What is Royal Gold's operating income?

Royal Gold's total operating income in 2025 was $638.17 million, based on the following breakdown: Total Gross Profit: $899.55 million Total Operating Expenses: $261.38 million

Royal Gold (RGLD) Financials

$259.01 +6.65 (+2.64%)

As of 08/21/2026 04:00 PM Eastern

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Annual Income Statements for Royal Gold

This table shows Royal Gold's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	52	-77	102	-113	94	199	274	239	239	332	466
Consolidated Net Income / (Loss)	53	-82	92	-119	89	196	275	240	240	332	472
Net Income / (Loss) Continuing Operations	53	-82	92	-119	89	196	275	240	240	332	472
Total Pre-Tax Income	62	-22	119	-105	107	193	328	273	282	426	574
Total Operating Income	87	4.82	146	-75	141	199	328	284	303	430	638
Total Gross Profit	245	289	354	375	346	415	555	509	515	622	900
Total Revenue	278	360	441	459	423	499	654	603	606	719	1,030
Operating Revenue	278	360	441	459	423	499	654	603	606	719	1,030
Total Cost of Revenue	33	71	87	84	78	84	98	95	91	98	131
Operating Cost of Revenue	33	71	87	84	78	84	98	95	91	98	131
Total Operating Expenses	157	284	208	450	205	216	227	225	212	192	261
Selling, General & Admin Expense	25	32	33	35	30	30	29	35	40	41	49
Depreciation Expense	93	141	160	164	163	175	189	179	165	144	177
Other Operating Expenses / (Income)	5.45	3.98	1.76	2.27	4.11	3.82	8.40	7.02	7.29	6.62	8.61
Restructuring Charge	-	-	-	-	-	-	-	-	0.00	0.00	27
Total Other Income / (Expense), net	-25	-27	-27	-30	-34	-6.35	-0.22	-11	-21	-3.81	-64
Interest Expense	26	33	36	34	30	9.81	5.75	17	31	9.75	29
Interest & Investment Income	0.88	3.71	9.30	4.17	-4.48	3.46	5.53	6.33	9.81	6.01	15
Other Income / (Expense), net	-0.18	2.34	0.00	0.00	-	-	-	-	0.00	-0.07	-50
Income Tax Expense	9.57	61	26	15	17	-3.65	53	33	42	94	102
Net Income / (Loss) Attributable to Noncontrolling Interest	0.71	-5.29	-9.11	-6.22	-4.75	-3.09	0.90	0.96	0.69	0.46	5.30
Basic Earnings per Share	$0.80	($1.18)	$1.55	($1.73)	$1.43	$3.04	$4.17	$3.64	$3.64	$5.04	$6.70
Weighted Average Basic Shares Outstanding	65.01M	65.07M	65.15M	65.29M	65.39M	65.52M	65.55M	65.58M	65.61M	65.66M	69.42M
Diluted Earnings per Share	$0.80	($1.18)	$1.55	($1.73)	$1.43	$3.03	$4.17	$3.63	$3.63	$5.04	$6.69
Weighted Average Diluted Shares Outstanding	65.13M	65.07M	65.28M	65.29M	65.51M	65.64M	65.62M	65.66M	65.74M	65.78M	69.56M
Weighted Average Basic & Diluted Shares Outstanding	65M	65.40M	65.50M	65.40M	65.60M	65.59M	65.61M	65.64M	65.69M	65.76M	84.81M
Cash Dividends to Common per Share	$0.87	$0.91	$0.95	$0.99	$1.05	$1.11	$1.25	$1.43	$1.53	$1.65	$1.83

This table shows Royal Gold's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	63	47	81	96	107	113	132	127	94	281	236
Consolidated Net Income / (Loss)	63	47	81	96	108	114	132	132	94	282	238
Net Income / (Loss) Continuing Operations	63	47	81	96	108	114	132	132	94	282	238
Total Pre-Tax Income	76	74	100	118	134	124	143	161	146	307	296
Total Operating Income	80	76	102	119	133	123	142	162	211	297	280
Total Gross Profit	132	127	150	167	178	169	185	221	324	409	390
Total Revenue	153	149	174	194	203	193	210	252	375	469	451
Operating Revenue	153	149	174	194	203	193	210	252	375	469	451
Total Cost of Revenue	21	22	24	27	24	25	24	31	51	60	60
Operating Cost of Revenue	21	22	24	27	24	25	24	31	51	60	60
Total Operating Expenses	52	52	48	48	45	46	44	58	114	112	111
Selling, General & Admin Expense	9.74	11	11	10	8.91	11	10	10	18	18	13
Depreciation Expense	40	39	36	36	34	33	31	33	80	91	96
Other Operating Expenses / (Income)	2.36	1.45	1.58	1.52	2.07	1.76	2.20	2.42	2.23	3.29	3.44
Other Special Charges / (Income)	-	-	-	-	-	-	0.00	-	-	-	-2.58
Total Other Income / (Expense), net	-3.37	-1.18	-1.77	-1.01	0.15	0.86	1.17	-1.84	-64	10	16
Interest Expense	6.00	4.61	2.52	1.21	1.42	1.16	1.54	8.62	18	13	10
Interest & Investment Income	2.63	3.42	0.74	0.20	1.57	2.01	2.72	6.78	3.23	9.14	25
Other Income / (Expense), net	-	-	-	-	-	0.00	0.00	-	-	14	0.46
Income Tax Expense	13	27	19	22	26	10	11	29	53	25	58
Net Income / (Loss) Attributable to Noncontrolling Interest	0.18	0.14	0.11	0.09	0.11	0.08	0.13	4.98	0.11	0.58	1.17
Basic Earnings per Share	$0.95	$0.72	$1.23	$1.46	$1.63	$1.72	$2.01	$1.92	$1.05	$3.31	$2.78
Weighted Average Basic Shares Outstanding	65.61M	65.64M	65.65M	65.67M	65.66M	65.71M	65.75M	65.76M	69.42M	84.72M	84.78M
Diluted Earnings per Share	$0.94	$0.72	$1.23	$1.46	$1.63	$1.72	$2.01	$1.92	$1.04	$3.30	$2.78
Weighted Average Diluted Shares Outstanding	65.74M	65.74M	65.77M	65.80M	65.78M	65.79M	65.82M	65.83M	69.56M	85.02M	85.05M
Weighted Average Basic & Diluted Shares Outstanding	65.69M	65.73M	65.74M	65.76M	65.76M	65.82M	65.83M	84.40M	84.81M	84.87M	84.73M
Cash Dividends to Common per Share	$0.40	$0.40	$0.40	$0.40	$0.45	$0.45	$0.45	$0.45	$0.48	$0.48	$0.48

