ROYAL GOLD INC
For the period ended Feb 18, 2026. Filed Feb 18, 2026.
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A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
Feb 18, 2026 · Filed Feb 18, 2026
RGLD$265.81+1.7%Stored close · as of Nov 6, 2026
Contents
EX-99.1 · Statement Regarding Third-Party Information
Statement Regarding Third-Party Information
Certain information provided in this press release, including information about historical production, production estimates, property descriptions, and property developments, was provided to us by the operators of the relevant properties or is publicly available information filed by these operators with applicable securities regulatory bodies, including the Securities and Exchange Commission. Royal Gold has not verified, and is not in a position to verify, and expressly disclaims any responsibility for the accuracy, completeness or fairness of any such third-party information and refers the reader to the public reports filed by the operators for information regarding those properties.
Consolidated Balance Sheets
(Unaudited, in thousands except share data)
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Cash and equivalents | $233,719 | $195,498 |
| Royalty receivables | 110,846 | 63,460 |
| Income tax receivable | 2,108 | 1,139 |
| Stream inventory | 25,883 | 12,973 |
| Prepaid expenses and other | 4,890 | 2,217 |
| Total current assets | 377,446 | 275,287 |
| Stream and royalty interests, net | 8,583,875 | 3,042,804 |
| Equity method investment | 300,854 | – |
| Marketable securities | 172,880 | 6 |
| Other assets | 102,469 | 74,033 |
| Total assets | $9,537,524 | $3,392,130 |
| LIABILITIES | ||
| Accounts payable | $10,060 | $10,578 |
| Dividends payable | 40,186 | 29,611 |
| Income tax payable | 33,303 | 23,177 |
| Other current liabilities | 37,367 | 21,785 |
| Total current liabilities | 120,916 | 85,151 |
| Debt | 895,436 | – |
| Deferred tax liabilities | 1,190,672 | 132,308 |
| Mount Milligan deferred liability | 69,211 | 25,000 |
| Other liabilities | 55,942 | 18,465 |
| Total liabilities | 2,332,177 | 260,924 |
| Commitments and contingencies | ||
| EQUITY | ||
| Preferred stock, $.01 par value, 10,000,000 shares authorized; and 0 shares issued | – | – |
| Common stock, $.01 par value, 200,000,000 shares authorized; and 84,499,692 and 65,691,151 shares outstanding, respectively | 845 | 657 |
| Additional paid-in capital | 5,928,123 | 2,228,311 |
| Accumulated other comprehensive income | 993 | – |
| Accumulated earnings | 1,227,169 | 889,989 |
| Total Royal Gold stockholders’ equity | 7,157,130 | 3,118,957 |
| Non-controlling interests | 48,217 | 12,249 |
| Total equity | 7,205,347 | 3,131,206 |
| Total liabilities and equity | $9,537,524 | $3,392,130 |
Consolidated Statements of Operations and Comprehensive Income
(Unaudited, in thousands except share data)
| Three Months Ended | Twelve Months Ended | |||
|---|---|---|---|---|
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |
| Revenue | $375,323 | $202,560 | $1,030,471 | $719,395 |
| Costs and expenses | ||||
| Cost of sales (excludes depreciation, depletion and amortization) | 50,849 | 24,398 | 130,926 | 97,514 |
| General and administrative | 17,638 | 8,909 | 49,183 | 40,934 |
| Production taxes | 2,224 | 2,072 | 8,605 | 6,622 |
| Depreciation, depletion and amortization | 80,031 | 33,737 | 177,082 | 144,426 |
| Acquisition related costs | 13,710 | – | 26,508 | – |
| Total costs and expenses | 164,452 | 69,116 | 392,304 | 289,496 |
| Operating income | 210,871 | 133,444 | 638,167 | 429,899 |
| Fair value changes in equity securities | 362 | (24) | 327 | (66) |
| Loss on sale of marketable securities | (50,017) | – | (50,017) | – |
| Interest and other income | 2,867 | 1,598 | 14,411 | 6,008 |
| Interest and other expense | (17,705) | (1,419) | (29,022) | (9,749) |
| Income before income taxes | 146,378 | 133,599 | 573,866 | 426,092 |
| Income tax expense | (52,659) | (26,078) | (102,290) | (93,613) |
| Net income | 93,719 | 107,521 | 471,576 | 332,479 |
| Net income attributable to non-controlling interests | (108) | (113) | (5,295) | (456) |
