Jun 2026 (Q2 FY26) — Aug 6, 2026
Royal Gold Q2 FY26 — Record Cash Flow and Portfolio Diversification
Read the full callRoyal Gold (RGLD) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Royal Gold earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 451 | +114.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 62.1 | −5.5 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 236 | +78.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
16 of 17 judged targets kept · 11 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Hod Maden joint-venture interest conversion | convert the 30% Hod Maden joint-venture equity interest into something more traditional (royalty/stream-like), targeted to play out over the course of the rest of 2026 | Dec 2025 | And after quarter end, we reduced our equity interest from 30% to 15% and return for additional royalty interests. | Achieved* |
| FY26 G&A expense guidance | $50 million to $60 million | Dec 2025 | We continue to expect our total G&A expense for the year will finish near the high end of the $50 million to $60 million range we provided earlier on our February conference call. | At Risk |
| FY26 copper sales guidance | FY26 copper sales guidance range issued at the March 2026 Investor Day (specific unit figures not stated in the transcripts) | Mar 2026 | copper and other metals are trending to be around or above the top end of the ranges. | On Track |
1 of ROYAL GOLD INC's 28 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 25 more targets are in the full ledger.
Claimed
- Revenue increased by 115% to $451 million in Q2 FY26 compared to the prior year.
- Operating cash flow reached a record $335 million, up 119% year-over-year.
- Adjusted net income per share increased by 41% to $2.56.
- Adjusted EBITDA margin remained high at 83% for the quarter.
- Total available liquidity stood at $1.2 billion at quarter-end.
Qualified
- The market valuation of the company was perceived as not reflecting its value, leading to share repurchases totaling $30 million.
- G&A expense is expected to finish near the high end of the $50 million to $60 million guidance range for the full year.
- DD&A expense increased to $96 million, or $962 per GEO, compared to $487 per GEO last year, primarily due to higher carrying values of new acquisitions.
Price
$233 +3.63% · +$8.16
Performance +16.7% 1Y
1Y: $199.68 on 14 Oct 2025 → $233. High $304.29 (2 Mar 2026), low $169.08 (4 Nov 2025).
- Previous close
- $224.84
- 52-week range
- $169.08 – $304.29
- One year
- +15.21%
Overview
- Symbol
- RGLD
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
16 of 17 judged targets kept · 11 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Hod Maden joint-venture interest conversion | convert the 30% Hod Maden joint-venture equity interest into something more traditional (royalty/stream-like), targeted to play out over the course of the rest of 2026 | Dec 2025 | And after quarter end, we reduced our equity interest from 30% to 15% and return for additional royalty interests. | Achieved* |
| FY26 G&A expense guidance | $50 million to $60 million | Dec 2025 | We continue to expect our total G&A expense for the year will finish near the high end of the $50 million to $60 million range we provided earlier on our February conference call. | At Risk |
| FY26 copper sales guidance | FY26 copper sales guidance range issued at the March 2026 Investor Day (specific unit figures not stated in the transcripts) | Mar 2026 | copper and other metals are trending to be around or above the top end of the ranges. | On Track |
Claimed
- Revenue increased by 115% to $451 million in Q2 FY26 compared to the prior year.
- Operating cash flow reached a record $335 million, up 119% year-over-year.
- Adjusted net income per share increased by 41% to $2.56.
- Adjusted EBITDA margin remained high at 83% for the quarter.
- Total available liquidity stood at $1.2 billion at quarter-end.
Qualified
- The market valuation of the company was perceived as not reflecting its value, leading to share repurchases totaling $30 million.
- G&A expense is expected to finish near the high end of the $50 million to $60 million guidance range for the full year.
- DD&A expense increased to $96 million, or $962 per GEO, compared to $487 per GEO last year, primarily due to higher carrying values of new acquisitions.