This table details how cash moves in and out of Royal Gold's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	83	-626	-31	2.90	31	200	-93	-25	-14	91	38
Net Cash From Operating Activities	192	169	267	329	253	341	407	417	416	530	705
Net Cash From Continuing Operating Activities	192	169	267	329	253	341	407	417	416	530	705
Net Income / (Loss) Continuing Operations	53	-82	92	-119	89	196	303	240	240	332	472
Consolidated Net Income / (Loss)	53	-82	92	-119	89	196	303	240	240	332	472
Depreciation Expense	93	141	160	164	163	175	184	179	165	144	177
Non-Cash Adjustments To Reconcile Net Income	37	106	5.11	247	13	10	-33	15	11	13	56
Changes in Operating Assets and Liabilities, net	-2.78	-8.24	-4.14	22	-28	-41	-46	-17	0.10	40	-0.01
Net Cash From Investing Activities	-51	-1,010	-200	-11	-5.60	-153	-117	-923	-2.83	-78	-1,419
Net Cash From Continuing Investing Activities	-51	-1,010	-200	-11	-5.60	-153	-117	-923	-2.83	-78	-1,419
Purchase of Property, Plant & Equipment	-	-	-	-	-	-	-168	-922	-2.68	-103	-1,165
Acquisitions	-60	-1,346	-204	-12	-1.06	-156	-	-	0.00	0.00	-421
Sale and/or Maturity of Investments	-	12	0.00	20	0.00	0.00	21	-	0.00	0.00	159
Other Investing Activities, net	9.23	325	3.61	-0.91	-4.54	3.13	-19	-0.72	-0.15	25	7.98
Net Cash From Financing Activities	-58	214	-98	-315	-217	12	-384	481	-427	-360	752
Net Cash From Continuing Financing Activities	-58	214	-98	-315	-217	12	-384	481	-427	-360	752
Repayment of Debt	-2.67	-77	-101	-250	-370	-113	-305	-126	-327	-251	-378
Repurchase of Common Equity	-	-0.35	-2.43	-4.04	-1.60	-	-1.47	-	0.00	0.00	-29
Payment of Dividends	-56	-59	-61	-64	-67	-71	-76	-92	-99	-105	-127
Issuance of Debt	-	350	70	2.83	222	200	-1.06	700	0.00	0.00	1,275
Issuance of Common Equity	0.78	-	0.00	0.00	-	-4.18	-	-1.45	-1.38	-4.62	-5.03
Other Financing Activities, net	0.36	-	-2.52	-	-	-	-	-	0.00	0.00	15

This table details how cash moves in and out of Royal Gold's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	1.27	34	-64	54	68	45	7.42	-75	61	0.42	-52
Net Cash From Operating Activities	101	138	114	137	141	136	153	174	242	294	335
Net Cash From Continuing Operating Activities	101	138	114	137	141	136	153	174	242	294	338
Net Income / (Loss) Continuing Operations	63	47	81	96	108	114	132	132	94	282	238
Consolidated Net Income / (Loss)	63	47	81	96	108	114	132	132	94	282	238
Depreciation Expense	40	39	36	36	34	33	31	33	80	91	96
Non-Cash Adjustments To Reconcile Net Income	2.52	2.76	3.67	3.64	2.83	3.46	2.93	-1.67	51	-15	-17
Changes in Operating Assets and Liabilities, net	-4.48	49	-7.22	0.51	-3.04	-14	-14	11	16	-64	21
Net Cash From Investing Activities	-0.00	24	-51	-3.43	-47	-58	-113	-986	-262	34	-117
Net Cash From Continuing Investing Activities	-0.00	24	-51	-3.43	-47	-58	-113	-994	-254	34	-117
Purchase of Property, Plant & Equipment	-	-1.10	-51	-3.43	-47	-58	-113	-994	-0.27	0.00	-50
Acquisitions	-	-	-	-	-	0.00	-	-	-	-15	-70
Sale and/or Maturity of Investments	-	-	-	-	-	0.00	-	-	-	49	2.89
Other Investing Activities, net	-0.00	25	0.22	-0.01	-0.03	-0.05	-0.02	-0.09	8.14	-0.17	-0.10
Net Cash From Financing Activities	-100	-128	-126	-80	-27	-33	-33	737	81	-327	-270
Net Cash From Continuing Financing Activities	-100	-128	-126	-80	-27	-33	-33	737	81	-327	-270
Repayment of Debt	-77	-100	-100	-50	-0.64	0.00	-	-50	-328	-300	-200
Payment of Dividends	-25	-26	-26	-26	-26	-30	-30	-37	-30	-42	-42
Issuance of Common Equity	-	-	-	-	-	-3.01	-	-	-	-5.58	-0.02
Other Financing Activities, net	-	-	-	-	-	0.00	-	-	-	20	2.48

This table presents Royal Gold's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,917	3,070	3,094	2,682	2,544	2,766	2,757	3,535	3,361	3,392	9,538
Total Current Assets	797	168	144	126	155	362	216	186	167	275	377
Cash & Equivalents	743	117	86	89	119	319	144	119	104	195	234
Inventories, net	2.29	9.49	7.88	9.31	11	12	12	13	9.79	13	26
Prepaid Expenses	1.51	0.61	0.82	1.35	0.39	1.23	1.84	2.12	1.91	2.22	4.89
Current Deferred & Refundable Income Taxes	6.42	23	22	0.04	2.70	2.44	4.92	3.07	2.68	1.14	2.11
Other Current Assets	38	18	27	26	21	28	54	49	49	63	111
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	2,120	2,902	2,950	2,556	2,389	2,404	2,541	3,349	3,194	3,117	9,160
Long-Term Investments	-	-	-	-	-	-	-	-	-	0.01	474
Other Noncurrent Operating Assets	2,120	2,902	2,950	2,556	2,389	2,404	2,541	3,349	3,194	3,117	8,686
Total Liabilities & Shareholders' Equity	2,917	3,070	3,094	2,682	2,544	2,766	2,757	3,535	3,361	3,392	9,538
Total Liabilities	501	784	774	541	374	464	156	781	460	261	2,332
Total Current Liabilities	25	26	34	51	34	44	61	64	72	85	121
Accounts Payable	4.91	4.11	3.91	9.09	2.89	2.48	6.48	6.69	11	11	10
Dividends Payable	14	15	16	16	17	18	23	25	26	30	40
Current Deferred & Payable Income Tax Liabilities	-	3.18	9.08	22	6.97	13	19	16	16	23	33
Other Current Liabilities	5.72	3.55	5.62	4.41	6.37	9.38	13	16	19	22	37
Total Noncurrent Liabilities	476	758	740	489	340	421	94	717	388	176	2,211
Long-Term Debt	314	601	586	351	215	300	0.00	572	246	0.00	895
Noncurrent Deferred Revenue	-	-	-	-	-	-	-	-	0.00	25	69
Noncurrent Deferred & Payable Income Tax Liabilities	162	151	147	125	126	112	88	138	134	132	1,191
Other Noncurrent Operating Liabilities	0.69	6.44	6.39	14	0.00	8.31	6.69	7.74	7.73	18	56
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,416	2,286	2,320	2,141	2,170	2,302	2,601	2,753	2,901	3,131	7,205
Total Preferred & Common Equity	2,353	2,229	2,275	2,102	2,137	2,272	2,589	2,741	2,888	3,119	7,157
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,353	2,229	2,275	2,102	2,137	2,272	2,589	2,741	2,888	3,119	7,157
Common Stock	2,171	2,180	2,186	2,193	2,202	2,211	2,207	2,214	2,222	2,229	5,929
Retained Earnings	185	49	88	-90	-66	61	382	527	667	890	1,227
Accumulated Other Comprehensive Income / (Loss)	-3.29	-	0.88	-1.20	-	-	-	-	-	0.00	0.99
Noncontrolling Interest	63	57	45	39	34	30	12	12	12	12	48

