10-Q · May 9, 2026
Gold.com, Inc. reported robust Q3 2026 results with revenue soaring to $10.35 billion, up 244% YoY, primarily due to higher gold and silver prices as well as increased sales volumes. However, diluted EPS was $2.09,…
Earnings analysis · 10-K
GOLD earnings analysis
Filed September 9, 2026 · Our reading of the company's report
The latest report
Gold.com’s fiscal 2026 results show a substantial annual recovery, with revenue up 132.4% to $25.513 billion, diluted EPS rising to $3.02, and operating cash flow reaching $1.223 billion. Growth was led by…
Read full summary
Gold.com’s fiscal 2026 results show a substantial annual recovery, with revenue up 132.4% to $25.513 billion, diluted EPS rising to $3.02, and operating cash flow reaching $1.223 billion. Growth was led by Direct-to-Consumer activity and acquisitions, while wholesale silver volumes declined 20.6% and consolidated gross margin fell to 1.776% from 1.921%. The outlook remains balanced rather than decisively bullish because profitability depends on market volatility, acquisitions and increasingly significant precious-metals lease financing, particularly from Tether.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $3.02
What stood out
-
Sharp rebound in annual earnings
Fiscal 2026 revenue increased 132.4% to $25.513 billion from $10.979 billion in fiscal 2025, while diluted EPS rose to $3.02 from $0.71. Net income attributable to Gold.com increased 375.4% to $82.3 million from $17.3 million.
-
Direct-to-consumer drives growth
Direct-to-Consumer revenue grew 167.1% to $6.098 billion, and gross profit increased 150.6% to $313.4 million. Total customers reached 4.722 million and active customers increased 34.7% to 783,100, although the segment’s gross margin declined to 5.138% from 5.476%.
-
Higher volumes and market pricing
Gold ounces sold increased 23.8% to 2.032 million, while average gold and silver selling prices increased 51.1% and 112.5%, respectively. The company also increased its inventory turnover ratio to 13.8 from 9.1.
-
Operating cash generation improved
Operating cash flow increased to $1.223 billion from $152.3 million in fiscal 2025, while cash ended the year at $578.0 million versus $77.7 million. The filing does not report free cash flow; capital expenditures were $12.7 million.
-
Broader integrated platform
The strategy remains centered on vertical integration across trading, e-commerce, distribution, logistics, minting, storage, hedging, financing and consignment. The company expanded this platform through the January 2026 Monex acquisition and April 2026 acquisition of the remaining Sunshine Minting interests.
-
Liquidity supports capital allocation
The company paid $22.5 million of dividends in fiscal 2026, maintained a $0.20-per-share quarterly dividend policy, and received $140.0 million of net proceeds from the Tether share issuance. No shares were repurchased during the year, leaving 2.0 million shares authorized for repurchase.
What to watch
-
Growing dependence on Tether financing
The filing says that a majority of recent liquidity was provided by precious-metals leases, a majority of which were from Tether. Precious-metals leases increased to $1.688 billion from $246.5 million, and related-party deferred revenue and advances totaled $1.454 billion at June 30, 2026; loss of access could materially constrain operations.
-
Tariff and trade-policy exposure
The company faces a temporary 10% ad valorem U.S. tariff imposed under Section 122 effective February 24, 2026, while Section 232 and Section 301 investigations may also apply to some products. Management warns that tariffs could increase product costs, disrupt supply, reduce margins and weaken international demand.
-
New climate-reporting obligations
California climate rules require Scope 1 and Scope 2 emissions reporting by August 10, 2026 and Scope 3 reporting beginning in 2027. Non-compliance with SB 253 could result in administrative penalties of up to $500,000 per reporting year, while SB 261 carries a potential fine of up to $50,000 per reporting year.
Management's outlook
The 10-K provides no quantitative annual revenue or EPS guidance; management states that the volatility of the precious-metals market makes customary financial projections difficult to prepare with acceptable precision.
Earlier filings 4
10-Q · November 7, 2025
A-Mark reported a strong top-line quarter with revenues of $3,680,766,000, up $965,670,000 (+35.6%) versus the prior-year quarter, and gross profit rising to $72,897,000 (gross margin ~1.98% vs 1.60% prior). Operating…
10-Q · May 12, 2025
Revenue increased materially to $3,009,125 for the quarter (up $398,474 vs. $2,610,651 a year ago), but the company reported a quarterly net loss of $8,546 (diluted EPS $(0.36)) versus net income of $5,013 (diluted EPS…
10-Q · February 8, 2024
A‑Mark reported quarter revenue of $2,078,815 (Q3 FY2024) up from $1,949,705 a year earlier, but profitability and cash generation deteriorated: gross profit fell to $46,041 from $63,969 and diluted EPS declined to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.