growth anticipated throughout the coming year.