Filing Flows › Royal Gold (RGLD) › Q1 2026
Royal Gold (RGLD) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Royal Gold (RGLD) reported revenue of $469M for the first quarter 2026 (Q1 2026), +143% from a year earlier and +25% from the quarter before. Operating margin was 63.3%, net earnings $281M (59.9% of revenue).
Royal Gold, Q1 2026: revenue $469M (+142% year over year), operating margin 63.3%, net earnings $281M, operating cash flow $294M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $469M | +25% | +143% |
| Gross profit | $315M | +30% | +135% |
| Operating profit | $297M | +41% | +141% |
| Net earnings | $281M | +200% | +148% |
| Operating cash flow | $294M | +21% | +115% |
What changed
Revenue was $469.1M in Q1 2026, up 143% year over year and up 25% from the previous quarter. Stream interest was the largest line at 67% of revenue. Stream interest added $190.3M year over year (up 155%), 69% of the total change.
Gross margin was 67.1%, down 2.3 points from Q1 2025. Operating profit was $297.1M, a 63.3% margin (down 0.3 points year over year). Of the extra revenue versus Q1 2025, 63% reached operating profit, below the 64% margin then. Operating expenses grew 60% against revenue growth of 143%. The fastest-growing cost line was Other operating costs (+240%). Net earnings were $281.1M, up 148% year over year. The effective tax rate was 8.3%.
Operating cash flow was $293.6M (up 115% year over year), 104% of net earnings. Non-cash charges added back $90.9M of depreciation and amortization and $3.6M of share-based compensation. Working capital and other items used $82.6M.
Questions
What was Royal Gold's revenue in the first quarter 2026?
Royal Gold (RGLD) reported revenue of $469M for the first quarter 2026 (Q1 2026), +143% from a year earlier and +25% from the quarter before.
Was Royal Gold profitable in the first quarter 2026?
Operating profit was $297M (63.3% of revenue) and net earnings $281M.
Source: Royal Gold 10-Q on SEC EDGAR.