Royal Gold misses Q3 revenue estimates, profit edges above forecast

Royal Gold (RGLD) said its third-quarter revenue was $464.77 million, below the $475.28 million consensus estimate, while adjusted earnings per share of $2.80 were above the $2.77 estimate. The results cover the quarter ended Sept. 30, 2026, and were released on Nov. 4.

The company's press release described a strong quarter, with record operating cash flow of $344.4 million, up from $174.0 million a year earlier.

Royal Gold holds a large portfolio of precious metal streams and royalties, production-based interests in mining operations in several countries.

Here's how the company did:

• Revenue: $464.77 million vs. $475.28 million expected, and $252.1 million a year earlier
• Adjusted EPS: $2.80 vs. $2.77 expected, and $2.06 a year earlier
• Net income per diluted share: $2.68, vs. $1.92 a year earlier
• Operating cash flow: $344.4 million, vs. $174.0 million a year earlier

Revenue rose 84% from a year earlier, as higher metal prices and new stream assets added to sales. Average gold prices were $4,262 per ounce, up from $3,457.

"Strong third quarter results extended the positive momentum from the first half of the year," said President and CEO Bill Heissenbuttel. "Our large and diversified portfolio has generated significant cash flow since we closed the Sandstorm and Horizon transaction in October 2025, allowing us to rapidly pay down debt and rebuild our liquidity."

2026 guidance

The company is raising its full-year sales guidance for other metals to $53 million to $56 million, from the original $34 million to $38 million. Based on year-to-date sales, it expects silver and copper sales at or above the top end of their ranges.

Gold sales guidance of 290,000 to 320,000 ounces is unchanged. The company expects gold sales, depreciation, depletion and amortization of $339 million to $379 million, and an effective tax rate of 17% to 22%, all within their original ranges.

Segment results

Gold revenue was $340.3 million, up 73% from a year earlier. Silver revenue was $64.1 million, up 112%, and copper revenue was $45.0 million, up 175%. Other metals brought in $15.3 million, up 74%.

The split between stream and royalty revenue was 68% to 32%, against 66% to 34% a year earlier.

Capital returns and debt

The company repurchased 190,045 shares at an average price of $259.83 for $49 million in the quarter, under a $500 million program its board approved on May 4, 2026. Since approval it has bought back 337,250 shares for $79 million. It paid a quarterly dividend of 47.5 cents per share, up from 45 cents a year earlier.

It repaid $250 million on its revolving credit facility in the quarter and the remaining $150 million on Oct. 19, leaving its $1.4 billion facility undrawn. Total liquidity at quarter end was about $1.48 billion.

After quarter end, the company received a second delivery of 11,111 ounces of gold under the Mount Milligan cost support agreement on Oct. 2, which it sold for $46 million. It also finalized documents for the final $50 million advance to Solaris Resources Inc. for the Warintza Project.

Kinross Gold Corporation has given notice of its intention to buy back 25% of the Great Bear royalty at Royal Gold's acquisition cost plus inflation, for about $43 million in cash. The buyback would reduce the royalty to a 1.50% NSR, or net smelter return royalty.