AngloGold Ashanti capped a record year with strong Q4 performance and a $1.8 billion dividend payout, despite shares slipping 1.25% in pre-market trading. The gold miner reported fourth-quarter earnings of $1.90 per share, matching estimates, on revenue of $3.02 billion that beat consensus expectations by 6%.

The company's standout 2025 performance saw gold production rise 16% to 3.1 million ounces, with average gold prices climbing 45% to $3,468 per ounce. AngloGold generated record free cash flow of $2.9 billion, more than tripling from 2024, and declared total dividends equivalent to 62% of annual free cash flow.

CEO Alberto Calderon highlighted operational excellence as the driver behind these results, noting the company's ability to safely meet production guidance while controlling costs better than industry peers. AngloGold ended the year with $879 million in net cash and $4.4 billion in total liquidity, positioning the company for continued dividend returns despite forecasting higher costs in 2026.