10-K · September 9, 2026
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…
Earnings analysis · 10-Q
GOLD earnings analysis
Filed November 5, 2026 · Our reading of the company's report
The latest report
Gold.com returned to positive earnings, with diluted EPS of $0.05 versus $(0.04) in the prior-year quarter, gross profit up 22.9% to $89.6 million, and gross margin expanding to 2.745%. Underlying precious-metals…
Read full summary
Gold.com returned to positive earnings, with diluted EPS of $0.05 versus $(0.04) in the prior-year quarter, gross profit up 22.9% to $89.6 million, and gross margin expanding to 2.745%. Underlying precious-metals volumes and Direct-to-Consumer customer metrics improved, but reported revenue declined 11.3% to $3.265 billion because of lower forward-sale revenue, while operating cash flow swung to a $638.584 million outflow. Liquidity and concentration risks remain material, including a $451.157 million cash decline, $1.117 billion of precious-metals leases, and Tether representing 25.3% of revenue; the filing states there were no material changes to risk factors from the fiscal 2026 Form 10-K.
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
- $0.05
What stood out
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Underlying sales volume improved
Revenue was $3.265 billion, down 11.3% year over year, but management reported that revenue excluding forward sales increased $952.9 million, or 50.9%, driven by higher precious-metals prices and volumes.
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Gross profit and margin expanded
Gross profit increased $16.7 million, or 22.9%, to $89.6 million, while consolidated gross margin expanded 76.5 basis points to 2.745% from 1.980%.
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Precious-metals volumes grew
Gold ounces sold increased 5.5% to 463,000 and silver ounces sold increased 34.5% to 13.978 million; Direct-to-Consumer total ticket volume increased 21.4% to 273,572.
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Returned to positive EPS
Net income attributable to the Company improved to $1.602 million from a $0.939 million loss, and diluted EPS improved to $0.05 from $(0.04) year over year.
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DTC customer base expanded
Direct-to-Consumer revenue increased 10.0% to $950.1 million, while new customers rose 38.5% to 96,100 and total customers increased 13.0% to 4.818 million.
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Secured Lending profitability improved
Secured Lending pretax income increased 29.2% to $1.178 million, supported by interest income of $2.985 million, up 17.3%, despite 372 loans outstanding versus 424 a year earlier.
What to watch
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Significant operating cash outflow
Operating cash flow was negative $638.584 million versus positive $195.417 million in the prior-year quarter. Cash declined $451.157 million to $126.819 million by September 30, 2026.
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Reliance on leased-metal liquidity
Precious-metals leases declined $570.242 million to $1.117 billion from $1.688 billion, and management stated that a reduction or termination of these arrangements would require alternative financing and could increase interest expense.
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Customer concentration in Tether
Tether accounted for 25.3% of quarterly revenue, or $827.066 million. Management warned that a decline in trading activity with Tether could adversely affect revenue and operating results.
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Higher product-financing exposure
Product financing arrangements increased $225.651 million to $314.900 million, while related financing inventory is entirely restricted, increasing reliance on short-term collateralized funding.
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Slower inventory turnover
Inventory turnover declined 55.2% to 1.3 from 2.9, while total inventory increased $75.844 million to $2.436 billion; restricted inventory rose $289.538 million to $1.088 billion.
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DTC earnings conversion weakened
Direct-to-Consumer pretax income fell 28.7% to $6.908 million despite 10.0% revenue growth, as interest expense increased $3.051 million to $3.473 million and SG&A rose 20.7% to $45.231 million.
Management's outlook
No numeric revenue or EPS guidance was provided. Management stated that available liquidity, including a $250.0 million Trading Credit Facility, product financing, borrowed and leased metals, and anticipated operating cash flow, should fund needs through at least the next twelve months.
Earlier filings 4
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,…
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…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.