Royal Gold (RGLD) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of $1.03B for 2025 (up 43% YoY), record operating cash flow of $704.8M, and net income of $466.3M ($6.70/share); adjusted net income was $509.9M ($7.33/share).

• Completed major acquisitions, including Sandstorm Gold and Horizon Copper, expanding and diversifying the portfolio.

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

• Recognized first royalty revenue from Back River mine and began portfolio rationalization.

• Portfolio remains well-diversified and positioned for growth, with increased shareholder returns.

Financial highlights

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

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

• Adjusted EBITDA margin for FY2025 was 82%.

• Revenue split FY2025: 78% gold, 12% silver, 7% copper.

• 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; other metals exceeded guidance.

• 2026 operator guidance includes significant production increases at key assets.

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

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

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