Barrick posts record cash flow, hikes dividend in Q4 as board moves ahead with North American IPO

Barrick Mining Corp. capped off 2025 with sharply higher earnings and a major reset of its capital return strategy, as the company’s board approved preparations for an initial public offering of its North American gold assets. The senior gold producer reported fourth-quarter operating cash flow of $2.73 billion and free cash flow of $1.62 billion, both quarterly records and up 13% and 9%, respectively, from the third quarter.

Meanwhile, net earnings surged to $2.41 billion, or $1.43 per share, while adjusted earnings came in at $1.04 per share, reflecting the strongest quarterly profitability in the company’s history. The company’s earnings significantly beat analyst expectations. Fourth-quarter gold production rose 5% from the previous quarter to 871,000 ounces, and copper output climbed 13% to 62,000 tonnes. Despite a strong end to the year, gold production totaled 3.26 million ounces in 2025, down from the prior year but in line with guidance.

Fourth-quarter gold production rose 5% from the previous quarter to 871,000 ounces, and copper output climbed 13% to 62,000 tonnes. Despite a strong end to the year, gold production totaled 3.26 million ounces in 2025, down from the prior year but in line with guidance; however, copper output increased 13% to 220,000 tonnes Under the new framework, the company declared a $0.42 per share dividend for the fourth quarter, a 140% increase from the prior quarter. Barrick returned a total of $2.39 billion to shareholders in 2025, including $1.5 billion in share buybacks, representing roughly 3% of shares outstanding.