Royal Gold Q4 Earnings Miss Estimates, Revenues Surge 85% Y/Y

Core Insights - Royal Gold, Inc. (RGLD) reported adjusted earnings per share of $1.92 in Q4 2025, missing the Zacks Consensus Estimate of $2.68, but showing an 18% year-over-year increase [1] - The company generated record revenues of $375 million in Q4, representing an 85% increase year-over-year [2] - RGLD's adjusted EBITDA margin was 82% in Q4, slightly down from 84% in the prior year [3] Financial Performance - RGLD's total revenues for 2025 reached $1.03 billion, up 43.2% year-over-year, driven by higher metal prices and contributions from various streams and assets [6] - Stream revenues for 2025 were $686.5 million, a 42% increase from 2024, while royalty revenues rose to $344 million from $236 million in the previous year [7] - The company's net cash from operating activities in Q4 was $242 million, up from $141 million in the same quarter last year, ending the year with cash and cash equivalents of $234 million [4][9] Cost and Margin Analysis - The cost of sales in Q4 was $50.8 million, a significant increase of 109.1% year-over-year, while general and administrative expenses surged 97.8% to $17.6 million [3] - Adjusted EBITDA for Q4 was $307 million, an 81.3% increase year-over-year, reflecting strong operational performance despite rising costs [3] Stock Performance - Over the past year, RGLD shares have increased by 84.3%, although this is lower than the industry's growth of 134.2% [8]