RGLD earnings analysis
What we found in RGLD'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
Royal Gold reported a Q1 2026 revenue of $469.1 million, down 1.5% from estimates, and earnings per share (EPS) of $2.72, slightly below expectations. This marks a significant increase of 142.5% year-over-year driven by higher average prices for gold, silver, and copper. However, the company has to navigate higher costs and increased debt due to operational challenges and market volatility.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth Year-over-Year
- Revenue increased by 142.5% compared to Q1 2025, reaching $469.1 million.
- Strong Operating Cash Flow
- Net cash provided by operating activities was $293.6 million, up from $136.4 million in Q1 2025.
- Higher Gold Prices Driving Revenue
- Average gold price increased to $4,873 per ounce from $2,860 per ounce in the prior year.
- Segment Strength in Streaming
- Stream revenue was $312.8 million, significantly higher than $122.5 million in Q1 2025.
- Increased Working Capital
- Working capital rose to $295.2 million from $256.5 million at year-end 2025.
- Debt Management
- As of March 31, 2026, $600 million in outstanding debt with compliance on covenants.
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.
- Higher Cost of Sales
- Cost of sales increased to $60.3 million from $24.5 million a year earlier, impacted by higher metal prices.
- Increased Interest Expense
- Interest and other expenses rose to $13.2 million due to higher debt levels, from $1.2 million in Q1 2025.
- Future Metal Price Volatility
- Continued volatility in metal prices remains a key risk impacting revenue stability.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.72
- Segment
- Stream Revenue: $312.8 million
- Segment
- Royalty Revenue: $156.3 million
What they said about what is next.
Maintains previous guidance for 2026 revenue and EPS, reflecting a positive long-term outlook.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 19, 2026
- Royal Gold, Inc. reported a year-over-year revenue increase of approximately 43% for 2025, reaching $1.03 billion, boosted by higher commodity prices and new stream agreements. Despite strong revenue growth, Q4 results…
- 10-Q · November 6, 2025
- Royal Gold, Inc. reported a total revenue of $252.1 million for Q3 2025, a substantial increase from $193.8 million in the same quarter last year, bolstered by higher metal prices and increased delivery volumes. Despite…
- 10-Q · August 7, 2025
- Royal Gold reported robust Q2 financial performance with revenues of $209.6 million, up 20.5% year-over-year, and diluted EPS of $2.01, compared to $1.23 in the prior year. Segment growth in stream and royalty revenues,…
- 10-Q · May 8, 2025
- Royal Gold, Inc. reported a strong Q1 performance with revenues of $193.4 million and EPS of $1.51, surpassing estimates of $173.7 million and $1.39 respectively. Year-over-year, revenue increased by 29.8% and EPS grew…
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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