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Barrick Mining Corporation is an international gold and copper mining business with interests in operating mines, development projects and exploration projects across five continents. Recent quarterly results show a step-change in profitability and cash generation versus the prior year, while still reflecting commodity-price and volume sensitivity. The key review question is whether Barrick can translate this operating and financial setup into durable cash generation while managing fluctuations in gold, copper, silver, diesel fuel, natural gas and electricity prices, reserve and resource conversion risk, operating performance and exploration uncertainty, permitting, environmental, health and safety, tailings.
The Q1 2026 presentation states that 2026 production and cost guidance remained on track, with production expected to increase sequentially through the year and Q4 expected to be the highest production quarter. The guidance slide lists 2026 gold production of 2.90 to 3.25 million ounces, gold cost of sales of $1,870 to $2,070 per ounce, total cash costs of $1,330 to $1,470 per ounce, and gold AISC of $1,760 to $1,950 per ounce; it also lists copper production of 190 to 220 thousand tonnes, copper cost of sales of $3.05 to $3.35 per pound, C1 cash costs of $2.20 to $2.45 per pound, and copper AISC of $3.45 to $3.75 per pound. The same source gives a production outlook of 3.30 to 3.65 million ounces of gold in 2027 and 3.40 to 3.75 million ounces in 2028, plus copper production of 195 to 225 thousand tonnes in 2027 and 255 to 285 thousand tonnes in 2028. Earnings sensitivity remains tied to realized gold and copper prices, mine sequencing, cost inflation, project spend, and delivery against this guidance.
Barrick Mining Corporation is a large gold and copper producer whose source packet emphasizes scale, asset quality, project depth, and balance-sheet capacity. The 2025 annual report says Barrick delivered attributable gold production of 3.26 million ounces and copper production of 220 thousand tonnes, met gold and copper production guidance, generated operating cash flow of $7.69 billion and free cash flow of $3.87 billion, and ended 2025 with $6.71 billion of cash and a net cash position. The Q1 2026 presentation then shows continued operating momentum, with 719 thousand ounces of attributable gold production, net earnings of $1.60 billion, adjusted net earnings of $1.65 billion, cash flow from operations of $2.55 billion, attributable free cash flow of $1.21 billion, and a new $3 billion share buyback program. The thesis to review is therefore whether Barrick can convert strong gold-price exposure, Nevada-led operating execution, and growth projects such as Fourmile, Goldrush, Pueblo Viejo, Lumwana, and Reko Diq into durable cash generation while managing mining, political, permitting, cost, and project execution risks.
Street
bullMarket-Implied
baseMost Likely
baseConfidence
MediumAs of 2026-06-06, the current price of 54.91 compares with a low/mean/high consensus range of 31.22, 72.73, and 96.72 across 13 analysts. That setup points to a bull street case because the mean and high ends of the range remain materially above the current quote.
The market-implied case is base because the current quote leaves room against the consensus range while still embedding the operating and risk issues described in the report.
Current Price
$54.91
Expected Value
$68.35
Implied Move
+24.5%
Current vs low/median/mean/high target prices
Barrick Mining Corporation's operating risks are tied to large-scale gold and copper mining, development, exploration, processing and closure activities across North America, Latin America, Africa, the Middle East and Asia Pacific. The 2025 Annual Information Form identifies mining hazards including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and losses of gold bullion, copper cathode or concentrate, as well as risks from reserve and resource estimates, metallurgical recovery, production levels, project execution, input availability, labor and operating costs. The AIF also describes a portfolio that includes Nevada Gold Mines, Pueblo Viejo, Loulo-Gounkoto, Kibali, North Mara, Bulyanhulu, Lumwana, Porgera, Reko Diq and other assets, so disruptions at large mines or growth projects can affect consolidated production and costs. The Carlin technical report adds asset-specific uncertainty around geology, grade, recovery, mining methods, processing, permitting, tailings, reclamation and sustaining capital. Barrick's Q1 2026 MD&A highlights production and cost guidance, capital spending, project timelines and the resumption of Loulo-Gounkoto operations after disputes with the Government of Mali as forward-looking items subject to operational risk. If mine plans, grades, recoveries, safety performance, equipment reliability, energy supply, labor availability, permitting or project schedules differ from source assumptions, Barrick could face lower production, higher unit costs, delayed growth projects, impairment risk or reduced operating flexibility.
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Barrick's financial risk profile depends heavily on gold and copper prices, operating costs, capital spending, foreign exchange, interest rates, derivative exposures, credit conditions and access to cash flow from multiple jurisdictions. The Annual Information Form lists risks from gold and copper price volatility, global liquidity and credit availability, inflation, supply-chain disruption, energy costs, adverse credit-rating changes, exchange and capital controls, currency fluctuations and changes in U.S. dollar interest rates affecting derivative instruments and variable-rate debt obligations. The AIF also notes risks from derivative instruments, including credit risk, market liquidity risk and mark-to-market risk. Barrick's Q1 2026 MD&A reports revenue, cash flow, sustaining capital, project capital, free cash flow and balance-sheet measures, while its forward-looking statements remain subject to production, cost, tax, tariff, capital, commodity-price and foreign-exchange assumptions. Because Barrick operates in currencies such as Canadian dollars, Argentine and Dominican pesos, Zambian kwacha, Tanzanian shilling, West African CFA, Congolese franc, Papua New Guinean kina and Pakistani rupee while reporting in U.S. dollars, adverse currency or capital-control moves could affect costs, cash repatriation and reported results. Lower commodity prices, higher inflation, project overruns, weaker credit availability, derivative losses, tax or royalty changes, or restricted cash movements could reduce free cash flow, pressure liquidity and limit funding flexibility for operations, growth projects and shareholder distributions.
Barrick's business model is to find, develop, own and operate gold and copper assets, convert mineral reserves and resources into produced metal, and sell that production into global commodity markets. The company focuses on asset quality, operational excellence, portfolio optimization and disciplined growth, including investment in Tier One gold assets, Tier One copper assets or projects, strategic assets and exploration. Cash generation depends on managing mine plans, sustaining capital, development spending, commodity-price exposure and country-level operating risks across a global asset base.
Barrick Mining Corporation is an international gold and copper mining business with interests in operating mines, development projects and exploration projects across five continents. Its approved source documents describe gold and copper as the company's principal products and sources of earnings, with financial reporting organized around a portfolio of individual minesites. For 2025, the reportable operating segments included major gold mines such as Carlin, Cortez, Turquoise Ridge, Pueblo Viejo, Loulo-Gounkoto, Kibali, North Mara and Bulyanhulu, plus the Lumwana copper mine.
Barrick's cost structure is shaped by the costs of mining, processing, sustaining and developing mineral assets. The sources discuss cost of sales for gold and copper, total cash costs, all-in sustaining costs, sustaining capital, sustaining leases, general and administrative costs, minesite exploration and evaluation costs tied to current mine plans, and reclamation cost accretion and amortization. Operating costs also depend on stripping and underground development, crushing, grinding, heap leaching, flotation, refining, energy, labor, contractors, consumables, royalties and taxes.
Entry barriers are high because commercial mines require mineral rights, resource definition, technical studies, permitting, infrastructure, capital, skilled labor, processing capability, reclamation planning, and social acceptance. Barrick's AIF notes competition for mining claims and leases, the need for government approvals, fiscal and tax resolution, access to water, power, and infrastructure, and risks tied to title over properties. It also describes Tier One assets as needing long mine lives, large annual production, lower-half cost curves, and world-class geological districts with organic reserve potential, which are difficult for new entrants to replicate. Substitution risk is more relevant to copper than gold: the AIF lists availability and cost of substitute materials as one factor influencing copper prices, while gold demand is tied to fabrication, jewelry, official coins, industrial uses, and investment demand.
Barrick's defensible position rests on asset quality, geological district exposure, operating capabilities, and reserve optionality. The AIF defines Tier One Gold Assets as assets with potential for at least a 10-year life, annual production of at least 500,000 ounces, costs in the lower half of the industry cost curve, and location in world-class geological districts with potential for organic reserve growth. Barrick says it focuses on Tier One Gold Assets, Tier One Copper Assets or Projects, Tier Two Gold Assets, and Strategic Assets, with organic growth using its existing footprint in world-class geological districts. The source packet also highlights brownfields exploration at Nevada Gold Mines, Fourmile, Pueblo Viejo, Veladero, and Kibali, plus optionality in undeveloped gold and copper deposits such as Norte Abierto and El Alto-Lama. Those assets and technical capabilities are the main sources of durability in a commodity market.
Capital structure composition and liquidity ratios
At March 31, 2026, Barrick had total assets of $52.583 billion, total liabilities of $15.810 billion, and total equity of $36.773 billion. Cash and equivalents were $7.131 billion, up from $6.706 billion at December 31, 2025, while current assets were $10.613 billion and current liabilities were $3.464 billion. Debt was essentially flat at $4.726 billion, split between $61 million of current debt and $4.665 billion of non-current debt. The balance sheet therefore remained net-cash, with debt net of cash of negative $2.405 billion and shareholders equity of $27.339 billion.
The balance sheet and cash flow profile were internally consistent in Q1 2026: cash increased by $425 million despite $979 million of capital expenditures, $697 million of dividends, and $926 million of disbursements to non-controlling interests. The current ratio improved to 3.06:1 from 2.92:1 at year-end 2025. Barrick also had an undrawn $3.0 billion revolving credit facility extended to May 2030, with a covenant requiring net debt to total capitalization below 0.60:1; the reported ratio was negative 0.07:1 at March 31, 2026. Contractual capital commitments were $2.030 billion at quarter-end.
