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Dec 31, 2025
Royal Gold Q4 2025 Earnings Report
Royal Gold reported record revenue and cash flow for the fourth quarter of 2025, driven by higher metal prices and contributions from recent acquisitions.
Key Takeaways
Royal Gold achieved record revenue of $375.3 million and record operating cash flow of $241.7 million in Q4 2025. The company's performance was significantly boosted by higher average gold, silver, and copper prices, as well as initial revenue from the Kansanshi stream and Sandstorm and Horizon acquired assets. Despite a loss on marketable securities, the company maintained a strong adjusted EBITDA margin of 82%.
Record revenue of $375.3 million was achieved in Q4 2025, an 85.3% increase from the prior year period.
Record operating cash flow reached $241.7 million, up from $141.1 million in Q4 2024.
Adjusted net income for the quarter was $155.0 million, or $1.92 per diluted share.
The company's total revenue for the full year 2025 was $1,030.5 million, a record high.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Royal Gold anticipates continued growth and operational improvements across its portfolio, with several key projects expected to advance or increase production in the coming years. The company is focused on debt repayment and leveraging higher metal prices.
Positive Outlook
- Mount Milligan received permits to continue operations through 2035, with a 10% plant throughput expansion starting in 2028.
- Pueblo Viejo's mine life extension activities are progressing, with 2026 gold production expected to range between 350,000 and 400,000 ounces (60% basis).
- Kansanshi's S3 Expansion plant is in commercial production, with gold sales attributable to Royal Gold's stream interest expected to rise to 38,000-43,000 ounces by 2028.
- Khoemacau's expansion was approved, with first concentrate production expected in H1 2028 and annual silver production applicable to Royal Gold's stream projected to be 1.3-1.4 million ounces.
- Platreef is on track for Phase 1 concentrator ramp-up and first revenue recognition in H1 2026.
Challenges Ahead
- Cortez's Fourmile Project PFS is expected in 2028, indicating a longer development timeline.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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