ROYAL GOLD INC

Listed Company

RGLDCIK 0000085535NasdaqLarge AcceleratedMineral Royalty TradersDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.03B

Net Income

$466.28M

Total Assets

$9.54B

Equity

$7.16B

Shares Out

84.81M

Op. Cash Flow

$704.85M

Business

ROYAL GOLD INC acquires and manages precious metal streams, royalties and similar non‑operating mineral interests and finances mining projects in exchange for those interests. It offers metal stream purchase agreements and various royalty structures, provides financing to operators, and conducts asset evaluation, diligence and transaction management to create or acquire cash‑flowing interests. The company reports through two segments: Acquisition and Management of Stream Interests and Acquisition and Management of Royalty Interests, covering production, development and exploration‑stage projects. Its portfolio is global, with interests across North and South America, the Dominican Republic, Africa, Australia and other jurisdictions.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue (Note 11)	1,030	719	606	603	654
Cost of sales (excludes depreciation, depletion and amortization)	131	98	91	95	98
General and administrative	49	41	40	35	29
Production taxes	9	7	7	7	8
Depreciation, depletion and amortization	177	144	165	179	189
Acquisition related costs	27	0	0	—	—
Total costs and expenses	392	289	303	319	325
Operating income	638	430	303	284	328
Fair value changes in equity securities	327,000	−66,000	−147,000	−2	3
Loss on sale of marketable securities	−50	0	0	—	—
Interest and other income	14	6	10	8	3
Interest and other expense	−29	−10	−31	−17	−6
Income before income taxes	574	426	282	273	328
Income tax expense (Note 14)	−102	−94	−42	−33	−53
Net income	472	332	240	—	—
Net income attributable to non-controlling interests	−5	−456,000	−692,000	−960,000	−898,000
Net income attributable to Royal Gold common stockholders	466	332	239	239	274
Unrealized change in market value of available-for-sale debt securities	993,000	0	0	—	—
Comprehensive income	473	332	240	240	275
Comprehensive income attributable to non-controlling interests	−5	−456,000	−692,000	—	—
Comprehensive income attributable to Royal Gold stockholders	467	332	239	—	—
Basic earnings per share (in dollars per share)	6.7	5.04	3.64	3.64	4.17
Basic weighted average shares outstanding (in shares)	69	66	66	66	66
Diluted earnings per share (in dollars per share)	6.69	5.04	3.63	3.63	4.17
Diluted weighted average shares outstanding (in shares)	70	66	66	66	66
Cash dividends declared per common share (in dollars per share)	1.83	1.65	1.53	1.43	1.25

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and equivalents	234	195	104	119	144
Royalty receivables	111	63	49	49	54
Income tax receivable	2	1	3	3	5
Stream inventory	26	13	10	13	12
Prepaid expenses and other	5	2	2	2	2
Total current assets	377	275	167	186	216
Stream and royalty interests, net (Note 5)	8,584	3,043	3,076	3,237	2,444
Equity method investment (Note 6)	301	0	—	—	—
Marketable securities (Note 7)	173	6,000	—	—	—
Other assets	102	74	118	111	97
Total assets	9,538	3,392	3,361	3,535	2,757
Accounts payable	10	11	11	7	6
Dividends payable	40	30	26	25	23
Income tax payable	33	23	16	16	19
Other current liabilities	37	22	19	16	13
Total current liabilities	121	85	72	64	61
Debt (Note 8)	895	0	246	572	—
Deferred tax liabilities	1,191	132	134	138	88
Mount Milligan deferred liability (Note 10)	69	25	0	—	—
Other liabilities	56	18	8	8	7
Total liabilities	2,332	261	460	781	156
Commitments and contingencies (Note 19)	—	—	—	—	—
Preferred stock, $.01 par value, 10,000,000 shares authorized; and 0 shares issued	0	0	0	—	—
Common stock, $.01 par value, 200,000,000 shares authorized; and 84,499,692 and 65,691,151 shares outstanding, respectively	845,000	657,000	656,000	656,000	656,000
Additional paid-in capital	5,928	2,228	2,221	2,213	2,206
Accumulated other comprehensive income	993,000	0	—	—	—
Accumulated earnings	1,227	890	667	527	382
Total Royal Gold stockholders equity	7,157	3,119	2,888	2,741	2,589
Non-controlling interests	48	12	12	12	12
Total equity	7,205	3,131	2,901	2,753	2,601
Total liabilities and equity	9,538	3,392	3,361	3,535	2,757

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Non-cash employee stock compensation expense	12	12	10	8	6
Deferred tax (benefit) expense	−4	8	−6	−20	11
Other	−5	945,000	779,000	979,000	2
Royalty receivables	−18	−15	521,000	5	−10
Stream inventory	−12	−3	3	−1	2
Income tax receivable	−969,000	2	390,000	2	4
Prepaid expenses and other assets	1	11	−4	−4	−2
Accounts payable	−37	−9	5	211,000	4
Income tax payable	11	8	−508,000	−3	−4
Mount Milligan deferred liability	44	25	0	0	—
Other liabilities	15	13	3	4	406,000
Net cash provided by operating activities	705	530	416	417	462
Sandstorm & Horizon acquisition, net of cash acquired	−411	0	0	—	—
Acquisition of stream and royalty interests	−1,165	−103	−3	−922	−400
Proceeds from the sale of the Versamet Shares and other securities	159	0	0	—	—
Cash calls for Hod Maden equity method investment	−9	0	0	—	—
Proceeds from Khoemacau debt facility	0	25	0	0	—
Proceeds from the sale of inventory - restricted	8	0	0	—	—
Other	299,000	−116,000	−151,000	−721,000	−241,000
Net cash used in investing activities	−1,419	−78	−3	−923	−417
Repayment of debt	−375	−250	−325	−125	−300
Borrowings from revolving credit facility	1,275	0	0	700	100
Net payments from issuance of common stock	−5	−5	−1	—	—
Net proceeds from Sandstorm option exercises	15	0	0	—	—
Horizon warrant payments	−29	0	0	—	—
Distributions to non-controlling interests	−8	0	0	—	—
Common stock dividends	−119	−105	−99	−92	−79
Other	−3	−635,000	−2	−1	−3
Net cash provided by (used in) financing activities	752	−360	−427	481	−283
Net increase (decrease) in cash and equivalents	38	91	−14	−25	−238

Filings

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