The full ledger
Open ROYAL GOLD INC’s full ledger
A free account opens 5 company ledgers a month. All 28 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 7, 2026
Royal Gold Q1 FY26 — Record Revenue, Cash Flow, and Earnings Driven by Portfolio Expansion and Strong Metal Prices
Read the full callEvery analysed call
Royal Gold earnings calls (RGLD)
Financials
What the filings say
Net profit, year on year: +79% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 194 | 203 | 193 | 210 | 252 | 375 | 469 | 451 |
| Expenses | 75 | 69 | 70 | 68 | 90 | 164 | 172 | 173 |
| Operating profit | 119 | 133 | 123 | 142 | 162 | 211 | 297 | 280 |
| Operating margin | 61.3% | 65.9% | 63.6% | 67.7% | 64.4% | 56.2% | 63.3% | 62.1% |
| Profit before tax | 118 | 134 | 124 | 143 | 161 | 146 | 307 | 296 |
| Tax rate | 18.3% | 19.5% | 8.4% | 7.4% | 17.9% | 36.0% | 8.3% | 19.7% |
| Net profit | 96 | 107 | 113 | 132 | 127 | 94 | 281 | 236 |
| EPS ($ per share) | 1.46 | — | 1.72 | 2.01 | 1.92 | — | 3.31 | 2.78 |
| Line item | Jun 2019 | Jun 2020 | Jun 2021 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | -66 | 61 | 286 | 382 | 527 | 667 | 890 | 1,227 |
| Total liabilities | 374 | 464 | 148 | 156 | 781 | 460 | 261 | 2,332 |
| Total assets | 2,544 | 2,766 | 2,652 | 2,757 | 3,535 | 3,361 | 3,392 | 9,538 |
| Line item | Jun 2019 | Jun 2020 | Jun 2021 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 253 | 341 | 407 | 462 | 417 | 416 | 530 | 705 |
| Cash from investing | -6 | -153 | -117 | -417 | -923 | -3 | -78 | -1,419 |
| Cash from financing | -217 | 12 | -384 | -283 | 481 | -427 | -360 | 752 |
| Net cash flow | 31 | 200 | -93 | -238 | -25 | -14 | 91 | 38 |
| Capital expenditure | — | -156 | -168 | -400 | -922 | -3 | -103 | -1,165 |
| Free cash flow | — | 185 | 239 | 61 | -505 | 413 | 427 | -460 |
RGLD revenue by segment
Royalty Interests grew from 31% to 34% of revenue over the last two years.
| Segment | Q1 FY2024 | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Stream Interest | — | — | — | — | — | — | — | 69% | — |
| Stream Interests | 69% | 71% | 69% | 63% | 64% | 66% | 67% | 69% | +133.5% |
| Royalty Interest | — | — | — | — | — | — | 33% | 31% | — |
| Royalty Interests | 31% | 29% | 31% | 37% | 36% | 34% | 33% | 31% | +82.6% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- North America 56%
- South and Central Amercia 22%
- EMEA 19%
- AU 3%
As RGLD cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
60 filings between Nov 24, 2025 and Oct 5, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$6.37M
27 sales by 7 insiders
63% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 13
- Award — granted as compensation
- 15
- Tax withheld — shares kept back by the company to cover tax
Also filed: 5 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Heissenbuttel William Holmes | — | $2.48M | Oct 5, 2026 |
| Hayes William M. | — | $1.16M | Feb 20, 2026 |
| Libner Paul | — | $907.1K | Mar 4, 2026 |
| Breeze Daniel | — | $617.4K | Mar 2, 2026 |
| Isto Mark | — | $549.7K | Mar 12, 2026 |
| Shefman Randy | — | $483.1K | Aug 28, 2026 |
| Vance Ronald J | — | $174.7K | Dec 17, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 5, 2026 | Heissenbuttel William Holmes President & CEO | Sale 10b5-1 plan | 41 | $9.7K |
| Oct 5, 2026 | Heissenbuttel William Holmes President & CEO | Sale 10b5-1 plan | 983 | $231.1K |
| Oct 5, 2026 | Heissenbuttel William Holmes President & CEO | Sale 10b5-1 plan | 841 | $196.9K |
| Oct 5, 2026 | Heissenbuttel William Holmes President & CEO | Sale 10b5-1 plan | 160 | $37.1K |
| Oct 5, 2026 | Heissenbuttel William Holmes President & CEO | Sale 10b5-1 plan | 120 | $27.6K |
| Oct 5, 2026 | Heissenbuttel William Holmes President & CEO | Sale 10b5-1 plan | 280 | $65.3K |
