Royal Gold, Inc. (RGLD) Income Statement

30Y historyFree accessUpdated daily

Revenue growth accelerated to 114.9% year-over-year in 2026Q2, with operating margin expanding to 62.1%, though gross margin compressed from 87.2% to 64.6% over five quarters.

Annual statement

RGLD Income Statement

Royal Gold, Inc. (RGLD) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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

Sales/Revenue	1.55B	1.03B	712.77M	598.42M	596.18M	645.17M	615.86M	495M	418.94M	456.77M	439.05M	355.81M	272.57M	230.41M	280.21M	263.05M	216.47M	136.56M	73.77M	66.3M	48.36M	28.38M	25.3M	21.35M	15.79M	12.32M	5.96M	9.41M	1M	1.3M	8.2M
Revenue Growth %	94.31%	44.57%	19.11%	0.38%	-7.59%	4.76%	24.42%	18.15%	-8.28%	4.04%	23.39%	30.54%	18.3%	-17.77%	6.52%	21.52%	58.51%	85.12%	11.27%	37.1%	70.39%	12.16%	18.5%	35.25%	28.12%	106.65%	-36.61%	840.67%	-23.08%	-84.15%	121.62%
Cost of Goods Sold	513.78M	316.61M	97.51M	90.52M	94.64M	98.47M	283.21M	83.89M	77.53M	83.84M	87.27M	70.98M	33.45M	9.16M	0	84.44M	76.44M	56.66M	1.95M	7.74M	5.76M	5.69M	3.69M	2.9M	1.35M	971.07K	1.56M	2.56M	3.6M	2.4M	2.3M
COGS % of Revenue	-	30.73%	13.68%	15.13%	15.87%	15.26%	45.99%	16.95%	18.51%	18.35%	19.88%	19.95%	12.27%	3.97%	-	32.1%	35.31%	41.49%	2.64%	11.68%	11.91%	20.03%	14.58%	13.6%	8.53%	7.88%	26.14%	27.22%	360%	184.62%	28.05%
Gross Profit	1.03B	713.86M	615.26M	507.9M	501.54M	546.7M	332.65M	411.11M	341.41M	372.94M	351.79M	284.83M	239.12M	221.25M	280.21M	178.61M	140.03M	79.91M	71.82M	58.55M	42.6M	22.7M	21.61M	18.45M	14.44M	11.35M	4.4M	6.85M	-2.6M	-1.1M	5.9M
Gross Margin %	66.79%	69.27%	86.32%	84.87%	84.13%	84.74%	54.01%	83.05%	81.49%	81.65%	80.12%	80.05%	87.73%	96.03%	100%	67.9%	64.69%	58.51%	97.36%	88.32%	88.09%	79.97%	85.42%	86.4%	91.47%	92.12%	73.86%	72.78%	-260%	-84.62%	71.95%
Gross Profit Growth %	-	16.03%	21.14%	1.27%	-8.26%	64.35%	-19.08%	20.41%	-8.45%	6.01%	23.51%	19.12%	8.08%	-21.04%	56.89%	27.55%	75.24%	11.26%	22.66%	37.46%	87.7%	5.01%	17.15%	27.75%	27.21%	157.76%	-35.67%	363.3%	-136.36%	-118.64%	210.53%
Operating Expenses	56.52M	49.18M	185.36M	204.7M	217.83M	218.32M	-4.96M	212.16M	200.7M	447.47M	205.85M	280.02M	151.89M	112.53M	109.05M	20.65M	21.11M	19.47M	44.53M	7.21M	5.82M	5.02M	3.75M	6.24M	6.22M	6.27M	3.48M	2.96M	2.2M	2.6M	2.1M
