Royal Gold (RGLD) Q3 2026 earnings summary

Executive summary

• Revenue rose 84% YoY to $464.8M, with record sales of 109,000 GEOs and record operating cash flow of $344.4M.

• Net income attributable to common stockholders was $227.4M, or $2.68/share; adjusted net income was $238.3M, or $2.80/share.

• Strong cash generation supported debt repayment, shareholder returns and portfolio investment; the $1.4B revolver was fully repaid after quarter-end.

Financial highlights

• Q3 stream revenue was $318.3M and royalty revenue was $146.4M; total revenue was $464.8M.

• Operating income was $303.7M vs. $162.3M YoY; net income attributable to stockholders was $227.4M vs. $126.8M.

• Operating cash flow reached $344.4M vs. $174.0M; nine-month operating cash flow was $973.1M vs. $463.1M.

• G&A was $13.2M, DD&A $82.0M and interest and other expense $5.1M; higher DD&A largely reflected acquired streams and assets.

• Adjusted net income excludes a $15.7M equity-securities fair-value loss, a $0.8M gain on marketable securities sales and a $4.0M tax effect of adjustments.

Outlook and guidance

• 2026 gold sales guidance remains 290,000–320,000 oz; 224,265 oz were sold through September.

• Silver guidance remains 3.0–3.5M oz; copper guidance was revised to 22–25M lb from 21–25M lb, with sales expected at or above the range’s top end.

• Other-metals sales guidance rose to $53–56M from $34–38M; $44M was sold through September.

• DD&A guidance remains $339–379M and effective tax-rate guidance 17–22%; YTD rate excluding discrete items was 20.1%.