Operating, investing, and financing cash flow by period
Q1 2026 net cash provided by operating activities was $2.554 billion, more than double the $1.212 billion generated in Q1 2025. Capital expenditures were $979 million, leaving consolidated free cash flow of $1.575 billion and attributable free cash flow of $1.213 billion. Investing activities used $614 million, including capital expenditures partly offset by dividends and shareholder loan repayments from equity method investments. Financing activities used $1.515 billion, driven by $697 million of dividends and $926 million of disbursements to non-controlling interests, partly offset by $122 million of funding from Reko Diq non-controlling interests.
| Peer Set | EPS Growth | Company Name | Revenue Growth |
|---|---|---|---|
| WPM | 128.8% | Wheaton Precious Metals Corp. | 91.6% |
| AEM | 108.6% | Agnico Eagle Mines Limited | 66.1% |
| FNV | 123.1% | Franco-Nevada Corporation | 77.7% |
| K |
| All numbers in thousands (USD) | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
•Total Revenue | 250,488.58 | 235,237.64 | 111,923.79 | 66,401.45 | 44,713.55 |
| All numbers in thousands (USD) | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
•Total Assets | 902,240.26 | 874,164.75 | 331,826.07 | 59,094.85 |
•Current Assets |
| All numbers in thousands (USD) | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
•Operating Cash Flow | 127,596.64 | -25,680.47 | -208,810.44 | -64,044.38 | 10,693.25 |
| Value | Shares | Holder Type | Shareholder | Date Reported | Percentage Out |
|---|---|---|---|---|---|
| 3,848,479,889 | 66,918,449 | institutional | Van Eck Associates Corporation | Mar 2026 | 3.99% |
| 3,698,458,560 | 64,309,836 | institutional | Capital International Investors | Mar 2026 | 3.84% |
| 3,216,447,193 | 55,928,487 | institutional |
Barrick describes environmental stewardship around water, greenhouse gas emissions, biodiversity, tailings and closure. The 2024 sustainability report says its sustainability priorities include responsible water stewardship, emissions reductions and biodiversity protection, and that it achieved an 85% water reuse or recycling rate, reduced emissions against the 2018 baseline by 10%, maintained Biodiversity Action Plans at all sites and had all sites certified to ISO 14001:2015. The 2025 annual report says Barrick applies environmental management systems at each site, with water use, incident prevention and management, tailings management, climate change and biodiversity as key focus areas, and reported zero Class 1 High Significance Environmental Incidents for the seventh consecutive year. The sustainability report also describes a mine-closure approach that incorporates progressive rehabilitation, water-smart solutions, climate-resilient closure and community-led transitions.
Barrick frames ESG risks and opportunities around climate change, water, tailings, community acceptance, human rights, legal compliance, operational safety and responsible mining standards. The 2025 AIF identifies risks including failure to comply with environmental and health and safety laws, physical and transition risks from climate change, extreme weather, resource shortages, emerging GHG regulation, challenges meeting climate and Scope 3 targets, contests over access to water, tailings dam and storage facility failures, community opposition, litigation and reputational damage. The 2024 sustainability report says Barrick maintains group, regional and site risk registers, reports critical risks quarterly to the Board Audit & Risk Committee, added physical climate risk to the risk register in 2024, and includes a Sustainable Profitability section in its risk reporting. Opportunities described in the source packet include renewable and cleaner energy, water reuse and recycling, biodiversity tools, progressive closure, local procurement, workforce development, community development and sector leadership on responsible mining standards.
Potential catalysts requiring analyst review include delivery against the unchanged 2026 production and cost guidance, sequential production growth through 2026, continued cash-flow conversion at current metal prices, execution of the new $3 billion buyback program, progress on Fourmile and Goldrush in Nevada, the Pueblo Viejo expansion and mine-life extension, the Lumwana Super Pit Expansion, Reko Diq development decisions, and the operational ramp-up at Loulo-Gounkoto after the Mali dispute resolution. These are source-backed items to monitor, not automated triggers.
1Y cumulative return vs XIC
The source packet provides operating and financial inputs for analyst review but does not by itself establish market mispricing. Items requiring analyst review include the difference between Barrick's 2025 record cash generation and shareholder returns, Q1 2026 production and free-cash-flow momentum, management's unchanged 2026 production and cost guidance, and the risk that commodity prices, costs, jurisdictional events, or project timing could change the cash-flow profile. The review should also compare the market's treatment of near-term gold and copper exposure against the longer-dated value contribution from Fourmile, Goldrush, Pueblo Viejo, Lumwana, and Reko Diq without treating the source packet alone as proof of mispricing.
The primary risks are the standard mining and commodity risks disclosed across the AIF, annual report, Q1 MD&A, and presentation. Barrick identifies exposure to fluctuations in gold, copper, silver, diesel fuel, natural gas and electricity prices; reserve and resource conversion risk; operating performance and exploration uncertainty; permitting, environmental, health and safety, tailings, labor, input-cost, and climate-related risks; and political or economic developments in jurisdictions where it operates or may operate. The source packet also highlights uncertainty around whether targeted investments and projects will meet capital allocation objectives, plus execution and timing risk at growth projects such as Fourmile, Goldrush, Pueblo Viejo, Lumwana, and Reko Diq.
Recent source documents show a strong 2025 followed by a positive Q1 2026 operating update. In 2025, Barrick reported net earnings per share of $2.93, attributable EBITDA of $8.16 billion, operating cash flow of $7.69 billion, free cash flow of $3.87 billion, record shareholder returns, delivery on gold and copper production guidance, and a doubled resource at Fourmile. The annual report also says Barrick sold Hemlo, Tongon, Donlin, and Alturas for total cash proceeds of $2.6 billion and resolved disputes in Mali to regain control of Loulo-Gounkoto. In Q1 2026, the company reported 719 thousand ounces of attributable gold production, gold production above the 640 to 680 thousand ounce guidance range shown in the presentation, adjusted net earnings of $1.65 billion, attributable EBITDA of $2.76 billion, attributable free cash flow of $1.21 billion, quarterly shareholder returns of $697 million, and a new $3 billion buyback program.
The source packet does not support an automated portfolio action. Any action requires analyst review of Barrick's source-backed cash generation, 2026 guidance, balance-sheet position, shareholder-return program, growth-project timing, and risk disclosures. The review should also incorporate live market data and portfolio constraints outside this source-only packet before any action is set.
The source packet supplies valuation work inputs but does not establish a standalone valuation outcome; that requires analyst review. Relevant source-backed inputs include 2025 operating cash flow of $7.69 billion, free cash flow of $3.87 billion, cash of $6.71 billion and net cash of $2.00 billion at year-end, Q1 2026 cash flow from operations of $2.55 billion, attributable free cash flow of $1.21 billion, 2026 production and cost guidance, and the multi-year production outlook for gold and copper. Analyst review should test those inputs against commodity-price assumptions, capital spending for growth projects, reserve and resource conversion, jurisdictional risks, and the timing of Fourmile, Goldrush, Pueblo Viejo, Lumwana, and Reko Diq.
The overall case is base because Barrick must convert its gold and copper asset base into durable evidence around reserve conversion, mine execution, capital discipline, and balance-sheet flexibility. The report context is constructive enough to keep the scenario live, but commodity prices, cost inflation, jurisdictional execution, and project delivery keep the range from being a one-way read.
Confidence is medium because the prepared report sections are source-backed and the street-target inputs are current, but scenario outcomes still depend on commodity prices, cost inflation, jurisdictional execution, and project delivery.
Bear Case
In the bear case, Barrick remains tied to its gold and copper asset base, but investors put more weight on commodity prices, cost inflation, jurisdictional execution, and project delivery than on the consensus range. The stock can lag even with source-backed report coverage in place if cash generation, project delivery, or operating momentum falls short of what the current report context implies.
What Must Go Right: To avoid the bear case, Barrick needs to preserve liquidity, keep operating and capital plans within the boundaries described in the report, and show that reserve conversion, mine execution, capital discipline, and balance-sheet flexibility are progressing without adding balance-sheet strain.
What Must Go Wrong: The bear case develops if commodity prices, cost inflation, jurisdictional execution, and project delivery weaken confidence, if cost or capital needs absorb the financial flexibility shown in the report, or if investors decide the target range was too dependent on favorable market conditions.
Base Case
In the base case, Barrick executes broadly in line with the prepared report context. The business continues to show credible support from its gold and copper asset base, while the market waits for clearer evidence that reserve conversion, mine execution, capital discipline, and balance-sheet flexibility can compound through the cycle.
What Must Go Right: The base case requires steady operating delivery, disciplined capital allocation, and risk control. Management needs to keep the balance sheet usable, protect margins or cash conversion, and make the report thesis more visible through measurable progress.
What Must Go Wrong: The base case weakens if execution becomes uneven, if external market conditions overpower company-specific progress, or if the risk section begins to matter more than the investment-summary thesis.
Bull Case
In the bull case, Barrick converts the strengths identified in the report into clearer market evidence. Investors give more credit to reserve conversion, mine execution, capital discipline, and balance-sheet flexibility, and the current quote moves closer to the stronger part of the consensus range without needing a new unsupported valuation claim.
What Must Go Right: The bull case requires sustained execution, clean capital allocation, and proof that the company can turn its gold and copper asset base into durable earnings, cash flow, or asset-value progress. The more management reduces uncertainty around commodity prices, cost inflation, jurisdictional execution, and project delivery, the easier it becomes for the target range to matter.
What Must Go Wrong: The bull case fails if the positive setup depends mainly on external markets rather than company delivery, if costs or capital intensity rise, or if the report risks limit how much credit investors are willing to assign.
Barrick operates in the global mining industry, where profitability and asset values are affected by gold and copper market cycles, reserve replacement, geological discovery, development economics and competition for deposits, people, equipment, energy, contractors and capital. The Annual Information Form identifies risks related to competition in the mining industry, availability and increased costs of mining inputs and labor, employee relations, reserve and resource conversion, exploration success, impairment of assets and goodwill, and the ability of projects to meet capital-allocation objectives and internal return hurdles. It also states that Barrick's reserves and resources are based on commodity-price assumptions, including gold and copper prices, so changes in long-term price assumptions can affect reported mineral reserves, mine plans and development decisions. The USGS commodity context source supports that Barrick's industry exposure sits within broader mineral commodity markets, while the Q1 2026 MD&A adds risks from global trade, tariffs, energy costs, supply chains and macroeconomic uncertainty. Competition for high-quality gold and copper assets may raise acquisition and development costs, while scarce skilled labor, contractors, power, consumables or equipment can pressure operations. If commodity markets weaken, input costs rise, competitors secure better assets or reserve replacement lags depletion, Barrick's production base, cost profile and long-term mine lives could be less resilient than source documents currently imply.
Barrick is exposed to permitting, mining-code, tax, royalty, environmental, closure, safety, human-rights, community, Indigenous, anti-corruption and legal risks across many jurisdictions. The Annual Information Form identifies risks from expropriation or nationalization, political or economic developments in countries where Barrick operates or may operate, political instability, timing or failure of permits and approvals, non-renewal of key licenses, environmental and health-and-safety law compliance, title contests and foreign investments and operations. It also discusses legal proceedings and regulatory actions, including the Loulo-Gounkoto mining conventions dispute, and says operating in emerging markets can expose Barrick to risks and uncertainties that are less likely in Canada or the United States. The Q1 2026 MD&A refers to the resumption of Loulo-Gounkoto following resolution of disputes with the Government of Mali, adoption of the 2023 Mining Code, and risks related to trade, tariff, tax, immigration and other policy changes. Barrick's sustainability report adds source-backed exposure to tailings storage, water stewardship, climate resilience, greenhouse gas reporting, biodiversity, closure, security and human-rights due diligence. Regulatory changes, permit delays, license disputes, tax or royalty increases, environmental incidents, tailings failures, closure-cost changes, community opposition, sanctions, human-rights claims or government intervention could increase costs, interrupt operations, delay projects or constrain access to mineral properties.