This table presents Royal Gold's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	3,491	3,440	3,397	3,313	3,269	3,302	3,458	3,572	4,465	9,490	9,449
Total Current Assets	189	165	164	193	133	202	316	342	287	412	370
Cash & Equivalents	127	106	103	138	74	128	241	248	173	234	182
Inventories, net	12	11	9.85	11	11	12	15	13	21	31	30
Prepaid Expenses	2.09	2.38	2.04	1.82	2.39	2.30	2.08	1.93	3.01	4.36	5.91
Current Deferred & Refundable Income Taxes	1.72	9.60	14	3.11	5.64	10	1.37	14	21	0.11	19
Other Current Assets	47	36	35	39	40	50	58	65	70	143	132
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	3,302	3,274	3,233	3,120	3,136	3,100	3,142	3,230	4,178	9,077	9,079
Long-Term Investments	-	-	-	-	-	-	-	-	-	411	360
Other Noncurrent Operating Assets	3,302	3,274	3,233	3,120	3,136	3,100	3,142	3,230	4,178	8,666	8,719
Total Liabilities & Shareholders' Equity	3,491	3,440	3,397	3,313	3,269	3,302	3,458	3,572	4,465	9,490	9,449
Total Liabilities	696	604	535	390	288	251	243	253	1,049	2,027	1,816
Total Current Liabilities	55	63	71	77	122	86	67	76	100	117	127
Accounts Payable	7.85	8.55	8.63	12	13	13	2.46	5.51	6.05	7.27	4.64
Dividends Payable	25	25	25	26	26	26	30	30	30	40	40
Current Deferred & Payable Income Tax Liabilities	8.23	16	22	22	18	30	15	24	41	32	52
Other Current Liabilities	14	14	15	17	15	16	19	17	23	37	30
Total Noncurrent Liabilities	641	541	465	313	165	164	176	177	949	1,910	1,689
Long-Term Debt	497	396	321	146	0.00	0.00	-	-	770	596	396
Noncurrent Deferred Revenue	-	-	-	25	25	25	25	25	25	69	69
Noncurrent Deferred & Payable Income Tax Liabilities	137	136	136	134	133	133	132	132	131	1,188	1,165
Other Noncurrent Operating Liabilities	7.50	9.08	8.16	7.68	7.09	6.52	20	21	23	58	59
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,795	2,836	2,862	2,923	2,981	3,051	3,215	3,319	3,417	7,462	7,634
Total Preferred & Common Equity	2,783	2,824	2,849	2,911	2,969	3,039	3,203	3,307	3,406	7,415	7,587
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,783	2,824	2,849	2,911	2,969	3,039	3,203	3,307	3,406	7,415	7,587
Common Stock	2,216	2,218	2,219	2,224	2,227	2,226	2,229	2,230	2,233	5,947	5,923
Retained Earnings	567	605	630	687	742	812	974	1,077	1,174	1,468	1,664
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-	-	-	-	0.00	0.00
Noncontrolling Interest	12	12	12	12	12	12	12	12	10	47	47

