EarningsQ2 2026 Earnings Report
MX:RGLD Q2 2026 EPS Results
Actual EPS$43.89
Consensus EPS$43.74
Beat/MissBeat by +$0.15
One Year Ago EPS$31.03
MX:RGLD Q2 2026 Revenue Results
Actual Revenue$7.72B
Expected Revenue$7.87B
Beat/MissMissed by -$142.54M
YoY Revenue Growth+114.91%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeAfter Close
Conference CallWednesday, August 5, 2026
MX:RGLD Upcoming Earnings
Royal Gold's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:RGLD Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlights a materially stronger and larger business with record cash generation, substantial revenue and earnings growth, high margins, improved liquidity, active capital returns and multiple positive operational updates across newly acquired and existing assets. Key near-term negatives are higher DD&A and some increased interest and G&A costs, the variability tied to Antamina NPI and base-metal revenues, a front-loaded Relief Canyon delivery that accelerates revenue recognition, and remaining funding obligations (notably the 15% Hod Maden interest). Overall the positive financial and operational developments, liquidity improvements and successful portfolio simplification outweigh the identified challenges.Company Guidance
Revenue Growth
Revenue of $451 million in Q2 2026, an increase of 115% year-over-year driven by higher metal prices, new contributions from Kansanshi and the Sandstorm/Horizon portfolio, and higher volumes from Andacollo, Rainy River and Cortez Legacy Zone.
Record Operating Cash Flow
Operating cash flow reached a record $335 million for the quarter, up 119% year-over-year, reflecting strong cash generation across the diversified portfolio.
Earnings and Adjusted Net Income
Net income of $236 million (EPS $2.78), a 79% increase versus prior year; adjusted net income of $218 million (adjusted EPS $2.56), a 41% increase year-over-year.
High Adjusted EBITDA Margin
Adjusted EBITDA margin remained high at 83% for the quarter, indicating strong profitability and low, stable cash G&A.
Diversified Portfolio and GEOs
Portfolio produced 100,000 GEOs with no single asset contributing more than 13% of revenue and only two assets >10%, reflecting reduced concentration risk after 2025 transactions.
Strong Stream and Royalty Revenue Contributions
Stream revenue rose to $311 million (up 133% YoY) and royalty revenue was $140 million (up 83% YoY), with notable new/strong contributions from Antamina, Caserones, Houndé, Fruta del Norte, Greenstone, Bonikro, Cerro Moro and Chapada.
Improved Liquidity and Capital Returns
Ended quarter with $1.2 billion of available liquidity, repaid $200 million on revolver in-quarter (plus $75M post-quarter and planned additional $100M), paid $40 million in dividends (annual rate $1.90/share, +6% YoY) and repurchased 147,000 shares for $30 million.
Positive Operational Updates Across Assets
Several portfolio operational positives: Mount Milligan on track for guidance; Greenstone ramp showing 69% of days above mill nameplate; Red Chris received CAD 500M government investment for block cave; Kansanshi S3 sustained throughput above design; Bonikro life extension studies; Platreef Phase 1 commercial production expected Q4 2026 with first stream delivery received.
Hod Maden Restructuring and Simplification Progress
Reduced direct equity interest from 30% to 15% post-quarter while preserving royalty/stream value; construction progress ~25% overall with Lidya targeting initial concentrate production in 2028 and cumulative expenditures ≈ $175 million.
Metal Price Tailwinds
Significant metal price increases supported results: gold +37%, silver +117%, copper +40%, contributing meaningfully to revenue outperformance.
MX:RGLD Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed