NEMHIGH SIGNALFINANCIAL10-K

NEM delivered exceptional financial performance with net income doubling to $7.1B despite revenue decline, while dramatically strengthening its balance sheet through $3.4B debt reduction and cash doubling to $7.6B.

This represents a remarkable operational efficiency transformation where the company generated significantly higher profits on lower revenue, indicating substantial margin expansion and cost management improvements. The massive debt reduction combined with doubled cash reserves positions NEM with exceptional financial flexibility for strategic investments or weathering market volatility.

Comparing 2026-02-19 vs 2025-02-21View on EDGAR →
FINANCIAL ANALYSIS

NEM achieved extraordinary financial results with net income surging 112% to $7.1B even as revenue declined 13% to $6.7B, demonstrating exceptional margin expansion and operational efficiency gains. The balance sheet transformation is equally impressive, with cash more than doubling to $7.6B while total debt was slashed by 40% to $5.1B, and operating cash flow jumped 62% to $10.3B supporting increased shareholder returns through 85% higher buybacks. This combination of dramatically improved profitability, strengthened liquidity position, and reduced leverage signals a company that has significantly enhanced its financial resilience and capital allocation capabilities.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+111.6%
$3.3B→$7.1B

Net income grew 111.6% — bottom-line growth signals improving overall business health.

Cash & Equivalents
Balance Sheet
+111.3%
$3.6B→$7.6B

Cash position surged 111.3% — strong cash generation or capital raise providing significant financial cushion.

Share Buybacks
Cash Flow
+84.8%
$1.2B→$2.3B

Share repurchases increased 84.8% — management returning capital, signals confidence in intrinsic value.

Operating Cash Flow
Cash Flow
+62.4%
$6.4B→$10.3B

Operating cash flow surged 62.4% — exceptional cash generation, highest quality earnings signal.

Total Debt
Balance Sheet
-39.7%
$8.5B→$5.1B

Debt reduced 39.7% — deleveraging strengthens balance sheet and reduces financial risk.

Current Liabilities
Balance Sheet
-24.3%
$7.5B→$5.7B

Current liabilities reduced — improved short-term financial position and working capital health.

R&D Expense
P&L
-15.7%
$197.0M→$166.0M

R&D spending cut 15.7% — could signal cost discipline or concerning reduction in innovation investment.

Revenue
P&L
-13.2%
$7.7B→$6.7B

Revenue softened 13.2% — monitor whether this is cyclical or structural.

Stockholders Equity
Balance Sheet
+13.2%
$29.9B→$33.9B

Equity base grew 13.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Liabilities
Balance Sheet
-12%
$26.2B→$23.1B

Liabilities reduced 12% — deleveraging improves balance sheet strength and financial flexibility.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-21
ADDED
There were 1,087,874,212 shares of common stock outstanding on February 12, 2026.
BUSINESS 6 Introduction 6 Segment Information 6 Products 6 Competition 9 Licenses and Concessions 9 Condition of Physical Assets and Insurance 9 Environmental, Social and Governance 10 Risk Factor Summary 13 Forward-Looking Statements 15 Available Information 17 ITEM 1A.
PROPERTIES 53 Production and Development Properties 53 Operating Statistics 63 Proven and Probable Reserves 70 Measured, Indicated, and Inferred Resources 78 ITEM 3.
MANAGEMENT S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS 89 Overview 89 Consolidated Financial Results 90 Results of Consolidated Operations 94 Foreign Currency Exchange Rates 98 Liquidity and Capital Resources 99 Environmental 104 Forward Looking Statements 105 Non-GAAP Financial Measures 105 Accounting Developments 116 Critical Accounting Estimates 116 ITEM 7A.
Generally Accepted Accounting Principles GEO (2) Gold Equivalent Ounces GHG Greenhouse Gases, which are defined by the EPA as gases that trap heat in the atmosphere GISTM Global Industry Standard on Tailings Management IMF International Monetary Fund INDEC Instituto Nacional de Estadistca y Censos IFRS International Financial Reporting Standards LBMA London Bullion Market Association MD A Management s Discussion and Analysis of Consolidated Financial Condition and Results of Operations MINAM Ministry of the Environment of Peru Mine Act U.S.
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REMOVED
There were 1,126,861,075 shares of common stock outstanding on February 13, 2025.
BUSINESS 5 Introduction 5 Segment Information 5 Products 5 Competition 8 Licenses and Concessions 8 Condition of Physical Assets and Insurance 8 Environmental, Social and Governance 9 Risk Factor Summary 12 Forward-Looking Statements 14 Available Information 16 ITEM 1A.
PROPERTIES 52 Production and Development Properties 52 Operating Statistics 62 Proven and Probable Reserves 69 Measured, Indicated, and Inferred Resources 78 ITEM 3.
MANAGEMENT S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATIONS 92 Overview 92 Consolidated Financial Results 93 Results of Consolidated Operations 98 Foreign Currency Exchange Rates 102 Liquidity and Capital Resources 103 Environmental 109 Forward Looking Statements 110 Non-GAAP Financial Measures 110 Accounting Developments 121 Critical Accounting Estimates 121 ITEM 7A.
Generally Accepted Accounting Principles GEO (2) Gold Equivalent Ounces GHG Greenhouse Gases, which are defined by the EPA as gases that trap heat in the atmosphere GISTM Global Industry Standard on Tailings Management IASB International Accounting Standards Board IFRS International Financial Reporting Standards LIBOR London Interbank Offered Rate LBMA London Bullion Market Association LME London Metal Exchange MD A Management s Discussion and Analysis of Consolidated Financial Condition and Results of Operations MINAM Ministry of the Environment of Peru Mine Act U.S.
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