$RGLD · ROYAL GOLD INC
Royal Gold filed an 8-K (Item 2.02) reporting Q3 FY2025 results for the quarter ended September 30, 2026. Revenue was $464.8M versus $252.1M a year earlier, with record operating cash flow of $344.4M and record sales volume of 109,000 GEOs. Net income attributable to common stockholders was $227.4M ($2.68/share), with adjusted net income of $238.3M ($2.80/share). The company repaid $250M on its revolver during the quarter and the remaining $150M after quarter end, leaving the full $1.4B credit facility undrawn.
- Revenue of $464.8M, up 84% from $252.1M in the prior-year period.
- Record operating cash flow of $344.4M versus $174.0M a year earlier.
- Record sales volume of 109,000 GEOs versus 72,900 in the prior year.
- Repurchased 190,045 shares at $259.83 average for $49M under the $500M program.
- Raised full-year other-metals sales guidance to $53–$56M from $34–$38M.
Shares rose 6.57% in the regular session to $246.08, with extended-hours trading at $250.00 (+1.59% vs close), reflecting a positive reception to the strong results and debt repayment.
Royal Gold's rapid deleveraging—repaying $1.225B of acquisition debt in under a year while funding dividends and buybacks—signals strong cash generation from its expanded royalty portfolio.
Royal Gold's 84% revenue growth reflects the October 2025 Sandstorm and Horizon acquisition, with gold averaging $4,262/oz (up 23% YoY) boosting royalty and stream cash flows across a diversified portfolio.
Guidance for gold sales, DD&A expense, and effective tax rate remains within original ranges, with no change; silver and copper are expected at or above top-end ranges. Kinross intends to buy back 25% of the Great Bear royalty for ~$43M, reducing the interest to 1.50% NSR.