Royal Gold Reports Record Earnings for the First Quarter and a Strong Start to 2025
07.05.2025 | Business Wire
Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold,” the “Company,” “we,” “us,” or “our”) reports net income of $113.5 million, or $1.72 per share, for the quarter ended March 31, 2025, ("first quarter") on revenue of $193.4 million and operating cash flow of $136.4 million. Adjusted net income1 was $99.8 million, or $1.51 per share.First Quarter 2025 Highlights:
- Record earnings of $113.5 million on revenue of $193.4 million, and operating cash flow of $136.4 million
- Revenue split: 75% gold, 12% silver, 9% copper
- Sales volume of 67,600 GEOs2
- Sustained high adjusted EBITDA margin1 of 82%
- Total available liquidity increased to $1.25 billion
- Paid quarterly dividend of $0.45 per share, a 12.5% increase over the prior year period
- Entered into additional Xavantina gold stream agreement
- Achieved full repayment of Rainy River advance stream deposit
“Our first quarter results were strong and provided an excellent start to 2025,” commented Bill Heissenbuttel, President and CEO of Royal Gold. “Underlying performance from our portfolio interests was in line with our expectations for relatively soft production, but this was more than offset by a very strong and steadily-rising gold price through the first quarter. Although the outlook for economic conditions remains uncertain with generally elevated volatility in the markets, our diversified portfolio, strong balance sheet and ample liquidity provide a stable foundation for us to continue delivering solid results for shareholders."
1 Adjusted net income, adjusted net income per share and adjusted EBITDA margin are non-GAAP financial measures. See Schedule A of this press release for additional information, including a detailed description of adjustments to net income.
2 See Schedule A of this press release for additional information about gold equivalent ounces, or GEOs.
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