Royal Gold Inc (RGLD) financial statements: income statement, balance sheet and cash flow

Royal Gold Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Royal Gold Inc reported revenue of $1.0B (+43.2% year on year) and net income of $471.6M.

Income statement

Royal Gold Inc income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Revenue (Note 11)	$1.0B	$719.4M	$605.7M	$603.2M
Cost of sales (excludes depreciation, depletion and amortization)	$130.9M	$97.5M	$90.5M	$94.6M
General and administrative	$49.2M	$40.9M	$39.8M	$34.6M
Production taxes	$8.6M	$6.6M	$7.3M	$7.0M
Depreciation, depletion and amortization	$177.1M	$144.4M	$164.9M	$178.9M
Acquisition related costs	$26.5M	—	—	—
Total costs and expenses	$392.3M	$289.5M	$302.5M	$319.5M
Operating income	$638.2M	$429.9M	$303.2M	$283.7M
Fair value changes in equity securities	$327.0K	($66.0K)	($147.0K)	($1.5M)
Loss on sale of marketable securities	($50.0M)	—	—	—
Interest and other income	$14.4M	$6.0M	$10.0M	$7.8M
Interest and other expense	($29.0M)	($9.7M)	($30.9M)	($17.2M)
Income before income taxes	$573.9M	$426.1M	$282.1M	$272.9M
Income tax expense (Note 14)	($102.3M)	($93.6M)	($42.0M)	($32.9M)
Net income	$471.6M	—	—	—
Net income attributable to non-controlling interests	($5.3M)	($456.0K)	($692.0K)	($960.0K)
Net income attributable to Royal Gold common stockholders	$466.3M	$332.0M	$239.4M	$239.0M
Unrealized change in market value of available-for-sale debt securities	$993.0K	—	—	—
Comprehensive income	$472.6M	$332.5M	$240.1M	$239.9M
Comprehensive income attributable to non-controlling interests	($5.3M)	—	—	—
Comprehensive income attributable to Royal Gold stockholders	$467.3M	—	—	—
Basic earnings per share (in dollars per share)	$6.70	$5.04	$3.64	$3.64
Basic weighted average shares outstanding (in shares)	69.4M	65.7M	65.6M	65.6M
Diluted earnings per share (in dollars per share)	$6.69	$5.04	$3.63	$3.63
Diluted weighted average shares outstanding (in shares)	69.6M	65.8M	65.7M	65.7M
Cash dividends declared per common share (in dollars per share)	$1.82	$1.65	$1.52	$1.43

Royal Gold Inc income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Revenue (Note 9)	$450.5M	$469.1M	$252.1M	$209.6M
Cost of sales (excludes depreciation, depletion and amortization)	$60.1M	$60.3M	$31.4M	$24.2M
General and administrative	$13.4M	$17.5M	$10.2M	$10.3M
Production taxes	$3.4M	$3.3M	$2.4M	$2.2M
Depreciation, depletion and amortization	$96.2M	$90.9M	$32.9M	$31.2M
Total costs and expenses	$173.2M	$172.0M	$89.7M	$67.8M
Gain on settlement of Relief Canyon fixed obligation	$2.6M	—	—	—
Operating income	$279.9M	$297.1M	$162.3M	$141.8M
Fair value changes in equity securities	$21.9M	$6.0M	$0	$3.0K
Gain on sale of marketable securities	$458.0K	$14.1M	—	—
Interest and other income	$3.6M	$3.2M	$6.8M	$2.7M
Interest and other expense	($10.0M)	($13.2M)	($8.6M)	($1.5M)
Income before income taxes	$295.8M	$307.1M	$160.5M	$143.0M
Income tax expense (Note 12)	($58.2M)	($25.4M)	($28.7M)	($10.5M)
Net income	$237.6M	$281.7M	—	—
Net income attributable to non-controlling interests	($1.2M)	($578.0K)	($5.0M)	($125.0K)
Net income attributable to Royal Gold common stockholders	$236.4M	$281.1M	$126.8M	$132.3M
Realized gain on available-for-sale debt securities	$0	($993.0K)	—	—
Comprehensive income	$237.6M	$280.7M	$131.8M	$132.5M
Comprehensive income attributable to non-controlling interests	($1.2M)	($578.0K)	—	—
Comprehensive income attributable to Royal Gold stockholders	$236.4M	$280.1M	—	—
Basic earnings per share (in dollars per share)	$2.78	$3.31	$1.92	$2.01
Basic weighted average shares outstanding (in shares)	84.8M	84.7M	65.8M	65.7M
Diluted earnings per share (in dollars per share)	$2.78	$3.30	$1.92	$2.01
Diluted weighted average shares outstanding (in shares)	85.1M	85.0M	65.8M	65.8M
Cash dividends declared per common share (in dollars per share)	$0.47	$0.47	$0.45	$0.45