| Sep 14, 2026 | Raffield Martin SVP, Operations | Tax withheld | 27 | $6.7K |
| Sep 11, 2026 | Raffield Martin SVP, Operations | Gift | 40 | $0 |
| Sep 3, 2026 | Heissenbuttel William Holmes President & CEO | Sale 10b5-1 plan | 877 | $230.0K |
| Sep 3, 2026 | Heissenbuttel William Holmes President & CEO | Sale 10b5-1 plan | 1,608 | $420.2K |
| Sep 3, 2026 | Heissenbuttel William Holmes President & CEO | Sale 10b5-1 plan | 57 | $14.8K |
| Sep 3, 2026 | Heissenbuttel William Holmes President & CEO | Sale 10b5-1 plan | 3,560 | $941.9K |
| Sep 3, 2026 | Heissenbuttel William Holmes President & CEO | Sale 10b5-1 plan | 1,173 | $309.1K |
| Aug 28, 2026 | Shefman Randy SVP & General Counsel | Sale | 500 | $131.4K |
| Jun 16, 2026 | Shefman Randy SVP & General Counsel | Sale | 500 | $107.9K |
| May 11, 2026 | Shefman Randy SVP & General Counsel | Sale | 1,000 | $243.7K |
| Mar 12, 2026 | Isto Mark Director | Sale | 2,000 | $549.7K |
| Mar 11, 2026 | Crandall David R VP, Corporate Secretary & CCO | Gift | 150 | $0 |
| Mar 4, 2026 | Libner Paul SVP & CFO | Sale 10b5-1 plan | 700 | $197.0K |
| Mar 4, 2026 | Libner Paul SVP & CFO | Sale 10b5-1 plan | 200 | $56.0K |
| Mar 4, 2026 | Libner Paul SVP & CFO | Sale 10b5-1 plan | 1,000 | $285.8K |
| Mar 4, 2026 | Libner Paul SVP & CFO | Sale 10b5-1 plan | 100 | $28.4K |
| Mar 4, 2026 | Libner Paul SVP & CFO | Sale 10b5-1 plan | 500 | $141.8K |
| Mar 4, 2026 | Libner Paul SVP & CFO | Sale 10b5-1 plan | 700 | $198.0K |
| Mar 2, 2026 | Raffield Martin SVP, Operations | Tax withheld | 213 | $64.8K |
| Mar 2, 2026 | Libner Paul SVP & CFO | Tax withheld | 515 | $156.7K |
| Mar 2, 2026 | Breeze Daniel SVP Corp Dev of RGLD Gold AG | Sale | 700 | $211.4K |
| Mar 2, 2026 | Breeze Daniel SVP Corp Dev of RGLD Gold AG | Sale | 700 | $209.8K |
| Mar 2, 2026 | Heissenbuttel William Holmes President & CEO | Tax withheld | 1,395 | $424.5K |
| Mar 2, 2026 | Shefman Randy SVP & General Counsel | Tax withheld | 309 | $94.0K |
| Mar 1, 2026 | Shefman Randy SVP & General Counsel | Tax withheld | 368 | $110.3K |
| Mar 1, 2026 | Libner Paul SVP & CFO | Tax withheld | 622 | $186.5K |
| Mar 1, 2026 | Crandall David R VP, Corporate Secretary & CCO | Tax withheld | 232 | $69.6K |
| Mar 1, 2026 | Raffield Martin SVP, Operations | Tax withheld | 354 | $106.1K |
| Mar 1, 2026 | Heissenbuttel William Holmes President & CEO | Tax withheld | 1,624 | $486.9K |
| Feb 27, 2026 | Shefman Randy SVP & General Counsel | Tax withheld | 312 | $93.5K |
| Feb 27, 2026 | Heissenbuttel William Holmes President & CEO | Tax withheld | 1,216 | $364.5K |
| Feb 27, 2026 | Libner Paul SVP & CFO | Tax withheld | 480 | $143.9K |
| Feb 27, 2026 | Crandall David R VP, Corporate Secretary & CCO | Tax withheld | 192 | $57.6K |
| Feb 27, 2026 | Raffield Martin SVP, Operations | Tax withheld | 313 | $93.8K |
| Feb 26, 2026 | Shefman Randy SVP & General Counsel | Award | 340 | $0 |
| Feb 26, 2026 | Shefman Randy SVP & General Counsel | Award | 1,557 | $0 |
| Feb 26, 2026 | Heissenbuttel William Holmes President & CEO | Award | 680 | $0 |
| Feb 26, 2026 | Libner Paul SVP & CFO | Award | 340 | $0 |
| Feb 26, 2026 | Libner Paul SVP & CFO | Award | 1,612 | $0 |
| Feb 26, 2026 | Breeze Daniel SVP Corp Dev of RGLD Gold AG | Award | 340 | $0 |
| Feb 26, 2026 | Hayes William M. Director | Award | 561 | $0 |
| Feb 26, 2026 | Heissenbuttel William Holmes President & CEO | Award | 4,212 | $0 |
| Feb 26, 2026 | Crandall David R VP, Corporate Secretary & CCO | Award | 914 | $0 |
| Feb 26, 2026 | Raffield Martin SVP, Operations | Award | 340 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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