OR's income statement demonstrates a powerful inflection, with Q2 2026 revenue surging 120.8% year-over-year to $97.8M while maintaining a high 84.0% gross margin, though net income volatility from non-cash items raises earnings quality concerns.
OR Royalties Inc. (OR) annual income statement — 13-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 362.63M | 282M | 191.16M | 183.23M | 160.48M | 176.37M | 213.63M | 392.6M | 490.47M | 213.22M | 62.68M | 45.41M | 17.18M | 0 |
| Revenue Growth % | 85.54% | 47.52% | 4.33% | 14.17% | -9.01% | -17.44% | -45.59% | -19.95% | 130.04% | 240.18% | 38.01% | 164.36% | - | - |
| Cost of Goods Sold | 55.58M | 46.87M | 39.34M | 12.34M | 49.68M | 67.46M | 109.31M | 309.89M | 423.92M | 153.71M | 11.29M | 588K | 0 | 0 |
| COGS % of Revenue | - | 16.62% | 20.58% | 6.73% | 30.96% | 38.25% | 51.17% | 78.93% | 86.43% | 72.09% | 18.01% | 1.29% | - | - |
| Gross Profit | 307.06M | 235.12M | 151.81M | 170.89M | 110.8M | 108.92M | 104.33M | 82.71M | 119.17M | 87.57M | 62.53M | 44.83M | 17.18M | 0 |
| Gross Margin % | 84.67% | 83.38% | 79.42% | 93.27% | 69.04% | 61.75% | 48.83% | 21.07% | 24.3% | 41.07% | 99.77% | 98.71% | 100% | - |
| Gross Profit Growth % | - | 54.88% | -11.17% | 54.24% | 1.73% | 4.4% | 26.14% | -30.59% | 36.08% | 40.04% | 39.5% | 160.94% | - | - |
| Operating Expenses | 29.27M | 29.49M | 22.53M | 106.43M | 20.2M | 20.95M | 62.62M | 265.94M | 232.7M | 158.01M | 33.45M | 28.44M | 14.64M | 8.16M |
| OpEx % of Revenue | - | 10.46% | 11.79% | 58.09% | 12.58% | 11.88% | 29.31% | 67.74% | 47.44% | 74.11% | 53.36% | 62.62% | 85.21% | - |
| Selling, General & Admin | 25.28M | 29.49M | 21.76M | 24.34M | 14.9M | 15.38M | 25.9M | 23.68M | 18.16M | 26.18M | 23.76M | 15.05M | 5.29M | 903K |
| SG&A % of Revenue | - | 10.46% | 11.38% | 13.29% | 9.28% | 8.72% | 12.12% | 6.03% | 3.7% | 12.28% | 37.9% | 33.13% | 30.76% | - |
| Research & Development | 3.98M | 0 | 5.63M | 4.57M | 3.96M | 4.17M | 10.29M | 6.12M | 4.53M | 18.71M | 8.28M | 10.98M | 3.34M | 0 |
| R&D % of Revenue | - | - | 2.95% | 2.5% | 2.47% | 2.36% | 4.82% | 1.56% | 0.92% | 8.77% | 13.21% | 24.18% | 19.47% | - |
| Other Operating Expenses | 0 | 0 | -4.86M | 77.51M | 1.34M | 1.41M | 26.43M | 236.13M | 210.02M | 113.12M | 1.41M | -81K | 1.07M | -12.48M |
| Operating Income | 277.79M | 205.63M | 129.28M | 64.46M | 90.6M | 87.96M | 41.7M | -183.23M | -113.53M | -70.44M | 29.09M | 18.22M | -1.74M | -16.28M |
| Operating Margin % | 76.6% | 72.92% | 67.63% | 35.18% | 56.46% | 49.87% | 19.52% | -46.67% | -23.15% | -33.03% | 46.41% | 40.13% | -10.1% | - |
| Operating Income Growth % | - | 59.06% | 100.55% | -28.85% | 3% | 110.93% | 122.76% | -61.39% | -61.19% | -342.14% | 59.62% | 1150.37% | 89.35% | - |
| EBITDA | 322.68M | 243.24M | 162.85M | 107.17M | 129.22M | 126.72M | 88.61M | -134.96M | -60.74M | -42.23M | 40.6M | 18.99M | 4.9M | -20.45M |
| EBITDA Margin % | 88.98% | 86.26% | 85.19% | 58.49% | 80.52% | 71.85% | 41.48% | -34.38% | -12.38% | -19.8% | 64.77% | 41.81% | 28.54% | - |
| EBITDA Growth % | 95.58% | 49.36% | 51.96% | -17.07% | 1.97% | 43.02% | 165.66% | -122.17% | -43.86% | -204.01% | 113.8% | 287.29% | 123.97% | - |
