Royal Gold's Q3 revenue rises 84% to $464.8m, debt cleared in October
Operating cash flow reached a record $344.4m on 109,000 gold-equivalent ounces sold, against 72,900 a year earlier. The last $150m on its credit facility was repaid on 19 October.
By Carat Capital
What changed
Revenue rose 84%. Royal Gold's Q3 revenue was $464.8m against $252.1m a year earlier. Gold brought in $340.3m of it.
What it means
- If you price gold jewellery: Gold averaged $4,262 an ounce in the quarter. The tape's $4,123.20 bid is 3.3% lower.
- If you hold Royal Gold: Earnings per share rose to $2.68 from $1.92, on 84.6m weighted shares against 65.8m.
- What this is not: Growth on the same assets. The year-ago quarter preceded the Sandstorm and Horizon deal of October 2025.
Key figures
| RevenueQ3 2026, against $252.1m in Q3 2025 | $464.8m |
|---|---|
| Operating cash flowa record, against $174.0m | $344.4m |
| GEOs solda record, against 72,900 | 109,000 |
| Credit facility undrawnafter the last $150m, 19 October | $1.4bn |
Source: Royal Gold, third-quarter 2026 results, Exhibit 99.1 to Form 8-K, 4 November 2026; quarter to 30 September 2026.
Price and volume both rose.
Gold up 23%. Gold averaged $4,262 an ounce in the quarter against $3,457 a year earlier, the company's table shows. GEOs sold rose 50% to a record.
The deal is inside. The year-ago quarter preceded the Sandstorm and Horizon transaction, closed in October 2025. Revenue from South and Central America rose to $111.5m from $32.2m. The release does not split the growth between the deal and the price.
| Line | Q3 2025 | Q3 2026 | Change |
|---|---|---|---|
| Gold, $m | 196.6 | 340.3 | +73% |
| Silver, $m | 30.3 | 64.1 | +112% |
| Copper, $m | 16.4 | 45.0 | +175% |
| Other metals, $m | 8.8 | 15.3 | +74% |
| Total revenue, $m | 252.1 | 464.8 | +84% |
| GEOs sold | 72,900 | 109,000 | +50% |
| Average gold price, $/oz | 3,457 | 4,262 | +23% |
Figures and changes as printed by Royal Gold. Gold was also 73% of Q3 revenue, a share; the +73% in the gold row is growth. The two are separate figures.
Debt repaid in under a year.
Cash flow nearly doubled. Operating cash flow was a record $344.4m against $174.0m a year earlier.
Two years became one. Royal Gold had $1.225bn of debt after closing the deal and expected to repay it within two years, its chief executive says. It repaid $250m in the quarter.
The last $150m. The remaining $150m went on 19 October, leaving the $1.4bn credit facility undrawn. A final $50m advance for Solaris's Warintza project in Ecuador is documented and due.
Gold guidance stays unchanged.
Gold range holds. Royal Gold keeps its 2026 gold sales guidance at 290,000 to 320,000 ounces, with 224,265 sold through September. It expects silver and copper at or above the top of their ranges.
Other metals raised. Guidance for other metals revenue rises to $53m to $56m, from a top of $38m.
Shares bought back. It repurchased 190,045 shares in the quarter at an average $259.83, for $49m.
What to watch
- Q4 2026 results, date not announcedFull-year gold sales. The test: whether they reach the 290,000 to 320,000 ounce range, which needs 65,735 to 95,735 more ounces.
- In the coming days, Royal Gold saysThe final $50m Warintza advance, after its security documents are registered. The test: whether the facility stays undrawn.
The story so far
Go deeper
What would change this call
If Royal Gold splits out the interests it acquired and they explain little of the $212.7m rise in revenue, the quarter was the gold price on the old portfolio, not the deal.
How a GEO is counted
Royal Gold defines gold-equivalent ounces as revenue for a period divided by the average LBMA PM gold fixing price for that period. $464.8m over $4,262 gives about 109,057, against the printed 109,000.
Method
Royal Gold, 'Royal Gold Reports Strong Third Quarter Results, Including Record Operating Cash Flow and Gold Equivalent Ounce Sales, Additional Share Repurchases and Full Repayment of Debt after Quarter End', Exhibit 99.1 to its Form 8-K, dateline 'DENVER, COLORADO. NOVEMBER 4, 2026', read at SEC EDGAR at 06:04 EST 5 November 2026. Text: 'Revenue of $464.8 million (compared to $252.1 million in the prior year period)', 'Record operating cash flow of $344.4 million (compared to $174.0 million in the prior year period)', 'Record sales volume of 109,000 GEOs', 'Repaid the remaining $150 million on the revolving credit facility on October 19, 2026, leaving the full $1.4 billion credit facility undrawn and available', 'We had $1.225 billion of debt outstanding immediately after closing and initially expected to repay it within two years', 'Repurchased 190,045 shares at an average price of $259.83 per share, for total consideration of $49 million', 'Revenue split by commodity: 73% gold, 14% silver, 10% copper'. Revenue table: 'Gold $ 340.3 $ 196.6 73 %', 'Total revenue $ 464.8 $ 252.1 84 %', 'GEOs 109,000 72,900 50 %'. Average prices: 'Gold ($/oz) $4,262 $3,457 23%'. Guidance table: gold 290,000–320,000 oz, 224,265 through 30 September; other metals $34–$38m revised to $53–$56m. Region table: South and Central America $111.5m against $32.2m. Per share: basic $2.68 against $1.92 on 84,622,120 weighted shares against 65,761,896. Arithmetic, ours: 464.8 / 252.1 = 1.844, the release's 84%; 340.3 / 464.8 = 73.2% of revenue; 464.8 - 252.1 = 212.7; 4,123.20 / 4,262 = 0.967, so the tape is 3.3% below the quarter's average; 290,000 - 224,265 = 65,735 and 320,000 - 224,265 = 95,735. The tape figure is Kitco's bid at 04:59 EST 5 November. The release's CEO sentence is paraphrased, not quoted. Net cash used in financing was also $340.3m in the quarter; that figure is not gold revenue and is not used.