Royal Gold (RGLD) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly revenue of $451 million and operating cash flow of $335.2 million, with net income of $236.4 million ($2.78/share), reflecting significant growth from higher metal prices, new assets, and portfolio diversification after the Sandstorm and Horizon acquisitions.

• Adjusted net income was $218.2 million ($2.56/share), up 41% year-over-year, with gold contributing 76% of total revenue.

• Portfolio is highly diversified, with no single asset contributing more than 13% of revenue, and stream interests now the dominant revenue source.

• Paid $40.3 million in dividends and repurchased $30 million in shares, increasing total liquidity to $1.2 billion.

• Advanced key projects including Warintza and Hod Maden, simplified the portfolio, and restructured Hod Maden JV, reducing equity interest and gaining new royalty rights.

Financial highlights

• Revenue increased 115% year-over-year to $450.5 million; operating cash flow up 119% to $335.2 million; net income up 79% to $236.4 million.

• Adjusted EBITDA margin remained high at 83%; adjusted EBITDA was $375.7 million for Q2.

• Dividends paid totaled $40.3 million, up 6% year-over-year; share buybacks totaled $30 million for 147,205 shares.

• Liquidity at quarter-end was $1.2 billion, with $200 million of revolver repaid during the quarter and $75 million post-quarter.

• G&A expense rose to $13.4 million, mainly due to higher office and employee costs; DD&A expense increased to $96.2 million.

Outlook and guidance

• Gold and silver sales are tracking well to guidance; copper and other metals are trending at or above the top end of guidance ranges.

• Expect to fully repay outstanding debt in Q4, assuming current metal prices and no major acquisitions.

• G&A and DD&A expenses expected to finish within previously provided guidance ranges.

• No significant quarter-to-quarter asset performance differences expected in H2; H2 expected to be slightly stronger than H1.

• Platreef Phase 1 commercial production expected Q4 2026; Hod Maden JV obligations expected to begin mid-2027.