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Jun 30
Royal Gold Q2 2025 Earnings Report
Royal Gold reported record revenue, operating cash flow and earnings for the second quarter of 2025.
Key Takeaways
Royal Gold delivered record quarterly results in Q2 2025, with revenue of $209.6 million, net income of $132.3 million (EPS $2.01), operating cash flow of $152.8 million, and adjusted EPS of $1.81. The company also achieved an 84% adjusted EBITDA margin, increased its quarterly dividend by 12.5% to $0.45 per share, and strengthened its liquidity to $1.25 billion :contentReference[oaicite:0]{index=0}.
Revenue reached a record $209.6 million, up from $174.1 million a year ago.
Operating cash flow was a record $152.8 million, up 34% year-over-year.
Net income rose to $132.3 million (EPS $2.01), with adjusted EPS of $1.81.
Adjusted EBITDA margin expanded to 84%, reflecting strong operating leverage.
Royal Gold
Royal Gold
Royal Gold Revenue by Geographic Location
Revenue by Geographic Location
Canada Revenue
CapyFin.comUnited States Revenue
CapyFin.comLatin America Revenue
CapyFin.comAustralia Revenue
CapyFin.com Forward Guidance
The company expects 2025 metal sales, DD&A expense and effective tax rate to remain within previously provided ranges.
Positive Outlook
- Forecast aligns with robust metal sales guidance.
- Maintains strong balance sheet with $1.25 billion liquidity.
- High adjusted EBITDA margin supports cash flow generation.
- Diversified portfolio underpins stable revenue streams.
- Record free cash flow generation enhances financial flexibility.
Challenges Ahead
- Metal price volatility may impact revenue.
- Lower grades at select properties could affect production.
- Operational and permitting risks at development projects.
- Deferred silver deliveries timing remains uncertain.
- Integration of recent acquisitions may face execution challenges.