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Risk sensitivity visual unavailable for this report.
For a source-backed risk view centered on Barrick's large gold and copper reserve base, Nevada Gold Mines exposure, emerging-market operations and growth projects such as Reko Diq and the Lumwana Super Pit expansion, the main risks are commodity sensitivity, execution, jurisdictional stability, reserve conversion and social license. The Annual Information Form describes Barrick's strategy around Tier One gold and copper assets, its material operations in both developed and emerging markets, and growth priorities including Nevada Gold Mines, Fourmile, Pueblo Viejo, Lumwana and Reko Diq. The Q1 2026 MD&A identifies forward-looking risks around production and cost guidance, Goldrush, Fourmile, Ren, Pueblo Viejo, Veladero, Reko Diq, Lumwana, Loulo-Gounkoto, resource-to-reserve conversion and the potential IPO of North American gold assets. The sustainability report emphasizes tailings, climate, water, human rights, community development and responsible-mining standards, each of which can affect license to operate. If gold or copper prices decline, major projects are delayed or over budget, Reko Diq or Lumwana underperform plan, Nevada or Carlin reserve and recovery assumptions disappoint, Mali or other host-country terms become less favorable, or tailings, climate, safety, community or human-rights issues restrict operations, Barrick's source-supported production, cost and portfolio assumptions could weaken.
Barrick sells refined gold, doré, concentrate, copper concentrate and copper cathodes through commodity-market channels rather than a consumer distribution network. The annual report states that three customers each represented more than 10% of 2025 revenue, but also states that gold can be sold through numerous gold market traders worldwide, including financial institutions, so the company is not economically dependent on a limited number of customers for gold sales. Certain copper and gold sales are provisionally priced by reference to relevant commodity indexes until final pricing is settled.
Barrick has broad geographic exposure through operating mines, projects and exploration interests in countries including Canada, the United States, Argentina, Chile, the Dominican Republic, the Democratic Republic of the Congo, Ecuador, Jamaica, Mali, Pakistan, Papua New Guinea, Peru, Saudi Arabia, Senegal, Tanzania and Zambia. The source documents identify material properties including Cortez, Carlin, Turquoise Ridge, Pueblo Viejo, Kibali, Reko Diq and Lumwana. This footprint exposes the business to North American, Latin American, African, Middle Eastern and Asia-Pacific operating conditions, currencies, tax regimes, infrastructure and country risks.
The main operating levers are orebody quality, reserve and resource conversion, mine sequencing, grade control, throughput, recovery rates, equipment availability, cost discipline and project execution. Barrick's sources emphasize operational excellence, sustainable profitability, exploration and brownfield growth around existing districts, alongside major growth projects such as Lumwana Super Pit, Reko Diq and mine-life work at Pueblo Viejo. Safety, environmental performance, permitting, water management, tailings stewardship and relationships with host governments and communities are also operational levers because they affect continuity and development timelines.
Barrick produces and sells gold and copper products from its mining operations. Its gold mines generally produce doré, with Phoenix and Bulyanhulu also producing gold concentrate; Lumwana produces copper concentrate and copper cathodes, while Phoenix produces concentrate containing both gold and copper. The company also reports incidental revenue from by-products such as copper, silver and energy at certain gold mines.
Barrick operates in a highly regulated mining environment built around mineral tenure, operating permits, environmental compliance, health and safety, water management, tailings facilities, reclamation, mine closure, royalties, taxes and reporting to governments. The AIF describes risks linked to foreign investments and operations, permitting, legal and administrative proceedings, environmental incidents, community relations, tailings and storage facilities, and the need to maintain relationships with host governments and local communities. The company also reports government and tax payments under extractive-sector transparency requirements and emphasizes local hiring and host-country economic contributions.
Revenue is primarily driven by realized gold and copper prices, production volumes, sales volumes and the mix of gold, copper and by-product sales. The 2025 sources report total revenue of $17.0 billion, with gold revenue of $15.1 billion and copper revenue of $1.475 billion, and explain that the year-over-year increase was mainly due to higher realized gold and copper prices, partly offset in gold by lower sales volumes. Mine output, grade, recovery, processing performance and timing of shipments therefore feed directly into revenue generation.
The competitive landscape is global and asset-constrained. Barrick's AIF states that the company competes with other mining and exploration companies to acquire mining claims and leases and to recruit and retain highly skilled and experienced employees. It also states that significant competition for mining claims and leases can prevent the company from acquiring attractive assets on acceptable terms. In this market, companies compete less through branded products and more through reserve quality, geology, permitting access, technical execution, operating cost position, capital discipline, jurisdictional relationships, and the ability to replenish resources through exploration or acquisitions.
Barrick Mining Corporation operates in the global gold and copper mining industry. Its 2025 Annual Report describes Barrick as a sector-leading gold and copper producer engaged in responsible production and sale of gold and copper, exploration, and mine development, with interests in eleven producing gold mines and three producing copper mines. The source packet places its gold mines across the United States, the Dominican Republic, Tanzania, the Democratic Republic of the Congo, Mali, Argentina, and Papua New Guinea, while its producing copper mines are in Zambia, Chile, and Saudi Arabia and its greenfield copper project is in Pakistan. The industry is therefore a resource-extraction market built around finding, permitting, developing, operating, processing, and selling mined gold and copper into global metal markets.
Industry demand and pricing are commodity-driven. Barrick's AIF identifies product fabrication and bullion investment as principal sources of gold demand, with jewelry the largest fabrication use and other uses including official coins, electronics, industrial and decorative uses, dentistry, medals, and medallions. For copper, the AIF says prices are influenced by worldwide copper demand and supply, global economic growth including China, speculative investment positions, substitute materials, currency exchange movements, and the U.S. dollar. The same filing explicitly describes the copper market as volatile and cyclical, while the gold discussion points to economic uncertainty and currency movements as factors supporting gold prices. Barrick's production base also moves with mine plans, grades, processing availability, project development, and geopolitical interruptions, as shown by its 2025 gold production of 3.26 million ounces and copper production of 220 thousand tonnes.
Gold and copper mining is heavily regulated and structurally exposed to operating, environmental, geopolitical, and community risks. Barrick's AIF describes risks from environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding, gold bullion, copper cathode, and concentrate losses, as well as title disputes and access to water, power, and required infrastructure. Property-level disclosures describe permits and rights required to conduct operations, federal and state mining and environmental laws, Clean Water Act and Safe Drinking Water Act compliance, and permits for day-to-day mining activities. Barrick also reports sustainability governance covering human rights, health and safety, community relations, environmental impact management, water reuse, tailings management, reclamation and closure, cyanide management, taxes, royalties, and host-government relations. These constraints make regulatory compliance, social license, and safe operating execution core structural requirements for the industry.
Barrick is primarily a price taker in transparent gold and copper markets, so cost position and portfolio quality drive relative resilience. The AIF says Barrick's gold is refined to market delivery standards and sold to bullion dealers or refiners at market prices, while gold concentrate is sold to smelters and copper cathode or concentrate is sold to third-party purchasers, traders, manufacturers, or smelters depending on the mine. Cost competitiveness is tracked through cost of sales, total cash costs, all-in sustaining costs for gold, and C1 cash costs and all-in sustaining costs per pound for copper. In 2025 Barrick reported gold cost of sales of $1,697 per ounce, gold all-in sustaining costs of $1,637 per ounce, copper cost of sales of $2.91 per pound, copper all-in sustaining costs of $3.20 per pound, and copper C1 cash costs of $2.14 per pound. Its filings also note pressure from mining inputs, labor, sulfur, consumables, royalties, and tariffs, reinforcing that lower-cost assets and operating control are central to competitive position.
Barrick sells into liquid metal channels and relies on specialized mining inputs. The AIF says gold is refined by several refiners around the world and sold to gold bullion dealers or refiners at market prices; certain operations sell gold concentrate to smelters. It states that the availability of alternative smelters or refiners means the loss of a current smelter or refiner would not be expected to have a material adverse effect. For copper, the AIF says Zaldívar sells cathode to copper product manufacturers and traders, Lumwana sells concentrate to smelters, and concentrate sales can depend on local smelter or trading arrangements. On the supplier side, Barrick identifies risks from availability and increased costs of mining inputs and labor, energy costs, global supply-chain disruption, water and power access, sulfur and other consumables, and skilled employee retention.
Normalized cash conversion and accrual quality metrics
Cash Conversion
12.62x
Good
Accrual Intensity
-142.1%
Good
Earnings Margin
12.2%
OK
OCF Margin
154.4%
Good
Cash Conversion
12.62x
Accrual Intensity
-142.1%
Earnings Margin
12.2%
OCF Margin
154.4%
Revenue
$59.4K
Net Income
$7.3K
Operating CF
$91.7K
Barrick reconciles adjusted net earnings to IFRS net earnings and highlights items excluded from the adjusted measure. In Q1 2026, adjusted net earnings were $1.648 billion versus $1.602 billion of net earnings attributable to equity holders. Adjustments included $20 million of currency translation loss, $35 million of significant tax adjustments, $18 million of other expense adjustments, and related tax and non-controlling-interest effects. The MD&A notes that other expense adjustments included the fair value increment on inventory from regaining control of Loulo-Gounkoto, Mali reduced-operations costs, legal and consulting costs for the North America IPO project, and Hemlo contingent consideration remeasurement.
Insufficient structured data
Earnings history visual unavailable for this report.
Management maintained 2026 production and cost guidance after Q1. Gold production is expected at 2.90 million to 3.25 million ounces, with gold cost of sales of $1,870 to $2,070 per ounce, total cash costs of $1,330 to $1,470 per ounce, and AISC of $1,760 to $1,950 per ounce. Copper production is expected at 190 thousand to 220 thousand tonnes, with copper cost of sales of $3.05 to $3.35 per pound, C1 cash costs of $2.20 to $2.45 per pound, and AISC of $3.45 to $3.75 per pound. Management expected Q1 to be the lowest copper production quarter of 2026.
Recent quarterly results show a step-change in profitability and cash generation versus the prior year, while still reflecting commodity-price and volume sensitivity. Q1 2026 revenue of $5.218 billion was below Q4 2025 revenue of $5.997 billion but above each quarter from Q2 2024 through Q3 2025. Net earnings of $1.602 billion compared with $2.406 billion in Q4 2025 and $474 million in Q1 2025. Operating cash flow of $2.554 billion remained near the Q4 2025 level of $2.726 billion and well above Q1 2025, while free cash flow of $1.575 billion was broadly in line with Q4 2025.
