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Sep 30, 2025
Royal Gold Q3 2025 Earnings Report
Royal Gold reported strong results for Q3 2025, with record revenue and operating cash flow driven by higher metal prices and volume increases at key assets.
Key Takeaways
Royal Gold delivered record quarterly revenue of $252.1 million and net income of $126.8 million in Q3 2025, reflecting higher gold and silver prices, robust portfolio performance, and strategic acquisitions.
Revenue hit a record $252.1 million, driven by higher gold, silver, and copper prices.
Adjusted EPS reached $2.06, with net income at $126.8 million.
Royal Gold acquired Sandstorm Gold and Horizon Copper, expanding its portfolio.
Free cash flow was significantly negative due to the $1B Kansanshi stream acquisition.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Royal Gold expects 2025 results to remain in line with previous guidance excluding recent acquisitions, and forecasts strong contributions from its expanded portfolio.
Positive Outlook
- Full-year production expected near the higher end of guidance.
- Kansanshi stream expected to ramp up and deliver monthly gold.
- Mount Milligan mine life extended to 2045.
- Sandstorm and Horizon acquisitions add growth and diversification.
- Rainy River and Andacollo contributing higher gold sales.
Challenges Ahead
- Free cash flow negatively impacted by large Kansanshi acquisition.
- Lower gold sales from Xavantina versus prior year.
- Deferred silver deliveries from Pueblo Viejo create timing uncertainty.
- Higher interest expense due to increased credit facility drawdowns.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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