| Net income attributable to Royal Gold common stockholders | $93,611 | $107,408 | $466,281 | $332,023 |
| Net income | $93,719 | $107,521 | $471,576 | $332,479 |
| Adjustments to comprehensive income, net of tax: | ||||
| Unrealized change in market value of available-for-sale debt securities | 993 | – | 993 | – |
| Comprehensive income | 94,712 | 107,521 | 472,569 | 332,479 |
| Comprehensive income attributable to non-controlling interests | (108) | (113) | (5,295) | (456) |
| Comprehensive income attributable to Royal Gold stockholders | $94,604 | $107,408 | $467,274 | $332,023 |
| Net income per share attributable to Royal Gold common stockholders: | ||||
| Basic earnings per share | $1.16 | $1.63 | $6.70 | $5.04 |
| Basic weighted average shares outstanding | 80,361,251 | 65,689,736 | 69,424,381 | 65,662,185 |
| Diluted earnings per share | $1.16 | $1.63 | $6.69 | $5.04 |
| Diluted weighted average shares outstanding | 80,679,415 | 65,804,129 | 69,560,911 | 65,776,834 |
| Cash dividends declared per common share | $0.475 | $0.450 | $1.825 | $1.650 |
Consolidated Statements of Cash Flows
(Unaudited, in thousands)
| Three Months Ended | Twelve Months Ended | |||
|---|---|---|---|---|
| December 31,2025 | December 31,2024 | December 31,2025 | December 31,2024 | |
| Cash flows from operating activities: | ||||
| Net income | $93,719 | $107,521 | $471,576 | $332,479 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| Depreciation, depletion and amortization | 80,031 | 33,737 | 177,082 | 144,426 |
| Non-cash employee stock compensation expense | 2,952 | 2,579 | 11,805 | 11,892 |
| Fair value changes in equity securities | (362) | 24 | (327) | 66 |
| Loss on marketable securities | 50,017 | – | 50,017 | – |
| Deferred tax (benefit) expense | 4,159 | 3,446 | (3,926) | 8,354 |
| Other | (1,139) | 228 | (5,302) | 945 |
| Changes in assets and liabilities: | ||||
| Royalty receivables | (11,884) | (13,343) | (18,124) | (14,577) |
| Stream inventory | (3,704) | (1,354) | (11,740) | (3,186) |
| Income tax receivable | 18,697 | 9,050 | (969) | 1,537 |
| Prepaid expenses and other assets | 2,554 | (72) | 1,335 | 11,168 |
| Accounts payable | (40,555) | (10,917) | (36,836) | (9,113) |
| Income tax payable | (7,158) | (7,210) | 10,761 | 7,620 |
| Mount Milligan deferred liability | 44,211 | – | 44,211 | 25,000 |
| Other liabilities | 10,167 | 17,364 | 15,283 | 12,892 |
| Net cash provided by operating activities | $241,705 | $141,053 | $704,846 | $529,503 |
| Cash flows from investing activities: | ||||
| Sandstorm & Horizon acquisition, net of cash acquired | (411,342) | – | (411,342) | – |
| Acquisition of stream and royalty interests | (270) | (46,881) | (1,164,753) | (102,564) |
| Proceeds from the sale of Versamet Shares and other securities | 158,886 | – | 158,886 | – |
| Cash calls for Hod Maden equity method investment | (9,330) | – | (9,330) | – |
| Proceeds from Khoemacau debt facility | – | – | – | 25,000 |
| Proceeds from the sale of inventory - restricted | – | – | 7,681 | – |
| Other | 460 | (25) | 299 | (116) |
| Net cash used in investing activities | $(261,596) | $(46,906) | $(1,418,559) | $(77,680) |
| Cash flows from financing activities: | ||||
| Repayment of debt | (325,000) | – | (375,000) | (250,000) |
| Borrowings from revolving credit facility | 450,000 | – | 1,275,000 | – |
| Net payments from issuance of common stock | (176) | (56) | (5,032) | (4,620) |
| Net proceeds from Sandstorm option exercises | 15,333 | – | 15,333 | – |
| Horizon warrant payments | (28,932) | – | (28,932) | – |
| Distributions to non-controlling interests | (8,125) | – | (8,125) | – |
| Common stock dividends | (29,640) | (26,320) | (118,525) | (105,237) |
| Distributions to non-controlling interests | 7,336 | 476 | – | – |
| Other | (35) | (631) | (2,785) | (635) |
| Net cash provided by (used in) financing activities | $80,761 | $(26,531) | $751,934 | $(360,492) |
| Net increase in cash and equivalents | 60,870 | 67,616 | 38,221 | 91,331 |
| Cash and equivalents at beginning of period | 172,849 | 127,882 | 195,498 | 104,167 |
| Cash and equivalents at end of period | $233,719 | $195,498 | $233,719 | $195,498 |
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