Balance sheet

Royal Gold Inc balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and equivalents	$233.7M	$195.5M	$104.2M	$118.6M
Royalty receivables	$110.8M	$63.5M	$48.9M	$49.4M
Income tax receivable	$2.1M	$1.1M	$2.7M	$3.1M
Stream inventory	$25.9M	$13.0M	$9.8M	$12.7M
Prepaid expenses and other	$4.9M	$2.2M	$1.9M	$2.1M
Total current assets	$377.4M	$275.3M	$167.4M	$185.8M
Stream and royalty interests, net (Note 5)	$8.6B	$3.0B	$3.1B	$3.2B
Equity method investment (Note 6)	$300.9M	—	—	—
Marketable securities (Note 7)	$172.9M	—	—	—
Other assets	$102.5M	$74.0M	$118.1M	$111.3M
Total assets	$9.5B	$3.4B	$3.4B	$3.5B
Accounts payable	$10.1M	$10.6M	$11.4M	$6.7M
Dividends payable	$40.2M	$29.6M	$26.3M	$24.6M
Income tax payable	$33.3M	$23.2M	$15.6M	$16.1M
Other current liabilities	$37.4M	$21.8M	$19.1M	$16.2M
Total current liabilities	$120.9M	$85.2M	$72.4M	$63.6M
Debt (Note 8)	$895.4M	$0	$246.0M	$571.6M
Deferred tax liabilities	$1.2B	$132.3M	$134.3M	$138.2M
Mount Milligan deferred liability (Note 10)	$69.2M	$25.0M	—	—
Other liabilities	$55.9M	$18.5M	$7.7M	$7.7M
Total liabilities	$2.3B	$260.9M	$460.4M	$781.1M
Preferred stock, $.01 par value, 10,000,000 shares authorized; and 0 shares issued	0	0	—	—
Common stock, $.01 par value, 200,000,000 shares authorized; and 84,499,692 and 65,691,151 shares outstanding, respectively	845.0K	657.0K	656.0K	656.0K
Additional paid-in capital	$5.9B	$2.2B	$2.2B	$2.2B
Accumulated other comprehensive income	$993.0K	—	—	—
Accumulated earnings	$1.2B	$890.0M	$666.5M	$527.3M
Total Royal Gold stockholders’ equity	$7.2B	$3.1B	$2.9B	$2.7B
Non-controlling interests	$48.2M	$12.2M	$12.4M	$12.4M
Total equity	$7.2B	$3.1B	$2.9B	$2.8B
Total liabilities and equity	$9.5B	$3.4B	$3.4B	$3.5B

