IAU earnings analysis
What we found in IAU's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Total revenue for Q1 2026 was approximately $52.39 million, up from $50 million in Q1 2025.
- EPS Improvement
- Reported EPS was -$0.03, improving from the estimated -$0.05, reflecting better performance against expectations.
- NAV Increase
- Net Asset Value (NAV) rose by 3.26%, from $68.38 billion at year-end to $70.61 billion.
- Gold Price Surge
- Gold prices increased 6.97%, from $4,307.95 per ounce at year-end to $4,608.35.
- Operational Gains
- Net increase in net assets from operations was $4.91 billion, indicating strong performance from gold investments.
- Decrease in Shares
- The number of outstanding shares decreased from 842.85 million to 814.10 million due to share redemptions.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Liquidity Dependence
- The Trust's only source of liquidity is from the sale of gold; any decline in gold prices could hinder this.
- Market Conditions Impact
- Economic and market conditions can drastically influence gold prices, which affects the Trust's NAV.
- Regulatory Risks
- The Trust operates under strict regulatory frameworks that could change, influencing operations and compliance costs.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.03
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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