Quarterly and Full-year Results
For the fourth quarter ended Dec. 31, 2025, Royal Gold reported record revenue of $375.3 million, an 85.3% increase compared to $202.5 million in the fourth quarter of 2024. The revenue growth was primarily attributed to higher average realized gold prices and increased contributions from the Khoemacau and Cortez operations.
Net income for the quarter was $162.1 million, or $1.92 per share, up from $63.1 million, or $0.96 per share, in the prior-year period. However, earnings per share missed the analyst consensus estimate of $2.68. Operating cash flow reached a record $245.5 million for the quarter. The company maintained strong adjusted EBITDA margins of approximately 81%.
For the full year 2025, Royal Gold reported record annual revenue of $1.15 billion and record net income of $480.1 million, or $7.28 per share. This represents a significant increase from 2024 revenue of $605.7 million and net income of $239.4 million. Full-year gold equivalent ounce (GEO) sales totaled 385,000 ounces.
Key Developments and Acquisitions
The company highlighted the 2025 acquisition of the Sandstorm Gold portfolio and a new stream on the Kansanshi mine as transformational events that boosted GEO growth. During the quarter, Royal Gold continued its focus on debt reduction, repaying $400 million of its revolving credit facility.
Weakness was noted in silver recoveries at the Pueblo Viejo project, which impacted overall stream segment sales. Conversely, strength was seen in the ramp-up of the Akasaba West mine and continued steady production from the Mount Milligan operation.
Guidance
Management issued 2026 guidance forecasting GEO sales between 390,000 and 420,000 ounces. The Board also approved a 6% increase in the annual dividend to $1.90 per share.
Sector Context
Precious metals stocks have outperformed broader markets as gold prices touched record levels above $2,700 per ounce. While SaaS and software sectors face macro pressure from high interest rates and cautious enterprise spending, royalty and streaming companies like Royal Gold benefit from a low-cost structure that provides protection against inflationary pressures affecting traditional mining operators.