| D&A (Non-Cash Add-back) | 44.89M | 37.61M | 33.57M | 42.71M | 38.62M | 38.76M | 46.9M | 48.27M | 52.79M | 28.21M | 11.51M | 765K | 6.64M | -4.17M |
| EBIT | 327.96M | 205.63M | 38.11M | -13.61M | 99.81M | 99.13M | 53.27M | -251.05M | -114.74M | -57.55M | 55.01M | 37.33M | 1.24M | -8.16M |
| Net Interest Income | 601.7K | -461.57K | -2.65M | -12.12M | -12.57M | -15.45M | -21.55M | -18.92M | -21.24M | -4.13M | -175K | 3.45M | 2.07M | 0 |
| Interest Income | 5.95M | 4.09M | 2.89M | 6.83M | 9.77M | 3.39M | 4.58M | 4.63M | 4.76M | 4.25M | 3.26M | 4.05M | 2.12M | 1.34M |
| Interest Expense | 5.35M | 4.55M | 5.54M | 18.95M | 22.34M | 18.85M | 26.13M | 23.55M | 26M | 8.38M | 3.44M | 609K | 43K | 0 |
| Other Income/Expense | 52.64M | 39.78M | -99.14M | -92.1M | -7.25M | -7.53M | -14.56M | -91.37M | -27.2M | 4.5M | 22.49M | 18.5M | 2.93M | -12.27M |
| Pretax Income | 330.43M | 245.41M | 30.14M | -27.64M | 83.35M | 80.43M | 27.14M | -274.6M | -140.74M | -65.94M | 51.58M | 36.72M | 1.2M | -28.56M |
| Pretax Margin % | 91.12% | 87.03% | 15.77% | -15.08% | 51.94% | 45.6% | 12.71% | -69.94% | -28.69% | -30.92% | 82.29% | 80.86% | 6.96% | - |
| Income Tax | 47.43M | 35.89M | 13.88M | 9.79M | 20.51M | 20.33M | 10.91M | -40.4M | -35.15M | -23.15M | 9.72M | 8.19M | 3.29M | 126K |
| Effective Tax Rate % | 14.35% | 14.62% | 46.03% | -35.42% | 24.61% | 25.28% | 40.21% | 14.71% | 24.97% | 35.11% | 18.85% | 22.31% | 275.17% | -0.44% |
| Net Income | 282.99M | 209.52M | 16.27M | -37.43M | -87.5M | -18.47M | 16.88M | -234.19M | -105.59M | -42.5M | 42.11M | 28.75M | 1.67B | -455.1M |
| Net Margin % | 78.04% | 74.3% | 8.51% | -20.43% | -54.52% | -10.47% | 7.9% | -59.65% | -21.53% | -19.93% | 67.19% | 63.3% | 9739.61% | - |
| Net Income Growth % | 321.81% | 1188.04% | 143.46% | 57.23% | -373.65% | -209.47% | 107.21% | -121.8% | -148.43% | -200.92% | 46.49% | -98.28% | 467.65% | - |
| Net Income (Continuing) | 282.99M | 209.52M | 16.27M | -37.43M | 62.84M | 60.1M | 16.23M | -234.19M | -105.59M | -42.79M | 41.85M | 28.53M | -2.1M | -28.68M |
| Discontinued Operations | 0 | 0 | 0 | 0 | -197.82M | -104.55M | 0 | 0 | 0 | 0 | 0 | 0 | 1.68B | -426.42M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 145.46M | 112.67M | 0 | 0 | 0 | 1.87M | 1.4M | 0 | 0 |
| EPS (Diluted) | 1.50 | 1.11 | 0.09 | -0.20 | -0.49 | -0.11 | 0.10 | -1.55 | -0.67 | -0.33 | 0.40 | 0.32 | 36.40 | -9.50 |
| EPS Growth % | 319.93% | 1133.33% | 145% | 59.18% | -345.45% | -210% | 106.45% | -131.34% | -103.03% | -182.5% | 25% | -99.12% | 483.16% | - |
| EPS (Basic) | - | 1.12 | 0.09 | -0.27 | -0.49 | -0.11 | 0.10 | -1.55 | -0.67 | -0.33 | 0.40 | 0.33 | 36.40 | -9.50 |
| Diluted Shares Outstanding | 188.64M | 189.15M | 187.58M | 185.04M | 180.65M | 167.63M | 162.43M | 151.27M | 156.62M | 127.94M | 104.82M | 88.94M | 45.96M | 47.9M |
| Basic Shares Outstanding | 187.71M | 187.78M | 186.29M | 185.04M | 180.4M | 167.63M | 162.3M | 151.27M | 156.62M | 127.94M | 104.67M | 87.86M | 45.96M | 47.9M |
| Dividend Payout Ratio | - | 16.92% | 130.93% | - | - | - | 171.33% | - | - | - | 36.37% | 34.21% | - | - |
Quick answers to the most common questions about buying OR stock.