Revenue (USD) and profitability margins (% of revenue)
Barrick reported Q1 2026 revenue of $5.218 billion, up from $3.130 billion in Q1 2025, with cost of sales of $2.099 billion versus $1.785 billion. Net income attributable to equity holders was $1.602 billion, or $0.96 per share, compared with $474 million, or $0.27 per share, a year earlier. Management attributed the year-over-year earnings improvement mainly to higher realized gold prices, partly offset by higher gold cost of sales per ounce. Sequentially, revenue and net earnings fell from Q4 2025 because lower gold and copper sales volumes outweighed stronger realized prices.
Key Q1 2026 metrics were strong but should be read with commodity-price and non-GAAP definitions in mind. Barrick reported a current ratio of 3.06:1, debt-to-equity of 0.13:1, and net leverage of negative 0.2:1. Attributable EBITDA was $2.760 billion, with an attributable EBITDA margin of 66%. Operating cash flow margin was 49%. Realized gold price was $4,823 per ounce, while gold cost of sales, total cash costs, and all-in sustaining costs were $1,922, $1,327, and $1,708 per ounce, respectively. Copper C1 cash costs were $2.57 per pound and copper AISC was $3.67 per pound.
Several Q1 and comparative-period items limit straight-line extrapolation. Q4 2025 included $839 million of other income, mainly from gains on Hemlo, Tongon, and Alturas divestitures, plus Loulo-Gounkoto accounting impacts and a Mali settlement payment. Q1 2026 other expense adjustments included Loulo-Gounkoto purchase-price-allocation inventory effects, Mali reduced-operations costs, legal and consulting costs tied to the North America IPO project, and Hemlo contingent consideration remeasurement. Management also noted lower Q1 sales volumes from mine sequencing, grades, and a planned Lumwana shutdown. These items make quarterly earnings and free cash flow sensitive to timing, commodity prices, and operating mix.
| 133.9% |
| Kinross Gold Corporation |
| 60.8% |
| PAAS | 131.6% | Pan American Silver Corp. | 49.3% |
| AGI | 1144.7% | Alamos Gold Inc. | 79.2% |
| LUG | 79.4% | Lundin Gold Inc. | 59.2% |
| IMG | 822.9% | IAMGOLD Corporation | 115.9% |
| EQX | Equinox Gold Corp. | 224.3% |
| ELD | 97.9% | Eldorado Gold Corporation | 49.9% |
| 254.2% | Subject (ABX) | 66.7% |
| ROA | ROE | Peer Set | Net Margin | Company Name | Gross Margin | Operating Margin |
|---|---|---|---|---|---|---|
| 14.0% | 21.5% | WPM | 65.6% | Wheaton Precious Metals Corp. | 85.8% | 75.0% |
| 15.5% | 22.3% | AEM | 39.5% | Agnico Eagle Mines Limited | 73.9% | 62.8% |
| 13.0% | 19.0% | FNV | 65.7% | Franco-Nevada Corporation | 91.8% | 79.3% |
| 20.3% | 35.5% | K | 36.0% | Kinross Gold Corporation | 68.7% | 55.1% |
| 10.6% | 20.8% | PAAS | 31.6% | Pan American Silver Corp. | 55.7% | 48.1% |
| 12.0% | 25.9% | AGI | 51.2% | Alamos Gold Inc. | 70.2% | 52.4% |
| 46.5% | 68.5% | LUG | 45.7% | Lundin Gold Inc. | 77.8% | 68.9% |
| 16.9% | 28.0% | IMG | 29.5% | IAMGOLD Corporation | 48.0% | 52.8% |
| 6.9% | 5.2% | EQX | 25.2% | Equinox Gold Corp. | 58.9% | 45.3% |
| 8.8% | 14.0% | ELD | 28.6% | Eldorado Gold Corporation | 62.8% | 48.8% |
| 12.0% | 25.2% | 32.1% | Subject (ABX) | 55.1% | 56.2% |
| P/B | P/E | P/S | Peer Set | EV/EBITDA | EV/Revenue | Market Cap | Forward P/E | Company Name | Enterprise Value |
|---|---|---|---|---|---|---|---|---|---|
| 6.92 | 32.91 | 29.83 | WPM | 35.78x | 29.73x | $81.9bn | 21.95 | Wheaton Precious Metals Corp. | $81.6bn |
| 3.42 | 16.91 | 9.17 | AEM | 13.02x | 9.18x | $124.1bn | 12.40 | Agnico Eagle Mines Limited | $124.2bn |
| 5.85 | 32.28 | 29.28 | FNV | 32.16x | 29.58x | $61.1bn | 22.87 | Franco-Nevada Corporation | $61.8bn |
| 3.86 | 12.46 | 6.07 | K | 9.60x | 5.98x | $48.3bn | 8.29 | Kinross Gold Corporation | $47.6bn |
| 3.33 | 17.31 | 8.01 | PAAS | 16.35x | 7.96x | $32.0bn | 10.09 | Pan American Silver Corp. | $31.8bn |
| 3.65 | 15.88 | 11.17 | AGI | 16.91x | 11.04x | $23.1bn | 11.99 | Alamos Gold Inc. | $22.9bn |
| 11.42 | 16.90 | 10.70 | LUG | 14.55x | 10.37x | $21.3bn | 12.52 | Lundin Gold Inc. | $20.7bn |
| 2.31 | 10.04 | 4.04 | IMG | 7.65x | 4.11x | $13.8bn | 6.87 | IAMGOLD Corporation | $14.0bn |
| 1.62 | 34.02 | 5.67 | EQX | 10.18x | 5.92x | $13.7bn | 6.88 | Equinox Gold Corp. | $14.3bn |
| 1.48 | 11.28 | 5.82 | ELD | 10.77x | 6.19x | $11.6bn | 5.42 | Eldorado Gold Corporation | $12.4bn |
| 2.57 | 11.52 | 5.08 | 8.96x | 5.52x | $96.7bn | 9.01 | Subject (ABX) | $105.2bn |
| 250,488.58 |
| 235,237.64 |
| 111,923.79 |
| 66,401.45 |
| 39,299.80 |
Cost of Revenue | 28,057.01 | 28,858.03 | 11,371.73 | 6,490.38 | 5,884.67 |
Gross Profit | 222,431.57 | 206,379.60 | 100,552.05 | 59,911.07 | 38,828.88 |
•Operating Expense | 136,100.13 | 120,984.34 | 98,708.06 | 34,798.25 | 4,027.29 |
•Selling General and Administrative | 118,319.47 | 102,379.22 | 90,797.90 | 31,388.32 | 4,023.01 |
•General & Administrative Expense | 101,405.31 | 87,796.97 | 81,734.52 | 26,482.57 | 1,426.87 |
Other G and A | 101,405.31 | 87,796.97 | 81,734.52 | 26,482.57 | 1,426.87 |
Selling & Marketing Expense | 16,914.16 | 14,582.25 | 9,063.38 | 4,905.75 | 2,596.14 |
•Depreciation Amortization Depletion | 17,780.65 | 18,605.11 | 7,910.16 | 3,409.93 | 4.28 |
•Depreciation & amortization | 17,780.65 | 18,605.11 | 7,910.16 | 3,409.93 | 4.28 |
Depreciation | -- | -- | -- | -- | 12.17 |
Operating Income | 86,331.44 | 85,395.26 | 1,843.99 | 25,112.83 | 34,801.60 |
•Net Non Operating Interest Income Expense | -36,279.98 | -34,932.94 | -15,881 | -9,272.06 | -41.32 |
Interest Income Non Operating | 3,349.22 | 3,861 | 2,398.69 | 594.76 | 1.47 |
Interest Expense Non Operating | 39,629.20 | 38,793.94 | 18,279.69 | 9,866.82 | 42.80 |
•Other Income Expense | 6,018.51 | 2,283.75 | -5,396.30 | -5,337.75 | -1,483.36 |
Gain on Sale of Security | -- | 1,657.91 | -5,434.34 | -5,191.31 | -1,136.34 |
Other Non Operating Income Expenses | 3,188.96 | 625.84 | 38.04 | -146.44 | -347.01 |
Pretax Income | 56,069.97 | 52,746.07 | -19,433.30 | 10,503.02 | 33,276.92 |
Tax Provision | 16,890.85 | 15,434.12 | 5,484.74 | 1,468.54 | 889.94 |
•Net Income Common Stockholders | 39,151.88 | 36,525.27 | -23,961.05 | 9,516.63 | 31,682.28 |
•Net Income | 39,151.88 | 36,525.27 | -23,961.05 | 9,516.63 | 31,682.28 |
•Net Income Including Non-Controlling Interests | 39,179.12 | 37,311.95 | -24,918.04 | 9,034.49 | 32,386.97 |
Net Income Continuous Operations | 39,179.12 | 37,311.95 | -24,918.04 | 9,034.49 | 32,386.97 |
Minority Interests | -27.24 | -786.68 | 956.99 | 482.14 | -704.70 |
Diluted NI Available to Com Stockholders | 39,151.88 | 36,525.27 | -23,961.05 | 9,516.63 | 31,682.28 |
Basic EPS | 0.40 | 0.38 | -0.34 | 0.17 | 0.63 |
Diluted EPS | 0.38 | 0.36 | -0.34 | 0.16 | 0.63 |
Basic Average Shares | 96,287.43 | 96,141.75 | 70,761.83 | 56,951.41 | 50,369.35 |
Diluted Average Shares | 99,742.63 | 99,230.95 | 70,761.83 | 57,767.90 | 50,369.35 |
Total Operating Income as Reported | 86,059.19 | 88,757.37 | -888.30 | 24,125.88 | 33,665.25 |
Total Expenses | 164,157.14 | 149,842.37 | 110,079.79 | 41,288.62 | 9,911.96 |
Net Income from Continuing & Discontinued Operation | 39,151.88 | 36,525.27 | -23,961.05 | 9,516.63 | 31,682.28 |
Normalized Income | 37,174.72 | 35,352.46 | -19,667.92 | 13,981.15 | 32,568.62 |
Interest Income | 3,349.22 | 3,861 | 2,398.69 | 594.76 | 1.47 |
Interest Expense | 39,629.20 | 38,793.94 | 18,279.69 | 9,866.82 | 42.80 |
Net Interest Income | -36,279.98 | -34,932.94 | -15,881 | -9,272.06 | -41.32 |
