Corrected: Royal Gold Q2 revenue more than doubles on higher metal prices

Royal Gold

05/08/2026 22:05

Corrects metric label in table to Operating Cash Flow from Adjusted Free Cash Flow

Overview
US precious metals royalty firm's Q2 revenue rose 115% yr/yr but missed analyst expectations
Company posted record operating cash flow and repurchased $30 mln in shares
Net income increase driven by higher revenue and gains from marketable securities

Outlook
Royal Gold expects 2026 gold sales of 290,000–320,000 oz, silver sales of 3.0–3.5 mln oz
Company says 2026 copper and other metals sales are trending at or above top end of guidance
Royal Gold anticipates 2026 DD&A expense of $339–379 mln and effective tax rate of 17–22%

Result Drivers
HIGHER METAL PRICES - Co said increased average realized prices for gold, silver and copper contributed to revenue growth
HIGHER SALES VOLUMES - Co attributed revenue growth to higher sales volumes of gold equivalent ounces
RELIEF CANYON SETTLEMENT - Settlement of fixed delivery obligations at Relief Canyon mine led to immediate gold sales and a gain

Company press release: ID:nBw67qWW5a

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Miss
$450.5 mln
$464.16 mln (4 Analysts)
Q2 Operating Cash Flow
 
$335.2 mln
 
Q2 Dividend
 
$0.475
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 2 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the gold peer group is "buy"
Wall Street's median 12-month price target for Royal Gold, Inc. is $310.00, about 50.5% above its August 4 closing price of $206.03
The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 18 three months ago

Reuters Recommended Reads
Aug 4 - FRP Holdings Q2 revenue rises as mining royalties jump 13%
Aug 4 - SSR Mining Q2 adjusted EPS misses analyst expectations
Aug 4 - LBMA suspends Shandong Gold from gold, silver Good Delivery Lists

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)