Filing Flows › Royal Gold (RGLD) › Q3 2026 › vs Q3 2025
Royal Gold (RGLD) Q3 2026 vs Q3 2025 (year over year)
Royal Gold's revenue rose $213M (+84%) from $252M in Q3 2025 to $465M in Q3 2026. The biggest changes: Stream interest +$152M (+92%); Royalty revenue +$60.4M (+70%). Gross margin 68.3% against 73.6% (-5.3 pts).
Royal Gold, Q3 2026: revenue $465M (+84% year over year), operating margin 65.4%, net earnings $227M, operating cash flow $344M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 68.3% | 73.6% | -5.3 pts |
| Operating margin | 65.4% | 64.4% | +0.9 pts |
| Net margin | 48.9% | 50.3% | -1.4 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Stream interest | $318M | $166M | $152M | +92% |
| Royalty revenue | $146M | $86.0M | $60.4M | +70% |
| Revenue | $465M | $252M | $213M | +84% |
| Gross profit | $317M | $185M | $132M | +71% |
| Cost of revenue | $148M | $66.6M | $80.9M | +121% |
| Operating profit | $304M | $162M | $141M | +87% |
| Operating expenses | $13.5M | $23.1M | −$9.6M | -41% |
| Pre-tax earnings | $286M | $161M | $125M | +78% |
| Other expense, net | $18.0M | $1.8M | $16.1M | +880% |
| General & admin | $13.2M | $10.2M | $3.0M | +30% |
| Other operating costs | $280K | $12.9M | −$12.6M | -98% |
| Net earnings | $227M | $127M | $101M | +79% |
| Minority interests | $676K | $5.0M | −$4.3M | -86% |
| Income tax | $57.6M | $28.7M | $28.9M | +101% |
| Depreciation & amortization | $82.0M | $32.9M | $49.1M | +149% |
| Share-based compensation | $3.3M | $2.9M | $342K | +12% |
| Working capital & other | $31.7M | $11.3M | $20.4M | +180% |
| Operating cash flow | $344M | $174M | $170M | +98% |
Questions
How much did Royal Gold's revenue grow year over year in Q3 2026?
Royal Gold's revenue rose $213M (+84%) from $252M in Q3 2025 to $465M in Q3 2026.
What drove Royal Gold's revenue change in Q3 2026?
Stream interest +$152M (+92%); Royalty revenue +$60.4M (+70%).