This table displays calculated financial ratios and metrics derived from Royal Gold's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17.23%	29.41%	22.52%	4.14%	-7.84%	17.91%	31.02%	-7.71%	0.42%	18.77%	43.24%
EBITDA Growth	-6.89%	-16.29%	98.08%	-67.37%	206.17%	17.34%	38.20%	-10.58%	1.19%	22.68%	33.26%
EBIT Growth	-16.47%	-91.78%	1,939.44%	-151.07%	288.78%	41.39%	65.06%	-13.61%	6.87%	41.79%	36.83%
NOPAT Growth	-11.28%	-95.43%	3,266.10%	-145.98%	325.41%	72.37%	35.72%	-9.32%	3.44%	29.99%	56.33%
Net Income Growth	-17.01%	-256.49%	212.11%	-229.13%	174.64%	120.31%	40.10%	-12.73%	0.08%	38.46%	41.84%
EPS Growth	-16.67%	-247.50%	231.36%	-211.61%	182.66%	111.89%	37.62%	-12.95%	0.00%	38.84%	32.74%
Operating Cash Flow Growth	24.74%	-11.86%	57.61%	23.22%	-23.01%	34.60%	35.54%	-9.64%	-0.37%	27.35%	33.11%
Free Cash Flow Firm Growth	62.20%	-829.89%	107.90%	485.88%	-30.08%	-27.80%	-47.62%	-620.25%	183.92%	4.39%	-998.62%
Invested Capital Growth	-1.67%	39.60%	1.84%	-14.68%	-5.66%	0.83%	7.77%	30.25%	-5.02%	-3.37%	150.68%
Revenue Q/Q Growth	1.25%	6.06%	3.48%	1.62%	-0.13%	0.86%	7.26%	-0.21%	-1.67%	7.45%	20.14%
EBITDA Q/Q Growth	-1.15%	7.53%	3.53%	4.32%	1.29%	1.88%	2.15%	6.25%	-0.61%	9.00%	10.66%
EBIT Q/Q Growth	-4.46%	85.01%	4.36%	2.14%	3.29%	1.97%	2.25%	8.26%	2.10%	14.29%	4.89%
NOPAT Q/Q Growth	-7.86%	24.51%	1.72%	2.14%	2.17%	5.38%	-8.98%	21.20%	2.22%	14.24%	8.11%
Net Income Q/Q Growth	-3.59%	3.63%	-1.33%	5.67%	1.67%	13.41%	-10.50%	20.18%	2.68%	15.48%	-2.84%
EPS Q/Q Growth	-3.61%	7.09%	-1.27%	5.98%	-0.69%	12.64%	-10.90%	20.60%	2.54%	15.86%	-8.10%
Operating Cash Flow Q/Q Growth	2.67%	2.89%	6.91%	3.49%	-1.84%	6.00%	6.29%	9.68%	0.01%	8.16%	16.66%
Free Cash Flow Firm Q/Q Growth	27.33%	-1.99%	97.46%	-0.77%	1.82%	-17.09%	-73.38%	19.89%	95.36%	-2.16%	-547.47%
Invested Capital Q/Q Growth	-1.53%	-0.53%	-1.52%	-1.62%	-1.80%	0.28%	10.95%	5.35%	-1.15%	0.54%	83.84%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	87.97%	80.27%	80.20%	81.74%	81.67%	83.18%	84.93%	84.31%	85.06%	86.45%	87.29%
EBITDA Margin	69.29%	44.82%	72.46%	22.70%	75.42%	75.05%	79.16%	76.70%	77.29%	79.83%	74.26%
Operating Margin	31.38%	1.34%	33.11%	-16.24%	33.26%	39.88%	50.25%	47.03%	50.06%	59.76%	61.93%
EBIT Margin	31.31%	1.99%	33.11%	-16.24%	33.26%	39.88%	50.25%	47.03%	50.06%	59.76%	57.08%
Profit (Net Income) Margin	18.95%	-22.91%	20.97%	-26.00%	21.06%	39.34%	42.07%	39.78%	39.64%	46.22%	45.76%
Tax Burden Percent	84.63%	378.89%	77.76%	114.13%	83.58%	101.90%	83.78%	87.93%	85.11%	78.03%	82.18%
Interest Burden Percent	71.50%	-304.05%	81.45%	140.31%	75.74%	96.81%	99.93%	96.18%	93.05%	99.11%	97.57%
Effective Tax Rate	15.37%	0.00%	22.24%	0.00%	16.42%	-1.90%	16.22%	12.07%	14.89%	21.97%	17.82%
Return on Invested Capital (ROIC)	3.67%	0.14%	4.04%	-1.99%	5.00%	8.84%	11.51%	8.74%	8.19%	11.12%	10.09%
ROIC Less NNEP Spread (ROIC-NNEP)	9.20%	-219.45%	-0.11%	-18.89%	-9.59%	-2.70%	11.82%	3.40%	2.64%	-258.32%	-159.61%
Return on Net Nonoperating Assets (RNNOA)	-1.47%	-3.65%	-0.02%	-3.37%	-0.87%	-0.07%	-0.29%	0.23%	0.30%	-0.09%	-0.96%
Return on Equity (ROE)	2.20%	-3.51%	4.01%	-5.35%	4.13%	8.78%	11.21%	8.96%	8.49%	11.02%	9.12%
Cash Return on Invested Capital (CROIC)	5.36%	-32.91%	2.21%	13.86%	10.83%	8.02%	4.03%	-17.54%	13.35%	14.55%	-75.85%
Operating Return on Assets (OROA)	3.00%	0.24%	4.74%	-2.58%	5.38%	7.49%	11.89%	9.02%	8.79%	12.73%	9.10%
Return on Assets (ROA)	1.81%	-2.75%	3.00%	-4.13%	3.41%	7.39%	9.96%	7.63%	6.96%	9.85%	7.29%
Return on Common Equity (ROCE)	2.16%	-3.42%	3.92%	-5.25%	4.06%	8.65%	11.12%	8.92%	8.46%	10.98%	9.07%
Return on Equity Simple (ROE_SIMPLE)	2.24%	-3.70%	4.06%	-5.68%	4.17%	8.64%	10.62%	8.75%	8.31%	10.66%	0.00%
Net Operating Profit after Tax (NOPAT)	74	3.37	113	-52	118	203	275	249	258	335	524
NOPAT Margin	26.56%	0.94%	25.74%	-11.37%	27.80%	40.64%	42.10%	41.36%	42.60%	46.63%	50.89%
Net Nonoperating Expense Percent (NNEP)	-5.53%	219.60%	4.15%	16.91%	14.59%	11.54%	-0.31%	5.34%	5.55%	269.44%	169.69%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	10.58%	7.50%	8.20%	10.71%	6.47%
Cost of Revenue to Revenue	12.03%	19.73%	19.80%	18.26%	18.33%	16.82%	15.07%	15.69%	14.94%	13.56%	12.71%
SG&A Expenses to Revenue	8.95%	8.82%	7.57%	7.73%	7.21%	6.05%	4.48%	5.74%	6.56%	5.69%	4.77%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	56.59%	78.93%	47.10%	97.97%	48.41%	43.30%	34.69%	37.28%	35.00%	26.69%	25.36%
Earnings before Interest and Taxes (EBIT)	87	7.16	146	-75	141	199	328	284	303	430	588
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	193	161	319	104	319	374	517	463	468	574	765
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.52	1.92	2.06	2.69	2.96	3.41	2.56	2.62	2.71	2.77	2.62
Price to Tangible Book Value (P/TBV)	1.52	1.92	2.06	2.69	2.96	3.41	2.56	2.62	2.71	2.77	2.62
Price to Revenue (P/Rev)	12.89	11.88	10.64	12.30	14.93	15.53	10.14	11.92	12.91	12.01	18.17
Price to Earnings (P/E)	68.96	0.00	46.21	0.00	67.32	38.86	24.18	30.08	32.66	26.03	40.15
Dividend Yield	1.58%	1.39%	1.31%	1.14%	1.07%	0.92%	1.19%	1.28%	1.26%	1.22%	0.81%
Earnings Yield	1.45%	0.00%	2.16%	0.00%	1.49%	2.57%	4.14%	3.32%	3.06%	3.84%	2.49%
Enterprise Value to Invested Capital (EV/IC)	1.61	1.73	1.85	2.46	2.82	3.37	2.62	2.37	2.60	2.85	2.55
Enterprise Value to Revenue (EV/Rev)	11.55	13.39	11.88	12.96	15.24	15.55	9.94	12.69	13.17	11.76	18.40
Enterprise Value to EBITDA (EV/EBITDA)	16.67	29.87	16.40	57.10	20.20	20.72	12.55	16.55	17.03	14.73	24.77
Enterprise Value to EBIT (EV/EBIT)	36.89	672.98	35.88	0.00	45.81	38.99	19.78	26.98	26.30	19.67	32.23
Enterprise Value to NOPAT (EV/NOPAT)	43.49	1,428.52	46.15	0.00	54.81	38.27	23.60	30.68	30.90	25.21	36.15
Enterprise Value to Operating Cash Flow (EV/OCF)	16.72	28.44	19.63	18.09	25.46	22.77	14.06	18.34	19.18	15.97	26.90
Enterprise Value to Free Cash Flow (EV/FCFF)	29.80	0.00	84.25	16.34	25.31	42.20	67.44	0.00	18.97	19.27	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.13	0.26	0.25	0.16	0.10	0.13	0.00	0.21	0.08	0.00	0.12
Long-Term Debt to Equity	0.13	0.26	0.25	0.16	0.10	0.13	0.00	0.21	0.08	0.00	0.12
Financial Leverage	-0.16	0.02	0.22	0.18	0.09	0.03	-0.02	0.07	0.11	0.00	0.01
