Royal Gold (RGLD) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of $1,030.5M and operating cash flow of $704.8M for 2025, with net income of $466.3M and adjusted net income of $509.9M, reflecting year-over-year increases of 43%, 33%, and 47%, respectively.

• Completed major acquisitions, including Sandstorm Gold and Horizon Copper, expanding and diversifying the portfolio and increasing share count to 84.5M.

• Paid $118.5M in dividends and raised the annual dividend to $1.90/share for 2026, marking the 25th consecutive annual increase.

• Integration of acquired portfolios is largely complete, with rationalization and simplification underway, positioning for further growth.

• Recognized first royalty revenue from Back River mine and achieved full repayment of advanced stream deposits at Rainy River, Pueblo Viejo, and Andacollo.

Financial highlights

• Q4 2025 revenue was $375.3M, up 85% year-over-year, with $82M from new acquisitions.

• Q4 adjusted net income was $155.0M ($1.92/share), and Q4 operating cash flow reached $241.7M.

• Adjusted EBITDA margin was 82% for both Q4 and FY2025, supported by strong gold prices and low G&A.

• G&A expense increased to $17.6M in Q4, mainly due to one-time integration and employee costs.

• Q4 included $13.7M acquisition costs and a $50M loss on sale of marketable securities.

Outlook and guidance

• 2025 gold, silver, and copper sales met or exceeded guidance; 2026 operator guidance includes significant production increases at key assets.

• Q1 2026 GEO sales expected to be in line with Q4 2025 and the lowest for the year.

• 2026 revenue guidance and further details to be provided at the upcoming Investor Day.

• Full repayment of outstanding debt now expected by early 2027, ahead of previous forecasts.

• Portfolio positioned for growth with embedded optionality and exposure to higher metal prices.