EBIT | 95,699.17 | 91,540.01 | -1,153.61 | 20,369.84 | 33,319.72 |
EBITDA | 113,479.82 | 110,145.12 | 6,756.55 | 23,779.77 | 33,324 |
Reconciled Cost of Revenue | 28,057.01 | 28,858.03 | 11,371.73 | 6,490.38 | 5,884.67 |
Reconciled Depreciation | 17,780.65 | 18,605.11 | 7,910.16 | 3,409.93 | 4.28 |
Net Income from Continuing Operation Net Minority Interest | 39,151.88 | 36,525.27 | -23,961.05 | 9,516.63 | 31,682.28 |
Total Unusual Items Excluding Goodwill | 2,829.55 | 1,657.91 | -5,434.34 | -5,191.31 | -1,136.34 |
Total Unusual Items | 2,829.55 | 1,657.91 | -5,434.34 | -5,191.31 | -1,136.34 |
Normalized EBITDA | 110,650.27 | 108,487.21 | 12,190.88 | 28,971.08 | 34,460.34 |
Tax Rate for Calcs | 0 | 0 | 0 | 0 | 0 |
Tax Effect of Unusual Items | 852.39 | 485.10 | -1,141.21 | -726.78 | -250 |
| All numbers in thousands (USD) | TTM | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 |
|---|---|---|---|---|---|---|
•Total Revenue | 250,488.58 | 59,390.29 | 71,898.51 | 62,975.16 | 56,224.62 | 44,139.35 |
Operating Revenue | 250,488.58 | 59,390.29 | 71,898.51 | 62,975.16 | 56,224.62 | 44,139.35 |
Cost of Revenue | 28,057.01 | 6,307.39 | 8,039.29 | 7,655.70 | 6,054.64 | 7,108.41 |
Gross Profit | 222,431.57 | 53,082.90 | 63,859.23 | 55,319.46 | 50,169.98 | 37,030.94 |
•Operating Expense | 136,100.13 | 34,754.12 | 41,061.60 | 32,906.28 | 27,378.13 | 19,638.33 |
•Selling General and Administrative | 118,319.47 | 30,820.04 | 36,799.20 | 28,506.20 | 22,194.04 | 14,879.79 |
•General & Administrative Expense | 101,405.31 | 25,872.13 | 31,900.54 | 24,706.31 | 18,926.33 | 12,263.79 |
Other G and A | 101,405.31 | 25,872.13 | 31,900.54 | 24,706.31 | 18,926.33 | 12,263.79 |
Selling & Marketing Expense | 16,914.16 | 4,947.91 | 4,898.65 | 3,799.88 | 3,267.72 | 2,616 |
•Depreciation Amortization Depletion | 17,780.65 | 3,934.09 | 4,262.40 | 4,400.08 | 5,184.08 | 4,758.55 |
Depreciation & amortization | 17,780.65 | 3,934.09 | 4,262.40 | 4,400.08 | 5,184.08 | 4,758.55 |
Operating Income | 86,331.44 | 18,328.78 | 22,797.63 | 22,413.18 | 22,791.85 | 17,392.61 |
•Net Non Operating Interest Income Expense | -36,279.98 | -9,790.37 | -9,814.92 | -8,934.82 | -7,739.87 | -8,443.33 |
Interest Income Non Operating | 3,349.22 | 663.22 | 870.07 | 803.65 | 1,012.28 | 1,175 |
Interest Expense Non Operating | 39,629.20 | 10,453.59 | 10,684.99 | 9,738.47 | 8,752.15 | 9,618.33 |
•Other Income Expense | 6,018.51 | 2,518.59 | -1,418.68 | -1,710.32 | 6,628.92 | -1,216.17 |
Gain on Sale of Security | -- | -- | 0 | -1,081.19 | 3,910.75 | -1,171.64 |
Other Non Operating Income Expenses | 3,188.96 | 2,518.59 | -1,418.68 | -629.13 | 2,718.17 | -44.52 |
Pretax Income | 56,069.97 | 11,057.01 | 11,564.03 | 11,768.03 | 21,680.90 | 7,733.11 |
Tax Provision | 16,890.85 | 3,790.81 | 4,337.38 | 4,692.69 | 4,069.97 | 2,334.09 |
•Net Income Common Stockholders | 39,151.88 | 7,266.19 | 7,226.65 | 7,075.35 | 17,583.69 | 4,639.58 |
•Net Income | 39,151.88 | 7,266.19 | 7,226.65 | 7,075.35 | 17,583.69 | 4,639.58 |
•Net Income Including Non-Controlling Interests | 39,179.12 | 7,266.19 | 7,226.65 | 7,075.35 | 17,610.93 | 5,399.03 |
Net Income Continuous Operations | 39,179.12 | 7,266.19 | 7,226.65 | 7,075.35 | 17,610.93 | 5,399.03 |
Minority Interests | -27.24 | 0 | 0 | 0 | -27.24 | -759.44 |
Diluted NI Available to Com Stockholders | 39,151.88 | 7,266.19 | 7,226.65 | 7,075.35 | 17,583.69 | 4,639.58 |
Basic EPS | 0.40 | 0.07 | -- | 0.07 | 0.18 | 0.05 |
Diluted EPS | 0.38 | 0.07 | -- | 0.07 | 0.18 | 0.05 |
Basic Average Shares | 96,287.43 | 96,775.89 | -- | 95,956.50 | 94,690.20 | 96,193.20 |
Diluted Average Shares | 99,742.63 | 99,545.64 | -- | 96,651.91 | 97,372.47 | 97,498.92 |
Total Operating Income as Reported | 86,059.19 | 18,328.78 | 22,797.63 | 22,413.18 | 22,519.60 | 21,026.96 |
Total Expenses | 164,157.14 | 41,061.51 | 49,100.88 | 40,561.98 | 33,432.77 | 26,746.74 |
Net Income from Continuing & Discontinued Operation | 39,151.88 | 7,266.19 | 7,226.65 | 7,075.35 | 17,583.69 | 4,639.58 |
Normalized Income | 37,174.72 | 7,266.19 | 7,226.65 | 7,725.14 | 14,407.07 | 5,457.39 |
Interest Income | 3,349.22 | 663.22 | 870.07 | 803.65 | 1,012.28 | 1,175 |
Interest Expense | 39,629.20 | 10,453.59 | 10,684.99 | 9,738.47 | 8,752.15 | 9,618.33 |
Net Interest Income | -36,279.98 | -9,790.37 | -9,814.92 | -8,934.82 | -7,739.87 | -8,443.33 |
EBIT | 95,699.17 | 21,510.60 | 22,249.02 | 21,506.51 | 30,433.05 | 17,351.44 |
EBITDA | 113,479.82 | 25,444.68 | 26,511.42 | 25,906.59 | 35,617.13 | 22,109.99 |
Reconciled Cost of Revenue | 28,057.01 | 6,307.39 | 8,039.29 | 7,655.70 | 6,054.64 | 7,108.41 |
Reconciled Depreciation | 17,780.65 | 3,934.09 | 4,262.40 | 4,400.08 | 5,184.08 | 4,758.55 |
Net Income from Continuing Operation Net Minority Interest | 39,151.88 | 7,266.19 | 7,226.65 | 7,075.35 | 17,583.69 | 4,639.58 |
Total Unusual Items Excluding Goodwill | 2,829.55 | -- | 0 | -1,081.19 | 3,910.75 | -1,171.64 |
Total Unusual Items | 2,829.55 | -- | 0 | -1,081.19 | 3,910.75 | -1,171.64 |
Normalized EBITDA | 110,650.27 | 25,444.68 | 26,511.42 | 26,987.78 | 31,706.38 | 23,281.63 |
Tax Rate for Calcs | 0 | 0 | 0 | 0 | 0 | 0 |
Tax Effect of Unusual Items | 852.39 | 0 | 0 | -431.40 | 734.13 | -353.84 |
| 69,572.81 |
| 159,564.65 |
| 31,776.83 |
| 33,282.93 |
•Cash, Cash Equivalents & Short Term Investments | 38,112.33 | 131,944.28 | 27,841.56 | 30,052.82 |
Cash And Cash Equivalents | 38,112.33 | 131,944.28 | 25,588.67 | 30,052.82 |
Other Short Term Investments | -- | 0 | 2,252.89 | 0 |
•Receivables | 27,813.63 | 24,998.57 | 3,236.15 | 3,113.46 |
Accounts receivable | 27,402.58 | 22,898.90 | 2,228.62 | 208.81 |
Taxes Receivable | 411.06 | 2,099.67 | 0 | -- |
Due from Related Parties Current | -- | 1,527.06 | 1,007.53 | 2,904.65 |
Other Receivables | -- | -- | -- | 122.46 |
Prepaid Assets | -- | -- | -- | 216.15 |
Other Current Assets | 3,646.85 | 2,621.79 | 699.13 | 116.65 |
•Total non-current assets | 832,667.45 | 714,600.11 | 300,049.23 | 25,811.92 |
•Net PPE | 6,159.59 | 5,747.64 | 2,294.38 | 95.63 |
•Gross PPE | 6,749.85 | 5,979.29 | 2,364.14 | 102.36 |
Properties | 0 | 0 | 0 | 0 |
Machinery Furniture Equipment | 2,034.38 | 1,218.31 | 448.06 | 19.44 |
Other Properties | 4,561.69 | 4,722.57 | 1,893.66 | 77.01 |
Leases | 153.78 | 38.41 | 22.42 | 5.90 |
Accumulated Depreciation | -590.27 | -231.65 | -69.76 | -6.73 |
•Goodwill And Other Intangible Assets | 319,140.33 | 318,082.99 | 169,910.13 | 0 |
Goodwill | 252,779.88 | 238,296.20 | 140,287 | 0 |
Other Intangible Assets | 66,360.44 | 79,786.79 | 29,623.13 | 148.93 |
•Investments And Advances | 491,138.57 | 375,538.33 | 126,845.78 | 25,716.29 |
•Investment in Financial Assets | 472,884.98 | 373,688.33 | 125,195.78 | 24,416.29 |
Available for Sale Securities | 472,884.98 | 373,688.33 | 125,195.78 | 24,416.29 |
Other Investments | 18,253.59 | 1,850 | 1,650 | 1,300 |
Non Current Accounts Receivable | 14,800.14 | 13,379.30 | -- | 1.45 |
Due from Related Parties Non Current | 14,800.14 | 13,379.30 | 0 | 1.45 |
Non Current Prepaid Assets | -- | -- | -- | 206.87 |
Other Non Current Assets | 1,428.82 | 1,851.85 | 998.95 | 7.25 |
•Total Liabilities Net Minority Interest | 483,699.33 | 450,870.08 | 167,755.99 | 30,945.15 |
•Current Liabilities | 148,591.22 | 62,466.08 | 23,326.33 | 1,302.41 |
•Payables And Accrued Expenses | 15,924.84 | 6,622.68 | 6,270.91 | 1,212.06 |
•Payables | 2,653.37 | -- | 1,916.68 | 303.80 |
Accounts Payable | -- | -- | 0 | 40.01 |
•Total Tax Payable | 2,653.37 | 0 | 751.73 | 0 |
Income Tax Payable | 2,653.37 | 0 | 751.73 | 0 |
