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Royal Gold (RGLD) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 6, 2026
Royal Gold (RGLD) reported revenue of $451M for the second quarter 2026 (Q2 2026), +115% from a year earlier and -4% from the quarter before. Operating margin was 62.1%, net earnings $236M (52.5% of revenue).
Royal Gold, Q2 2026: revenue $451M (+115% year over year), operating margin 62.1%, net earnings $236M, operating cash flow $335M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $451M | -4% | +115% |
| Gross profit | $291M | -8% | +91% |
| Operating profit | $280M | -6% | +97% |
| Net earnings | $236M | -16% | +79% |
| Operating cash flow | $335M | +14% | +119% |
What changed
Revenue was $450.5M in Q2 2026, up 115% year over year and down 4% from the previous quarter. Stream interest was the largest line at 69% of revenue. Stream interest added $177.8M year over year (up 133%), 74% of the total change.
Gross margin was 64.6%, down 8.0 points from Q2 2025. Operating profit was $279.9M, a 62.1% margin (down 5.5 points year over year). Of the extra revenue versus Q2 2025, 57% reached operating profit, below the 68% margin then. Operating expenses grew 8% against revenue growth of 115%. Net earnings were $236.4M, up 79% year over year. The effective tax rate was 19.7%.
Operating cash flow was $335.2M (up 119% year over year), 141% of net earnings. Non-cash charges added back $96.2M of depreciation and amortization and $3.3M of share-based compensation.
Questions
What was Royal Gold's revenue in the second quarter 2026?
Royal Gold (RGLD) reported revenue of $451M for the second quarter 2026 (Q2 2026), +115% from a year earlier and -4% from the quarter before.
Was Royal Gold profitable in the second quarter 2026?
Operating profit was $280M (62.1% of revenue) and net earnings $236M.
Source: Royal Gold 10-Q on SEC EDGAR.