Royal Gold Inc balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and equivalents	$182.5M	$234.1M	$172.8M	$248.2M
Royalty receivables	$131.7M	$142.8M	$69.7M	$65.0M
Income tax receivable	$19.5M	$109.0K	$20.8M	$13.6M
Stream inventory	$30.5M	$30.9M	$21.0M	$13.3M
Prepaid expenses and other	$5.9M	$4.4M	$3.0M	$1.9M
Total current assets	$370.0M	$412.3M	$287.4M	$342.0M
Stream and royalty interests, net (Note 3)	$8.6B	$8.5B	$4.1B	$3.1B
Equity method investment (Note 4)	$228.3M	$314.3M	—	—
Marketable securities (Note 5)	$132.1M	$97.1M	—	—
Other assets	$118.4M	$126.7M	$75.5M	$88.9M
Total assets	$9.4B	$9.5B	$4.5B	$3.6B
Accounts payable	$4.6M	$7.3M	$6.0M	$5.5M
Dividends payable	$40.3M	$40.3M	$29.6M	$29.6M
Income tax payable	$51.6M	$32.5M	$41.1M	$24.4M
Other current liabilities	$30.0M	$37.0M	$22.8M	$16.5M
Total current liabilities	$126.5M	$117.1M	$99.5M	$76.1M
Debt (Note 6)	$395.9M	$595.7M	$770.2M	—
Deferred tax liabilities	$1.2B	$1.2B	$131.2M	$131.6M
Mount Milligan deferred liability (Note 7)	$69.2M	$69.2M	$25.0M	$25.0M
Other liabilities	$59.5M	$57.6M	$22.6M	$20.7M
Total liabilities	$1.8B	$2.0B	$1.0B	$253.5M
Preferred stock, $.01 par value, 10,000,000 shares authorized; and 0 shares issued	0	0	0	0
Common stock, $.01 par value, 200,000,000 shares authorized; and 84,673,027 and 84,499,692 shares outstanding, respectively	844.0K	846.0K	658.0K	658.0K
Additional paid-in capital	$5.9B	$5.9B	$2.2B	$2.2B
Accumulated other comprehensive income	$0	$0	—	—
Accumulated earnings	$1.7B	$1.5B	$1.2B	$1.1B
Total Royal Gold stockholders’ equity	$7.6B	$7.4B	$3.4B	$3.3B
Non-controlling interests	$46.6M	$47.1M	$10.1M	$12.0M
Total equity	$7.6B	$7.5B	$3.4B	$3.3B
Total liabilities and equity	$9.4B	$9.5B	$4.5B	$3.6B

Cash flow statement

Royal Gold Inc cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$471.6M	$332.5M	$240.1M	$239.9M
Depreciation, depletion and amortization	$177.1M	$144.4M	$164.9M	$178.9M
Non-cash employee stock compensation expense	$11.8M	$11.9M	$9.7M	$8.4M
Fair value changes in equity securities	($327.0K)	$66.0K	$147.0K	$1.5M
Loss on marketable securities	$50.0M	—	—	—
Deferred tax (benefit) expense	($3.9M)	$8.4M	($6.5M)	($19.8M)
Other	($5.3M)	$945.0K	$779.0K	$979.0K
Royalty receivables	($18.1M)	($14.6M)	$521.0K	$4.7M
Stream inventory	($11.7M)	($3.2M)	$2.9M	($1.0M)
Income tax receivable	($969.0K)	$1.5M	$390.0K	$1.8M
Prepaid expenses and other assets	$1.3M	$11.2M	($4.4M)	($3.9M)
Accounts payable	($36.8M)	($9.1M)	$4.8M	$211.0K
Income tax payable	$10.8M	$7.6M	($508.0K)	($3.0M)
Mount Milligan deferred liability	$44.2M	$25.0M	—	—
Other liabilities	$15.3M	$12.9M	$2.9M	$4.3M
Net cash provided by operating activities	$704.8M	$529.5M	$415.8M	$417.3M
Sandstorm & Horizon acquisition, net of cash acquired	($411.3M)	—	—	—
Acquisition of stream and royalty interests	($1.2B)	($102.6M)	($2.7M)	($922.2M)
Proceeds from the sale of the Versamet Shares and other securities	158.9M	—	—	—
Cash calls for Hod Maden equity method investment	($9.3M)	—	—	—
Proceeds from Khoemacau debt facility	$0	$25.0M	—	—
Proceeds from the sale of inventory - restricted	$7.7M	—	—	—
Other	$299.0K	($116.0K)	($151.0K)	($721.0K)
Net cash used in investing activities	($1.4B)	($77.7M)	($2.8M)	($922.9M)
Repayment of debt	($375.0M)	($250.0M)	($325.0M)	($125.0M)
Borrowings from revolving credit facility	$1.3B	$0	—	$700.0M
Net payments from issuance of common stock	($5.0M)	($4.6M)	($1.4M)	($1.4M)
Net proceeds from Sandstorm option exercises	$15.3M	—	—	—
Horizon warrant payments	($28.9M)	—	—	—
Distributions to non-controlling interests	($8.1M)	—	—	—
Common stock dividends	($118.5M)	($105.2M)	($98.6M)	($91.9M)
Other	($2.8M)	($635.0K)	($2.4M)	($1.1M)
Net cash provided by (used in) financing activities	$751.9M	($360.5M)	($427.4M)	$480.6M
Net increase (decrease) in cash and equivalents	$38.2M	$91.3M	($14.4M)	($25.0M)
Cash and equivalents at beginning of period	$195.5M	$104.2M	$118.6M	$143.6M
Cash and equivalents at end of period	$233.7M	$195.5M	$104.2M	$118.6M

