Royal Gold Posts Record Q3: $464.8M Revenue, $344.4M Cash Flow, Debt Fully Repaid
RGLD sits 46% above its 52-week low of $168.88.
Summary
Royal Gold reported record Q3 revenue of $464.8 million (up 84%) and net income of $227.4 million, generated $344.4 million of operating cash flow, and fully repaid its revolver after quarter end. Management raised other-metals guidance and expects silver and copper at or above the top of their ranges.
Key Events · Earnings and Guidance · RGLD
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Record Q3 Revenue and Earnings
Revenue of $464.8 million rose 84% from $252.1 million a year ago; net income was $227.4 million ($2.68 per share) versus $126.8 million, on record sales of 109,000 GEOs.
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Record $344.4M Operating Cash Flow
Operating cash flow nearly doubled from $174.0 million, with an adjusted EBITDA margin of 84% ($388.3 million adjusted EBITDA).
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Revolver Fully Repaid After Quarter End
The remaining $150 million was repaid on October 19, 2026, leaving the $1.4 billion facility undrawn and total liquidity of roughly $1.48 billion.
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Other-Metals Guidance Raised
Full-year 2026 other-metals sales guidance rose to $53-56 million from $34-38 million; silver and copper are expected at or above the top of their ranges, with gold on track at 290,000-320,000 ounces.
Analysis · RGLD · Energy & Transportation
This was a step-change quarter for Royal Gold, not an incremental one. Revenue of $464.8 million rose 84% year over year, and net income of $227.4 million ($2.68 per share) nearly doubled, driven by higher gold, silver and copper prices plus a full contribution from the Sandstorm/Horizon assets and the new Kansanshi stream. The balance-sheet story is the bigger one: the company repaid the last $150 million on its revolver on October 19, clearing a $1.225 billion post-acquisition debt load in just under a year instead of the two years originally expected, and now has the full $1.4 billion facility undrawn. Management also raised full-year other-metals sales guidance to $53-56 million from $34-38 million and expects silver and copper at or above the top of their ranges, while gold stays on track. Against that, the buyback is running modestly — $79 million of the $500 million authorization used through September 30 — and the Kinross buyback of 25% of the Great Bear royalty for about $43 million trims a long-dated growth asset.
How filings like this one have moved
In the 30 days to Nov 5, 2026, 43.4% of the 1274 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.16%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, RGLD was trading at $246.08 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $20.8B. The 52-week trading range was $168.88 to $306.25. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.