AngloGold Ashanti (NYSE:AU) Announces Quarterly Earnings Results

AngloGold Ashanti (NYSE:AU) issued its earnings results on Friday. The mining company reported $1.68 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.22), FiscalAI reports. AngloGold Ashanti had a net margin of 26.25% and a return on equity of 24.01%. The firm had revenue of $3.07 billion during the quarter, compared to analyst estimates of $2.99 billion.

Here are the key takeaways from AngloGold Ashanti’s conference call:

• Record free cash flow of $2.9 billion in 2025 (Q4 > $1bn) drove adjusted EBITDA +129% and headline earnings +186%, and the board returned a record shareholder payout (Q4 $875m; ~ $1.8–2.0bn total for 2025).
• Balance sheet strengthened to net cash of $879 million with $4.4bn liquidity at year?end, enabling large dividends while retaining capacity to fund growth and no material near?term maturities.
• Arthur Gold Project is material — a 4.9Moz initial Merlin reserve (PFS: ~4.5Moz production over 9 years, ~500k oz/yr average), ~ $3.6bn initial capex and >20% returns at PFS, with feasibility starting Q2 2026 and permitting work underway, presenting a potential Tier?1 long?life asset.
• 2026 guidance targets 2.8–3.17Moz but raises managed cash costs to $1,335–$1,455/oz (driven by higher royalties, inflation and FX) and requires elevated growth capex (Nevada, Sukari, tailings), which could weigh on near?term margins despite strong cash generation.

AngloGold Ashanti Stock Up 4.9%

NYSE:AU traded up $5.27 on Friday, hitting $112.90. 2,254,031 shares of the company’s stock were exchanged, compared to its average volume of 2,875,571. The firm has a 50-day moving average price of $97.16 and a 200-day moving average price of $78.77. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.58 and a quick ratio of 1.98. AngloGold Ashanti has a 52 week low of $28.44 and a 52 week high of $115.81. The company has a market cap of $57.00 billion, a P/E ratio of 25.05 and a beta of 0.59.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. State Street Corp increased its holdings in AngloGold Ashanti by 0.5% during the fourth quarter. State Street Corp now owns 5,731,937 shares of the mining company’s stock worth $488,820,000 after buying an additional 26,421 shares during the last quarter. Invesco Ltd. increased its stake in shares of AngloGold Ashanti by 4.5% during the 4th quarter. Invesco Ltd. now owns 2,791,584 shares of the mining company’s stock worth $238,066,000 after purchasing an additional 119,355 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of AngloGold Ashanti by 5,109.9% in the 4th quarter. AQR Capital Management LLC now owns 2,082,326 shares of the mining company’s stock valued at $179,286,000 after purchasing an additional 2,042,357 shares during the period. Morgan Stanley lifted its stake in AngloGold Ashanti by 27.0% in the 4th quarter. Morgan Stanley now owns 2,038,986 shares of the mining company’s stock valued at $173,885,000 after purchasing an additional 433,654 shares during the last quarter. Finally, Franklin Resources Inc. grew its holdings in AngloGold Ashanti by 10.3% during the third quarter. Franklin Resources Inc. now owns 1,849,121 shares of the mining company’s stock worth $129,841,000 after purchasing an additional 173,381 shares during the period. 36.09% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Weiss Ratings restated a “buy (b-)” rating on shares of AngloGold Ashanti in a research report on Wednesday, January 21st. Zacks Research upgraded AngloGold Ashanti from a “hold” rating to a “strong-buy” rating in a report on Friday, January 23rd. Roth Mkm reissued a “buy” rating on shares of AngloGold Ashanti in a research note on Friday. Wall Street Zen raised AngloGold Ashanti from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. Finally, Citigroup upped their target price on shares of AngloGold Ashanti from $105.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $95.00.

AngloGold Ashanti Company Profile

AngloGold Ashanti is a global gold mining company engaged in the exploration, development, production, processing and sale of gold. Headquartered in Johannesburg, South Africa, the company’s core activities span the full mining value chain from greenfield exploration and mine development through to ore processing and rehabilitation. Gold is the primary commodity produced, with individual operations sometimes yielding other by?products depending on local geology and processing methods.

The company was formed in 2004 through the merger of AngloGold and Ashanti Goldfields, creating a diversified international gold producer.