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Royal Gold Reports Record Revenue and Cash Flow for the Fourth Quarter of 2025 and Record Revenue, Cash Flow and Earnings for the Full Year of 2025

RGLD
  • Royal Gold reported record Q4 2025 revenue of $375.3 million & full-year revenue of $1.03 billion, driven by higher metal prices & acquisitions of Sandstorm Gold Ltd. & Horizon Copper Corp.
  • Q4 2025 net income was $93.6 million ($1.16 per share), while full-year net income reached $466.3 million ($6.70 per share), with full-year adjusted net income at $509.9 million ($7.33 per share).
  • The company acquired Sandstorm & Horizon for $411.3 million in cash, issuing 18.6 million shares & assuming options, which increased the outstanding share count to 84.5 million.
  • Royal Gold maintained its dividend growth streak by increasing the 2026 annual dividend to $1.90 per share, the 25th consecutive annual increase, & paid $1.80 per share in 2025.
  • Full-year 2025 operating cash flow hit a record $704.8 million, allowing the company to draw $1.275 billion on its credit facility, repay $375 million, & reduce debt from cash flow.
  • Revenue composition for Q4 2025 was 78% gold, 11% silver, & 8% copper; full-year 2025 was 78% gold, 12% silver, & 7% copper.
  • The company sold its Versamet Royalties Corporation shares for $147.4 million & used proceeds to repay debt, while restructuring interests in Bear Creek Mining to gain increased royalty exposure to Corani & Mercedes projects.
  • Metal prices surged in 2025, with average realized gold at $3,432/oz, silver at $40.03/oz, & copper at $4.51/lb, compared to significantly lower levels in 2024.
  • Key mine developments include mine life extensions for Mount Milligan (to 2035 with 2045 potential) & Pueblo Viejo, plus production guidance increases for Andacollo, Xavantina, & Khoemac a u.
  • Post-quarter events included repaying $175 million on the revolving credit facility, reducing drawn amounts to $725 million, with $675 million available as of the report date.
  • Total liquidity stood at approximately $756.5 million at quarter-end, comprising $256.5 million in working capital & $500 million undrawn credit facility capacity.
  • The company expects to repay the remaining outstanding debt balance by early 2027 using future cash flows at current metal prices, absent further acquisitions.