OpEx % of Revenue	-	4.77%	26.01%	34.21%	36.54%	33.84%	-0.8%	42.86%	47.91%	97.96%	46.88%	78.7%	55.72%	48.84%	38.92%	7.85%	9.75%	14.26%	60.36%	10.87%	12.04%	17.7%	14.8%	29.21%	39.39%	50.85%	58.3%	31.48%	220%	200%	25.61%
Selling, General & Admin	58.83M	49.18M	40.93M	39.76M	34.61M	29.31M	28.39M	35.38M	37.65M	44.41M	46.21M	40.32M	27.07M	21.19M	24.03M	20.65M	21.11M	19.47M	7.35M	7.21M	5.82M	5.02M	3.75M	2.92M	3.36M	1.88M	1.72M	1.77M	1.7M	2.4M	2M
SG&A % of Revenue	-	4.77%	5.74%	6.64%	5.81%	4.54%	4.61%	7.15%	8.99%	9.72%	10.53%	11.33%	9.93%	9.2%	8.57%	7.85%	9.75%	14.26%	9.97%	10.87%	12.04%	17.7%	14.8%	13.69%	21.31%	15.22%	28.77%	18.8%	170%	184.62%	24.39%
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1.39M	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6.52%	-	-	-	-	-	-	-
Other Operating Expenses	-1000K	0	144.43M	164.94M	183.22M	189.01M	-33.34M	176.78M	163.06M	403.06M	159.64M	239.7M	124.82M	91.34M	85.02M	0	0	0	37.18M	0	0	0	0	1.92M	2.85M	4.39M	1.76M	1.19M	500K	200K	100K
Operating Income	976.75M	664.67M	429.9M	303.2M	283.71M	328.39M	337.6M	198.94M	140.71M	-74.53M	145.94M	100.93M	115.57M	108.72M	171.5M	158.22M	118.92M	41.03M	27.29M	32.98M	28.51M	13.41M	14.66M	12.21M	8.22M	5.09M	927.75K	3.88M	-9.4M	-3.7M	3.8M
Operating Margin %	63.14%	64.5%	60.31%	50.67%	47.59%	50.9%	54.82%	40.19%	33.59%	-16.32%	33.24%	28.37%	42.4%	47.19%	61.2%	60.15%	54.94%	30.05%	37%	49.75%	58.95%	47.26%	57.95%	57.19%	52.07%	41.27%	15.56%	41.29%	-940%	-284.62%	46.34%
Operating Income Growth %	-	54.61%	41.79%	6.87%	-13.61%	-2.73%	69.7%	41.39%	288.78%	-151.07%	44.59%	-12.67%	6.3%	-36.61%	8.4%	33.04%	189.81%	50.36%	-17.25%	15.7%	112.55%	-8.53%	20.07%	48.52%	61.68%	448.13%	-76.12%	141.32%	-154.05%	-197.37%	1800%
EBITDA	1.28B	841.76M	574.33M	468.14M	466.93M	517.4M	521.17M	375.72M	303.76M	328.52M	305.58M	340.63M	209.06M	200.06M	256.52M	233.22M	186.32M	94.83M	59.87M	51.35M	36.77M	17.67M	17.87M	15.52M	11.08M	7.37M	2.2M	5.08M	-8.9M	-3.5M	3.9M
EBITDA Margin %	82.53%	81.69%	80.58%	78.23%	78.32%	80.2%	84.63%	75.9%	72.51%	71.92%	69.6%	95.73%	76.7%	86.83%	91.55%	88.66%	86.07%	69.44%	81.16%	77.45%	76.05%	62.27%	70.61%	72.71%	70.16%	59.84%	36.87%	53.98%	-890%	-269.23%	47.56%
EBITDA Growth %	96.03%	46.56%	22.68%	0.26%	-9.75%	-0.72%	38.71%	23.69%	-7.54%	7.51%	-10.29%	62.93%	4.5%	-22.01%	9.99%	25.17%	96.49%	58.39%	16.6%	39.62%	108.09%	-1.09%	15.09%	40.16%	50.2%	235.45%	-56.7%	157.05%	-154.29%	-189.74%	875%
