Operating cash flow surged to $628.7M in 2026Q2, 2.66 times net income, with FCF margin of 139.5% and minimal capex, while dividends and buybacks totaled $110.5M.
Royal Gold, Inc. (RGLD) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 |
|---|
| Cash from Operations | 1.34B | 704.85M | 529.5M | 415.79M | 417.35M | 407.15M | 407.15M | 340.75M | 253.17M | 328.82M | 266.85M | 169.86M | 191.24M | 145.92M | 172.63M | 162.16M | 146.96M | 48.37M | 30.05M | 39.13M | 24.35M | 18.6M | 14.82M | 13.4M | 11.68M | 7.42M | 3.16M | 4.23M | -3.7M | 2.2M | 2.1M |
| Operating CF Margin % | - | 68.4% | 74.29% | 69.48% | 70% | 63.11% | 66.11% | 68.84% | 60.43% | 71.99% | 60.78% | 47.74% | 70.16% | 63.33% | 61.61% | 61.65% | 67.89% | 35.42% | 40.73% | 59.02% | 50.35% | 65.55% | 58.57% | 62.76% | 74.01% | 60.19% | 53.07% | 44.95% | -370% | 169.23% | 25.61% |
| Operating CF Growth % | 525.39% | 33.11% | 27.35% | -0.37% | 2.5% | 0% | 19.49% | 34.6% | -23.01% | 23.22% | 57.1% | -11.18% | 31.06% | -15.47% | 6.45% | 10.35% | 203.81% | 60.98% | -23.21% | 60.7% | 30.87% | 25.53% | 10.59% | 14.69% | 57.53% | 134.38% | -25.15% | 214.27% | -268.18% | 4.76% | 223.53% |
| Net Income | 737.96M | 471.58M | 332.02M | 239.44M | 238.98M | 302.53M | 302.53M | 199.34M | 93.83M | -113.13M | 101.53M | -77.15M | 51.97M | 62.64M | 69.15M | 92.48M | 71.39M | 21.49M | 38.35M | 26.11M | 19.72M | 11.35M | 11.45M | 8.87M | 6.75M | 10.7M | 1.14M | 3.95M | -8.8M | -3.5M | 4.1M |
| Depreciation & Amortization | 390.88M | 177.08M | 144.43M | 164.94M | 178.94M | 183.57M | 183.57M | 175.43M | 163.06M | 163.7M | 159.64M | 141.11M | 93.49M | 91.34M | 85.02M | 75M | 67.4M | 53.79M | 32.58M | 18.36M | 8.27M | 4.26M | 3.2M | 3.31M | 2.85M | 2.29M | 1.27M | 1.19M | 500K | 200K | 100K |
| Stock-Based Compensation | 9.84M | 11.8M | 0 | 0 | 0 | 6.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 |
| Deferred Taxes | -30.33M | -3.93M | 8.35M | -6.47M | -19.84M | 456K | 456K | -32.4M | -1.75M | -32.84M | 1.56M | -4.98M | -27.65M | -8.17M | -11.42M | 1.57M | -5.14M | -7.54M | -2.17M | 115K | -761.29K | -873.21K | 1.05M | 3.44M | 1.71M | -6.85M | 0 | 0 | 0 | 600K | 100K |
| Other Non-Cash Items | 3.52M | 44.39M | 13.36M | 11.31M | 16.14M | -39.03M | -32.98M | 6.93M | 23.96M | 256.27M | 9.83M | 114.14M | 43.35M | 15.37M | 25.39M | 5.71M | 7.82M | 8.05M | -31.13M | -664K | 2.32M | 1.34M | 429.67K | 3.85K | 227.6K | 2.77M | 490.21K | 141.94K | 4.5M | -100K | 0 |
| Working Capital Changes | -162.22M | 3.92M | 31.34M | 6.57M | 3.12M | -46.43M | -46.43M | -8.56M | -25.93M | 54.83M | -5.7M | -3.26M | 30.08M | -15.27M | 4.49M | -12.6M | 5.48M | -27.43M | -7.58M | -6.94M | -5.2M | 2.53M | -1.32M | -2.23M | 141.25K | -1.49M | 265.34K | -1.06M | 100K | 5M | -2.2M |
