ROYAL GOLD INC
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
RGLD$274.57-2.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. CONSOLIDATED STATEMENTS OF CASH FLOWS
Consolidated Statements of Cash Flows
(In thousands)
| Years Ended | |||
|---|---|---|---|
| December 31,2025 | December 31,2024 | December 31,2023 | |
| Cash flows from operating activities: | |||
| Net income | $471,576 | $332,479 | $240,132 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, depletion and amortization | 177,082 | 144,426 | 164,937 |
| Non-cash employee stock compensation expense | 11,805 | 11,892 | 9,696 |
| Fair value changes in equity securities | (327) | 66 | 147 |
| Loss on marketable securities | 50,017 | — | — |
| Deferred tax (benefit) expense | (3,926) | 8,354 | (6,469) |
| Other | (5,302) | 945 | 779 |
| Changes in assets and liabilities: | |||
| Royalty receivables | (18,124) | (14,577) | 521 |
| Stream inventory | (11,740) | (3,186) | 2,868 |
| Income tax receivable | (969) | 1,537 | 390 |
| Prepaid expenses and other assets | 1,335 | 11,168 | (4,369) |
| Accounts payable | (36,836) | (9,113) | 4,756 |
| Income tax payable | 10,761 | 7,620 | (508) |
| Mount Milligan deferred liability | 44,211 | 25,000 | — |
| Other liabilities | 15,283 | 12,892 | 2,912 |
| Net cash provided by operating activities | $704,846 | $529,503 | $415,792 |
| Cash flows from investing activities: | |||
| Sandstorm & Horizon acquisition, net of cash acquired | (411,342) | — | — |
| Acquisition of stream and royalty interests | (1,164,753) | (102,564) | (2,678) |
| Proceeds from the sale of the Versamet Shares and other securities | 158,886 | — | — |
| Cash calls for Hod Maden equity method investment | (9,330) | — | — |
| Proceeds from Khoemacau debt facility | — | 25,000 | — |
| Proceeds from the sale of inventory - restricted | 7,681 | — | — |
| Other | 299 | (116) | (151) |
| Net cash used in investing activities | $(1,418,559) | $(77,680) | $(2,829) |
| Cash flows from financing activities: | |||
| Repayment of debt | (375,000) | (250,000) | (325,000) |
| Borrowings from revolving credit facility | 1,275,000 | — | — |
| Net payments from issuance of common stock | (5,032) | (4,620) | (1,383) |
| Net proceeds from Sandstorm option exercises | 15,333 | — | — |
| Horizon warrant payments | (28,932) | — | — |
| Distributions to non-controlling interests | (8,125) | — | — |
| Common stock dividends | (118,525) | (105,237) | (98,567) |
| Other | (2,785) | (635) | (2,432) |
| Net cash provided by (used in) financing activities | $751,934 | $(360,492) | $(427,382) |
| Net increase (decrease) in cash and equivalents | 38,221 | 91,331 | (14,419) |
| Cash and equivalents at beginning of period | 195,498 | 104,167 | 118,586 |
| Cash and equivalents at end of period | $233,719 | $195,498 | $104,167 |
See Note 15 for supplemental cash flow information.
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