Royal Gold Q1 Revenue Surges 142.5% to $469.1M, EBITDA Margin 83%
Royal Gold posted record Q1 revenue of $469.1 million, up 142.5% year-on-year, driven by first full-quarter contributions from Sandstorm Gold and Horizon Copper acquisitions. Adjusted EBITDA margin reached 83% with operating cash flow of $293.6 million and net income of $281.1 million ($3.30 per share).
1. Record Q1 Financial Results
Royal Gold reported Q1 revenue of $469.1 million, up 142.5% year-on-year, with operating cash flow of $293.6 million and net income of $281.1 million, or $3.30 per diluted share.
2. Impact of 2025 Acquisitions
The first full-quarter contributions from Sandstorm Gold and Horizon Copper, both acquired in 2025, drove the surge in royalty and streaming revenue.
3. Volume Sold and Realized Prices
The company sold 96,300 gold-equivalent ounces at average prices of $4,873 per ounce of gold, $84.33 per ounce of silver and $5.83 per pound of copper, underpinning an 83% adjusted EBITDA margin.
4. Strategic Cash Deployment
Strong cash flow is being redeployed into new streaming and royalty deals targeting long-life, large-scale gold and platinum-group metal assets to sustain growth.