Key Highlights

  • Adjusted Net Income was USD 2.80 per share against a USD 2.77 estimate, while GAAP EPS was USD 2.68.
  • Revenue was USD 464.8 million against an estimate of USD 459.84 million and USD 252.1 million a year earlier.
  • Operating cash flow was a record USD 344.4 million, and sales Volume reached 109,000 gold equivalent ounces.
  • The remaining USD 150 million on the revolver was repaid October 19, 2026; the USD 1.4 billion Facility is undrawn.

Royal Gold, Inc. (NASDAQ:RGLD) entered the fourth quarter with its revolving Credit facility fully repaid and raised 2026 sales guidance for other metals to USD 53 million to USD 56 million from USD 34 million to USD 38 million. Third quarter adjusted net income was USD 2.80 per share against an estimate of USD 2.77, and GAAP net income was USD 227.4 million, or USD 2.68 per share. Revenue of USD 464.8 million compares with an estimate of USD 459.84 million.

Guidance and Outlook Detail

Management said it continues to project gold sales within the original range of 290,000 to 320,000 ounces, with 224,265 ounces sold through September 30. It said silver sales of 2.6 million ounces and copper sales of 21.3 million pounds through the period compare with ranges of 3.0 million to 3.5 million ounces and 21.0 million to 25.0 million pounds, and that it projects results at or above the top end of those ranges.

Other metals sales were USD 44 million through September 30. DD&A guidance remains USD 339 million to USD 379 million, and the effective tax rate range remains 17% to 22%.

The Quarter in Detail

Revenue was USD 464.8 million, with stream revenue of USD 318.3 million and Royalty revenue of USD 146.5 million. By commodity, gold was 73% of revenue at USD 340.3 million, silver was USD 64.1 million and copper was USD 45.0 million. Average prices were USD 4,262 per ounce for gold, USD 62.59 for silver and USD 6.40 per pound for copper, against USD 3,457, USD 39.40 and USD 4.44 a year earlier.

The company attributed the revenue increase to higher metal prices, new revenue of USD 30.8 million from the Kansanshi stream and USD 68.1 million from the Sandstorm Gold and Horizon Copper assets. Sales volume was 109,000 gold equivalent ounces against 72,900, and the adjusted EBITDA Margin was 84% against 82%.

Cost of sales was USD 62.3 million against USD 31.4 million, and DD&A was USD 82.0 million against USD 32.9 million. Net income was USD 227.4 million against USD 126.8 million.

Portfolio and Operations Detail

North America revenue was USD 257.4 million, 55% of the total. Mount Milligan contributed USD 82.8 million, Pueblo Viejo USD 45.2 million and the Cortez Legacy Zone USD 29.1 million.

Operators reported that Mount Milligan produced 44,070 ounces of gold in the quarter, and that Pueblo Viejo gold production decreased 10% from the prior year. Royalty-attributable production at Cortez was approximately 198,700 ounces. A deferred gold delivery of 11,111 ounces from Mount Milligan was received on October 2, 2026 and sold for USD 46 million.

Cash, Debt and Capital Returns

Operating cash flow was USD 344.4 million against USD 174.0 million. The company repaid USD 250 million on the revolver in the quarter, and total Liquidity was approximately USD 1.48 billion. It paid a quarterly Dividend of USD 0.475 per share and repurchased 190,045 shares at an average USD 259.83, for USD 49 million. Since the USD 500 million program was approved on May 4, 2026, it has repurchased 337,250 shares.

Next Reporting Checkpoints

Revenue of USD 464.8 million sits alongside Operating Cash Flow of USD 344.4 million, adjusted EBITDA margin of 84% and liquidity of approximately USD 1.48 billion. Debt outstanding was USD 150 million at September 30 and zero after October 19.

Management named the final USD 50 million advance to Solaris Resources for the Warintza Project, to follow registration of security documents, and its unchanged full-year gold sales range.