Key Takeaways
- Barrick Gold (ABX.TO) reports Q2 2026 results on August 12, before market open.
- Gold averaged $3,280/oz in Q2 up 24% from Q2 2025’s $2,642 average.
- Analyst consensus calls for Q2 EPS of $0.42, up from $0.28 in Q2 2025.
- Free cash flow estimates range from $780M to $860M enough to fund the dividend and buybacks.
Barrick Gold’s Q2 2026 earnings report due August 12 is shaping up to be one of the most anticipated in the company’s recent history. With gold averaging $3,280 per ounce during the quarter, Barrick’s flagship Nevada and Kibali assets will report margins that haven’t been seen since the company’s early 2010s heyday.
The Numbers to Watch
| Metric | Q2 2026E | Q2 2025A | YoY Change |
|---|---|---|---|
| Gold Production (koz) | 1,020 | 948 | +7.6% |
| AISC ($/oz) | $1,380 | $1,342 | +2.8% |
| Revenue ($B) | $3.61 | $2.72 | +32.7% |
| Adjusted EPS | $0.42 | $0.28 | +50% |
| Free Cash Flow ($M) | $820E | $410 | +100% |
Analyst Views
RBC Capital Markets raised its Barrick price target to C$32 last week (from C$28), citing the “compelling FCF story” at current gold prices. Scotiabank is more cautious, maintaining a C$26 target on concerns about Barrick’s Nevada copper costs and the timeline for the Reko Diq copper-gold project in Pakistan.
The stock has underperformed gold itself YTD ABX.TO is up 28% versus gold’s 38% gain which several analysts attribute to the market’s skepticism about management’s ability to hit production targets after two years of guidance misses. A Q2 beat would go a long way toward re-rating the stock.