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 year-over-year growth and portfolio diversification.

• Adjusted net income was $218.2 million ($2.56/share), up 41% year-over-year; adjusted EBITDA margin remained high at 83%.

• Portfolio is highly diversified, with no single asset contributing more than 13% of revenue; stream interests contributed 69%-76% of revenue.

• Repurchased $30 million in shares and paid $40.3 million in dividends; liquidity increased to $1.2 billion.

• Advanced and restructured key projects, including Hod Maden and Warintza, and simplified the Sandstorm portfolio.

Financial highlights

• Revenue increased 115% year-over-year to $450.5 million, driven by higher metal prices and new asset contributions.

• Net income reached $236.4 million ($2.78/share); adjusted net income was $218.2 million ($2.56/share); operating cash flow was $335.2 million.

• Dividends paid totaled $40.3 million; share buybacks totaled $30 million for 147,205 shares; $200 million of revolver debt repaid.

• G&A expense was $13.4 million; DD&A expense rose to $96.2 million, mainly due to new acquisitions.

• Liquidity at quarter-end was $1.2 billion, with $1 billion undrawn revolver and $400 million debt outstanding.

Outlook and guidance

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

• Full-year DD&A expense expected within $339 million-$379 million; effective tax rate guidance remains 17%-22%.

• Expect to fully repay outstanding revolver balance in Q4, absent major acquisitions.

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

• Second half of the year expected to be slightly stronger, with Q3 and Q4 well-balanced.