| Change in Receivables | -49.68M | -18.12M | -13.04M | 911K | 6.53M | -21.64M | -21.64M | -6.69M | 2.96M | 22.66M | -19.94M | 2.58M | 24.5M | -2.45M | 435K | -5.12M | -8.46M | -19.05M | -4.28M | -4.43M | -6.51M | 639.28K | -1.38M | -2.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -16.36M | -11.74M | -3.19M | 2.87M | -1.05M | -6.01M | -6.01M | -291K | -2.07M | -1.43M | 1.61M | -7.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.8M | -1.7M |
| Change in Payables | -42.8M | -36.84M | -9.11M | 4.76M | 211K | 3.24M | 3.24M | -275K | -6.43M | 5.17M | -206K | -849K | 150K | 1.1M | 113K | 530K | -930K | -10.74M | -1.84M | 580K | 1.02M | -64.86K | -141.5K | -95.14K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.3B | -1.42B | -77.68M | -2.83M | -922.88M | -116.74M | -116.74M | -149.14M | -1.46M | -10.59M | -202.63M | -1.01B | -51.2M | -96.32M | -309.44M | -271.36M | -306.26M | -480.54M | -154.09M | -19.38M | -152.39M | -44.17M | -8.1M | -232.38K | -2.04M | -34.93K | -2.32M | -6.08M | 200K | -2.9M | -2.3M |
| Capital Expenditures | -993.77M | -1.16B | -102.56M | -2.68M | -922.15M | -168.15M | -168.15M | -155.99M | -1.05M | -11.81M | -203.72M | -1.35B | -60.43M | -80.02M | -314.26M | -276.69M | -280.13M | -233.12M | -187.13M | -199K | -1.26M | -38.66K | -126.95K | -271.02K | -24.07K | -34.95K | -2.2M | -8.34M | -700K | -2.9M | -2.3M |
| CapEx % of Revenue | 64.24% | 113.03% | 14.39% | 0.45% | 154.68% | 26.06% | 27.3% | 31.51% | 0.25% | 2.59% | 46.4% | 378.32% | 22.17% | 34.73% | 112.15% | 105.19% | 129.41% | 170.7% | 253.66% | 0.3% | 2.6% | 0.14% | 0.5% | 1.27% | 0.15% | 0.28% | 36.82% | 88.67% | 70% | 223.08% | 28.05% |
| Acquisitions | -411.34M | -420.67M | 0 | 0 | 0 | 0 | 0 | 3.72M | 4.14M | 0 | -2.52M | 0 | 0 | -11.52M | 0 | 0 | -28.57M | -270.23M | 0 | -19.18M | -120.81M | -43.93M | -7.51M | 0 | -2.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 31.78M | 7.98M | 24.88M | -151K | -721K | -18.54M | -18.54M | 3.59M | -967K | -909K | 3.6M | 344.69M | 9.23M | -4.78M | 4.82M | 5.34M | 2.44M | 22.81M | 33.04M | 0 | -30.24M | 0 | 0 | 0 | 277.28K | 0 | 126.5K | -417.27K | -100K | 0 | 0 |
| Cash from Financing | -106.71M | 751.93M | -360.49M | -427.38M | 480.57M | -383.63M | -383.63M | 8.04M | -220.99M | -315.33M | -95M | 213.44M | -56.72M | -54.09M | 425.39M | 370.49M | -51.38M | 462.45M | 226.58M | 89.44M | 132.44M | 55.18M | -2.68M | -1.85M | 12.74M | -856.08K | -914.4K | 1.83M | -400K | 5.9M | 200K |
| Debt Issued (Net) | 100M | 900M | -250M | -325M | 575M | -305M | -305M | 85M | -150M | -250M | -25M | 273.89M | - | - | - | 130.92M | -23.37M | 198.14M | 3.5M | -6.48M | 15.75M | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -6.88M | -18.63M | -4.62M | -1.38M | -1.45M | -1.47M | -1.47M | -4.18M | -1.59M | -4.04M | -2.43M | -353K | 775K | 1.12M | 473.77M | 271.54M | - | 276.84M | 235.71M | 106.25M | 122.06M | 58.55M | 973.01K | 738.18K | - | - | - | - | - | - | - |