D&A (Non-Cash Add-back)	300.01M	177.08M	144.43M	164.94M	183.22M	189.01M	183.57M	176.78M	163.06M	403.06M	159.64M	239.7M	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
EBIT	905.55M	597.27M	435.84M	310.54M	282.87M	327.64M	346.06M	198.94M	140.71M	-74.53M	145.94M	4.82M	87.23M	108.72M	171.17M	160.72M	124.01M	47.4M	64.2M	39.72M	32.76M	16.62M	15.66M	12.65M	8.22M	5.09M	1.42M	3.88M	-4.8M	-3.7M	3.8M
Net Interest Income	-27.56M	-8.99M	-3.74M	-18.45M	-2.17M	519K	-857K	-4.95M	-27.33M	-30.04M	-27.08M	-28.91M	-24.81M	-21.29M	-21.88M	-3.62M	-2.65M	2.55M	2.21M	5.01M	2.28M	3.04M	730.56K	292.24K	0	0	0	0	0	0	0
Interest Income	16.39M	14.41M	6.01M	9.95M	7.83M	0	2.44M	2.05M	2.32M	4.17M	9.3M	3.71M	883K	2.05M	2.9M	3.84M	5.09M	6.36M	3.19M	6.74M	4.26M	3.2M	834.14K	419.4K	0	0	0	0	0	0	0
Interest Expense	43.95M	23.4M	9.75M	28.4M	10M	-519K	3.3M	7M	29.65M	34.21M	36.38M	32.63M	25.69M	23.34M	24.78M	7.45M	7.74M	3.81M	984K	1.73M	1.97M	165.07K	103.58K	127.16K	0	0	0	0	0	0	0
Other Income/Expense	-66.96M	-90.81M	-3.81M	-21.06M	-10.84M	-224K	2.04M	-6.35M	-34.13M	-30.04M	-27.08M	-26.57M	-24.99M	-25.79M	-34M	-3.62M	-2.65M	2.55M	35.92M	5.01M	2.28M	3.04M	894.13K	315.02K	415.38K	-1.16M	233.78K	149.36K	-9.2M	900K	400K
Pretax Income	909.79M	573.87M	426.09M	282.14M	272.87M	328.16M	339.64M	192.6M	106.58M	-104.58M	118.87M	-21.76M	62.24M	82.93M	137.17M	153.02M	116.27M	43.59M	63.21M	37.99M	30.79M	16.45M	15.56M	12.53M	8.64M	3.93M	1.16M	4.03M	-18.6M	-2.8M	4.2M
Pretax Margin %	58.81%	55.69%	59.78%	47.15%	45.77%	50.86%	55.15%	38.91%	25.44%	-22.9%	27.07%	-6.12%	22.84%	35.99%	48.95%	58.17%	53.71%	31.92%	85.69%	57.31%	63.67%	57.97%	61.48%	58.66%	54.71%	31.87%	19.48%	42.88%	-1860%	-215.38%	51.22%
Income Tax	165M	102.29M	93.61M	42.01M	32.93M	53.22M	36.87M	-3.65M	17.5M	14.77M	26.44M	60.68M	9.57M	19.45M	63.76M	54.71M	38.97M	14.16M	21.86M	12.05M	9.55M	5.1M	4.1M	3.65M	1.88M	-6.77M	23.23K	80.74K	4M	700K	100K
Effective Tax Rate %	18.14%	17.82%	21.97%	14.89%	12.07%	16.22%	10.85%	-1.9%	16.42%	-14.13%	22.24%	-278.89%	15.37%	23.46%	46.48%	35.75%	33.52%	32.5%	34.58%	31.71%	31.01%	31.01%	26.37%	29.17%	21.82%	-172.4%	2%	2%	-21.51%	-25%	2.38%
Net Income	737.96M	466.28M	332.02M	239.44M	238.98M	274.04M	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	24.04M	19.72M	11.35M	11.45M	8.87M	6.75M	10.7M	1.14M	3.95M	-8.8M	-3.5M	4.1M
