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Royal Gold profits surge, as revenue and cash flow hit new highs
In the second quarter, Royal Gold booked $451 million in revenue and $335 million in operating cash flow, then repurchased 147,000 shares for $30 million.
Royal Gold posted stronger-than-a-year-ago second-quarter results, with revenue reaching $451 million and operating cash flow hitting a record $335 million. Net income rose to $236 million, up 115% year over year, according to Yahoo Finance, which cited results released Aug. 6.
The company also reported record profitability per share, with adjusted net income of $218 million, or $2.56 per share, up 41% year over year. Management attributed the quarter’s performance in part to the diversification of its royalty and stream portfolio after acquisitions in 2025.
Royal Gold said no single royalty or stream contributed more than 13% of revenue, with only two assets above 10%, and it pointed to gains in GEOs per share, adjusted EBITDA per share, operating cash flow per share, and EPS to argue the 2025 deals are accretive. For capital returns, the firm paid $40 million in dividends and repurchased 147,000 shares for $30 million during the quarter.
Alongside the profit and cash flow gains, costs also jumped. Depreciation, depletion, and amortization increased to $96 million from $31 million a year earlier, while interest expense rose to $10 million from $1.5 million, as Royal Gold continued repaying its revolver and planned additional repayment in the following weeks, with the balance expected to be fully repaid by the fourth quarter.
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