$RGLD Royal Gold Inc | Understand Stock

What Do They Do?

Acquires and manages precious-metal streams and royalties tied to mines, and sells gold, silver and copper to metal buyers.

How Do They Make Money?

For stream interests, Royal Gold pays an upfront amount for the right to buy mine-produced metal at contract prices, then sells it to metal buyers when delivery settles. Royalty income comes from operators' contract-based share of production value or metal, less permitted costs, when production is delivered.

revenue

Segment	Share	Revenue	How money arrives
Stream interest Sold outright	67% FY2022: 69%		Sold outright
Royalty interest Licensed	33% FY2022: 31%		Licensed

Who Are Their Customers?

Metal buyers purchase stream-supplied metals directly from Royal Gold; mine operators are customers for royalty interests, where revenue is tied to metal delivered to their own customers.

Do Revenues Turn Into Profits?

Yes. It kept 45 cents of every revenue dollar as net income in FY2025.

Operating income, FY2025

62% of revenue

▲ +48% vs FY2024 ($429.9M, 60%)

Net income, FY2025

45% of revenue

▲ +40% vs FY2024 ($332M, 46%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +115%; vs $209.6M in Q2 FY2025
Net income: ▲ +79%; vs $132.3M in Q2 FY2025

Stream interest share of revenue vs 63.5% in Q2 FY2025

Mar 31, 2026 Issued sales guidance and a 5-year outlook

Growing. Revenue grew 67% in 4 years, from $615.9M in FY2020 to $1B in FY2025, about 14% a year.

Revenue over time

Stream interest Royalty interest

$2B$1B$0

FY2022 FY2023 FY2024 FY2025