Barrick Gold Corporation (NYSE: GOLD) delivered exceptional Q2 2025 results, reporting record free cash flow of $1.2 billion, a 38% increase year-over-year. The world second-largest gold miner produced 1.05 million ounces of gold during the quarter at an all-in sustaining cost of $1,312 per ounce.
The standout metric was margin expansion. With a realized gold price of $2,420 per ounce and AISC of $1,312, Barrick generated a margin of approximately $1,108 per ounce — nearly triple the margin reported in Q2 2020 when gold traded at similar levels. Barrick declared a quarterly dividend of $0.125 per share, a 25% increase, and authorized a new $500 million share buyback program.
Management guided for full-year 2025 production of 4.0-4.3 million ounces at AISC of $1,300-$1,400/oz. Barrick shares, trading at $22.50, trade at approximately 10x forward earnings, below the 5-year average of 14x.
