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Barrick Mining (B) earnings and revenue breakdown

Latest: Q2 2025 · 6-K filed Aug 11, 2025 · Barrick Mining (B) Q2 2025 earnings results →

Q2 2025 Revenue up 16% year over year to $3.7B · 22¢ of every $1 of revenue kept as net profit · operating margin 38.5%

Barrick Mining made $3.7B in Q2 2025 (+16% Y/Y): Carlin 2 $898M, Other Mines 2 $610M, Cortez 2 $579M. Operating margin 38.5%, net earnings $811M. See where every dollar goes — costs, profit and cash — as a Sankey from the 6-K filed Aug 11, 2025.

Revenue$3.7B
Year over year+16%
Operating margin38.5%
Net earnings$811M
Operating cash flow$1.3B

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

Barrick Mining Q2 2025 revenue breakdown: Sankey diagram of revenue (Carlin 2, Other Mines 2, Cortez 2, Pueblo Viejo 2), costs, profit and cash flow
Barrick Mining Q2 2025 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $3.7B in Q2 2025, up 16% year over year. Carlin 2 was the largest line at 24% of revenue.

Operating profit was $1.4B, a 38.5% margin (up 3.9 points year over year). Of the extra revenue versus Q2 2024, 62% reached operating profit, above the 35% margin then. Total costs grew 9% against revenue growth of 16%. The fastest-growing cost line was Other operating costs (+490%). Net earnings were $0.81B, up 119% year over year. The effective tax rate was 7.5%.

Operating cash flow was $1.3B (up 15% year over year), 106% of net income including minority interests. Non-cash charges added back $0.03B of share-based compensation. Capital expenditures of $0.93B left free cash flow of $0.40B.

Quarterly history

Barrick Mining revenue by quarterBarrick Mining revenue by quarter$2.8BQ2 2023$3.2BQ2 2024$3.7BQ2 2025
Barrick Mining net earnings by quarterBarrick Mining net earnings by quarter$305MQ2 2023$370MQ2 2024$811MQ2 2025
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 20256-KAug 11, 2025$3.7B+16%38.5%$811M$1.3B
Q2 20246-KAug 12, 2024$3.2B+12%34.5%$370M$1.2B
Q2 20236-KAug 8, 2023$2.8B-0.9%28.6%$305M$832M

Charts

Barrick Mining: revenue growth, year over year and quarter over quarterBarrick Mining: revenue growth, year over year and quarter over quarterY/YQ/Q-1%Q2 2023+12%+12%Q2 2024+16%+16%Q2 2025
Latest (Q2 2025): Y/Y +16%, Q/Q +16%.
Barrick Mining: where the cash came from (+) and went (−), FY2025Barrick Mining: where the cash came from (+) and went (−), FY2025Operating cash flow$7.7BCash drawn (+) / kept (−)−$3.9BCapital spending−$3.8B
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Barrick Mining: profit against cash, quarter by quarterBarrick Mining: profit against cash, quarter by quarterNet incomeOperating cash flow−$76.0M$141MQ2 2018$223M$434MQ2 2019$622M$1.0BQ2 2020$694M$639MQ2 2021$717M$924MQ2 2022$502M$832MQ2 2023$634M$1.2BQ2 2024$1.3B$1.3BQ2 2025
Latest (Q2 2025): Net income $1.3B, Operating cash flow $1.3B.
Barrick Mining in its industry: growth against margin (11 companies, SIC 1040)Barrick Mining in its industry: growth against margin (11 companies, SIC 1040)revenue growth, year over year →↑ operating marginmedian +16%median 13%NEMCDEFNVMUXIAUXURGIDRFTCONMEXVRDRB (+16%, 38%)
Gold and Silver Ores; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

Gold & silver miners money flowGold & silver miners · Gold miners

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Barrick Mining against its Gold and Silver Ores peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +16% against the peers' median +27%. Operating margin: 38.5% against the peers' median 38.5%.

CompanyQuarterRevenueY/YOp. margin
B Barrick MiningQ2 2025$3.7B+16%38.5%
NEM NewmontQ3 2026$6.4B+15%49.7%
CDE Coeur MiningQ3 2026$984M+77%17.7%
WPM Wheaton Precious MetalsQ3 2026$772M—66.2%
AG First Majestic SilverQ3 2026$394M—38.6%
FNV Franco NevadaQ2 2025$369M+42%82.8%
MUX McEwenQ2 2026$59.2M+27%13.0%
IAUX i-80 GoldQ3 2026$32.7M+2%-132.4%
URG Ur-EnergyQ2 2026$14.4M+38%-128.3%

Source: Barrick Mining 6-K on SEC EDGAR · CIK 756894 · Gold and Silver Ores

13F: who owns B and who is buying

Largest holders of B (13F)Largest holders of B (13F)Vanguard Group$3.1BCapital International Investors$2.4BVan ECK Associates$2.2BBlackRock$1.8BVanguard Capital Management LLC$1.7BRoyal Bank of Canada$1.5BFirst Eagle Investment Management…$1.5BBank of Montreal$1.3BArrowstreet Capital, Limited Part…$1.3BFIL$1.1B
Funds' net buying of B by quarter (13F)Funds' net buying of B by quarter (13F)$33K2024-09−$53K2024-12$1.3B2025-03$302M2025-06$831M2025-09−$69.9M2025-12$404M2026-03−$906M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on B

History

Every quarter: Q2 2025 results · Q2 2024 results · Q2 2023 results

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