Filing Flows › Royal Gold (RGLD) › Q2 2026 › vs Q2 2025
Royal Gold (RGLD) Q2 2026 vs Q2 2025 (year over year)
Royal Gold's revenue rose $241M (+115%) from $210M in Q2 2025 to $451M in Q2 2026. The biggest changes: Stream interest +$178M (+133%); Royalty revenue +$63.1M (+83%). Gross margin 64.6% against 72.6% (-8.0 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 64.6% | 72.6% | -8.0 pts |
| Operating margin | 62.1% | 67.7% | -5.5 pts |
| Net margin | 52.5% | 63.1% | -10.7 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Stream interest | $311M | $133M | $178M | +133% |
| Royalty revenue | $140M | $76.5M | $63.1M | +83% |
| Revenue | $451M | $210M | $241M | +115% |
| Gross profit | $291M | $152M | $139M | +91% |
| Cost of revenue | $159M | $57.5M | $102M | +178% |
| Other income, net | $15.9M | $1.2M | $14.7M | 14× |
| Operating profit | $280M | $142M | $138M | +97% |
| Operating expenses | $11.1M | $10.4M | $789K | +8% |
| Pre-tax earnings | $296M | $143M | $153M | +107% |
| Net earnings | $236M | $132M | $104M | +79% |
| Minority interests | $1.2M | $125K | $1.0M | +833% |
| Income tax | $58.2M | $10.5M | $47.7M | +453% |
| Depreciation & amortization | $96.2M | $31.2M | $65.0M | +209% |
| Share-based compensation | $3.3M | $2.7M | $581K | +21% |
| Working capital & other | $734K | $13.4M | −$12.7M | -95% |
| Operating cash flow | $335M | $153M | $182M | +119% |
Questions
How much did Royal Gold's revenue grow year over year in Q2 2026?
Royal Gold's revenue rose $241M (+115%) from $210M in Q2 2025 to $451M in Q2 2026.
What drove Royal Gold's revenue change in Q2 2026?
Stream interest +$178M (+133%); Royalty revenue +$63.1M (+83%).