Due to Related Parties Current | -- | 0 | 1,164.95 | 263.79 |
Current Accrued Expenses | 13,271.47 | 6,622.68 | 4,354.23 | 908.26 |
•Current Debt And Capital Lease Obligation | 116,644.19 | 38,945.93 | 13,147.69 | 48.13 |
•Current Debt | 115,924 | 38,430.34 | 13,029.63 | -- |
Other Current Borrowings | 115,924 | 38,430.34 | 13,029.63 | -- |
Current Capital Lease Obligation | 720.19 | 515.60 | 118.06 | 48.13 |
•Current Deferred Liabilities | 169.18 | 2,473.54 | 507 | 0 |
Current Deferred Revenue | 169.18 | 2,473.54 | 507 | 0 |
Other Current Liabilities | 15,853.02 | 14,423.93 | 3,400.73 | 42.23 |
•Total Non Current Liabilities Net Minority Interest | 335,108.11 | 388,404 | 144,429.66 | 29,642.74 |
•Long Term Debt And Capital Lease Obligation | 294,532.23 | 346,967.92 | 128,587.61 | 28,278.92 |
Long Term Debt | 289,894.59 | 342,387.76 | 126,790.88 | 28,249.65 |
Long Term Capital Lease Obligation | 4,637.64 | 4,580.16 | 1,796.73 | 29.27 |
•Non Current Deferred Liabilities | 30,214.16 | 26,778.87 | 9,199.09 | 1,363.82 |
Non Current Deferred Taxes Liabilities | 30,214.16 | 26,778.87 | 9,199.09 | 1,363.82 |
Tradeand Other Payables Non Current | 5,361.71 | 5,312.21 | 0 | -- |
Derivative Product Liabilities | 0 | 9,345 | 6,642.96 | 0 |
Preferred Securities Outside Stock Equity | 5,000 | 0 | -- | -- |
•Total Equity Gross Minority Interest | 418,540.93 | 423,294.67 | 164,070.08 | 28,149.70 |
•Total Partnership Capital | -- | -- | -- | 1,931.14 |
Limited Partnership Capital | -- | -- | -- | 4 |
General Partnership Capital | -- | -- | -- | 80 |
•Stockholders' Equity | 418,540.93 | 424,152.50 | 163,931.79 | 27,250.16 |
•Capital Stock | 10.49 | 10.13 | 6.34 | 5.04 |
Preferred Stock | 0 | 0 | 0 | 0 |
Common Stock | 10.49 | 10.13 | 6.34 | 5.04 |
Additional Paid in Capital | 515,971.49 | 494,064.11 | 199,826.28 | 704.96 |
Retained Earnings | -41,632.45 | -57,896.61 | -34,726.14 | 25,487.32 |
Treasury Stock | 55,808.60 | 12,025.14 | 1,283.06 | 0 |
•Gains Losses Not Affecting Retained Earnings | 0 | 0 | 108.37 | 1,052.84 |
Other Equity Adjustments | -- | -- | 108.37 | 1,052.84 |
Minority Interest | 0 | -857.83 | 138.28 | 899.54 |
Total Capitalization | 708,435.52 | 766,540.27 | 290,722.68 | 55,499.81 |
Common Stock Equity | 418,540.93 | 424,152.50 | 163,931.79 | 27,250.16 |
Capital Lease Obligations | 5,357.83 | 5,095.76 | 1,914.79 | 77.40 |
Net Tangible Assets | 99,400.60 | 106,069.51 | -5,978.34 | 27,250.16 |
Working Capital | -79,018.41 | 97,098.57 | 8,450.50 | 31,980.52 |
Invested Capital | 824,359.52 | 804,970.60 | 303,752.31 | 55,499.81 |
Tangible Book Value | 99,400.60 | 106,069.51 | -5,978.34 | 27,250.16 |
Total Debt | 411,176.42 | 385,913.86 | 141,735.30 | 28,327.05 |
Net Debt | 367,706.26 | 248,873.82 | 114,231.85 | -- |
Share Issued | 104,879.75 | 96,731.19 | 63,388.82 | 63,349.82 |
Ordinary Shares Number | 97,473.63 | 95,682.97 | 63,242.17 | 63,349.82 |
Treasury Shares Number | 7,406.12 | 1,048.23 | 146.65 | -- |
| All numbers in thousands (USD) | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 |
|---|---|---|---|---|---|
•Total Assets | 829,794.59 | 902,240.26 | 918,937.53 | 848,357.92 | 856,509.29 |
•Current Assets | 68,317.07 | 69,572.81 | 138,153.12 | 105,920.01 | 61,461.30 |
•Cash, Cash Equivalents & Short Term Investments | 37,209.75 | 38,112.33 | 86,418.95 | 74,836.87 | 43,761.73 |
Cash And Cash Equivalents | 37,209.75 | 38,112.33 | 86,418.95 | 74,836.87 | 43,761.73 |
•Receivables | 25,654.27 | 27,813.63 | 46,995.68 | 25,647.92 | 16,060.31 |
Accounts receivable | 25,558.05 | 27,402.58 | 44,255.32 | 25,502.08 | 12,447.54 |
Taxes Receivable | 96.22 | 411.06 | 2,740.36 | 145.84 | 1,946.73 |
Due from Related Parties Current | -- | -- | -- | -- | 1,666.05 |
Other Current Assets | 5,453.06 | 3,646.85 | 4,738.49 | 5,435.22 | 1,639.26 |
•Total non-current assets | 761,477.51 | 832,667.45 | 780,784.41 | 742,437.91 | 795,047.99 |
•Net PPE | 11,961.33 | 6,159.59 | 6,306.99 | 6,385.53 | 5,856.04 |
•Gross PPE | 12,661.63 | 6,749.85 | 6,792.27 | 6,771.72 | 6,154.52 |
Properties | 0 | 0 | 0 | 0 | 0 |
Machinery Furniture Equipment | 2,168.27 | 2,034.38 | 1,921.91 | 1,784.40 | 1,442.68 |
Other Properties | 10,339.57 | 4,561.69 | 4,716.58 | 4,867.68 | 4,673.43 |
Leases | 153.78 | 153.78 | 153.78 | 119.64 | 38.41 |
Accumulated Depreciation | -700.30 | -590.27 | -485.28 | -386.19 | -298.48 |
•Goodwill And Other Intangible Assets | 316,064.13 | 319,140.33 | 319,450.65 | 310,313.11 | 313,406.31 |
Goodwill | 252,779.88 | 252,779.88 | 248,959.64 | 238,921.11 | 238,296.20 |
Other Intangible Assets | 63,284.24 | 66,360.44 | 70,491.01 | 71,392.01 | 75,110.11 |
•Investments And Advances | 417,503.41 | 491,138.57 | 437,732.29 | 400,391.97 | 459,898.17 |
•Investment in Financial Assets | 396,849.83 | 472,884.98 | 427,882.29 | 390,541.97 | 450,048.17 |
Available for Sale Securities | 396,849.83 | 472,884.98 | 427,882.29 | 390,541.97 | 450,048.17 |
Other Investments | 20,653.59 | 18,253.59 | 9,850 | 9,850 | 9,850 |
Non Current Accounts Receivable | 14,509.19 | 14,800.14 | 15,465.37 | 14,501.48 | 14,037.32 |
Due from Related Parties Non Current | 14,509.19 | 14,800.14 | 15,465.37 | 14,501.48 | 14,037.32 |
Other Non Current Assets | 1,439.46 | 1,428.82 | 1,829.11 | 10,845.82 | 1,850.15 |
•Total Liabilities Net Minority Interest | 412,191.80 | 483,699.33 | 484,343.54 | 431,824.73 | 425,930.26 |
•Current Liabilities | 35,802.21 | 148,591.22 | 148,438.50 | 140,178.04 | 130,800.42 |
•Payables And Accrued Expenses | 18,114.92 | 15,924.84 | 12,126.07 | 8,472.47 | 2,756.69 |
•Payables | 8,767.35 | 2,653.37 | 910.55 | 2,276.73 | -- |
•Total Tax Payable | 8,767.35 | 2,653.37 | 910.55 | 2,276.73 | -- |
Income Tax Payable | 8,767.35 | 2,653.37 | 910.55 | 2,276.73 | -- |
Current Accrued Expenses | 9,347.57 | 13,271.47 | 11,215.52 | 6,195.74 | 2,756.69 |
•Current Debt And Capital Lease Obligation | 2,827.87 | 116,644.19 | 120,170.15 | 119,516.36 | 118,608.75 |
•Current Debt | 1,500 | 115,924 | 119,498.87 | 118,869.50 | 118,094.61 |
Other Current Borrowings | 1,500 | 115,924 | 119,498.87 | 118,869.50 | 118,094.61 |
Current Capital Lease Obligation | 1,327.87 | 720.19 | 671.28 | 646.85 | 514.14 |
•Current Deferred Liabilities | 766.53 | 169.18 | 358.98 | 45.87 | 600.30 |
Current Deferred Revenue | 766.53 | 169.18 | 358.98 | 45.87 | 600.30 |
Other Current Liabilities | 14,092.88 | 15,853.02 | 15,783.29 | 12,143.34 | 8,834.69 |
•Total Non Current Liabilities Net Minority Interest | 376,389.60 | 335,108.11 | 335,905.04 | 291,646.69 | 295,129.84 |
•Long Term Debt And Capital Lease Obligation | 338,487.02 | 294,532.23 | 294,307.69 | 242,905.10 | 242,431.21 |
Long Term Debt | 328,501.10 | 289,894.59 | 289,771.78 | 238,191.78 | 237,970.29 |
Long Term Capital Lease Obligation | 9,985.92 | 4,637.64 | 4,535.90 | 4,713.33 | 4,460.92 |
•Non Current Deferred Liabilities | 27,540.86 | 30,214.16 | 31,235.64 | 28,411.88 | 28,185.91 |
Non Current Deferred Taxes Liabilities | 27,540.86 | 30,214.16 | 31,235.64 | 28,411.88 | 28,185.91 |
Tradeand Other Payables Non Current | 5,361.71 | 5,361.71 | 5,361.71 | 5,361.71 | 5,361.71 |
Derivative Product Liabilities | 0 | 0 | 0 | 9,968 | 14,151 |
Preferred Securities Outside Stock Equity | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 |
•Total Equity Gross Minority Interest | 417,602.79 | 418,540.93 | 434,593.99 | 416,533.19 | 430,579.03 |
•Stockholders' Equity | 417,602.79 | 418,540.93 | 434,593.99 | 416,604.34 | 430,677.41 |
•Capital Stock | 10.50 | 10.49 | 10.44 | 9.80 | 9.79 |
