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Royal Gold (RGLD) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Royal Gold (RGLD) Q3 2026 earnings results →
Q3 2026 Revenue up 84% year over year to $465M · 49¢ of every $1 of revenue kept as net profit · operating margin 65.4%
Royal Gold made $465M in Q3 2026 (+84% Y/Y): Stream interest $318M, Royalty revenue $146M. Operating margin 65.4%, net earnings $227M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
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What changed this quarter
Revenue was $464.8M in Q3 2026, up 84% year over year and up 3% from the previous quarter. Stream interest was the largest line at 68% of revenue. Stream interest added $152.3M year over year (up 92%), 72% of the total change.
Gross margin was 68.3%, down 5.3 points from Q3 2025. Operating profit was $303.7M, a 65.4% margin (up 0.9 points year over year). Of the extra revenue versus Q3 2025, 66% reached operating profit, above the 64% margin then. Operating expenses fell 41% while revenue rose 84%. The fastest-growing cost line was General & admin (+30%). Net earnings were $227.4M, up 79% year over year. The effective tax rate was 20.2%.
Operating cash flow was $344.4M (up 98% year over year), 151% of net earnings. Non-cash charges added back $82.0M of depreciation and amortization and $3.3M of share-based compensation. Working capital and other items added $31.0M. After acquisition of stream and royalty interests ($1.0M), free cash flow as the company reports it was $343.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $465M | +84% | 65.4% | $227M | $344M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $451M | +115% | 62.1% | $236M | $335M |
| Q1 2026 | 10-Q | May 7, 2026 | $469M | +142% | 63.3% | $281M | $294M |
| Q4 2025 | 10-K | Feb 19, 2026 | $375M | +85% | 56.2% | $93.6M | $242M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $252M | +30% | 64.4% | $127M | $174M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $210M | +20% | 67.7% | $132M | $153M |
| Q1 2025 | 10-Q | May 8, 2025 | $193M | +30% | 63.6% | $114M | $136M |
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Customers and suppliers named in filings
Sells to
- BMO — 38% of its revenue · Stated in 10-K (XBRL) · source
About Royal Gold
We acquire and manage precious metal streams, royalties, and similar interests. We seek to acquire existing stream and royalty interests or to finance projects that are in production, development or in the exploration stage in exchange for stream or royalty interests. We do not conduct mining operations on the properties in which we hold stream and royalty interests and are generally not required to contribute to capital costs, environmental costs, or other operating costs on the properties. Please refer to Item 2, Properties, for a discussion of the developments at our principal properties.
In its own words, from its 10-K, filed Feb 19, 2026.
Royal Gold against its Mineral Royalty Traders peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +84% against the peers' median +16%. Operating margin: 65.4% against the peers' median 27.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| RGLD Royal Gold | Q3 2026 | $465M | +84% | 65.4% |
| SSRM SSR Mining | Q3 2026 | $448M | +16% | 27.3% |
| MSB Mesabi Trust | Q2 FY27 | $2.5M | -56% | -3.8% |
Source: Royal Gold 10-Q on SEC EDGAR · CIK 85535 · Mineral Royalty Traders
Guidance and outlook
13F: who owns RGLD and who is buying
More on RGLD
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results