Royal Gold Inc Delivers Record-Breaking Q3 Results: Strong Cash Flow and Debt Repayment Mark a Milestone for the Company
Royal Gold Inc, a leading gold-focused business, has made headlines with its impressive third-quarter 2026 results. The company's revenue reached $465 million on record volume of 109,000 GEOs (Gold Equivalent Ounces), while operating cash flow hit a record high of $344 million for the third consecutive quarter.
The strong performance was reflected in net income, which stood at $227 million, and adjusted net income, which reached a record $238 million or $2.80 per share. The company's adjusted EBITDA margin also increased to 84% for the quarter, showcasing its low cash General and Administrative expenses.
Notably, Royal Gold Inc repaid $250 million on its revolver during the quarter and further reduced its debt by $150 million in October, achieving a remarkable feat of paying out more than $1.2 billion since closing the Sandstorm-Horizon transaction. The company's strong cash flow has enabled it to redeploy funds in an active market for business development.
The portfolio performance was another highlight of the quarter, with stream revenue reaching $318 million, up 92% from the prior year's quarter. Strong contributions came from Andacollo, Mount Milligan, Pueblo Viejo, Xavantina, and Khoemacau, as well as new streams at Greenstone, Bonikro, and Chapada.
Martin Raffield, Senior Vice President of Operations, noted that the Cortez Legacy Zone and Peñasquito saw large increases in royalty revenue, reaching $146 million, up 70% from the prior year's quarter. The company also raised its full-year guidance for other metals, expecting to be at or above the top end of the guidance ranges for silver and copper sales.
The company's ability to generate substantial cash flow from its diversified portfolio has been a key driver of its success. With a strong balance sheet and a solid financial position, Royal Gold Inc is well-equipped to take advantage of future business opportunities.
