Key Highlights

• Revenue surged 84% year-over-year to $464.8 million, with gold contributing 73%, silver 14%, and copper 10% of the total.

• Operating Cash Flow reached a record $344.4 million, nearly double the $174.0 million generated in the prior-year quarter.

• Sales Volume hit a record 109,000 gold equivalent ounces, up from 72,900 in Q3 2025, reflecting the contribution of the Sandstorm and Horizon portfolio acquisition.

• Royal Gold fully repaid its $1.225 billion Debt balance within approximately one year of the Sandstorm transaction closing, with total available Liquidity reaching approximately $1.48 billion.

Royal Gold Inc (NASDAQ:RGLD), a precious metals Royalty and streaming company, reported third quarter 2026 financial results that featured records across multiple metrics. The quarter, which ended 30 September 2026, demonstrated the full impact of the company's transformative Sandstorm and Horizon portfolio Acquisition completed in October 2025.

Revenue and Sales Volume Records

Revenue for Q3 2026 reached $464.8 million, an 84% increase from $252.1 million in the prior-year quarter. The revenue composition was 73% gold, 14% silver, and 10% copper, with other metals contributing the remainder. On a nine-month basis, total revenue reached $1.38 billion, more than double the $655.2 million recorded in the first nine months of 2025.

Gold revenue of $340.3 million represented a 73% increase year-over-year, while silver revenue more than doubled to $64.1 million. Copper revenue nearly tripled to $45.0 million, reflecting both higher Commodity prices and increased production from the expanded portfolio. Other metals revenue rose 74% to $15.3 million.

Sales volume hit a record 109,000 gold equivalent ounces, a 49% increase from 72,900 in the prior-year quarter. The volume growth reflects the additional royalty and streaming interests acquired through the Sandstorm and Horizon transaction, which meaningfully expanded Royal Gold's portfolio of cash-flowing assets.

Profitability and Cash Flow Generation

Net income for the quarter was $227.4 million, or $2.68 per share, compared to $126.8 million in Q3 2025. Adjusted Net Income reached $238.3 million, or $2.80 per share, up from $136.2 million a year earlier. The adjusted EBITDA Margin was 84%, compared to 82% in the prior-year period, illustrating the Operating Leverage inherent in the royalty and streaming model.

The headline achievement was operating cash flow of $344.4 million, nearly double the $174.0 million generated in Q3 2025. This cash generation enabled the company to repay $250 million on its revolving Credit Facility during the quarter and subsequently repay the remaining $150 million in October 2026, fully extinguishing the debt taken on to finance the Sandstorm acquisition.

Rapid Deleveraging and Capital Allocation

President and CEO Bill Heissenbuttel highlighted the pace of debt repayment as a demonstration of the portfolio's cash-generating capability. The company had $1.225 billion of debt outstanding immediately after closing the Sandstorm transaction in October 2025 and initially expected to repay it within two years. Instead, Royal Gold fully repaid the balance in approximately one year while simultaneously funding its regular quarterly dividend, repurchasing shares, and meeting Investment commitments at the Warintza Project.

Total available liquidity reached approximately $1.48 billion, with the full $1.4 billion revolving credit facility undrawn and available as of mid-October 2026. The company paid a quarterly Dividend of $0.475 per share, a 6% increase over the prior-year period, and repurchased 190,045 shares at an average price of $259.83 per share for total consideration of $49 million.

Additional post-quarter events included receiving the second delivery of 11,111 ounces of gold from the Deferred Gold Consideration related to the Mount Milligan Cost Support Agreement, which were sold for proceeds of $46 million. Documents were also finalized for the final $50 million advance payment to Solaris Resources under gold stream and royalty agreements for the Warintza Project.

Updated Guidance

Royal Gold remains on track to meet its full-year guidance for gold sales, expects to meet or exceed the top end of guidance ranges for silver and copper, and has raised its sales guidance for other metals. The diversified commodity exposure, combined with a portfolio spanning multiple producing Assets globally, provides the company with natural hedging against single-asset or single-commodity risks.

The Broader View

Royal Gold's Q3 2026 results showcase the accretive nature of the Sandstorm acquisition and the cash-generative characteristics of the royalty and streaming model. With debt fully repaid, a growing dividend, active share repurchases, and a portfolio delivering record volumes, the company enters the final quarter of 2026 from a position of financial flexibility.