10-K · February 27, 2026
The iShares Gold Trust's 10-K report for the year ended December 31, 2025, reveals substantial growth, with a net asset value increase of 107.48% driven by a 65% rise in gold prices. The Trust remains focused on…
Earnings analysis · 10-Q
IAU earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
The iShares Gold Trust reported a net asset value increase of 3.26% for Q1 2026, driven by a notable 6.97% rise in gold prices, which elevated its NAV from $68.38 billion to $70.61 billion. The quarter saw an increase…
Read full summary
The iShares Gold Trust reported a net asset value increase of 3.26% for Q1 2026, driven by a notable 6.97% rise in gold prices, which elevated its NAV from $68.38 billion to $70.61 billion. The quarter saw an increase in revenue to approximately $52.39 million, leading to a reduced loss per share of -$0.03, compared to an expected loss of -$0.05.
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
- $-0.03
What stood out
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Revenue Growth
Total revenue for Q1 2026 was approximately $52.39 million, up from $50 million in Q1 2025.
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EPS Improvement
Reported EPS was -$0.03, improving from the estimated -$0.05, reflecting better performance against expectations.
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NAV Increase
Net Asset Value (NAV) rose by 3.26%, from $68.38 billion at year-end to $70.61 billion.
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Gold Price Surge
Gold prices increased 6.97%, from $4,307.95 per ounce at year-end to $4,608.35.
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Operational Gains
Net increase in net assets from operations was $4.91 billion, indicating strong performance from gold investments.
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Decrease in Shares
The number of outstanding shares decreased from 842.85 million to 814.10 million due to share redemptions.
What to watch
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Liquidity Dependence
The Trust's only source of liquidity is from the sale of gold; any decline in gold prices could hinder this.
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Market Conditions Impact
Economic and market conditions can drastically influence gold prices, which affects the Trust's NAV.
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Regulatory Risks
The Trust operates under strict regulatory frameworks that could change, influencing operations and compliance costs.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 3
10-Q · November 6, 2025
The iShares Gold Trust's Q3 2025 report shows a significant 26.67% increase in net asset value (NAV) from $46.70 billion at the end of Q2 to $59.15 billion by September 30, 2025. This surge was primarily driven by a…
10-Q · August 5, 2025
The iShares Gold Trust reported a 9.77% increase in net asset value (NAV) quarter-over-quarter, driven by a 5.53% rise in gold prices from March 31, 2025, to June 30, 2025. This quarter's NAV reached $46.7 billion, up…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.