Royal Gold Q4 Earnings Miss Estimates, Revenues Surge 85% Y/Y

Royal Gold, Inc. RGLD reported adjusted earnings per share of $1.92 in the fourth quarter of 2025, missing the Zacks Consensus Estimate of $2.68. The bottom line increased 18% year over year.

Royal Gold’s Q4 Revenues Rise Y/Y

RGLD generated record revenues of $375 million, up 85% year over year. Stream revenues were $265 million in the December-end quarter, up year over year from $125 million. Royalty revenues were $111 million, up 42.2% year over year.

Royal Gold, Inc. Price, Consensus and EPS Surprise

Royal Gold, Inc. price-consensus-eps-surprise-chart | Royal Gold, Inc. Quote

RGLD Reports 82% EBITDA Margin in Q4

The company’s cost of sales was $50.8 million in the fourth quarter, skyrocketing 109.1% year over year. General and administrative expenses amounted to $17.6 million, surging 97.8% year over year. The adjusted EBITDA was $307 million in the reported quarter, soaring 81.3% year over year. The adjusted EBITDA margin came in at 82% compared with the prior-year quarter’s 84%.

Royal Gold’s Q4 Cash Position

Net cash from operating activities was $242 million in the fourth quarter, up from $141 million in the year-ago quarter. Royal Gold ended the quarter with cash and cash equivalents of $234 million compared with $195 million at the end of the fourth quarter of 2024.

RGLD’s 2025 Performance

The company delivered adjusted earnings per share of $7.33 in 2025, missing the Zacks Consensus Estimate of $8.12. The bottom line increased 39% from 2024.

RGLD generated record revenues of $1.03 billion, up 43.2% year over year. The upside was driven by higher average metal prices and contributions from the Kansanshi stream, and Sandstorm and Horizon assets. Higher gold and silver sales from Pueblo Viejo, gold sales from Andacollo and increased gold production from Peñasquito also aided growth. However, the gains were partially offset by lower gold and copper sales from Mount Milligan and reduced gold sales from Xavantina. 

Stream revenues were $686.5 million in 2025, up 42% from 2024. Royalty revenues were $344 million in 2025, up from $236 million in 2024.

Royal Gold Stock’s Price Performance

In the past year, RGLD shares have soared 84.3% compared with the industry’s surge of 134.2%.

Image Source: Zacks Investment Research

RGLD’s Zacks Rank

Royal Gold currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Mining-Gold Stocks in Q4

Agnico Eagle Mines Limited AEM reported adjusted earnings of $2.69 per share for the fourth quarter of 2025, up from $1.26 in the year-ago quarter. Agnico Eagle Mines’s bottom line topped the Zacks Consensus Estimate of $2.56.

Agnico Eagle Mines generated revenues of $3.56 billion, jumping 60.3% year over year. The top line surpassed the Zacks Consensus Estimate of $3.24 billion.

Kinross Gold Corporation KGC reported adjusted earnings of 67 cents per share for the fourth quarter of 2025, up from 20 cents in the year-ago quarter. Kinross Gold’s bottom line topped the Zacks Consensus Estimate of 55 cents.

Kinross Gold generated revenues of $2.02 billion, up 42.9% year over year. The top line surpassed the Zacks Consensus Estimate of $1.87 billion.

B2Gold Corp. BTG reported adjusted earnings of 11 cents per share for the fourth quarter of 2025, up from 1 cent in the year-ago quarter. B2Gold’s bottom line missed the Zacks Consensus Estimate of 20 cents. B2Gold generated revenues of $1.05 billion, skyrocketing 110.8% year over year. 

Zacks' Research Chief Names "Stock Most Likely to Double"

Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.

This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research