Royal Gold, Inc. Q3 2026 Earnings Recap

Royal Gold’s shares rose 6.2% after earnings, alongside record quarterly sales volume and adjusted net income, higher full-year guidance for other metals, and repayment of its remaining revolver balance in October. Gold sales remain on track around the midpoint of the original guidance range, while some underlying operators reported production constraints or narrower guidance.

Key Takeaways

• Revenue was $465 million on record volume of 109,000 GEOs; operating cash flow reached a record $344 million for the third consecutive quarter.
• Adjusted net income was a record $238 million, or $2.80 per share, and adjusted EBITDA margin was 84%.
• Royal Gold repaid $250 million on its revolver during the quarter and the remaining $150 million in October, leaving it debt-free with its $1.4 billion revolver undrawn.
• Full-year guidance for other metals was raised; silver and copper sales are expected to be at or above the top of their ranges, while gold sales are tracking around the midpoint of the original range.
• Portfolio risks include Andacollo copper production now expected at the low end of guidance and First Quantum narrowing Kansanshi’s 2026 copper guidance to 175,000–185,000 tonnes. Antamina suspended production on October 27 following a fatality.