Leverage Ratio	1.21	1.27	1.34	1.29	1.21	1.19	1.13	1.18	1.22	1.12	1.25
Compound Leverage Factor	0.87	-3.87	1.09	1.82	0.92	1.15	1.13	1.13	1.13	1.11	1.22
Debt to Total Capital	11.50%	20.81%	20.17%	14.08%	9.00%	11.54%	0.00%	17.19%	7.82%	0.00%	11.05%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	11.50%	20.81%	20.17%	14.08%	9.00%	11.54%	0.00%	17.19%	7.82%	0.00%	11.05%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.30%	1.97%	1.54%	1.57%	1.42%	1.15%	0.48%	0.37%	0.39%	0.39%	0.60%
Common Equity to Total Capital	86.20%	77.22%	78.29%	84.35%	89.59%	87.31%	99.52%	82.44%	91.79%	99.61%	88.35%
Debt to EBITDA	1.63	3.73	1.84	3.37	0.67	0.80	0.00	1.24	0.53	0.00	1.17
Net Debt to EBITDA	-2.26	3.00	1.57	2.52	0.30	-0.05	0.00	0.98	0.30	0.00	0.25
Long-Term Debt to EBITDA	1.63	3.73	1.84	3.37	0.67	0.80	0.00	1.24	0.53	0.00	1.17
Debt to NOPAT	4.25	178.18	5.17	-6.73	1.82	1.48	0.00	2.29	0.95	0.00	1.71
Net Debt to NOPAT	-5.90	143.58	4.41	-5.03	0.81	-0.09	0.00	1.82	0.55	0.00	0.36
Long-Term Debt to NOPAT	4.25	178.18	5.17	-6.73	1.82	1.48	0.00	2.29	0.95	0.00	1.71
Altman Z-Score	4.89	3.47	4.02	6.33	10.51	10.60	26.40	6.21	10.98	20.94	5.34
Noncontrolling Interest Sharing Ratio	1.68%	2.55%	2.21%	1.88%	1.69%	1.42%	0.86%	0.46%	0.44%	0.41%	0.59%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	31.92	6.50	4.19	2.45	4.60	8.31	3.52	2.92	2.31	3.23	3.12
Quick Ratio	30.00	4.51	2.50	1.73	3.55	7.33	2.34	1.86	1.44	2.30	1.93
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	108	-787	62	364	255	184	96	-501	420	439	-3,944
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	45.26%	0.00%	516.27%	60.51%
Free Cash Flow to Firm to Interest Expense	4.19	-24.11	1.71	10.64	8.59	18.73	16.74	-29.18	13.62	45.02	-135.89
Operating Cash Flow to Interest Expense	7.48	5.19	7.34	9.61	8.54	34.72	80.28	24.31	13.47	54.31	24.29
Operating Cash Flow Less CapEx to Interest Expense	7.48	5.19	7.34	9.61	8.54	34.72	80.28	-29.40	13.47	43.79	-15.85
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.10	0.12	0.14	0.16	0.16	0.19	0.24	0.19	0.18	0.21	0.16
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	12.05	10.05	9.75	7.49	7.28	8.46	7.80	8.07	8.57	6.74
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	7.60	15.73	21.76	12.90	12.94	31.22	21.98	14.38	9.99	8.86	12.69
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	30.28	36.33	37.43	48.70	50.15	43.14	46.79	45.25	42.60	54.16
Days Payable Outstanding (DPO)	48.06	23.20	16.78	28.29	28.20	11.69	16.60	25.38	36.55	41.21	28.77
Cash Conversion Cycle (CCC)	-48.06	7.07	19.55	9.13	20.50	38.46	26.54	21.41	8.70	1.39	25.39
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,995	2,785	2,836	2,420	2,283	2,302	2,481	3,231	3,069	2,965	7,434
Invested Capital Turnover	0.14	0.15	0.16	0.17	0.18	0.22	0.27	0.21	0.19	0.24	0.20
Increase / (Decrease) in Invested Capital	-34	790	51	-416	-137	19	179	750	-162	-103	4,468
Enterprise Value (EV)	3,211	4,816	5,237	5,950	6,445	7,758	6,494	7,655	7,975	8,458	18,957
Market Capitalization	3,583	4,275	4,692	5,648	6,317	7,746	6,625	7,189	7,820	8,641	18,721
Book Value per Share	$36.10	$34.15	$34.82	$32.12	$32.61	$34.65	$39.44	$41.76	$43.97	$47.50	$84.80
Tangible Book Value per Share	$36.10	$34.15	$34.82	$32.12	$32.61	$34.65	$39.44	$41.76	$43.97	$47.50	$84.80
Total Capital	2,730	2,887	2,906	2,492	2,385	2,603	2,601	3,325	3,147	3,131	8,101
Total Debt	314	601	586	351	215	300	0.00	572	246	0.00	895
Total Long-Term Debt	314	601	586	351	215	300	0.00	572	246	0.00	895
Net Debt	-435	484	500	262	95	-19	-144	453	142	-195	188
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	922	0.00	103	1,165
Debt-free, Cash-free Net Working Capital (DFCFNWC)	23	25	23	-14	1.59	-0.53	11	3.66	-9.16	-5.36	23
Debt-free Net Working Capital (DFNWC)	772	142	109	74	121	319	155	122	95	190	257
Net Working Capital (NWC)	772	142	109	74	121	319	155	122	95	190	257
Net Nonoperating Expense (NNE)	21	86	21	67	29	6.47	0.19	9.53	18	2.97	53
Net Nonoperating Obligations (NNO)	-421	499	516	279	112	-0.33	-121	478	168	-166	228
Total Depreciation and Amortization (D&A)	106	154	173	179	178	175	189	179	165	144	177
Debt-free, Cash-free Net Working Capital to Revenue	8.25%	7.08%	5.33%	-3.12%	0.38%	-0.11%	1.69%	0.61%	-1.51%	-0.75%	2.21%
Debt-free Net Working Capital to Revenue	277.70%	39.49%	24.80%	16.21%	28.62%	63.87%	23.65%	20.27%	15.68%	26.43%	24.89%
Net Working Capital to Revenue	277.70%	39.49%	24.80%	16.21%	28.62%	63.87%	23.65%	20.27%	15.68%	26.43%	24.89%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.80	($1.18)	$1.55	($1.73)	$1.43	$3.04	$0.00	$3.64	$3.64	$5.04	$6.70
Adjusted Weighted Average Basic Shares Outstanding	65.01M	65.07M	65.15M	65.29M	65.39M	65.52M	0.00	65.58M	65.61M	65.66M	69.42M
Adjusted Diluted Earnings per Share	$0.80	($1.18)	$1.55	($1.73)	$1.43	$3.03	$0.00	$3.63	$3.63	$5.04	$6.69
Adjusted Weighted Average Diluted Shares Outstanding	65.13M	65.07M	65.28M	65.29M	65.51M	65.64M	0.00	65.66M	65.74M	65.78M	69.56M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$1.43	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	65.19M	65.27M	65.34M	65.51M	65.56M	65.59M	0.00	65.64M	65.69M	65.76M	84.81M
Normalized Net Operating Profit after Tax (NOPAT)	100	72	113	115	118	140	275	253	258	335	546
Normalized NOPAT Margin	36.09%	20.12%	25.74%	25.14%	27.80%	28.11%	42.10%	41.98%	42.60%	46.63%	53.00%
Pre Tax Income Margin	22.39%	-6.05%	26.97%	-22.78%	25.19%	38.61%	50.21%	45.24%	46.58%	59.23%	55.69%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.39	0.22	4.01	-2.18	4.75	20.27	57.08	16.52	9.82	44.10	20.27
NOPAT to Interest Expense	2.87	0.10	3.12	-1.52	3.97	20.66	47.82	14.53	8.36	34.41	18.07
EBIT Less CapEx to Interest Expense	3.39	0.22	4.01	-2.18	4.75	20.27	57.08	-37.18	9.82	33.58	-19.87
NOPAT Less CapEx to Interest Expense	2.87	0.10	3.12	-1.52	3.97	20.66	47.82	-39.18	8.36	23.89	-22.06
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	106.41%	-71.23%	66.43%	-53.72%	75.75%	36.42%	28.64%	38.31%	41.05%	31.65%	26.86%
Augmented Payout Ratio	106.41%	-71.66%	69.05%	-57.11%	77.54%	36.42%	28.64%	38.31%	41.05%	31.65%	32.99%

