Royal Gold Reports Q3 2026 Results with Record Operating Cash Flow and Full Debt Payoff

Executive Summary

On November 4, 2026, Royal Gold, Inc. (NASDAQ: RGLD) filed a Current Report on Form 8-K under Item 2.02 (Results of Operations and Financial Condition) announcing financial results for the third quarter ended September 30, 2026.

Key Financial Highlights

• Revenue: Reached $464.8 million, up 84% compared to $252.1 million in Q3 2025. Revenue split was 73% gold, 14% silver, and 10% copper.
• Operating Cash Flow: Achieved a record $344.4 million, almost doubling the $174.0 million recorded in the prior-year period.
• Net Income: Reported $227.4 million ($2.68 per share), with adjusted net income of $238.3 million ($2.80 per share), compared to $126.8 million ($1.93 per share) and $136.2 million in Q3 2025.
• Gold Equivalent Ounces (GEOs): Record sales of 109,000 GEOs, up 50% year-over-year from 72,900 GEOs.
• Adjusted EBITDA Margin: Expanded to 84% from 82% in Q3 2025.

Balance Sheet & Capital Allocation

• Complete Debt Paydown: Royal Gold repaid $250 million on its revolving credit facility during Q3 and repaid the final $150 million balance on October 19, 2026. This fully eliminates the $1.225 billion debt incurred in the October 2025 Sandstorm and Horizon transactions within one year.
• Liquidity: Undrawn credit facility of $1.4 billion leaves total available liquidity at approximately $1.48 billion.
• Share Repurchases: Repurchased 190,045 shares during Q3 for $49 million ($259.83/share). Under the $500M authorization, 337,250 shares have been repurchased for $79 million through September 30, 2026.
• Dividends: Paid quarterly dividend of $0.475 per share, representing a 6% increase year-over-year.

2026 Guidance Update

• Gold Sales: 290,000–320,000 oz (tracking on plan, 224,265 oz year-to-date).
• Silver & Copper: Expected to meet or exceed upper end of ranges (3.0–3.5 Moz silver; 21.0–25.0 Mlb copper).
• Other Metals: Guidance raised from $34–$38 million to $53–$56 million.
• DD&A & Tax Rate: Reaffirmed at $339–$379 million and 17–22%, respectively.