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…
Earnings analysis · 10-Q
RGLD earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
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.
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
- $2.72
What stood out
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Revenue Growth Year-over-Year
Revenue increased by 142.5% compared to Q1 2025, reaching $469.1 million.
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Strong Operating Cash Flow
Net cash provided by operating activities was $293.6 million, up from $136.4 million in Q1 2025.
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Higher Gold Prices Driving Revenue
Average gold price increased to $4,873 per ounce from $2,860 per ounce in the prior year.
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Segment Strength in Streaming
Stream revenue was $312.8 million, significantly higher than $122.5 million in Q1 2025.
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Increased Working Capital
Working capital rose to $295.2 million from $256.5 million at year-end 2025.
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Debt Management
As of March 31, 2026, $600 million in outstanding debt with compliance on covenants.
What to watch
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Higher Cost of Sales
Cost of sales increased to $60.3 million from $24.5 million a year earlier, impacted by higher metal prices.
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Increased Interest Expense
Interest and other expenses rose to $13.2 million due to higher debt levels, from $1.2 million in Q1 2025.
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Future Metal Price Volatility
Continued volatility in metal prices remains a key risk impacting revenue stability.
Management's outlook
Maintains previous guidance for 2026 revenue and EPS, reflecting a positive long-term outlook.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.