This table displays calculated financial ratios and metrics derived from Royal Gold's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	84,810,098.00	84,866,602.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	84,810,098.00	84,866,602.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	3.31	2.79
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-6.33%	-12.61%	20.86%	39.84%	32.68%	29.91%	20.42%	30.04%	85.29%	142.52%	114.91%
EBITDA Growth	-2.34%	-13.67%	24.95%	46.71%	39.58%	36.59%	25.51%	25.95%	74.00%	157.57%	117.69%
EBIT Growth	8.49%	-12.24%	41.99%	81.27%	67.46%	63.01%	38.95%	36.60%	58.02%	152.78%	97.68%
NOPAT Growth	9.36%	-30.32%	18.78%	80.37%	63.36%	134.68%	58.77%	37.22%	25.71%	141.61%	71.11%
Net Income Growth	11.04%	-26.16%	27.86%	94.61%	70.77%	140.08%	62.90%	36.83%	-12.84%	148.03%	79.33%
EPS Growth	10.59%	-25.77%	26.80%	94.67%	73.40%	138.89%	63.41%	31.51%	-36.20%	91.86%	38.31%
Operating Cash Flow Growth	0.06%	27.27%	5.18%	39.27%	39.53%	-1.38%	34.61%	27.31%	71.36%	115.27%	119.34%
Free Cash Flow Firm Growth	133.04%	144.04%	138.89%	1,418.91%	-7.58%	-76.16%	-94.29%	-481.20%	-2,155.44%	-6,362.33%	-29,597.51%
Invested Capital Growth	-5.02%	-7.26%	-5.29%	-4.99%	-3.37%	1.56%	3.93%	37.10%	150.68%	148.09%	142.77%
Revenue Q/Q Growth	10.14%	-2.47%	16.92%	11.34%	4.50%	-4.50%	8.38%	20.24%	48.90%	24.99%	-3.96%
EBITDA Q/Q Growth	13.35%	-4.58%	20.60%	12.47%	7.84%	-6.63%	10.82%	12.86%	48.99%	38.22%	-6.34%
EBIT Q/Q Growth	21.55%	-5.23%	35.16%	16.42%	12.28%	-7.74%	15.21%	14.46%	29.89%	47.58%	-9.90%
NOPAT Q/Q Growth	22.06%	-26.89%	72.19%	17.40%	10.54%	5.03%	16.49%	1.46%	1.27%	101.85%	-17.50%
Net Income Q/Q Growth	27.20%	-24.86%	71.89%	18.46%	11.62%	5.63%	16.64%	-0.51%	-28.90%	200.59%	-15.67%
EPS Q/Q Growth	25.33%	-23.40%	70.83%	18.70%	11.64%	5.52%	16.86%	-4.48%	-45.83%	217.31%	-15.76%
Operating Cash Flow Q/Q Growth	3.02%	36.80%	-17.91%	20.38%	3.22%	-3.32%	12.05%	13.85%	38.93%	21.45%	14.17%
Free Cash Flow Firm Q/Q Growth	1,274.44%	22.64%	-10.84%	1.07%	-16.37%	-68.37%	-78.64%	-6,845.65%	-350.96%	3.62%	-0.61%
Invested Capital Q/Q Growth	-1.15%	-3.61%	0.86%	-1.14%	0.54%	1.31%	3.21%	30.42%	83.84%	0.26%	1.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	86.39%	85.39%	86.11%	85.97%	87.96%	87.33%	88.47%	87.55%	86.45%	87.14%	86.66%
EBITDA Margin	78.46%	76.76%	79.17%	79.98%	82.53%	80.70%	82.52%	77.46%	77.51%	85.71%	83.59%
Operating Margin	52.20%	50.72%	58.64%	61.31%	65.88%	63.64%	67.66%	64.40%	56.18%	63.33%	62.13%
EBIT Margin	52.20%	50.72%	58.64%	61.31%	65.88%	63.64%	67.66%	64.40%	56.18%	66.34%	62.24%
Profit (Net Income) Margin	41.24%	31.77%	46.71%	49.70%	53.08%	58.72%	63.19%	52.29%	24.97%	60.05%	52.73%
Tax Burden Percent	82.50%	63.64%	81.07%	81.75%	80.48%	91.62%	92.63%	82.12%	64.03%	91.73%	80.31%
Interest Burden Percent	95.77%	98.43%	98.26%	99.15%	100.12%	100.70%	100.83%	98.87%	69.42%	98.68%	105.49%
Effective Tax Rate	17.50%	36.36%	18.93%	18.25%	19.52%	8.38%	7.37%	17.88%	35.97%	8.27%	19.69%
Return on Invested Capital (ROIC)	8.28%	6.14%	9.52%	11.09%	12.64%	14.94%	16.47%	12.97%	7.13%	14.51%	14.53%
ROIC Less NNEP Spread (ROIC-NNEP)	7.42%	5.78%	8.61%	9.92%	23.88%	14.05%	15.47%	12.40%	-125.48%	6.19%	6.69%
Return on Net Nonoperating Assets (RNNOA)	0.85%	0.43%	0.47%	0.24%	0.01%	-0.40%	-0.53%	1.01%	-0.76%	-0.13%	-0.20%
Return on Equity (ROE)	9.13%	6.57%	9.99%	11.32%	12.65%	14.54%	15.94%	13.98%	6.37%	14.38%	14.33%
Cash Return on Invested Capital (CROIC)	13.35%	15.23%	13.59%	14.82%	14.55%	11.88%	10.91%	-17.42%	-75.85%	-71.96%	-68.66%
Operating Return on Assets (OROA)	9.17%	8.71%	10.74%	12.26%	14.04%	14.36%	15.81%	14.22%	8.96%	13.38%	14.79%
Return on Assets (ROA)	7.25%	5.46%	8.55%	9.93%	11.31%	13.25%	14.77%	11.55%	3.98%	12.12%	12.53%
Return on Common Equity (ROCE)	9.09%	6.54%	9.95%	11.28%	12.60%	14.48%	15.88%	13.93%	6.34%	14.30%	14.25%
Return on Equity Simple (ROE_SIMPLE)	0.00%	7.67%	8.12%	9.48%	0.00%	12.45%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	66	48	83	97	107	113	131	133	135	273	225
NOPAT Margin	43.06%	32.28%	47.54%	50.12%	53.02%	58.31%	62.67%	52.89%	35.97%	58.09%	49.90%
Net Nonoperating Expense Percent (NNEP)	0.86%	0.35%	0.91%	1.17%	-11.24%	0.89%	1.00%	0.57%	132.61%	8.33%	7.83%
Return On Investment Capital (ROIC_SIMPLE)	2.09%	-	-	-	3.43%	3.51%	3.96%	3.18%	1.67%	3.38%	2.80%
Cost of Revenue to Revenue	13.61%	14.61%	13.89%	14.03%	12.04%	12.67%	11.53%	12.45%	13.55%	12.86%	13.34%
SG&A Expenses to Revenue	6.38%	7.66%	6.04%	5.21%	4.40%	5.72%	4.90%	4.05%	4.70%	3.74%	2.98%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	34.19%	34.67%	27.48%	24.66%	22.08%	23.69%	20.81%	23.14%	30.27%	23.81%	24.53%
Earnings before Interest and Taxes (EBIT)	80	76	102	119	133	123	142	162	211	311	280
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	120	114	138	155	167	156	173	195	291	402	377
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.71	0.00	2.76	3.03	2.77	3.35	3.53	3.87	2.62	2.91	2.23
Price to Tangible Book Value (P/TBV)	2.71	0.00	2.76	3.03	2.77	3.35	3.53	3.87	2.62	2.91	2.23
Price to Revenue (P/Rev)	12.91	0.00	13.35	13.74	12.01	14.04	14.60	15.36	18.17	16.49	10.92
Price to Earnings (P/E)	32.66	0.00	34.10	32.00	26.03	26.92	25.97	27.44	40.15	33.99	22.90
Dividend Yield	1.26%	1.26%	1.24%	1.13%	1.22%	1.01%	0.96%	0.87%	0.81%	0.72%	0.93%
Earnings Yield	3.06%	0.00%	2.93%	3.12%	3.84%	3.71%	3.85%	3.64%	2.49%	2.94%	4.37%
Enterprise Value to Invested Capital (EV/IC)	2.60	0.00	2.75	3.08	2.85	3.49	3.69	3.41	2.55	2.89	2.23
Enterprise Value to Revenue (EV/Rev)	13.17	0.00	13.33	13.56	11.76	13.74	14.31	16.07	18.40	16.49	10.86
Enterprise Value to EBITDA (EV/EBITDA)	17.03	0.00	17.15	17.23	14.73	17.03	17.56	19.93	24.77	21.30	13.83
Enterprise Value to EBIT (EV/EBIT)	26.30	0.00	25.37	24.14	19.67	21.98	22.12	24.58	32.23	27.75	18.36
Enterprise Value to NOPAT (EV/NOPAT)	30.90	0.00	32.75	30.93	25.21	26.22	25.48	28.41	36.15	31.39	21.60
Enterprise Value to Operating Cash Flow (EV/OCF)	19.18	0.00	18.16	18.55	15.97	19.89	20.18	22.81	26.90	24.99	16.09
Enterprise Value to Free Cash Flow (EV/FCFF)	18.97	0.00	19.65	20.25	19.27	29.64	34.48	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.08	0.05	0.02	0.00	0.00	0.00	0.00	0.23	0.12	0.08	0.05
Long-Term Debt to Equity	0.08	0.05	0.00	0.00	0.00	0.00	0.00	0.23	0.12	0.08	0.05
