Filing Flows › Royal Gold (RGLD) › Q2 2026 › vs Q1 2026
Royal Gold (RGLD) Q2 2026 vs Q1 2026 (quarter over quarter)
Royal Gold's revenue fell $18.6M (-4%) from $469M in Q1 2026 to $451M in Q2 2026. The biggest changes: Royalty revenue −$16.8M (-11%); Stream interest −$1.8M (-0.6%). Gross margin 64.6% against 67.1% (-2.5 pts).
Royal Gold, Q2 2026: revenue $451M (+115% year over year), operating margin 62.1%, net earnings $236M, operating cash flow $335M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 64.6% | 67.1% | -2.5 pts |
| Operating margin | 62.1% | 63.3% | -1.2 pts |
| Net margin | 52.5% | 59.9% | -7.5 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Stream interest | $311M | $313M | −$1.8M | -0.6% |
| Royalty revenue | $140M | $156M | −$16.8M | -11% |
| Revenue | $451M | $469M | −$18.6M | -4% |
| Gross profit | $291M | $315M | −$23.8M | -8% |
| Cost of revenue | $159M | $154M | $5.2M | +3% |
| Other income, net | $15.9M | $10.0M | $5.8M | +58% |
| Operating profit | $280M | $297M | −$17.2M | -6% |
| Operating expenses | $11.1M | $17.8M | −$6.7M | -37% |
| Pre-tax earnings | $296M | $307M | −$11.3M | -4% |
| Net earnings | $236M | $281M | −$44.7M | -16% |
| Minority interests | $1.2M | $578K | $588K | +102% |
| Income tax | $58.2M | $25.4M | $32.8M | +129% |
| Depreciation & amortization | $96.2M | $90.9M | $5.3M | +6% |
| Share-based compensation | $3.3M | $3.6M | −$298K | -8% |
| Working capital & other | $734K | $82.0M | −$81.3M | -99% |
| Operating cash flow | $335M | $294M | $41.6M | +14% |
Questions
How much did Royal Gold's revenue grow quarter over quarter in Q2 2026?
Royal Gold's revenue fell $18.6M (-4%) from $469M in Q1 2026 to $451M in Q2 2026.
What drove Royal Gold's revenue change in Q2 2026?
Royalty revenue −$16.8M (-11%); Stream interest −$1.8M (-0.6%).