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RGLD Nasdaq Russell 1000 Earnings call

Royal Gold (RGLD) · Q2 2026 results and valuation

Share price: $268.84 · 2026-11-11

Results Q2 2026 vs Q1 2026 · previous quarter · published 6 Aug 2026 and 7 May 2026

Net income down 15.9% on the previous quarter. Management sounded restrained, in its script and in answers to analysts.

Only a basic analysis is available for this company at the moment.

1 · Numbers

−15.9%

Net income vs Q1 2026

Outlook given

Net income 236.4M vs 281.1M

Revenue −4.0%

Against the same quarter last year (Q2 2025) it is +78.6%; the dip on last quarter is small next to the change on last year.

2 · How management spoke

Restrained

Less upbeat than 68% of company calls

Answers to analysts: restrained, in line with the script.

Similar to last call.

3 · What stood out

Figure

The company repaid $200 million on the revolver during the quarter and ended with total available liquidity of $1.2 billion.

Valuation

Is Royal Gold undervalued?

Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

At 10.0% growth a year (3-year revenue growth), the model's fair value is $122.13 a share — the stock trades 120% above it. Today's price assumes 20.0% growth a year.

Current price

$268.84

close of 2026-11-11

Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.

+20.0% for 10 yrs

Fair value / share

$122.13

Buy below

$91.60

Price vs fair value

Overvalued 120%

Price vs buy-below price

Overvalued 193%

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Key theme

    Record operating cash flow of $335 million came alongside $451 million in revenue and $236 million in earnings.

    Source quote
    “Revenue for the quarter was $451 million, operating cash flow was a record $335 million and earnings were $236 million. This is our second complete quarter of consolidated financial results after significantly growing our business in 2025 and our strong first half of 2026 clearly demonstrates a material change in the scale of our portfolio. These were increases of 115%, 119% and 79%, respectively, over the same period last year.”
  2. Guidance

    The company expects to finish the year within the guidance range of $339 million to $379 million for its overall DD&A expense.

    Source quote
    “Our overall DD&A expense is in line with expectations, and we expect to finish the year within the guidance range of $339 million to $379 million.”
  3. Fading

    While the Hod Maden ownership review continues, first revenue from Platreef is expected this quarter.

    Source quote
    “At Hod Maden, SSR reported on Tuesday that the strategic review of its Hod Maden joint venture ownership is continuing... We expect to see our first revenue from Platreef in the current quarter. We will continue to fund our 30% of project costs through this period, but we expect these to be relatively low and not significant compared to our expected...”

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Restrained (was typical)
Answers to analysts Restrained (was cautious)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone
“Until such time, we will try to continue to show a strong financial performance and use our increased cash flows to address multiple opportunities that may be present ranging from...”
“At Caserones, work is underway by Lundin Mining to increase utilization of the cathode plant and grow copper production.”
“Hod Maden is a high-grade and high-margin project, and we are pleased to preserve the value of our position while bringing our overall interest more in line with our core...”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)

Metric Q2 2026period end 2026-06-30 Q1 2026period end 2026-03-31 Change Q2 2025 YoY
Revenue 450.5M 469.1M −4.0% 209.6M +114.9%
Gross profit 291.1M 314.9M −7.6% 152.2M +91.3%
Operating income 279.9M 297.1M −5.8% 141.8M +97.4%
Net income 236.4M 281.1M −15.9% 132.3M +78.6%
EPS 2.78 3.30 −15.8% 2.01 +38.3%
P/E today 25.9 22.1 30.8 −8.7 26.1 −4.0

Topics

Most discussed now

  • New Reducing asset concentration risk was a key driver for its acquisitions in 2025, and Royal Gold is pleased to see this...
  • Royal Gold's adjusted EBITDA margin remained high at 83% for the quarter, reflecting its low and stable cash G&A.
  • Other metal sales have benefited from strong zinc production at Antamina and nickel production at Voisey's Bay.
  • Royal Gold also recognized a large revenue contribution from Relief Canyon in the second quarter, when it sold 5,000 ounces of...
  • Gold remains Royal Gold's dominant revenue driver at 76% of total revenue with silver at 12% and copper at 8%.

Faded since Q1 2026

  • Dropped Royal Gold is very undervalued, and I quite frankly wish it had the program in place back then.
  • Fading In keeping with its strategy, Royal Gold plans to rationalize noncore assets acquired through the Sandstorm transaction and, where…
  • Fading This was led by strong performance at Antamina due to higher grade and lower deductions, and from Caserones and Chapada...
  • Fading Metal sales are tracking well at this point compared to Royal Gold's 2026 guidance, although Q1 copper revenue was better than...

Latest announcements

Official filings, newest first.

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