v3.26.1
Consolidated Statements of Cash Flow - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES        
Net income $ 1,892 $ 1,256 $ 4,373 $ 2,037
Adjustments for the following items:        
Depreciation 555 436 1,055 847
Finance costs, net 26 58 65 120
Impairment (reversals) charges (1) 0 (1) 4
Income tax expense (note 10) 732 102 1,479 380
Income from equity investees (note 12) (155) (77) (471) (144)
Gain on sale of non-current assets (note 9) (10) (745) (9) (745)
Loulo-Gounkoto2 210 1,035 210 1,035
Loss (gain) on currency translation 14 (2) 34 0
Change in working capital (note 11) (379) (129) (681) (234)
Other operating activities (note 11) (114) (103) (370) (112)
Operating cash flows before interest and income taxes 2,770 1,831 5,684 3,188
Interest paid (92) (114) (141) (139)
Interest received 50 37 105 83
Income taxes paid [1] (1,024) (425) (1,390) (591)
Net cash provided by operating activities 1,704 1,329 4,258 2,541
INVESTING ACTIVITIES        
Capital expenditures (note 5) (1,189) (934) (2,168) (1,771)
Sales proceeds 6 2 8 2
Divestitures2 41 999 37 999
Income taxes paid (refund), classified as investing activities (7) (87) (7) (87)
Investment sales 0 0 110 0
Cash advances and loans made to other parties, classified as investing activities (2) 0 (2) 0
Dividends received from equity method investments (note 12) 167 53 277 91
Cash receipts from repayment of advances and loans made to other parties 84 53 231 113
Net cash provided by (used in) investing activities (900) 86 (1,514) (653)
FINANCING ACTIVITIES        
Lease repayments 5 14 10 17
Repayments of borrowings, classified as financing activities 47 2 47 2
Dividends (288) (170) (985) (342)
Share buyback program 1,209 268 1,209 411
Funding from Reko Diq non-controlling interests (note 16) 71 44 193 127
Disbursements to non-controlling interests (note 16) 562 324 1,488 532
Pueblo Viejo JV partner shareholder loan 32 13 23 17
Net cash used in financing activities (2,008) (721) (3,523) (1,160)
Effect of exchange rate changes on cash and equivalents 0 0 0 0
Net increase (decrease) in cash and equivalents (1,204) 694 (779) 728
Cash and cash equivalents at beginning of period 7,131 4,108 6,706 [2] 4,074
Cash and equivalents $ 5,927 $ 4,802 $ 5,927 $ 4,802
[1] Income taxes paid excludes $54 million (Q2 2025: $58 million) for Q2 2026 and $74 million (YTD 2025: $75 million) for YTD 2026 of income taxes payable that
were settled against offsetting value added tax (“VAT”) receivables.
[2] 2025 figures have been revised to reflect an update to the provisional purchase price allocation relating to Loulo-Gounkoto.  Refer to note 4 for further details.