RGLD · Royal Gold, Inc.

Summary

Royal Gold, Inc. reported record financial results for the fourth quarter and full year ended December 31, 2025, including record revenue of $375.3 million and $1,030.5 million, respectively. The company also announced the completion of the Sandstorm Gold and Horizon Copper acquisitions and a 25th consecutive annual dividend increase to $1.90 per share.

Key takeaways

• Record Q4 2025 revenue of $375.3 million, an 85.3% increase compared to $202.6 million in the prior year period.
• Full year 2025 revenue reached a record $1,030.5 million, with record operating cash flow of $704.8 million.
• Completed the acquisition of Sandstorm Gold Ltd. and Horizon Copper Corp. on October 20, 2025, issuing 18.6 million shares and paying $380.9 million in cash for Sandstorm.
• Increased the annual dividend to $1.90 per share for 2026, marking the 25th consecutive year of dividend increases.
• Repaid $175 million on the revolving credit facility post-quarter, reducing the drawn amount to $725 million.
• Entered an agreement to sell Versamet Royalties Corporation shares for C$207.0 million ($147.4 million).