Preferred Stock | 0 | 0 | 0 | 0 | 0 |
Common Stock | 10.50 | 10.49 | 10.44 | 9.80 | 9.79 |
Additional Paid in Capital | 522,314.87 | 515,971.49 | 513,709.23 | 499,438.54 | 495,949.79 |
Retained Earnings | -34,460.01 | -41,632.45 | -28,856.64 | -35,767.08 | -53,257.03 |
Treasury Stock | 70,262.58 | 55,808.60 | 50,269.04 | 47,076.92 | 12,025.14 |
Gains Losses Not Affecting Retained Earnings | -- | 0 | -- | -- | -- |
Minority Interest | 0 | 0 | 0 | -71.15 | -98.39 |
Total Capitalization | 746,103.88 | 708,435.52 | 724,365.78 | 654,796.12 | 668,647.70 |
Preferred Stock Equity | -- | -- | 5,000 | 5,000 | 5,000 |
Common Stock Equity | 417,602.79 | 418,540.93 | 434,593.99 | 416,604.34 | 430,677.41 |
Capital Lease Obligations | 11,313.80 | 5,357.83 | 5,207.18 | 5,360.18 | 4,975.06 |
Net Tangible Assets | 101,538.66 | 99,400.60 | 115,143.35 | 106,291.23 | 117,271.11 |
Working Capital | 32,514.87 | -79,018.41 | -10,285.37 | -34,258.03 | -69,339.12 |
Invested Capital | 747,603.88 | 824,359.52 | 843,864.65 | 773,665.62 | 786,742.31 |
Tangible Book Value | 101,538.66 | 99,400.60 | 115,143.35 | 106,291.23 | 117,271.11 |
Total Debt | 341,314.90 | 411,176.42 | 414,477.84 | 362,421.46 | 361,039.96 |
Net Debt | 292,791.35 | 367,706.26 | 322,851.70 | 282,224.41 | 312,303.17 |
Share Issued | 105,039.25 | 104,879.75 | 104,430.88 | 97,954.47 | 96,853.04 |
Ordinary Shares Number | 95,983.42 | 97,473.63 | 97,704.80 | 91,824.77 | 95,804.81 |
Treasury Shares Number | 9,055.83 | 7,406.12 | 6,726.08 | 6,129.70 | 1,048.23 |
| 127,596.64 |
| -25,680.47 |
| -208,810.44 |
| -64,044.38 |
| 10,693.25 |
Net Income from Continuing Operations | 39,179.12 | 37,311.95 | -24,918.04 | 9,034.49 | 32,386.97 |
•Operating Gains Losses | -- | 1,704.19 | 2,702.04 | 6,290.66 | -- |
Gain Loss On Investment Securities | -- | 1,704.19 | 2,702.04 | 4,204.36 | -- |
•Depreciation Amortization Depletion | 17,780.65 | 18,605.11 | 7,910.16 | 3,409.93 | 4.28 |
•Depreciation & amortization | 17,780.65 | 18,605.11 | 7,910.16 | 3,409.93 | 4.28 |
Depreciation | -- | -- | -- | -- | 25.18 |
•Amortization | -- | -- | -- | -- | 80.14 |
Amortization of Intangibles | -- | -- | -- | -- | 80.14 |
•Deferred Tax | -3,255.68 | 824.67 | 5,999.57 | 466.58 | 889.94 |
Deferred Income Tax | -3,255.68 | 824.67 | 5,999.57 | 466.58 | 889.94 |
Asset Impairment Charge | -- | 500 | 0 | -- | -- |
Provision & Write Off of Assets | -- | 1,245.58 | 0 | -- | -- |
Unrealized Gain Loss On Investment Securities | 68.24 | -204.02 | 238.01 | -1,369.11 | 1,045.62 |
Stock based compensation | 19,507.39 | 15,519.38 | 43,435.22 | 10,768.02 | 0 |
Other non-cash items | 15,906.18 | -50,222.68 | -50,653.65 | -22,916.14 | -5,651.28 |
•Change in working capital | 39,766.97 | -50,964.66 | -193,523.76 | -69,728.81 | -17,982.29 |
•Change in Receivables | -10,653.82 | -3,296.83 | -15,582.20 | -1,992.85 | -141.32 |
Changes in Account Receivables | -13,697.08 | -6,406.29 | -12,936.85 | -1,992.85 | -141.32 |
Change in Prepaid Assets | -2,210.09 | -948.42 | -361.87 | -62.99 | -91.74 |
•Change in Payables And Accrued Expense | 14,786.33 | 8,779.75 | 2,209.15 | 3,633.29 | 948.27 |
•Change in Payable | 9,042.33 | 2,977.84 | 923.44 | 711.72 | 40.01 |
•Change in Tax Payable | 9,136.54 | 3,022.55 | -751.73 | 751.73 | 0 |
Change in Income Tax Payable | 9,136.54 | 3,022.55 | -751.73 | 751.73 | 0 |
Change in Account Payable | -- | -- | 0 | -40.01 | 40.01 |
Change in Accrued Expense | 5,744 | 5,801.91 | 1,285.72 | 2,921.57 | 908.26 |
Change in Other Current Assets | 38,153.07 | -48,890.96 | -185,613.73 | -74,190.55 | -18,719.54 |
Change in Other Current Liabilities | -474.75 | -4,303.85 | 3,858.35 | 3,358.51 | 22.04 |
Change in Other Working Capital | 166.23 | -2,304.36 | 1,966.54 | -474.22 | -1,356.64 |
•Investing Cash Flow | -20,471.08 | -23,278.74 | -4,955.29 | 2,241.50 | -3,704.65 |
•Cash Flow from Continuing Investing Activities | -20,471.08 | -23,278.74 | -4,955.29 | 2,241.50 | -3,704.65 |
•Net PPE Purchase And Sale | -840.96 | -931.44 | -786.24 | -189.67 | 0 |
Purchase of PPE | -840.96 | -931.44 | -786.24 | -189.67 | 0 |
•Net Intangibles Purchase And Sale | -732.82 | 0 | -18.90 | 0 | -15 |
Purchase of Intangibles | -732.82 | 0 | -18.90 | 0 | -15 |
•Net Business Purchase And Sale | -- | -1,647.73 | -2,430.62 | 0 | -- |
Purchase of Business | -- | -1,647.73 | -2,430.62 | 0 | -- |
•Net Investment Purchase And Sale | -10,249.57 | -13,699.57 | -1,200 | -350 | -800 |
Purchase of Investment | -10,249.57 | -13,699.57 | -1,200 | -350 | -800 |
Net Other Investing Changes | -- | -7,000 | -519.53 | 2,781.18 | -2,904.65 |
•Financing Cash Flow | -113,677.55 | -44,872.75 | 320,121.35 | 57,338.73 | 22,961.80 |
•Cash Flow from Continuing Financing Activities | -113,677.55 | -44,872.75 | 320,121.35 | 57,338.73 | 22,961.80 |
•Net Issuance Payments of Debt | -31,185.99 | 23,697.26 | 166,245.41 | 97,944.21 | 30,028.64 |
•Net Long Term Debt Issuance | -31,185.99 | 23,697.26 | 166,245.41 | 97,944.21 | 30,028.64 |
Long Term Debt Issuance | 60,603.38 | 76,048.88 | 198,475.57 | 124,194.21 | 30,028.64 |
Long Term Debt Payments | -91,789.37 | -52,351.63 | -32,230.16 | -26,250 | 0 |
•Net Common Stock Issuance | -58,237.45 | -43,783.46 | 170,960.33 | -23,843.87 | -6,400 |
Common Stock Issuance | -- | 0 | 181,702.40 | 972.26 | 0 |
Common Stock Payments | -58,237.45 | -43,783.46 | -10,742.08 | -24,816.14 | -6,400 |
•Cash Dividends Paid | -19,931.82 | -19,838.07 | 0 | -- | -659.36 |
Common Stock Dividend Paid | -- | -19,550.57 | 0 | -- | -659.36 |
Preferred Stock Dividend Paid | -381.25 | -287.50 | 0 | -- | -- |
Proceeds from Stock Option Exercised | -- | 0 | 6,852.21 | 0 | -- |
Net Other Financing Charges | -4,322.30 | -4,948.48 | -23,936.59 | -16,761.61 | -666.85 |
•End Cash Position | 37,209.75 | 38,112.33 | 131,944.28 | 25,588.67 | 30,052.82 |
Changes in Cash | -6,551.98 | -93,831.95 | 106,355.61 | -4,464.16 | 29,950.40 |
Beginning Cash Position | 43,761.73 | 131,944.28 | 25,588.67 | 30,052.82 | 102.42 |
Income Tax Paid Supplemental Data | -- | 9,187.44 | 2,146.85 | 150 | 0 |
Interest Paid Supplemental Data | 37,832.48 | 34,037.63 | 11,615.61 | 4,035.53 | 0 |
Capital Expenditure | -1,573.78 | -931.44 | -805.14 | -189.67 | -79.10 |
Issuance of Capital Stock | -- | 0 | 181,702.40 | 972.26 | 0 |
Issuance of Debt | 60,603.38 | 76,048.88 | 198,475.57 | 124,194.21 | 30,028.64 |
Repayment of Debt | -91,789.37 | -52,351.63 | -32,230.16 | -26,250 | 0 |
Repurchase of Capital Stock | -58,237.45 | -43,783.46 | -10,742.08 | -24,816.14 | -6,400 |
Free Cash Flow | 126,022.86 | -26,611.91 | -209,615.58 | -64,234.06 | 10,693.25 |
| All numbers in thousands (USD) | TTM | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 |
|---|---|---|---|---|---|---|
•Operating Cash Flow | 127,596.64 | 91,686.41 | -7,439.62 | -32,752.45 | 76,102.30 | -61,590.69 |
•Cash Flow from Continuing Operating Activities | 127,596.64 | 91,686.41 | -7,439.62 | -32,752.45 | 76,102.30 | -61,590.69 |
Net Income from Continuing Operations | 39,179.12 | 7,266.19 | 7,226.65 | 7,075.35 | 17,610.93 | 5,399.03 |
•Operating Gains Losses | -- | -- | 0 | 1,081.19 | -4,183 | 4,806 |
Gain Loss On Investment Securities | -- | -- | 0 | 1,081.19 | -4,183 | 4,806 |
•Depreciation Amortization Depletion | 17,780.65 | 3,934.09 | 4,262.40 | 4,400.08 | 5,184.08 | 4,758.55 |
Depreciation & amortization | 17,780.65 | 3,934.09 | 4,262.40 | 4,400.08 | 5,184.08 | 4,758.55 |
•Deferred Tax | -3,255.68 | -2,673.30 | -3,787.11 | 2,891.56 | 313.19 | 1,407.05 |