Financial Leverage	0.11	0.08	0.05	0.02	0.00	-0.03	-0.03	0.08	0.01	-0.02	-0.03
Leverage Ratio	1.22	1.19	1.15	1.13	1.12	1.10	1.09	1.20	1.25	1.21	1.19
Compound Leverage Factor	1.17	1.17	1.13	1.12	1.12	1.11	1.09	1.19	0.87	1.20	1.25
Debt to Total Capital	7.82%	4.76%	1.65%	0.00%	0.00%	0.00%	0.00%	18.40%	11.05%	7.39%	4.93%
Short-Term Debt to Total Capital	0.00%	0.00%	1.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	7.82%	4.76%	0.00%	0.00%	0.00%	0.00%	0.00%	18.40%	11.05%	7.39%	4.93%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.39%	0.40%	0.41%	0.40%	0.39%	0.38%	0.36%	0.24%	0.60%	0.59%	0.58%
Common Equity to Total Capital	91.79%	94.84%	97.94%	99.60%	99.61%	99.62%	99.64%	81.36%	88.35%	92.02%	94.49%
Debt to EBITDA	0.53	0.32	0.10	0.00	0.00	0.00	0.00	1.11	1.17	0.59	0.33
Net Debt to EBITDA	0.30	0.02	-0.05	0.00	0.00	0.00	0.00	0.86	0.25	-0.05	-0.12
Long-Term Debt to EBITDA	0.53	0.32	0.00	0.00	0.00	0.00	0.00	1.11	1.17	0.59	0.33
Debt to NOPAT	0.95	0.62	0.20	0.00	0.00	0.00	0.00	1.59	1.71	0.87	0.51
Net Debt to NOPAT	0.55	0.03	-0.10	0.00	0.00	0.00	0.00	1.23	0.36	-0.07	-0.19
Long-Term Debt to NOPAT	0.95	0.62	0.00	0.00	0.00	0.00	0.00	1.59	1.71	0.87	0.51
Altman Z-Score	10.76	0.00	17.71	22.72	20.65	27.28	28.50	8.27	5.21	6.88	6.12
Noncontrolling Interest Sharing Ratio	0.44%	0.43%	0.42%	0.42%	0.41%	0.40%	0.39%	0.35%	0.59%	0.56%	0.54%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.31	2.50	1.09	2.34	3.23	4.74	4.49	2.89	3.12	3.52	2.92
Quick Ratio	1.44	1.79	0.61	1.48	2.30	3.61	3.26	1.74	1.93	2.00	1.44
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	228	280	249	252	211	67	14	-961	-4,333	-4,176	-4,202
Operating Cash Flow to CapEx	0.00%	12,525.72%	221.92%	3,987.48%	300.87%	234.13%	135.54%	17.51%	89,520.37%	0.00%	669.89%
Free Cash Flow to Firm to Interest Expense	38.02	60.72	99.12	208.84	148.56	57.69	9.23	-111.52	-244.73	-315.38	-419.75
Operating Cash Flow to Interest Expense	16.85	30.02	45.12	113.22	99.40	117.97	98.97	20.19	13.65	22.17	33.48
Operating Cash Flow Less CapEx to Interest Expense	16.85	29.78	24.79	110.38	66.37	67.58	25.95	-95.12	13.64	22.17	28.48
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.18	0.17	0.18	0.20	0.21	0.23	0.23	0.22	0.16	0.20	0.24
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	8.07	7.58	8.17	8.75	8.57	7.72	8.27	6.40	6.74	7.34	9.25
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	9.99	8.97	8.09	8.59	8.86	14.26	10.71	10.83	12.69	34.27	39.97
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	45.25	48.14	44.68	41.73	42.60	47.27	44.12	57.00	54.16	49.71	39.46
Days Payable Outstanding (DPO)	36.55	40.68	45.14	42.51	41.21	25.60	34.09	33.70	28.77	10.65	9.13
Cash Conversion Cycle (CCC)	8.70	7.46	-0.45	-0.78	1.39	21.68	10.02	23.30	25.39	39.06	30.33
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,069	2,958	2,983	2,949	2,965	3,004	3,100	4,044	7,434	7,453	7,527
Invested Capital Turnover	0.19	0.19	0.20	0.22	0.24	0.26	0.26	0.25	0.20	0.25	0.29
Increase / (Decrease) in Invested Capital	-162	-232	-167	-155	-103	46	117	1,094	4,468	4,449	4,427
Enterprise Value (EV)	7,975	0.00	8,190	9,081	8,458	10,495	11,439	13,782	18,957	21,542	16,799
Market Capitalization	7,820	0.00	8,202	9,197	8,641	10,723	11,675	13,175	18,721	21,545	16,900
Book Value per Share	$43.97	$44.35	$45.17	$46.22	$47.50	$48.71	$50.24	$51.75	$84.80	$87.43	$89.40
Tangible Book Value per Share	$43.97	$44.35	$45.17	$46.22	$47.50	$48.71	$50.24	$51.75	$84.80	$87.43	$89.40
Total Capital	3,147	3,070	3,031	3,051	3,131	3,215	3,319	4,187	8,101	8,058	8,030
Total Debt	246	146	50	0.00	0.00	0.00	0.00	770	895	596	396
Total Long-Term Debt	246	146	0.00	0.00	0.00	0.00	0.00	770	895	596	396
Net Debt	142	8.24	-24	-128	-195	-241	-248	597	188	-50	-147
Capital Expenditures (CapEx)	0.00	1.10	51	3.43	47	58	113	994	0.27	0.00	50
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-9.16	-22	-13	-12	-5.36	8.97	18	15	23	61	61
Debt-free Net Working Capital (DFNWC)	95	116	61	116	190	250	266	188	257	295	243
Net Working Capital (NWC)	95	116	11	116	190	250	266	188	257	295	243
Net Nonoperating Expense (NNE)	2.78	0.75	1.44	0.82	-0.12	-0.78	-1.09	1.51	41	-9.19	-13
Net Nonoperating Obligations (NNO)	168	35	2.08	-102	-166	-211	-219	627	228	-9.52	-107
Total Depreciation and Amortization (D&A)	40	39	36	36	34	33	31	33	80	91	96
Debt-free, Cash-free Net Working Capital to Revenue	-1.51%	-3.77%	-2.14%	-1.81%	-0.75%	1.17%	2.22%	1.75%	2.21%	4.67%	3.94%
Debt-free Net Working Capital to Revenue	15.68%	19.84%	9.95%	17.29%	26.43%	32.69%	33.26%	21.90%	24.89%	22.60%	15.74%
Net Working Capital to Revenue	15.68%	19.84%	1.81%	17.29%	26.43%	32.69%	33.26%	21.90%	24.89%	22.60%	15.74%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.95	$0.72	$1.23	$1.46	$1.63	$1.72	$2.01	$1.92	$1.05	$3.31	$2.78
Adjusted Weighted Average Basic Shares Outstanding	65.61M	65.64M	65.65M	65.67M	65.66M	65.71M	65.75M	65.76M	69.42M	84.72M	84.78M
Adjusted Diluted Earnings per Share	$0.94	$0.72	$1.23	$1.46	$1.63	$1.72	$2.01	$1.92	$1.04	$3.30	$2.78
Adjusted Weighted Average Diluted Shares Outstanding	65.74M	65.74M	65.77M	65.80M	65.78M	65.79M	65.82M	65.83M	69.56M	85.02M	85.05M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	65.69M	65.73M	65.74M	65.76M	65.76M	65.82M	65.83M	84.40M	84.81M	84.87M	84.73M
Normalized Net Operating Profit after Tax (NOPAT)	66	48	83	97	107	113	131	144	135	273	223
Normalized NOPAT Margin	43.06%	32.28%	47.54%	50.12%	53.02%	58.31%	62.67%	57.06%	35.97%	58.09%	49.44%
Pre Tax Income Margin	49.99%	49.93%	57.62%	60.79%	65.96%	64.09%	68.22%	63.68%	39.00%	65.46%	65.65%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	13.28	16.39	40.57	98.46	94.04	106.50	91.87	18.84	11.91	23.50	28.01
NOPAT to Interest Expense	10.96	10.43	32.89	80.49	75.68	97.57	85.10	15.47	7.63	20.58	22.46
EBIT Less CapEx to Interest Expense	13.28	16.15	20.24	95.62	61.00	56.11	18.85	-96.47	11.89	23.50	23.01
NOPAT Less CapEx to Interest Expense	10.96	10.19	12.56	77.65	42.65	47.19	12.08	-99.84	7.61	20.58	17.46
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	41.05%	44.87%	42.27%	35.97%	31.65%	27.22%	24.87%	25.15%	26.86%	21.68%	20.25%
Augmented Payout Ratio	41.05%	44.87%	42.27%	35.97%	31.65%	27.22%	24.87%	25.15%	32.99%	21.68%	28.16%