For fiscal year 2025, OR Royalties Inc. (OR) reported total revenue of $282.0M.
OR Royalties Inc. (OR) is profitable, generating $209.5M in net income for the fiscal year ending 2025 with a net profit margin of 74.3%.
OR Royalties Inc. (OR) reported an operating income of $205.6M, resulting in an operating profit margin of 72.9%. This margin reflects the operational efficiency of the business before interest and taxes.
OR Royalties Inc. (OR) generated $235.1M in gross profit for the year, representing a gross profit margin of 83.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue concentration and cyclicality
Explosive Revenue Growth Reversal
After a period of contraction, OR's revenue growth has accelerated dramatically, with a 120.8% year-over-year increase in Q2 2026, suggesting a significant inflection in underlying royalty streams or asset performance.
The growth trajectory is striking, moving from negative year-over-year growth in early 2025 to triple-digit expansion in the latest quarter. This reversal appears driven by the timing and recognition of royalties from underlying gold production, which can be lumpy and dependent on mine development stages. The durability of this growth is questionable, as the company's performance is inherently tied to the production schedules and commodity prices of a limited number of mining assets.
Best-in-Class Royalty Margin Profile
OR's gross margins have consistently averaged in the mid-80% range, significantly exceeding the 70-76% gross margins of major peers like WPM and FNV, highlighting the cost-efficient nature of the royalty business model.
The structural cost advantage is clear, with gross margins consistently above 80% for eight of the last ten quarters. This compares favorably to larger peers and suggests minimal direct cost burdens. However, the margin profile is not static; the operating margin expansion to 77.0% in Q2 2026 from the high 60s in early 2025 indicates strong operating leverage on the fixed-cost base, as SG&A as a percentage of revenue has shrunk meaningfully with scale.
Fixed-Cost Base Drives Margin Expansion
Operating income grew by 147.7% year-over-year in Q2 2026, significantly outpacing the 120.8% revenue growth, demonstrating powerful operating leverage as SG&A expenses remained relatively contained.
The company's cost structure appears highly scalable. SG&A expenses, while variable quarter-to-quarter, did not increase proportionally with the massive revenue surge, allowing operating margin to expand to 77.0%. This leverage suggests that incremental revenue drops almost entirely to the bottom line, a critical feature for a royalty company in a favorable commodity price environment. The key risk is that this leverage works in reverse if royalty revenues were to contract sharply.
Lumpy Recognition and Quality Concerns
The volatile quarterly net income, including a Q3 2025 figure 115.7% of revenue, raises questions about the quality and predictability of earnings, as non-cash or non-recurring items may be distorting the underlying operational trend.
Net income has exhibited extreme volatility, swinging from a loss in Q2 2024 to a figure exceeding revenue in Q3 2025. This pattern suggests significant non-operating items, such as fair value adjustments or deferred tax asset revaluations, which are common in royalty companies but complicate analysis. The stark difference between the 84.0% gross margin and the 62.8% net margin in the latest quarter points to the impact of taxes and other below-the-line items, warranting scrutiny of the true cash earnings power.