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Royal Gold cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$344M in Q3 2026 · $1.2B over twelve months

Operating cash flow$344M
Free cash flow+$344M
Cash / net income1.5×

Analysis

In Q3 2026, Royal Gold generated $344M of operating cash flow. That is $170M more than in Q3 2025 ($174M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.2B; the largest uses were net borrowing (+) / repaid (−) ($625M), other investing ($347M), dividends ($150M); besides operations, cash came from shares issued ($38.8M); the cash balance rose by $11.7M.

Operating cash flow was $344M against net income of $228M — 1.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$82.0M, income taxes payable +$30.7M, other liabilities +$6.9M.

Free cash flow

Royal Gold: free cash flow by quarterRoyal Gold: free cash flow by quarter$141MQ4 2024$136MQ1 2025$153MQ2 2025$174MQ3 2025$242MQ4 2025$294MQ1 2026$335MQ2 2026$344MQ3 2026
Operating cash flow less capital spending.
Royal Gold: operating cash flow against capital spendingRoyal Gold: operating cash flow against capital spendingOperating cash flowCapital spending$141M$0Q4 2024$136M$0Q1 2025$153M$0Q2 2025$174M$0Q3 2025$242M$0Q4 2025$294M$0Q1 2026$335M$0Q2 2026$344M$0Q3 2026
Latest (Q3 2026): Operating cash flow $344M, Capital spending $0.

Capital allocation, year by year

Royal Gold: where the cash came from (up) and went (down), by fiscal yearRoyal Gold: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAcquisitionsDividendsFY2021: Operating cash flow $462MFY2021: Net borrowing −$200MFY2021: Dividends −$78.7M$462MFY2021FY2022: Operating cash flow $417MFY2022: Net borrowing $575MFY2022: Dividends −$91.9M$992MFY2022FY2023: Operating cash flow $416MFY2023: Net borrowing −$325MFY2023: Dividends −$98.6M$416MFY2023FY2024: Operating cash flow $530MFY2024: Net borrowing −$250MFY2024: Dividends −$105M$530MFY2024FY2025: Operating cash flow $705MFY2025: Net borrowing $900MFY2025: Shares issued $15.3MFY2025: Acquisitions −$411MFY2025: Dividends −$119M$1.6BFY2025
Over these 5 years operating cash flow totalled $2.5B; the largest uses were net borrowing ($775M) and dividends ($493M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$185M
Debt$146M
Net cash$38.4M

Royal Gold funds itself: free cash flow was $1.2B over the last twelve months, and $185M of cash and investments stands against $146M of debt.

Where the cash came from and went

Royal Gold: sources (+) and uses (−) of cash, Q3 2026Royal Gold: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$344MNet borrowing (+) / repaid (−)−$250MBuybacks−$49.4MDividends−$40.3MCash drawn (+) / kept (−)−$2.1MOther investing−$2.0MPartners−$1.5MShares issued$827KOther financing$1K
Royal Gold: sources (+) and uses (−) of cash, TTM to Q3 2026Royal Gold: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.2BNet borrowing (+) / repaid (−)−$625MOther investing−$347MDividends−$150MOther financing−$114MShares issued$38.8MCash drawn (+) / kept (−)−$11.7MPartners−$5.6M

From profit to cash

Royal Gold: net income to operating cash flow, Q3 2026Royal Gold: net income to operating cash flow, Q3 2026Net income$228MDepreciation & amortization$82.0MStock-based pay$3.3MDeferred taxes−$5.2MOther non-cash$1.1MReceivables−$6.3MInventory−$1.1MPayables−$536KPrepaid and other assets$641KOther liabilities$6.9MIncome taxes payable$30.7MOperating cash flow$344M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$344M−$49.4M−$40.3M−$250M$827K−$2.1M$344M
Q2 2026$335M−$30.0M−$40.3M−$200M$2.5M$51.7M$335M
Q1 2026$294M—−$40.2M−$300M$20.2M−$423K$294M
Q4 2025$242M—−$29.6M$125M$15.3M−$60.9M$242M
Q3 2025$174M—−$29.6M−$50.0M—$75.3M$174M
Q2 2025$153M—−$29.6M——−$7.4M$153M
Q1 2025$136M—−$29.6M——−$45.3M$136M
Q4 2024$141M—−$26.3M——−$67.6M$141M

Royal Gold: income statement and cash flow

Royal Gold, Q3 2026: revenue $465M (+84% year over year), operating margin 65.4%. The chart follows the revenue to costs, profit and cash.

Royal Gold: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.