$RGLD earnings report

Royal Gold disclosed preliminary third-quarter 2026 stream segment sales of $318.3M, 74,700 GEOs and stream cost of sales of $834/GEO. The stream disclosure also included commodity volumes of 57,600 oz of gold, 772,300 oz of silver, 3.8 Mlb of copper and 1.3 Mlb of zinc. Ending-period inventory was disclosed for gold at 23,300 oz and silver at 424,200 oz.

The royalty segment remains incomplete at this stage. Royalty Segment Sales are estimated at $143-149 M and DD&A is estimated at $80-84 M because final receipts are not yet available. Management states that the preliminary information is unaudited, subject to revision and may differ materially from final results following customary review and closing procedures.

Capital allocation included repayment of $250 million of debt and repurchases of 190,045 shares. The repurchases were made at an average price of $259.83 per share for total consideration of $49 million, and the shares were cancelled. The revolving credit facility had an outstanding balance of $150 million on September 30, 2026, with $1.25 billion undrawn and available.

The release does not provide final total revenue, GAAP profitability, EPS, cash flow, gross margin or operating expenses, so it does not establish period-over-period operating or margin trends. The reported GEO calculation uses the average London PM gold fixing price of $4,262 per ounce for the quarter ended September 30, 2026. Final results are scheduled after market close on Wednesday, November 4, 2026, with a conference call on Thursday, November 5, 2026.

Royal Gold reported a strong second quarter ended June 30, 2026. Total revenue was $450.5 million versus $209.6 million in the prior-year period, while sales volume rose to 100,000 GEOs from 63,900. Gold revenue was $343.9 million, silver revenue was $55.6 million, copper revenue was $37.9 million and Other Metals revenue was $13.2 million. Gold comprised 76% of revenue split by commodity, and the stream and royalty split was 69% / 31%.

The reported pricing environment was substantially higher than the prior-year period. Average gold price was $4,506 per oz compared with $3,280 per oz, average silver price was $73.15 per oz compared with $33.68 per oz, and average copper price was $6.05 per lb compared with $4.32 per lb. Revenue growth extended across all reported commodities, with copper and silver posting the largest stated percentage increases. North America remained the largest regional contributor at $250,381, or 56% of total revenue, followed by South and Central America at $99.5 million and EMEA at $85.4 million.

Cash generation was a central feature of the release. Operating cash flow reached a record $335.2 million compared with $152.8 million in the prior-year period. GAAP net income was $236.4 million, or $2.78 per share, and adjusted net income was $218.2 million, or $2.56 per share. Adjusted EBITDA margin was 83%, compared with 84% in the prior-year period. The Relief Canyon settlement added the sale of 5,000 ounces of gold during the quarter, a $2.6 million gain and approximately $12 million of additional DD&A expense.

Capital allocation included repayment of $200 million on the revolving credit facility, a $30 million repurchase of 147,205 shares and a quarterly dividend of $0.475 per share. After quarter-end, the Company repaid a further $75 million, leaving $325 million drawn and $1.075 billion available and undrawn. The Company also advanced $50 million to Solaris for Warintza and funded $70 million of Hod Maden Project costs, while adding a $600 million uncommitted accordion feature to its $1.4 billion revolving credit facility.

For 2026, Royal Gold said performance is forecast to remain within previously provided sales-volume, DD&A and effective-tax-rate ranges, except that copper and other-metals sales are trending to be around or above the top end of their respective ranges. Actual performance through June 30 included 143,968 gold oz, 1.6 silver M oz, 14.2 copper M lb, $29 of Other Metals, $187 of DD&A and a 19.9% year-to-date effective tax rate excluding discrete tax items. The next operational and capital-allocation milestones are the anticipated remaining Solaris payment in the third or fourth quarter of 2026, Hod Maden funding and the use of liquidity, debt capacity and the share-repurchase authorization.