Royal Gold, Inc. (RGLD) Earnings
Royal Gold, Inc. is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $2.67. RGLD has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise -3.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $2.77 | $3.11 | +12.3% | $469M | -0.6% |
| Feb 18, 2026 | $2.68 | $1.92 | -28.4% | $375M | -2.9% |
| Nov 5, 2025 | $2.15 | $2.06 | -4.2% | $252M | -0.8% |
| Aug 6, 2025 | $1.70 | $1.81 | +6.5% | $210M | -1.9% |
| May 7, 2025 | $1.43 | $1.51 | +5.6% | $193M | +6.2% |
| Feb 12, 2025 | $1.46 | $1.63 | +11.6% | $203M | +24.3% |
| May 8, 2024 | $0.94 | $0.91 | -3.2% | $149M | +1.3% |
| Feb 14, 2024 | $0.77 | $0.95 | +23.4% | $153M | +8.9% |
| Nov 1, 2023 | $0.80 | $0.76 | -5.0% | $139M | +2.0% |
| Aug 2, 2023 | $0.88 | $0.88 | +0.0% | $144M | -9.4% |
| May 3, 2023 | $0.99 | $0.96 | -3.0% | $170M | +0.0% |
| Feb 15, 2023 | $0.81 | $0.91 | +12.3% | $163M | -1.5% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Bill started with an overview of the quarter, noting 2025 was transformational and this quarter's results showed higher revenue, operating cash flow, and earnings. Martin provided portfolio commentary, mentioning solid portfolio performance for the quarter with record revenue including first full quarter from Sandstorm Horizon interests. Paul gave a financial update, noting revenue up strongly, G&A expense higher due to corporate costs, DD&A expense increased, gain on sale of marketable securities, interest and other expenses increased, tax expense had discrete benefit. Management also discussed post-acquisition progress, business development environment, and capital allocation including new credit facility accordion feature and share repurchase program.
Guidance
When giving five-year guidance at investor day, they were clear not to update it through the year and next five-year guidance for 2031 will be next year. For Silver ounces at Pueblo Viejo, criteria is recovery above 52.5% for deferred ounces to contribute. Next quarter, will issue press release with more detail on notable financial items including revenue estimates from stream and royalty segments.
Segment performance
Quarterly revenue was $469 million, operating cash flow was $294 million, and earnings were $281 million. These were increases of 143%, 115%, and 148%, respectively, over the first quarter of last year. After adjusting for unusual items, net income was a record $233 million, or $2.72 per share, an 80% increase over last year. Gold contributed 71% of total revenue for the quarter. Metal price increases were significant, with gold up 70%, silver up 165%, and copper up 38% over the prior year. The split of gold revenue decreased to 71% and silver rose to 16% as compared to prior year contributions of 75% and 12% respectively. Copper revenue was approximately 10% and in line with the last year.
Risks & headwinds
Strategic review of Hod Madden joint venture ownership could have uncertainties. Debt servicing and repayment related risks. Uncertainties with investments like Entrez resources and progress of projects like Oyutogoy.
Analyst Q&A
Q: Larry Liu with CIBC asked about guidance and deferred silver ounces at Pueblo Viejo.
A: Bill said they don't update five-year guidance, Martin explained criteria for deferred silver ounces.
Q: Tanya Jakuskinek with Scotiabank asked about Hod Madden components and upcoming financial detail release.
A: Paul explained accounting for Hod Madden, Bill and Martin talked about upcoming release of revenue details from royalty and stream segments.
Q: Derek Ma with TD Cowan asked about SSR and HODMAP collaboration and share repurchase program.
A: Bill talked about collaboration needing partners' consent, Martin and Bill discussed share repurchase program not being automated.
Q: Josh Wolfson with RBC Capital Markets asked about buyback justification and Antamina asset.
A: Bill talked about buyback justification from valuation disconnect, Martin talked about Antamina's first quarter performance.
Q: Brian MacArthur with Raymond James asked about Antamina and La Vita assets.
A: Martin talked about Antamina's first quarter being unique due to grade and deductions, no update on La Vita asset.