Financials Breakdown Chart

Key Financial Trends

Royal Gold (NASDAQ: RGLD) showed strong profitability and cash generation in Q1 2026, but the latest results also reflect a bigger balance sheet, heavier debt load, and a noticeable shift in capital allocation over the last year.

Revenue growth accelerated again. Q1 2026 revenue rose to $469.1 million from $375.3 million in Q4 2025 and $193.4 million in Q1 2025, showing strong top-line momentum year over year.
Operating income remained very strong. Q1 2026 operating income was $297.1 million, producing an operating margin of roughly 63%, which is excellent for a royalty/streaming business.
Net income increased sharply year over year. Common shareholders earned $281.1 million in Q1 2026 versus $113.5 million in Q1 2025.
Cash flow from operations was solid. Royal Gold generated $293.6 million of operating cash flow in Q1 2026, up from $136.4 million in Q1 2025.
Liquidity improved materially. Cash and equivalents increased to $234.1 million at March 31, 2026, up from $172.8 million at the end of Q3 2025 and $240.8 million at Q1 2025.
Balance sheet equity expanded. Total equity and noncontrolling interests reached $7.46 billion, up sharply from $3.42 billion at Q3 2025 and $3.22 billion at Q1 2025.
Royal Gold continues to return cash to shareholders. The company paid a $0.475 quarterly dividend in Q1 2026, up slightly from $0.45 a year earlier.
Depreciation remains a major non-cash expense. Q1 2026 depreciation was $90.9 million, reflecting the capital-intensive economics of mining-linked royalty assets, even though Royal Gold itself is not a heavy fixed-asset operator.
Q1 2026 investing activity included an acquisition. The company spent $14.7 million on acquisitions, which suggests it is still selectively adding assets to its portfolio.
Share count is not falling meaningfully. Basic weighted average shares were 84.7 million in Q1 2026, slightly above prior-year levels, so earnings growth is coming mostly from operations rather than buybacks.
Debt rose significantly versus last year. Long-term debt increased to $595.7 million in Q1 2026 from $770.2 million in Q3 2025, but that is still materially higher than $146.2 million in Q1 2024 and $0 in Q3 2024.
Financing cash flow was negative in Q1 2026. Royal Gold repaid $300.0 million of debt and paid $41.8 million in dividends, leading to net cash used in financing of $327.2 million.
Other current liabilities and deferred tax liabilities remain large. Current deferred and payable income tax liabilities were $32.5 million, and noncurrent deferred tax liabilities were $1.19 billion, which makes the balance sheet look very tax-structured and complex.
Net cash barely changed in the quarter. Despite strong operating performance, cash and equivalents increased by only $0.4 million in Q1 2026 because investing and financing outflows absorbed most of the operating cash.

Overall: Royal Gold’s latest quarter looks fundamentally strong on earnings and operating cash flow, with impressive margins and a higher dividend. The main watch items are leverage, large deferred tax liabilities, and the fact that cash generation is being offset by debt repayment, acquisitions, and shareholder payouts. For investors, the business still looks high quality, but the capital structure is more aggressive than it was a year ago.

08/23/26 07:22 AM ETAI Generated. May Contain Errors.

Royal Gold Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Royal Gold's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Royal Gold's net income appears to be on an upward trend, with a most recent value of $471.58 million in 2025, rising from $52.68 million in 2015. The previous period was $332.48 million in 2024. Find out what analysts predict for Royal Gold in the coming months.

Royal Gold's total operating income in 2025 was $638.17 million, based on the following breakdown:

Total Gross Profit: $899.55 million
Total Operating Expenses: $261.38 million

Over the last 10 years, Royal Gold's total revenue changed from $278.02 million in 2015 to $1.03 billion in 2025, a change of 270.6%.

Royal Gold's total liabilities were at $2.33 billion at the end of 2025, a 793.8% increase from 2024, and a 365.3% increase since 2015.

In the past 10 years, Royal Gold's cash and equivalents has ranged from $85.85 million in 2017 to $742.85 million in 2015, and is currently $233.72 million as of their latest financial filing in 2025.

Over the last 10 years, Royal Gold's book value per share changed from 36.10 in 2015 to 84.80 in 2025, a change of 134.9%.

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Financial statements for NASDAQ:RGLD last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Royal Gold (RGLD) Financials

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