10-Q · May 6, 2026
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…
Earnings analysis · 10-Q
RGLD earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
Royal Gold reported $464.8 million of revenue and $2.80 of diluted EPS, exceeding consensus estimates of $461.1 million and $2.78, respectively. Revenue increased 3.1% sequentially and 84.4% year over year, while EPS…
Read full summary
Royal Gold reported $464.8 million of revenue and $2.80 of diluted EPS, exceeding consensus estimates of $461.1 million and $2.78, respectively. Revenue increased 3.1% sequentially and 84.4% year over year, while EPS declined 15.8% sequentially but rose 45.8% year over year. Record operating cash flow of $344.4 million and free cash flow of $343.4 million supported repayment of the remaining $150 million revolver balance after quarter end. The outlook was positive, with other-metals sales guidance raised to $53 million-$56 million while gold, silver, and copper ranges were maintained.
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
- $2.8
What stood out
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Revenue grew and beat consensus
Revenue was $464.8 million, up from $451 million in the prior quarter and $252 million in the year-earlier quarter; it exceeded the $461.1 million consensus estimate.
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EPS beat estimates, up year over year
Diluted EPS was $2.80 versus $2.78 estimated, a $0.02 beat. EPS declined from $3.30 in the prior quarter but increased from $1.92 a year earlier.
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Free cash flow materially improved
Free cash flow was $343.4 million, versus $285 million in the prior quarter and negative $820 million in the year-earlier quarter.
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Record cash flow reduced leverage
Operating cash flow reached a record $344.4 million, supporting repayment after quarter end of the remaining $150 million revolver balance.
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Other-metals outlook raised
2026 other-metals sales guidance increased to $53 million-$56 million from $34 million-$38 million, a $19 million-$18 million increase at the respective endpoints.
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Strong metal-price environment supported results
Nine-month 2026 revenue was $1.4 billion, with average prices of $4,545 per ounce for gold, $73.24 per ounce for silver, and $6.09 per pound for copper.
What to watch
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High sensitivity to gold prices
Gold represented 74% of nine-month 2026 reported revenue; a 10% change in the average gold price would have changed revenue by $110.4 million.
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Silver and copper price volatility
A 10% change in the average silver price would have affected nine-month 2026 revenue by $28.7 million, while a 10% copper-price change would have affected revenue by $19.8 million.
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No risk-factor changes disclosed
The filing states there were no material changes to the risk factors included in the 2025 10-K, limiting evidence of risk-factor improvement despite strong quarterly cash generation.
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Share repurchases consume liquidity
The company repurchased 190,045 shares during the quarter at an average price of $259.83, leaving $420.622 million available under the $500 million authorization.
Management's outlook
Management raised 2026 other-metals sales guidance to $53 million-$56 million from $34 million-$38 million. Gold guidance was maintained at 290,000-320,000 ounces, silver at 3.0-3.5 million ounces, and copper at 21.0-25.0 million pounds; management expects silver and copper to be at or above the top ends of their ranges.
Earlier filings 4
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,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.