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Royal Gold (RGLD) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Royal Gold (RGLD) reported revenue of $193M for the first quarter 2025 (Q1 2025), +30% from a year earlier and -5% from the quarter before. Operating margin was 63.6%, net earnings $114M (58.7% of revenue).
Royal Gold, Q1 2025: revenue $193M (+30% year over year), operating margin 63.6%, net earnings $114M, operating cash flow $136M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $193M | -5% | +30% |
| Gross profit | $134M | -6% | +54% |
| Operating profit | $123M | -8% | +63% |
| Net earnings | $114M | +6% | +140% |
| Operating cash flow | $136M | -3% | -1% |
What changed
Revenue was $193.4M in Q1 2025, up 30% year over year and down 5% from the previous quarter. Stream interest was the largest line at 63% of revenue. Royalty revenue: added $24.6M year over year (up 53%), 55% of the total change.
Gross margin was 69.4%, up 11.0 points from a year earlier. Operating profit was $123.1M, a 63.6% margin (up 12.9 points year over year). Of the extra revenue versus a year earlier, 107% reached operating profit, above the 51% margin then. Operating expenses fell 3% while revenue rose 30%. Net earnings were $113.5M, up 141% year over year. The effective tax rate was 8.4%.
Operating cash flow was $136.4M (down 1% year over year), 120% of net earnings. Non-cash charges added back $33.0M of depreciation and amortization and $3.2M of share-based compensation. Working capital and other items used $13.4M.
Questions
What was Royal Gold's revenue in the first quarter 2025?
Royal Gold (RGLD) reported revenue of $193M for the first quarter 2025 (Q1 2025), +30% from a year earlier and -5% from the quarter before.
Was Royal Gold profitable in the first quarter 2025?
Operating profit was $123M (63.6% of revenue) and net earnings $114M.
Source: Royal Gold 10-Q on SEC EDGAR.