Filing Flows › Royal Gold (RGLD) › Q4 2025
Royal Gold (RGLD) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
Royal Gold (RGLD) reported revenue of $375M for the fourth quarter 2025 (Q4 2025), +85% from a year earlier and +49% from the quarter before. Operating margin was 56.2%, net earnings $93.6M (24.9% of revenue).
Royal Gold, Q4 2025: revenue $375M (+85% year over year), operating margin 56.2%, net earnings $93.6M, operating cash flow $242M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $375M | +49% | +85% |
| Gross profit | $242M | +31% | +70% |
| Operating profit | $211M | +30% | +58% |
| Net earnings | $93.6M | -26% | -13% |
| Operating cash flow | $242M | +39% | +71% |
What changed
Revenue was $375.3M in Q4 2025, up 85% year over year and up 49% from the previous quarter.
Gross margin was 64.6%, down 5.7 points from a year earlier. Operating profit was $210.9M, a 56.2% margin (down 9.7 points year over year). Of the extra revenue versus a year earlier, 45% reached operating profit, below the 66% margin then. Operating expenses grew 251% against revenue growth of 85%. The fastest-growing cost line was Other operating costs (+16298%). Net earnings were $93.6M, down 13% year over year. The effective tax rate was 36.0%.
Operating cash flow was $241.7M (up 71% year over year), 258% of net earnings. Non-cash charges added back $80.0M of depreciation and amortization and $3.0M of share-based compensation. Working capital and other items added $65.0M.
Questions
What was Royal Gold's revenue in the fourth quarter 2025?
Royal Gold (RGLD) reported revenue of $375M for the fourth quarter 2025 (Q4 2025), +85% from a year earlier and +49% from the quarter before.
Was Royal Gold profitable in the fourth quarter 2025?
Operating profit was $211M (56.2% of revenue) and net earnings $93.6M.
Source: Royal Gold 10-K on SEC EDGAR.