Royal Gold Inc cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$519.3M	$281.7M	$377.9M	$246.1M
Depreciation, depletion and amortization	$187.1M	$90.9M	$97.1M	$64.1M
Non-cash employee stock compensation expense	$6.9M	$3.6M	$8.9M	$5.9M
Fair value changes in equity securities	($27.8M)	($6.0M)	$35.0K	$34.0K
Gain on sale of marketable securities	($14.6M)	($14.1M)	—	—
Deferred tax benefit	($9.7M)	($27.8M)	($8.1M)	($11.0M)
Gain on settlement of Relief Canyon fixed obligation	($2.6M)	—	—	—
Other	$3.2M	$1.5M	($4.2M)	$446.0K
Royalty receivables	($20.9M)	($32.0M)	($6.2M)	($1.5M)
Stream inventory	($4.6M)	($5.0M)	($8.0M)	($363.0K)
Income tax receivable	($17.4M)	$2.0M	($19.7M)	($12.4M)
Prepaid expenses and other assets	$264.0K	$966.0K	($1.2M)	($3.5M)
Accounts payable	($5.4M)	($2.8M)	$3.7M	$3.2M
Income tax payable	$18.3M	($834.0K)	$17.9M	$1.2M
Other liabilities	($3.4M)	$1.3M	$5.1M	($3.0M)
Net cash provided by operating activities	$628.7M	$293.6M	$463.1M	$289.2M
Acquisition of stream and royalty interests	($50.0M)	$0	($1.2B)	($171.0M)
Proceeds from the sale of marketable securities	$51.9M	$49.0M	—	—
Cash calls for Hod Maden equity method investment	($84.7M)	($14.7M)	—	—
Other	($261.0K)	($166.0K)	($161.0K)	($70.0K)
Net cash used in investing activities	($83.1M)	$34.1M	($1.2B)	($171.0M)
Repayment of debt	($500.0M)	($300.0M)	($50.0M)	$0
Net payments from issuance of common stock	($5.6M)	($5.6M)	($4.9M)	($4.5M)
Net proceeds from Sandstorm option exercises	$22.7M	$20.2M	—	—
Common stock dividends	($80.5M)	($40.2M)	($88.9M)	($59.2M)
Stock repurchase	($30.0M)	—	—	—
Distributions to non-controlling interests	($3.3M)	($1.7M)	($7.3M)	—
Other	($54.0K)	—	($2.8M)	($1.7M)
Net cash used in financing activities	($596.8M)	($327.2M)	$671.2M	($65.4M)
Net (decrease) increase in cash and equivalents	($51.3M)	$423.0K	($22.6M)	$52.7M
Cash and equivalents at beginning of period	$233.7M	$233.7M	$195.5M	$195.5M
Cash and equivalents at end of period	$182.5M	$234.1M	$172.8M	$248.2M

Royal Gold Inc score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.