Royal Gold (RGLD) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly revenue of $451 million (reported as $450.5 million in several sources), operating cash flow of $335.2 million, and net income of $236.4 million ($2.78/share), all up significantly year-over-year.

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

• Portfolio diversification improved, with no single asset contributing more than 13% of revenue and only two assets above 10%.

• Share buyback program repurchased 147,205 shares for $30 million; $200 million of revolver debt repaid, ending with $1.2 billion in liquidity.

• Advanced key projects including Warintza and Hod Maden, and simplified the portfolio through divestitures and restructuring.

Financial highlights

• Revenue grew 115% year-over-year to $450.5 million; stream revenue was $311 million (+133% YOY), royalty revenue $140 million (+83% YOY).

• 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, up 119% year-over-year.

• Dividends paid totaled $40.3 million, up 6% year-over-year.

• G&A expense was $13.4 million; DD&A expense $96.2 million ($962/GEO); tax expense $58 million (effective tax rate 19.7%).

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.

• DD&A expense expected to finish the year within $339 million-$379 million; G&A to finish near the high end of $50 million-$60 million.

• Full-year effective tax rate expected within 17%-22% range.

• Liquidity expected to further improve with additional debt repayments planned in Q3 and Q4.

• Mount Milligan and Fruta del Norte production on track; Platreef Phase 1 commercial production expected Q4 2026.