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Royal Gold Business Segments

Business, geographic, and product segment breakdowns

Royal Gold generates $1.3B in annual revenue across 3 key segments: Royalty interest ($429.4M), Royalty revenue: ($156.3M), and Stream interest ($312.8M). The company-wide operating margin is 62.18%. Based on the Q1 2026 filing.

Royalty interest (TTM)$429.4MRoyalty revenue:$156.3MStream interest$312.8M
Latest FilingQ1 2026
Report Date2026-05-07
Market Cap$17.4B
P/E Ratio27.39
ROE11.94%

Products & Services

Revenue (Note 8)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gold$156.9M$145.7M$164.3M$196.6M$293.2M$333.9M
Silver$20.9M$23.6M$24.1M$30.3M$42.9M$73M
Copper$17.8M$16.8M$14.8M$16.4M$28.8M$46.7M
Other—$7.3M———$15.5M

Geographic

Stream and royalty interests, net (Note 3)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
North America$2.2B———$3B$3B
South and Central America$534.2M———$2.9B$2.9B
EMEA$249.4M———$2.6B$2.6B
Australia Pacific$19.3M$18.7M$18.5M$18.2M$62.1M$60.9M

Revenue (Note 8)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
North America$127M$140.8M———$258M
EMEA$20.5M$22.4M———$84.8M
South and Central America$25.1M$26.1M———$84M

Business Segments

Cost of sales (excludes depreciation, depletion and amortization)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Stream interest$24.4M$24.5M$24.2M$31.4M$50.8M$60.3M
Royalty interest$0$0$0$0$0$0

Depletion

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Stream interest$22.6M$20.4M$19.3M$21.3M$51.9M$53.6M
Royalty interest$11.1M$12.6M$11.8M$11.5M$27.9M$37M

Gross Profit

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Stream interest$77.8M$77.6M$89.7M$113.4M$161.9M$198.9M
Royalty interest$64.7M$56.6M$62.5M$72M$80.5M$116M

Production taxes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Royalty interest$2.1M$1.8M$2.2M$2.4M$2.2M$3.3M
Stream interest$0$0$0$0$0$0

Revenue (Note 8)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Stream interest—$122.5M$133.2M$166.1M—$312.8M
Royalty interest$77.8M$71M$76.5M$86M$110.6M$156.3M
Royalty revenue:—$71M$76.5M$86M—$156.3M

Stream and royalty interests, net (Note 3)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Stream interest$1.3B———$4.5B$4.5B
Royalty interest$1.8B———$4B$4.1B

Revenue (Note 11)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Stream interest$124.8M$122.5M$133.2M$166.1M$264.7M$312.8M