| Dividends Paid | -179.98M | -118.53M | -105.24M | -98.57M | -91.92M | -78.74M | -76.1M | -71.47M | -67.48M | -64.12M | -61.4M | -58.72M | -56.05M | -53.38M | -43.93M | -29.5M | -22.13M | -14.63M | -10.24M | -11.05M | -5.72M | -4.81M | -3.65M | -2.59M | -2.38M | -894.49K | -885K | 0 | 0 | 0 | 0 |
| Share Repurchases | -69.54M | -5.03M | 0 | 0 | 0 | 0 | 0 | 0 | -1.59M | -4.04M | -2.43M | -353K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.52M | 0 | 0 | 0 | 0 | 0 | 0 | -53.24K | 0 | -400K | -700K | 0 |
| Other Financing | -19.85M | -10.91M | -635K | -2.43M | -1.06M | 1.58M | -1.06M | -1.31M | -1.91M | 2.83M | -6.18M | -1.38M | -1.44M | -1.83M | -4.45M | -2.46M | -5.89M | 2.09M | -2.39M | 722K | 345.82K | 1.44M | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 100K | 0 |
| Net Change in Cash | -65.29M | 38.22M | 91.33M | -14.42M | -107.33M | -93.21M | -93.21M | 199.65M | 30.73M | 2.9M | -30.79M | -626.22M | 83.31M | -4.5M | 288.58M | 261.58M | -210.97M | 313.82M | -181.01M | 109.19M | 4.39M | 29.61M | 48.84M | 0 | 22.38M | 6.53M | -68.88K | -23.32K | -3.8M | 5.2M | 0 |
| Free Cash Flow | 344.18M | -459.91M | 426.94M | 413.11M | -504.81M | 239M | 239M | 184.77M | 252.11M | 317.01M | 63.13M | -1.18B | 130.81M | 65.9M | -141.63M | -114.52M | -133.05M | -184.63M | -156.06M | 39.09M | 24.06M | 18.57M | 14.69M | 13.13M | 11.66M | 7.38M | 969.02K | -4.11M | -4.4M | -700K | -200K |
| FCF Margin % | 22.25% | -44.63% | 59.9% | 69.03% | -84.67% | 37.05% | 38.81% | 37.33% | 60.18% | 69.4% | 14.38% | -330.58% | 47.99% | 28.6% | -50.54% | -43.53% | -61.46% | -135.19% | -211.55% | 58.95% | 49.76% | 65.42% | 58.07% | 61.49% | 73.85% | 59.9% | 16.25% | -43.72% | -440% | -53.85% | -2.44% |
| FCF Growth % | -0.41% | -207.72% | 3.35% | 181.84% | -311.21% | 0% | 29.35% | -26.71% | -20.47% | 402.14% | 105.37% | -999.23% | 98.49% | 146.53% | -23.68% | 13.93% | 27.93% | -18.3% | -499.29% | 62.43% | 29.61% | 26.36% | 11.91% | 12.61% | 57.95% | 661.8% | 123.56% | 6.53% | -528.57% | -250% | 93.33% |
| FCF per Share | 4.05 | -6.61 | 6.49 | 6.28 | -7.69 | 3.64 | 3.64 | 2.81 | 3.85 | 4.86 | 0.97 | -18.08 | 2.01 | 1.01 | -2.23 | -1.99 | -2.40 | -4.20 | -4.36 | 1.25 | 0.96 | 0.80 | 0.70 | 0.62 | 0.57 | 0.41 | 0.05 | -0.23 | -0.26 | -0.04 | -0.01 |
| FCF Conversion (FCF/Net Income) | 0.47x | 1.51x | 1.59x | 1.74x | 1.75x | 1.49x | 1.35x | 1.71x | 2.70x | -2.91x | 2.63x | -2.20x | 3.68x | 2.33x | 2.50x | 1.75x | 2.06x | 2.25x | 0.78x | 1.63x | 1.23x | 1.64x | 1.29x | 1.51x | 1.73x | 0.69x | 2.78x | 1.07x | 0.42x | -0.63x | 0.51x |
| Interest Paid | 0 | 0 | 6.59M | 0 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Taxes Paid | 0 | 0 | 72.11M | 0 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying RGLD stock.