Net Margin %	47.7%	45.25%	46.58%	40.01%	40.09%	42.48%	49.12%	40.27%	22.4%	-24.77%	23.12%	-21.68%	19.06%	27.19%	24.68%	35.15%	32.98%	15.74%	51.98%	36.27%	40.78%	39.99%	45.27%	41.55%	42.77%	86.82%	19.09%	42.02%	-880%	-269.23%	50%
Net Income Growth %	64.17%	40.44%	38.67%	0.19%	-12.79%	-9.42%	51.76%	112.46%	182.93%	-211.43%	231.6%	-248.46%	-17.04%	-9.42%	-25.22%	29.53%	232.19%	-43.96%	59.5%	21.92%	73.75%	-0.9%	29.1%	31.39%	-36.89%	839.89%	-71.2%	144.92%	-151.43%	-185.37%	583.33%
Net Income (Continuing)	744.79M	471.58M	332.48M	240.13M	239.94M	274.94M	302.78M	196.25M	89.08M	-119.35M	92.42M	-82.44M	52.68M	63.47M	73.41M	98.31M	77.3M	29.42M	41.36M	25.39M	21.24M	11.35M	11.45M	8.87M	6.75M	10.7M	1.14M	3.95M	-8.8M	-3.5M	4.1M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	46.64M	48.22M	12.25M	12.42M	12.38M	12.47M	12.65M	29.9M	33.77M	39.1M	44.89M	56.87M	62.8M	17.83M	21.75M	24.97M	27.53M	29.83M	10.97M	11.41M	11.12M	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	8.68	6.69	5.05	3.64	3.63	4.18	4.60	3.03	1.43	-1.73	1.55	-1.19	0.80	0.96	1.09	1.61	1.29	0.49	1.07	0.68	0.79	0.49	0.54	0.42	0.33	0.59	0.06	0.22	-0.51	-0.21	0.26
EPS Growth %	34.31%	32.48%	38.74%	0.28%	-13.16%	-9.13%	51.82%	111.89%	182.66%	-211.61%	230.25%	-248.75%	-16.67%	-11.93%	-32.3%	24.81%	163.27%	-54.21%	57.35%	-13.92%	61.22%	-9.26%	28.57%	27.27%	-44.07%	883.33%	-72.73%	143.14%	-142.86%	-180.77%	550%
EPS (Basic)	-	6.70	5.06	3.65	3.64	4.16	4.61	3.04	1.43	-1.73	1.56	-1.19	0.80	0.97	1.09	1.61	1.29	0.49	1.09	0.69	0.79	0.50	0.55	0.43	0.34	0.60	0.06	0.23	-0.51	-0.21	0.26
Diluted Shares Outstanding	85.05M	69.56M	65.8M	65.74M	65.66M	65.63M	65.63M	65.64M	65.51M	65.29M	65.28M	65.07M	65.13M	65.03M	63.43M	57.46M	55.32M	43.98M	35.79M	31.39M	25.08M	23.13M	21.07M	21.12M	20.46M	18.17M	17.77M	17.71M	17.16M	16.62M	15.79M
Basic Shares Outstanding	84.78M	69.42M	65.67M	65.61M	65.58M	65.63M	65.55M	65.52M	65.39M	65.29M	65.15M	65.07M	65.01M	64.91M	63.25M	57.22M	55.05M	43.64M	35.34M	31.05M	24.83M	22.86M	20.88M	20.63M	19.86M	17.93M	17.76M	17.53M	17.16M	16.62M	15.62M
Dividend Payout Ratio	-	25.42%	31.7%	41.17%	38.47%	28.73%	25.15%	35.85%	71.92%	-	60.47%	-	107.87%	85.22%	63.53%	31.9%	31%	68.06%	26.71%	34.33%	29.01%	42.36%	31.88%	29.21%	-	-	-	-	-	-	-