Deferred Income Tax | -3,255.68 | -2,673.30 | -3,787.11 | 2,891.56 | 313.19 | 1,407.05 |
Provision & Write Off of Assets | -- | -- | 622.79 | -- | -- | -- |
Unrealized Gain Loss On Investment Securities | 68.24 | 0 | -204.02 | 0 | 272.25 | -272.25 |
Stock based compensation | 19,507.39 | 6,343.40 | 5,149.80 | 4,527.36 | 3,486.83 | 2,355.40 |
Other non-cash items | 15,906.18 | 36,636.54 | -14,247.79 | -14,747.91 | 8,265.34 | -29,492.32 |
•Change in working capital | 39,766.97 | 40,179.50 | -6,962.34 | -38,602.86 | 45,152.67 | -50,552.13 |
•Change in Receivables | -10,653.82 | 2,450.32 | 17,736.99 | -19,590.03 | -11,251.09 | 9,807.30 |
Changes in Account Receivables | -13,697.08 | 1,844.53 | 17,624.14 | -19,187.74 | -13,978.01 | 9,135.32 |
Change in Prepaid Assets | -2,210.09 | -1,806.21 | 931.68 | 930.69 | -2,266.26 | -544.53 |
•Change in Payables And Accrued Expense | 14,786.33 | 2,190.09 | 5,622.90 | 1,580.46 | 5,392.89 | -3,816.49 |
•Change in Payable | 9,042.33 | 6,113.98 | 3,569.03 | -2,594.52 | 1,953.83 | 49.50 |
•Change in Tax Payable | 9,136.54 | 6,113.98 | 3,663.24 | -2,594.52 | 1,953.83 | 0 |
Change in Income Tax Payable | 9,136.54 | 6,113.98 | 3,663.24 | -2,594.52 | 1,953.83 | 0 |
Change in Accrued Expense | 5,744 | -3,923.90 | 2,053.86 | 4,174.98 | 3,439.05 | -3,865.99 |
Change in Other Current Assets | 38,153.07 | 38,508.09 | -29,030.39 | -21,958.19 | 50,633.56 | -48,535.94 |
Change in Other Current Liabilities | -474.75 | -1,760.13 | -2,033.71 | 121.10 | 3,197.99 | -5,589.23 |
Change in Other Working Capital | 166.23 | 597.34 | -189.80 | 313.11 | -554.43 | -1,873.25 |
•Investing Cash Flow | -20,471.08 | -931.74 | -9,299.59 | -235.80 | -10,003.94 | -3,739.40 |
•Cash Flow from Continuing Investing Activities | -20,471.08 | -931.74 | -9,299.59 | -235.80 | -10,003.94 | -3,739.40 |
•Net PPE Purchase And Sale | -840.96 | -133.89 | -112.48 | -171.65 | -422.95 | -224.37 |
Purchase of PPE | -840.96 | -133.89 | -112.48 | -171.65 | -422.95 | -224.37 |
•Net Intangibles Purchase And Sale | -732.82 | -747.85 | 0 | 0 | 15.03 | -15.03 |
Purchase of Intangibles | -732.82 | -747.85 | 0 | 0 | 15.03 | -15.03 |
•Net Business Purchase And Sale | -- | -- | 12.45 | 435.84 | -- | -- |
Purchase of Business | -- | -- | 12.45 | 435.84 | -- | -- |
•Net Investment Purchase And Sale | -10,249.57 | -50 | -9,199.57 | -500 | -500 | -3,500 |
Purchase of Investment | -10,249.57 | -50 | -9,199.57 | -500 | -500 | -3,500 |
Net Other Investing Changes | -- | -- | 0 | 0 | -- | -- |
•Financing Cash Flow | -113,677.55 | -91,657.26 | -31,567.41 | 44,570.33 | -35,023.22 | -22,852.45 |
•Cash Flow from Continuing Financing Activities | -113,677.55 | -91,657.26 | -31,567.41 | 44,570.33 | -35,023.22 | -22,852.45 |
•Net Issuance Payments of Debt | -31,185.99 | -77,108.84 | -4,539.65 | 50,217.86 | 244.64 | -22,225.59 |
•Net Long Term Debt Issuance | -31,185.99 | -77,108.84 | -4,539.65 | 50,217.86 | 244.64 | -22,225.59 |
Long Term Debt Issuance | 60,603.38 | 744.37 | 638.77 | 50,677.86 | 8,542.38 | 16,189.87 |
Long Term Debt Payments | -91,789.37 | -77,853.20 | -5,178.42 | -460 | -8,297.74 | -38,415.46 |
•Net Common Stock Issuance | -58,237.45 | -14,453.99 | -5,539.55 | -3,192.12 | -35,051.78 | 0 |
Common Stock Issuance | -- | -- | 0 | 0 | -- | -- |
Common Stock Payments | -58,237.45 | -14,453.99 | -5,539.55 | -3,192.12 | -35,051.78 | 0 |
•Cash Dividends Paid | -19,931.82 | -93.75 | -19,744.32 | -- | -- | 0 |
Preferred Stock Dividend Paid | -381.25 | -93.75 | -193.75 | -- | -- | 0 |
Proceeds from Stock Option Exercised | -- | -- | 0 | 0 | 0 | 0 |
Net Other Financing Charges | -4,322.30 | -0.68 | -1,743.88 | -2,361.65 | -216.08 | -626.86 |
•End Cash Position | 37,209.75 | 37,209.75 | 38,112.33 | 86,418.95 | 74,836.87 | 43,761.73 |
Changes in Cash | -6,551.98 | -902.59 | -48,306.62 | 11,582.08 | 31,075.14 | -88,182.55 |
Beginning Cash Position | 43,761.73 | 38,112.33 | 86,418.95 | 74,836.87 | 43,761.73 | 131,944.28 |
Income Tax Paid Supplemental Data | -- | -- | 3,487.44 | 5,700 | 0 | 0 |
Interest Paid Supplemental Data | 37,832.48 | 9,167.64 | 9,396.53 | 11,911.10 | 7,357.22 | 5,372.79 |
Capital Expenditure | -1,573.78 | -881.74 | -112.48 | -171.65 | -407.92 | -239.40 |
Issuance of Capital Stock | -- | -- | 0 | 0 | -- | -- |
Issuance of Debt | 60,603.38 | 744.37 | 638.77 | 50,677.86 | 8,542.38 | 16,189.87 |
Repayment of Debt | -91,789.37 | -77,853.20 | -5,178.42 | -460 | -8,297.74 | -38,415.46 |
Repurchase of Capital Stock | -58,237.45 | -14,453.99 | -5,539.55 | -3,192.12 | -35,051.78 | 0 |
Free Cash Flow | 126,022.86 | 90,804.67 | -7,552.09 | -32,924.10 | 75,694.38 | -61,830.10 |
| Blackrock Inc. |
| Mar 2026 |
| 3.34% |
| 3,028,364,827 | 52,658,058 | mutual_fund | VanEck ETF Trust-VanEck Gold Miners ETF | Apr 2026 | 3.14% |
| 2,727,413,108 | 47,425,025 | institutional | Arrowstreet Capital, Limited Partnership | Mar 2026 | 2.83% |
| 2,617,789,964 | 45,518,867 | institutional | Vanguard Capital Management LLC | Mar 2026 | 2.72% |
| 2,277,310,818 | 39,598,520 | institutional | Royal Bank of Canada | Mar 2026 | 2.36% |
| 1,942,168,255 | 33,770,967 | institutional | Bank of Montreal /CAN/ | Mar 2026 | 2.02% |
| 1,680,806,074 | 29,226,328 | institutional | Capital World Investors | Mar 2026 | 1.74% |
| 1,426,201,490 | 24,799,192 | mutual_fund | VANGUARD STAR FUNDS-Vanguard Total International Stock Index Fund | Jan 2026 | 1.48% |
| 1,418,851,309 | 24,671,385 | institutional | FIL LTD | Mar 2026 | 1.47% |
| 1,356,076,271 | 23,579,835 | mutual_fund | EuroPacific Growth Fund-EUPAC Fund | Mar 2026 | 1.41% |
| 1,347,569,334 | 23,431,914 | institutional | Morgan Stanley | Mar 2026 | 1.40% |
| 944,055,377 | 16,415,500 | mutual_fund | Income Fund of America | Mar 2026 | 0.98% |
| 920,242,730 | 16,001,439 | mutual_fund | VANGUARD TAX-MANAGED FUNDS-Vanguard Developed Markets Index Fund | Dec 2025 | 0.96% |
| 703,041,211 | 12,224,678 | mutual_fund | First Eagle Funds-First Eagle Global Fund | Jan 2026 | 0.73% |
| 574,041,971 | 9,981,603 | mutual_fund | GROWTH FUND OF AMERICA | Mar 2026 | 0.60% |
| 567,419,465 | 9,866,449 | mutual_fund | -Price (T.Rowe) Real Assets Trust I | Dec 2025 | 0.59% |
| 477,029,735 | 8,294,727 | mutual_fund | Capital Income Builder | Mar 2026 | 0.50% |
| 437,065,750 | 7,599,822 | mutual_fund | Fidelity Concord Street Trust-Fidelity SAI Canada Equity Index Fund | Mar 2026 | 0.45% |
Barrick reports sustainability governance from the Board through executive and site-level structures. The sustainability report says the Board provides overarching governance for sustainability and is supported by Board-level committees, including the ESG & Nominating Committee, Audit & Risk Committee, Compensation Committee and Environmental & Social Oversight Committee. Site-level teams manage environmental and social impact, community and government engagement, and compliance with global best practices, with regional sustainability leads and a group-level Sustainability Manager supporting alignment. Barrick says sustainability performance is linked to executive remuneration: in 2024, sustainability performance accounted for 20% of long-term incentive awards and 15% of annual performance incentive compensation for executive leaders in the partnership plan. Governance controls also include the Code of Business Conduct and Ethics, business integrity policies, anti-bribery and anti-corruption, anti-fraud, whistleblower and conflict-free-gold policies, and a board diversity objective of 30% women, with 40% women representation on the Board in 2024.