Royal Gold, Inc. (RGLD) generated $704.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Royal Gold, Inc. (RGLD) reported negative free cash flow of $459.9M in 2025, indicating capital requirements exceeded cash from operations.
Royal Gold, Inc. (RGLD) spent $1.16B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Royal Gold, Inc. (RGLD) returned $118.5M to shareholders via cash dividends and spent $5.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Gold price and revenue concentration
Metrics are mathematically derived from official filings.
Cash Conversion Surges on Stream Model
RGLD's operating cash flow reached $628.7M in 2026Q2, 2.66 times net income, reflecting the royalty model's low cash costs, as per the latest quarterly report.
The OCF/NI ratio of 2.66 in 2026Q2 is exceptionally high, driven by large non-cash D&A and favorable working capital changes. This suggests that reported earnings understate the cash-generating power of the stream portfolio, though the ratio's volatility across quarters warrants monitoring.
Free Cash Flow Inflects Sharply Higher
FCF jumped to $628.7M in 2026Q2 from $241.4M in 2025Q4, with FCF margin expanding to 139.5%, as reported in financial statements.
The FCF trajectory is strongly upward, driven by surging gold prices and minimal capex. The 2025Q3 negative FCF of -$819.5M was due to a one-time $993.5M acquisition, which appears to be an outlier; excluding that, FCF has been consistently positive and growing.
Minimal Capex Reflects Asset-Light Model
Capex was essentially zero in 2026Q2, with CapEx/Revenue at 0%, underscoring the royalty model's low capital intensity, based on reported figures.
RGLD's capex is negligible relative to revenue, with the exception of the 2025Q3 acquisition-related outflow. This indicates that the company can convert nearly all operating cash flow into free cash flow, supporting high dividend payouts and potential buybacks.
Working Capital Swings Amplify Cash Flow
Working capital changes contributed positively in 2026Q2, adding $33.1M to cash flow, while 2025Q4 saw a $100.8M drag, as per quarterly data.
The working capital volatility is notable, with swings from -$100.8M to +$48.8M across quarters. This appears to be driven by timing of stream deliveries and receivables, which can distort quarterly cash flow comparisons. Investors should focus on annual trends to smooth these fluctuations.
Capital Returns Rise with Cash Generation
Dividends and buybacks totaled $110.5M in 2026Q2, up from $63.6M in 2025Q4, reflecting increased cash returns to shareholders, as reported in financial statements.
RGLD has consistently paid dividends and initiated buybacks in recent quarters, with total capital returns growing alongside cash flow. The 2025Q4 acquisition of $411.3M indicates a strategic deployment of cash into new streams, which may enhance future growth but also increases exposure to specific assets.
Cumulative Cash Outpaces Net Income
Over the last ten quarters, cumulative operating cash flow of $2.16B exceeds cumulative net income of $1.32B, highlighting the quality of earnings, based on reported figures.
The persistent gap between OCF and net income, driven by non-cash D&A and favorable working capital, suggests that RGLD's earnings are of high quality and that the company generates more cash than accounting profits indicate. This supports the sustainability of dividends and future investments.
What Could Invalidate the Base Case
Despite robust cash flow, the 2025Q3 acquisition of $993.5M and volatile working capital may obscure underlying cash generation, as per reported figures.
The large acquisition in 2025Q3 and subsequent $411.3M outflow in 2025Q4 suggest that RGLD is aggressively deploying cash into new streams, which could strain liquidity if gold prices decline. Additionally, the wide swings in working capital and OCF/NI ratios across quarters indicate that quarterly cash flow figures may not be sustainable, and investors should monitor the stability of these metrics.