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrong

Balance SheetHealthy

Cash FlowRobust

Top Statement Risk

Revenue concentration and gold price volatility

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Revenue Growth Accelerates on Gold Price Surge

RGLD's revenue surged 114.9% year-over-year in 2026Q2, reaching $450.5M, driven by higher gold prices and increased stream volumes, as per the latest quarterly report.

The 10-quarter trend shows a clear acceleration from a -12.4% decline in 2024Q1 to triple-digit growth in recent quarters. This suggests the company is benefiting from both a favorable gold price environment and successful portfolio additions. However, the sustainability of this growth depends on gold price levels, which are inherently volatile.

Gross Margin Expansion Reflects Stream Model

Gross margin peaked at 87.2% in 2025Q1 but has since moderated to 64.6% in 2026Q2, reflecting higher cost of sales, as reported in financial statements.

The gross margin decline from 85-87% to 64-67% in recent quarters is notable. This may indicate a shift in the revenue mix toward lower-margin streams or higher production costs at underlying mines. Investors should monitor whether this is a temporary fluctuation or a structural change, as it directly impacts profitability.

Operating Leverage Amplifies Earnings

Operating income grew from $75.5M in 2024Q1 to $279.9M in 2026Q2, with operating margin expanding from 51.2% to 62.1%, demonstrating significant operating leverage.

The company's cost structure is largely fixed, with SG&A remaining relatively stable around $10-17M per quarter. As revenue scales, operating income grows disproportionately, as seen in the margin expansion. This leverage is a key driver of EPS growth, which has outpaced revenue growth in several quarters.

Earnings Quality Boosted by Tax and Non-Operating Items

Net income in 2025Q4 was $93.6M, significantly lower than operating income of $224.6M, implying a large tax or non-operating charge, based on reported figures.

The discrepancy between operating and net income in 2025Q4 suggests a one-time tax expense or impairment. In contrast, other quarters show net income close to operating income, indicating high-quality earnings. Investors should scrutinize the 2025Q4 anomaly to assess its impact on normalized earnings.

COGS Volatility Drives Margin Fluctuations

COGS as a percentage of revenue ranged from 12.8% in 2025Q1 to 35.4% in 2026Q2, indicating significant variability in cost of sales, as per quarterly data.

The sharp increase in COGS in recent quarters (from ~$25M to ~$160M) suggests either higher production costs at partner mines or a change in revenue composition. This volatility is a key risk to margin stability. Management's ability to manage these costs will be critical to sustaining profitability.

2025Q4 Marks a Turning Point in Revenue Trajectory

Revenue jumped from $191.7M in 2025Q1 to $375.3M in 2025Q4, a 95.8% increase, signaling a major inflection point, as reported in financial statements.

This inflection appears driven by a combination of higher gold prices and possibly new stream agreements. The subsequent quarters maintained elevated revenue levels, suggesting the growth is not a one-off. However, the sustainability depends on gold price support and the performance of underlying assets.

Gold Price Dependency and Margin Compression Risks

Despite strong growth, RGLD's gross margin has compressed from 87.2% to 64.6% over five quarters, raising concerns about cost inflation, as per reported data.

Short-sellers might argue that the recent margin compression indicates rising costs at partner mines, which could erode the company's competitive advantage. Additionally, the heavy reliance on gold prices means any downturn could sharply reverse earnings. The 2025Q4 net income dip also highlights potential earnings volatility beyond operational performance.

RGLD — Frequently Asked Questions

Quick answers to the most common questions about buying RGLD stock.

What was Royal Gold, Inc.'s (RGLD) revenue in 2025?

For fiscal year 2025, Royal Gold, Inc. (RGLD) reported total revenue of $1.03B. This represents a 12466.7% increase compared to $8.2M in 1996.

Is Royal Gold, Inc. (RGLD) profitable?

Royal Gold, Inc. (RGLD) is profitable, generating $466.3M in net income for the fiscal year ending 2025 with a net profit margin of 45.2%.

What is Royal Gold, Inc.'s operating profit margin?

Royal Gold, Inc. (RGLD) reported an operating income of $664.7M, resulting in an operating profit margin of 64.5%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Royal Gold, Inc.'s gross profit and gross margin?

Royal Gold, Inc. (RGLD) generated $713.9M in gross profit for the year, representing a gross profit margin of 69.3%. This demonstrates the company's core pricing power and production efficiency.