RGLD Q2 Earnings Miss Estimates, Revenues Surge Y/Y on Metal Prices

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%.

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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 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 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 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.

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