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RGLD Q2 Earnings Miss Estimates, Revenues Surge Y/Y on Metal Prices
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Key Takeaways
Royal Gold missed Q2 earnings estimates as revenues jumped 115% y/y on higher metal prices.
RGLD generated record operating cash flow as stream and royalty revenues climbed sharply in the quarter.
Royal Gold maintained its 2026 sales guidance as Greenstone ramps up and Platreef stays on schedule.
Royal Gold, Inc. (RGLD - Free Report) reported adjusted earnings of $2.56 per share for the second quarter of 2026, up 41.4% from $1.81 a year ago. The figure missed the Zacks Consensus Estimate of $2.62 by 2.29%.
Including one-time items, the company reported earnings of $2.78 compared with the prior-year quarter’s $2.01.
Royal Gold, Inc. Price, Consensus and EPS Surprise
Revenues surged 114.9% year over year to $450.5 million, aided by higher metal prices, new contributions from Kansanshi and the Sandstorm/Horizon assets, and stronger gold sales at Andacollo and Rainy River. Sales volume rose 56.5% to 100,000 gold-equivalent ounces, or GEOs.
Stream revenues were $311 million and royalty revenues were $140 million in the June-end quarter. Stream revenues increased 133% year over year, while royalty revenues rose 83%. Streams accounted for 69% of the total revenues and royalties represented 31%.
Average metal prices increased 37% for gold, 117% for silver and 40% for copper.
Royal Gold’s Q2 Adjusted EBITDA Rises Y/Y
The company’s cost of sales was $60 million in the second quarter compared with the prior-year quarter’s $24 million. General and administrative expenses amounted to $13 million compared with $10 million a year ago.
Adjusted EBITDA was $376 million in the reported quarter, skyrocketing 114% year over year. The adjusted EBITDA margin was 83% compared with the prior-year quarter’s 84%.
RGLD Generates Record Cash Flow
Net cash provided by operating activities was a record $335.2 million in the second quarter compared with $152.8 million in the prior-year quarter. The increase was driven primarily by higher stream and royalty revenues, partly offset by higher income-tax payments, G&A costs and interest payments. Royal Gold ended the quarter with cash and cash equivalents of $182.5 million compared with $233.7 million at the end of 2025.
Royal Gold Maintains 2026 Sales Outlook
The company expects 2026 gold and silver sales to remain within the previously issued 290,000-320,000 ounces and 3-3.5 million ounces, respectively. Copper and other metals sales are trending around or above the top ends of their respective guidance of 21-25 million pounds and $34-$38 million.
Mount Milligan remained on track for the 2026 guidance of 140,000-155,000 ounces of gold and 50-60 million pounds of copper. Greenstone continued ramping up, with higher quarter-over-quarter production expected for the balance of 2026.
At Platreef, Phase 1 commercial production is expected in the fourth quarter of 2026, while the Phase 2 concentrator remains on schedule for completion in the fourth quarter of 2027. Hod Maden construction continued after the transition to Lidya operatorship, with Royal Gold retaining a 15% joint-venture interest and a new effective 2.5% NSR royalty.
RGLD Stock’s Price Performance
In the past year, shares of Royal Gold have gained 33.1% compared with the industry’s growth of 42.7%.
Image Source: Zacks Investment Research
Royal Gold’s Zacks Rank
The company currently has a Zacks Rank #5 (Strong Sell).
Kinross Gold Corporation (KGC - Free Report) reported adjusted earnings of 71 cents per share for the second quarter of 2026, surging 61.4% from 44 cents in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of 66 cents by 7.6%.
Kinross Gold’s revenues increased 29.5% year over year to $2.2 billion but missed the consensus estimate of $2.3 billion by 2%.
Agnico Eagle Mines Limited (AEM - Free Report) posted second-quarter 2026 earnings were $3.05 per share, up 57.2% from $1.94 a year ago. The figure surpassed the Zacks Consensus Estimate of $2.89.
Agnico Eagle Mines generated revenues of $3,802.8 million, up 35% year over year. The top line missed the Zacks Consensus Estimate of $3,863.2 million.
Newmont Corporation (NEM - Free Report) reported second-quarter 2026 adjusted earnings of $2.10 per share, up 46.9% from $1.43 in the prior-year quarter. The figure topped the Zacks Consensus Estimate of $2.05.
