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Royal Gold (RGLD) FY2025 results: revenue $1.0 billion, up 43.2% on the year

Royal Gold Inc. (RGLD) reported revenue of $1.0 billion for fiscal 2025, the year ended 31 December 2025, up 43.2% on the year before. Net income was $466 million, up 40.4%, and diluted earnings per share $6.69. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.

Revenue
$1.0 billion
+43.2% on the year
FY2021FY2025
Operating margin
61.9%
59.8% a year earlier
FY2021FY2025
Net income
$466 million
+40.4% on the year
FY2021FY2025
Diluted EPS
$6.69
+32.7% on the year
FY2021FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

From this 10-K

Royal Gold acquires and manages precious metal streams, royalties and similar interests in mines. It buys existing stream and royalty interests or finances projects in production, development or exploration in return for new ones. It does not run mining operations on these properties and is generally not required to contribute to their capital, environmental or other operating costs. Its results are tied mainly to the price of gold and, to a lesser extent, silver and copper, along with the amount the mines produce.

Royal Gold Inc., the 10-K for 2025

Royal Gold acquires and manages precious metal streams, royalties and similar interests in mines. It buys existing stream and royalty interests or finances projects in production, development or exploration in return for new ones. It does not run mining operations on these properties and is generally not required to contribute to their capital, environmental or other operating costs. Its results are tied mainly to the price of gold and, to a lesser extent, silver and copper, along with the amount the mines produce.

Streams and royalties

A metal stream gives it the right, in exchange for an upfront deposit payment, to buy all or part of one or more metals produced from a mine at a price set for the life of the agreement. As of December 31, 2025 it owned stream interests in 18 production stage properties and 5 development stage properties. A royalty is a non-operating interest in a mining project, and at the end of 2025 it owned royalty interests in 63 production stage properties, 24 development stage properties and 254 exploration stage properties. It reports these as two segments, stream interests and royalty interests.

The mines behind it

Its interests include a stream giving it the right and obligation to buy 35% of the payable gold and 18.75% of the payable copper from Mount Milligan, a mine operated by Centerra. On September 11, 2025, Centerra announced a pre-feasibility study that extends the mine's life by approximately 10 years to 2045. Its interests also include Pueblo Viejo and Andacollo, and the operators of the mines it holds interests in work in the United States, Canada, Chile, the Dominican Republic, Zambia and other countries.

Deals in 2025

On August 5, 2025, it agreed to a gold stream referenced to copper production at the Kansanshi copper-gold mine in the North Western Province of Zambia, operated and 80% owned by a subsidiary of First Quantum. On October 20, 2025, it acquired Sandstorm Gold and Horizon Copper, two Vancouver-based companies that held royalty and stream interests on mining projects at various stages of development. It also acquired a gold stream and net smelter return royalty on the Warintza project in southeastern Ecuador.

People

It has 39 employees working from offices in Denver, Colorado, Lucerne, Switzerland, and Vancouver and Toronto in Canada, none of them under a labor contract or collective bargaining agreement.

From Royal Gold's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 19 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue1,030719606+43.2%
Cost of revenue13197.590.5+34.3%
Gross profit714471343+51.6%
Gross margin69.3%65.5%56.7%
Operating income638430303+48.4%
Operating margin61.9%59.8%50.1%
Pre-tax income574426282+34.7%
Income tax10293.642.0+9.3%
Effective tax rate17.8%22.0%14.9%
Net income466332239+40.4%
Net margin45.2%46.2%39.5%
Diluted EPS$6.69$5.04$3.63+32.7%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow705530416+33.1%
Cash from investing-1,419-77.7-2.8
Cash from financing752-360-427
Depreciation and amortisation177144165+22.6%
Share-based compensation11.811.99.7-0.7%
Dividends paid11910598.6+12.6%
Dividend per share$1.82$1.65$1.52+10.6%
Diluted shares, weighted70m66m66m+5.8%
Shares outstanding at period end84m66m66m+28.6%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity7,1573,1192,888+129.5%
Non-controlling interest48.212.212.4+293.6%
Debt8950.0246
Operating lease liabilities33.04.04.7+723.5%
Other liabilities1,404257210+446.4%
Total liabilities and equity9,5383,3923,361+181.2%
Investments1730.0n/a+2,881,233.3%
Cash and equivalents234195104+19.6%
Other assets9,1313,1973,257+185.6%
Total assets9,5383,3923,361+181.2%

10-K for the year ended 31 December 2025, filed 19 February 2026: the filing.