Revenue growth accelerated to 144.8% year-over-year in 2026Q1, supported by a robust 63.3% operating margin that highlights the scalability of the streaming business model.
| 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 | 1.31B | 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 % | 72.07% | 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 | 257.35M | 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 | 579.68M | 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 % | 44.38% | 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 | 55.65M | 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 | 55.65M | 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 | 0 | 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 | 838.65M | 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 % | 64.21% | 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 | 1.07B | 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 % | 82.2% | 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 % | 74.25% | 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) | 234.96M | 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 | 472.14M | 597.27M | 429.9M | 303.2M | 283.71M | 328.39M | 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 | 3.36M | -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 | 12.36M | 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 | 9M | 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 | -81.65M | -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 | 757M | 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 % | 57.96% | 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 | 66.5M | 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 % | 8.79% | 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 | 633.91M | 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 % | 48.53% | 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 % | 59.13% | 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) | 639.13M | 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 | 47.14M | 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) | 7.46 | 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 % | 38.91% | 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 | 85.02M | 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 | 84.72M | 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% | - | - | - | - | - | - | - |
Concentrated anchor asset exposure
As reported in recent financial statements, Royal Gold achieved a significant 144.8% year-over-year revenue growth in 2026Q1, signaling a sharp acceleration in top-line performance driven by the successful integration of new streaming interests and favorable commodity price environments across its diversified portfolio of precious metal assets.
The dramatic revenue surge suggests that recent capital deployment into streaming assets is yielding immediate top-line benefits. Investors should monitor whether this growth trajectory remains sustainable or if it reflects a temporary spike in metal deliveries from key producing mines.
Based on the company's reported figures, gross margins have demonstrated notable fluctuations, ranging from 58.6% to 87.2% over the last ten quarters, reflecting the inherent variability in metal mix and the accounting impact of depletion on the company's high-margin, low-fixed-cost streaming and royalty business model.
While the business model is structurally designed for high profitability, the quarterly variance in gross margins warrants further investigation into the specific metal delivery profiles. The ability to maintain strong operating margins despite these fluctuations suggests that the company successfully avoids the inflationary pressures typically faced by traditional mining operators.
According to historical income statement data, Royal Gold maintains significant operating leverage, with operating income scaling efficiently against revenue growth, as evidenced by the 63.3% operating margin reported in 2026Q1, which highlights the company's ability to manage overhead costs while expanding its global streaming and royalty footprint.
The minimal SG&A expenditure relative to revenue growth confirms that the company does not require a proportional increase in headcount to manage its expanding portfolio. This operational efficiency appears to be a core component of the firm's value proposition, allowing for significant margin expansion during periods of rising commodity prices.
As indicated by the provided financial data, net income volatility remains a recurring theme, with net margins shifting from 24.9% in 2025Q4 to 59.9% in 2026Q1, largely due to the non-cash nature of depletion expenses and the timing of metal deliveries within the streaming segment.
The discrepancy between operating income and net income suggests that accounting estimates regarding mine life and reserve depletion play a critical role in reported earnings. Analysts should focus on cash-based metrics to better understand the underlying economic performance, as non-cash charges may obscure the true cash-generating capacity of the streaming interests.
While revenue growth appears robust, the company's reliance on a limited number of anchor assets, as noted in recent operational context, presents a potential vulnerability where localized disruptions at major mines could disproportionately impact the firm's quarterly earnings and long-term cash flow stability for investors.
The market's enthusiasm for recent revenue growth may overlook the inherent risks associated with operator-specific technical challenges or geopolitical instability in key jurisdictions. A more cautious view suggests that the company's performance is highly sensitive to the operational success of its partners, which remains outside of management's direct control.
Quick answers to the most common questions about buying RGLD stock.
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.
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%.
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.
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.