Newmont’s revenues for the second quarter were $6.12 billion, up 15.1% from the prior-year quarter. The figure missed the Zacks Consensus Estimate of $6.35 billion.
View the Zacks #1 Rank List
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RGLD Q2 Earnings Miss Estimates, Revenues Surge Y/Y on Metal Prices
Key Takeaways
Royal Gold, Inc. (RGLD - Free Report) reported adjusted earnings of $2.56 per share for the second quarter of 2026, up 41.4% from $1.81 a year ago. The figure missed the Zacks Consensus Estimate of $2.62 by 2.29%.
Including one-time items, the company reported earnings of $2.78 compared with the prior-year quarter’s $2.01.
Royal Gold, Inc. Price, Consensus and EPS Surprise
Royal Gold, Inc. price-consensus-eps-surprise-chart | Royal Gold, Inc. Quote
RGLD's Q2 Revenue Mix Broadens
Revenues surged 114.9% year over year to $450.5 million, aided by higher metal prices, new contributions from Kansanshi and the Sandstorm/Horizon assets, and stronger gold sales at Andacollo and Rainy River. Sales volume rose 56.5% to 100,000 gold-equivalent ounces, or GEOs.
Stream revenues were $311 million and royalty revenues were $140 million in the June-end quarter. Stream revenues increased 133% year over year, while royalty revenues rose 83%. Streams accounted for 69% of the total revenues and royalties represented 31%.
Average metal prices increased 37% for gold, 117% for silver and 40% for copper.
Royal Gold’s Q2 Adjusted EBITDA Rises Y/Y
The company’s cost of sales was $60 million in the second quarter compared with the prior-year quarter’s $24 million. General and administrative expenses amounted to $13 million compared with $10 million a year ago.
Adjusted EBITDA was $376 million in the reported quarter, skyrocketing 114% year over year. The adjusted EBITDA margin was 83% compared with the prior-year quarter’s 84%.
RGLD Generates Record Cash Flow
Net cash provided by operating activities was a record $335.2 million in the second quarter compared with $152.8 million in the prior-year quarter. The increase was driven primarily by higher stream and royalty revenues, partly offset by higher income-tax payments, G&A costs and interest payments. Royal Gold ended the quarter with cash and cash equivalents of $182.5 million compared with $233.7 million at the end of 2025.
Royal Gold Maintains 2026 Sales Outlook
The company expects 2026 gold and silver sales to remain within the previously issued 290,000-320,000 ounces and 3-3.5 million ounces, respectively. Copper and other metals sales are trending around or above the top ends of their respective guidance of 21-25 million pounds and $34-$38 million.
Mount Milligan remained on track for the 2026 guidance of 140,000-155,000 ounces of gold and 50-60 million pounds of copper. Greenstone continued ramping up, with higher quarter-over-quarter production expected for the balance of 2026.
At Platreef, Phase 1 commercial production is expected in the fourth quarter of 2026, while the Phase 2 concentrator remains on schedule for completion in the fourth quarter of 2027. Hod Maden construction continued after the transition to Lidya operatorship, with Royal Gold retaining a 15% joint-venture interest and a new effective 2.5% NSR royalty.
RGLD Stock’s Price Performance
In the past year, shares of Royal Gold have gained 33.1% compared with the industry’s growth of 42.7%.
Royal Gold’s Zacks Rank
The company currently has a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Peer Performances
Kinross Gold Corporation (KGC - Free Report) reported adjusted earnings of 71 cents per share for the second quarter of 2026, surging 61.4% from 44 cents in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of 66 cents by 7.6%.
Kinross Gold’s revenues increased 29.5% year over year to $2.2 billion but missed the consensus estimate of $2.3 billion by 2%.
Agnico Eagle Mines Limited (AEM - Free Report) posted second-quarter 2026 earnings were $3.05 per share, up 57.2% from $1.94 a year ago. The figure surpassed the Zacks Consensus Estimate of $2.89.
Agnico Eagle Mines generated revenues of $3,802.8 million, up 35% year over year. The top line missed the Zacks Consensus Estimate of $3,863.2 million.
Newmont Corporation (NEM - Free Report) reported second-quarter 2026 adjusted earnings of $2.10 per share, up 46.9% from $1.43 in the prior-year quarter. The figure topped the Zacks Consensus Estimate of $2.05.
Newmont’s revenues for the second quarter were $6.12 billion, up 15.1% from the prior-year quarter. The figure missed the Zacks Consensus Estimate of $6.35 billion.