Royal Gold
RGLD · NasdaqMineral Royalty Traders · Fiscal year ends Dec 31
Royal Gold reported revenue of $1B in the fiscal year ended Dec 2025, up 43.2% from the year before. Operating income was $638M, an operating margin of 61.9%, and net income was $466M. Net debt was $662M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $654M | $603M | $606M | $719M | $1B |
| Gross profit | – | $323M | $343M | $471M | $714M |
| Operating income | $328M | $284M | $303M | $430M | $638M |
| Pre-tax income | $328M | $273M | $282M | $426M | $574M |
| Income tax | $53M | $33M | $42M | $94M | $102M |
| Net income | $274M | $239M | $239M | $332M | $466M |
| Diluted EPS | 4.17 | 3.63 | 3.63 | 5.04 | 6.69 |
| Diluted shares | 66M | 66M | 66M | 66M | 70M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $144M | $119M | $104M | $195M | $234M |
| Current assets | $216M | $186M | $167M | $275M | $377M |
| Total assets | $2.8B | $3.5B | $3.4B | $3.4B | $9.5B |
| Payables | $6M | $7M | $11M | $11M | $10M |
| Current liabilities | $61M | $64M | $72M | $85M | $121M |
| Short-term debt | – | – | $0 | – | – |
| Long-term debt | – | $572M | $246M | $0 | $895M |
| Total liabilities | $156M | $781M | $460M | $261M | $2.3B |
| Shareholders' equity | $2.6B | $2.7B | $2.9B | $3.1B | $7.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $462M | $417M | $416M | $530M | $705M |
| Depreciation & amortisation | $189M | $179M | $165M | $144M | $177M |
| Stock-based compensation | $6M | $8M | $10M | $12M | $12M |
| Acquisitions | – | – | $0 | $0 | $411M |
| Dividends paid | $79M | $92M | $99M | $105M | $119M |
| Dividend per share | 1.25 | 1.43 | 1.52 | 1.65 | 1.82 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −7.7% | 0.4% | 18.8% | 43.2% |
| Operating income growth (YoY) | – | −13.6% | 6.9% | 41.8% | 48.4% |
| EPS growth (YoY) | – | −12.9% | 0.0% | 38.8% | 32.7% |
| Gross margin | – | 53.6% | 56.7% | 65.5% | 69.3% |
| Operating margin | 50.2% | 47.0% | 50.1% | 59.8% | 61.9% |
| Net margin | 41.9% | 39.6% | 39.5% | 46.2% | 45.2% |
| Return on equityBlank when equity is negative | 10.6% | 8.7% | 8.3% | 10.6% | 6.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.2% | 8.2% | 9.2% | 13.0% | 6.8% |
| Cash conversion (CFO ÷ net income) | 1.69x | 1.75x | 1.74x | 1.59x | 1.51x |
| Payable days | – | 9 | 16 | 16 | 12 |
| Debt ÷ equity | – | 0.21x | 0.09x | 0.00x | 0.13x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | $453M | $142M | −$195M | $662M |
| Current ratio | 3.52x | 2.92x | 2.31x | 3.23x | 3.12x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.