Key Highlights

  • Third-quarter Revenue increased 84% to USD 464.8 million from USD 252.1 million, while sales Volume hit a record 109,000 gold equivalent ounces against 72,900.
  • Net income reached USD 227.4 million, or USD 2.68 per share, and adjusted Net Income came to USD 238.3 million, or USD 2.80 per share, compared with USD 126.8 million and USD 136.2 million.
  • Operating cash flow set a record at USD 344.4 million versus USD 174.0 million, and the adjusted EBITDA Margin improved to 84% from 82%.
  • The remaining USD 150 million of revolver Debt was repaid on October 19, 2026, leaving the USD 1.4 billion Credit Facility undrawn.

Volume Growth and Higher Metal Prices Lift Revenue

Royal Gold (NASDAQ:RGLD) is a precious metals streaming and Royalty company, and it reported results for the quarter ended September 30, 2026 on November 4, 2026. Revenue split by metal was USD 340.3 million from gold, USD 64.1 million from silver and USD 45.0 million from copper, or 73%, 14% and 10%. Sales volume climbed 50% to 109,000 gold equivalent ounces, while the average gold price was USD 4,262 per ounce against USD 3,457, a 23% rise. Silver averaged USD 62.59 and copper USD 6.40 per pound, and other metals added USD 15.3 million. The comparison quarter predates the Sandstorm and Horizon transaction, which closed in October 2025.

Debt Retired Ahead of the Two-Year Target

Immediately after the Sandstorm and Horizon deal closed, the company carried USD 1.225 billion of debt and had initially planned to repay it within two years. It paid down USD 250 million of the revolving credit facility in the third quarter, then the last USD 150 million on October 19, 2026, leaving the USD 1.4 billion facility undrawn. Total available Liquidity was roughly USD 1.48 billion at quarter end. Royal Gold (NASDAQ:RGLD) paid a quarterly Dividend of USD 0.475 per share, 6% above a year earlier, and bought back 190,045 shares at an average of USD 259.83 for USD 49 million. Under a USD 500 million program authorized on May 4, 2026, it has repurchased 337,250 shares for USD 79 million.

Guidance Updates and the Warintza Funding Commitment

The company remains on course for gold sales of 290,000 to 320,000 ounces, with 224,265 ounces sold through September 30, and expects silver and copper to land at or above the top of their ranges. Other metals sales guidance was raised to USD 53 million to USD 56 million from USD 34 million to USD 38 million. The final USD 50 million of a USD 200 million advance to Solaris Resources for the Warintza Project in Ecuador was documented after quarter end. Results depend on metal prices and on operators at the underlying mines. A second delivery of 11,111 ounces of gold from the Mount Milligan agreement, received on October 2, 2026, sold for USD 46 million.

Where Things Stand

Yes on debt. Royal Gold (NASDAQ:RGLD) repaid the last USD 150 million of its revolver on October 19, 2026, ahead of an initial two-year target, while revenue rose on 50% higher volume and firmer metal prices. Because revenue tracks metal prices, a drop in gold, silver or copper would pass through quickly to results. The next markers are the Warintza funding and fourth-quarter sales against guidance.