ROYAL GOLD INCRGLD
ROYAL GOLD INC Segments Disclosure
SEGMENT INFORMATION
We manage our business under two reportable segments, consisting of the acquisition and management of stream interests and the acquisition and management of royalty interests. Our President and Chief Executive Officer serves as our Chief Operating Decision Maker (“CODM”) and is responsible for reviewing segment performance and making decisions regarding resource allocation. In addition to revenue, our CODM regularly reviews cost of sales, production taxes and depletion for each of our reportable segments. Royal Gold’s long-lived assets (stream and royalty interests, net) as of December 31, 2025 and 2024 are geographically distributed as shown in the following table (amounts in thousands):
| As of December 31, 2025 | As of December 31, 2024 | ||||||||||||||||||||||||||||||||||
| Stream interest | Royalty interest | Total stream and royalty interests, net | Stream interest | Royalty interest | Total stream and royalty interests, net | ||||||||||||||||||||||||||||||
| North America | $ | 1,214,810 | $ | 1,834,921 | $ | 3,049,731 | $ | 719,765 | $ | 1,520,147 | $ | 2,239,912 | |||||||||||||||||||||||
| South and Central America | 1,045,620 | 1,846,211 | 2,891,831 | 284,340 | 249,901 | 534,241 | |||||||||||||||||||||||||||||
| EMEA | 2,270,717 | 309,467 | 2,580,184 | 249,065 | 321 | 249,386 | |||||||||||||||||||||||||||||
| Australia Pacific | 13,595 | 48,534 | 62,129 | — | 19,265 | 19,265 | |||||||||||||||||||||||||||||
Total (1) | $ | 4,544,742 | $ | 4,039,133 | $ | 8,583,875 | $ | 1,253,170 | $ | 1,789,634 | $ | 3,042,804 | |||||||||||||||||||||||
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(1)Includes the carrying value of all stream and royalty interests acquired during the years ended December 31, 2025 and 2024.
Our reportable segments for purposes of assessing performance are shown below (amounts in thousands):
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
| Revenue | Cost of sales(1) | Production taxes | Depletion(2) | Segment gross profit | |||||||||||||||||||||||||
| Stream interests | $ | 686,472 | $ | 130,926 | $ | — | $ | 112,858 | $ | 442,688 | |||||||||||||||||||
| Royalty interests | 343,999 | — | 8,605 | 63,752 | 271,642 | ||||||||||||||||||||||||
| Total | $ | 1,030,471 | $ | 130,926 | $ | 8,605 | $ | 176,610 | $ | 714,330 | |||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||
| Revenue | Cost of sales(1) | Production taxes | Depletion(2) | Segment gross profit | |||||||||||||||||||||||||
| Stream interests | $ | 483,294 | $ | 97,514 | $ | — | $ | 102,800 | $ | 282,980 | |||||||||||||||||||
| Royalty interests | 236,101 | — | 6,622 | 41,285 | 188,194 | ||||||||||||||||||||||||
| Total | $ | 719,395 | $ | 97,514 | $ | 6,622 | $ | 144,085 | $ | 471,174 | |||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
| Revenue | Cost of sales(1) | Production taxes | Depletion(2) | Segment gross profit | |||||||||||||||||||||||||
| Stream interests | $ | 418,280 | $ | 90,523 | $ | — | $ | 121,121 | $ | 206,636 | |||||||||||||||||||
| Royalty interests | 187,437 | — | 7,294 | 43,385 | 136,758 | ||||||||||||||||||||||||
| Total | $ | 605,717 | $ | 90,523 | $ | 7,294 | $ | 164,506 | $ | 343,394 | |||||||||||||||||||
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(1)Excludes depreciation, depletion and amortization
(2)Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income
A reconciliation of total segment gross profit to the consolidated Income before income taxes is shown below (amounts in thousands):
| Years Ended | |||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2023 | |||||||||||||||
| Total segment gross profit | $ | 714,330 | $ | 471,174 | $ | 343,394 | |||||||||||
| Costs and expenses | |||||||||||||||||
| General and administrative expenses | 49,183 | 40,934 | 39,761 | ||||||||||||||
| Depreciation and amortization | 472 | 341 | 431 | ||||||||||||||
| Acquisition related costs | 26,508 | — | — | ||||||||||||||
| Operating income | 638,167 | 429,899 | 303,202 | ||||||||||||||
| Fair value changes in equity securities | 327 | (66) | (147) | ||||||||||||||
| Loss on sale of marketable securities | (50,017) | — | — | ||||||||||||||
| Interest and other income | 14,411 | 6,008 | 9,952 | ||||||||||||||
| Interest and other expense | (29,022) | (9,749) | (30,867) | ||||||||||||||
| Income before income taxes | $ | 573,866 | $ | 426,092 | $ | 282,140 | |||||||||||
Our revenue by reportable segment for the years ended December 31, 2025, 2024 and 2023 is geographically distributed as shown in the following table (amounts in thousands):
| Years Ended | |||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2023 | |||||||||||||||
Stream interests(1): | |||||||||||||||||
| North America | $ | 440,738 | $ | 314,860 | $ | 273,208 | |||||||||||
| EMEA | 137,281 | 82,132 | 70,757 | ||||||||||||||
| South and Central America | 107,444 | 86,302 | 74,315 | ||||||||||||||
| Australia Pacific | 1,009 | — | — | ||||||||||||||
| Total stream interests | $ | 686,472 | $ | 483,294 | $ | 418,280 | |||||||||||
| Royalty interests: | |||||||||||||||||
| North America | $ | 263,332 | $ | 192,999 | $ | 162,155 | |||||||||||
| Australia Pacific | 40,349 | 28,966 | 19,011 | ||||||||||||||
| South and Central America | 38,119 | 14,136 | 5,736 | ||||||||||||||
| EMEA | 2,199 | — | 535 | ||||||||||||||
| Total royalty interests | 343,999 | 236,101 | 187,437 | ||||||||||||||
| Total revenue | $ | 1,030,471 | $ | 719,395 | $ | 605,717 | |||||||||||
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(1)Stream revenue from the following customers exceeded 10% or our revenue for the years ended December 31, 2025, 2024 and 2023: Bank of Montreal $386.9 million (38%), $248.7 million (35%), and $311.6 million (51%) and StoneX $272.5 million (26%), $204.8 million (28%) and $61.1 million (10%), respectively.
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.