Barrick on Deck for 2025 Results as Gold Prices Stay Elevated

Barrick Mining is approaching a pivotal earnings release, set to unveil its full-year 2025 and Q4 figures on February 5. The gold producer has benefited from record gold prices that hovered above $4,400 per ounce and a strong equity rally. The big question: can Barrick translate this rare price environment into materially higher profits and cash flow?

The company will present its 2025 and Q4 numbers on February 5 at 6:00 a.m. ET. Management will then host a webcast with an analyst Q&A session.

Market expectations lean toward robust growth across several metrics:

• 2025 earnings per share (EPS): $2.28, up about 79% from 2024
• Q4 2025 revenue: $5.15 billion, roughly 41% above the prior-year period
• 2026 EPS: $3.41, about 51% higher than 2025

Investors will look to see if Barrick can meet or exceed these ambitious targets.

Analyst price targets rise

Several major banks have recently nudged their outlooks higher for Barrick.

• Jefferies: Maintains a Buy rating and lifts the target from $46 to $55. The firm also highlighted Barrick as a “Top Pick” among large gold miners, citing attractive sector valuations and the prospect of higher margins and stronger free cash flow in 2026.
• BNP Paribas Exane: Upgrades from Neutral to Outperform, with a target increasing from $34.50 to $50. They cited CEO-transition progress, a resolution of longstanding Mali issues, and the Preliminary Economic Assessment (PEA) for the Fourmile project as potential catalysts.
• UBS: Keeps a Buy rating and raises the target from $39 to $47.
• National Bankshares: Elevates the price target from CAD 65 to CAD 77.50, with an Outperform stance.

Stock momentum and valuation

The constructive sentiment is reflected in Barrick’s price action. The stock touched a fresh 52-week high on the Toronto Stock Exchange, reaching CAD 64.73 with turnover of more than 1 million shares. Over the last year, the equity has advanced by around 164%, outpacing the broader gold-mining group.

Should investors sell immediately? Or is it worth buying Barrick Mining?

On the New York Stock Exchange, the shares were trading around $47.27, valuing the company at roughly $75.4 billion. The forward price/earnings ratio sits at about 12.84, below the sector median of 13.47.

Key metrics likely to matter in the February report

Management will be scrutinizing several operating metrics as it presents the results:

• All-in Sustaining Costs (AISC): Q3 2025 came in at $1,538 per ounce. The annual target is in the range of $1,460 to $1,560 per ounce.
• Gold production: Q3 2025 production fell 12% year over year to 829,000 ounces. For 2025, Barrick guided production of 3.15 to 3.50 million ounces.
• Cash flow: Operating cash flow in Q3 2025 reached $2.4 billion, up 82% quarter over quarter.
• Loulo-Gounkoto (Mali): The mine resumed operations under Barrick’s control in December 2025.

These figures will help determine how durable the current earnings momentum is, given the strong gold-price environment.

North America IPO plan under review

In December 2025 the board tasked management with exploring a potential spin-out of Barrick’s North American gold activities. An update on this plan is expected during the February 5 earnings call. The proposed structure would involve a separate, publicly traded entity that would consolidate Barrick’s stake in the Nevada Gold Mines joint venture along with the Fourmile discovery. Barrick would retain control of the new organization.

What to watch on February 5

The February results will serve as a proving ground for whether the current spike in gold prices is translating into sustained operational gains and higher profitability. Investors will focus on:

• How costs trend in relation to production plans
• The production trajectory through 2026
• The updated outlook for 2026
• Any concrete details on the North American IPO option and its potential implications for the company’s portfolio

In short, Barrick’s February report could reinforce confidence in its ability to convert a favorable gold-price regime into stronger earnings and cash generation, while the IPO update may add an additional layer of potential catalysts for the stock.