The combination of record earnings, a new buyback program, and debt repayment signals strong cash generation and management confidence. Watch for continued strength in metal prices and operators' production updates. The $500M buyback may provide downside support, but monitor leverage as debt still stands at $525M post-quarter.
Price Chart
Executive Summary
Royal Gold reported record Q1 2026 results with revenue of $469.1M (+142.5% YoY), diluted EPS of $3.30 (beat $2.86 consensus by 15.4%), and record operating cash flow of $293.6M. The company also authorized a $500M share repurchase program and added a $600M accordion facility, while maintaining 2026 guidance. The strong performance is driven by higher metal prices, new contributions from the Sandstorm/Horizon acquisitions, and improved operational performance across the portfolio.
Key Financial Metrics
Key Facts
- Record revenue of $469.1M, up 142.5% YoY
- Record net income of $281.1M ($3.30 diluted EPS vs. consensus $2.86, beat 15.4%)
- Record operating cash flow of $293.6M vs. $136.4M YoY
- Adjusted EBITDA margin of 83% (82% YoY)
- GEOs sold: 96,300 vs. 67,600 YoY (+42.5%)
- Board authorized $500M share repurchase program
- Added $600M uncommitted accordion facility to revolving credit facility
- Repaid $300M on revolving credit facility during Q1, another $75M post-quarter
- 2026 guidance maintained across all metrics
- Stream segment sales included full quarter of Sandstorm portfolio
Financial Impact
Revenue surge of $275.7M YoY, diluted EPS beat consensus by $0.44, operating cash flow up $157.2M
Risk Factors
- Commodity price volatility (gold, silver, copper)
- High debt levels from Sandstorm/Horizon acquisitions (though rapidly repaid)
- Operator production risks and mine plan changes
- Integration of acquired portfolios
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000085535-26-000026 |
| Document: 0000085535-26-000026-index.html | 0000085535-26-000026 |
| Document: 0000085535-26-000026.txt | 0000085535-26-000026 |
| 8-K Data (Synthetic) | 0000085535-26-000026 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 5, 2026 8w ago | 8-K | $218.11 $264.85 | ▲ +21.43% | ▲ +20.83% | $234.64 (+7.58%) |
Jul 21, 2026 10w ago | 8-K | $194.01 $230.43 | ▲ +18.77% | ▲ +16.21% | $234.64 (+20.94%) |
May 6, 2026 21w ago | 8-K | $232.55 $216.79 | ▼ −6.78% | ▼ −9.91% | $234.64 (+0.90%) |
Apr 3, 2026 26w ago | DEFA14A | $260.58 $227.58 | ▼ −12.66% | ▼ −21.65% | $234.64 (−9.95%) |
Feb 28, 2026 30w ago | Institutional Cluster | $304.09 $238.75 | ▼ −21.49% | ▼ −13.55% | $234.64 (−22.84%) |
US Market Status
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