XML 60 R25.htm IDEA: XBRL DOCUMENT
v3.25.4

SEGMENT INFORMATION | 12 Months Ended
--- | ---
Dec. 31, 2025
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION We manage our business under two reportable segments, consisting of the acquisition and management of stream interests and the acquisition and management of royalty interests. Our President and Chief Executive Officer serves as our Chief Operating Decision Maker (“CODM”) and is responsible for reviewing segment performance and making decisions regarding resource allocation. In addition to revenue, our CODM regularly reviews cost of sales, production taxes and depletion for each of our reportable segments. Royal Gold’s long-lived assets (stream and royalty interests, net) as of December 31, 2025 and 2024 are geographically distributed as shown in the following table (amounts in thousands):
| As of December 31, 2025 |  | As of December 31, 2024
| Stream interest |  | Royalty interest |  | Total stream and royalty interests, net |  | Stream interest |  | Royalty interest |  | Total stream and royalty interests, net
North America | $ | 1,214,810 |  |  | $ | 1,834,921 |  |  | $ | 3,049,731 |  |  | $ | 719,765 |  |  | $ | 1,520,147 |  |  | $ | 2,239,912 |
South and Central America | 1,045,620 |  |  | 1,846,211 |  |  | 2,891,831 |  |  | 284,340 |  |  | 249,901 |  |  | 534,241 |
EMEA | 2,270,717 |  |  | 309,467 |  |  | 2,580,184 |  |  | 249,065 |  |  | 321 |  |  | 249,386 |
Australia Pacific | 13,595 |  |  | 48,534 |  |  | 62,129 |  |  | — |  |  | 19,265 |  |  | 19,265 |
Total (1) | $ | 4,544,742 |  |  | $ | 4,039,133 |  |  | $ | 8,583,875 |  |  | $ | 1,253,170 |  |  | $ | 1,789,634 |  |  | $ | 3,042,804 |
_______________________________________________________ (1)Includes the carrying value of all stream and royalty interests acquired during the years ended December 31, 2025 and 2024. Our reportable segments for purposes of assessing performance are shown below (amounts in thousands):
| Year Ended December 31, 2025
| Revenue |  | Cost of sales(1) |  | Production taxes |  | Depletion(2) |  | Segment gross profit
Stream interests | $ | 686,472 |  |  | $ | 130,926 |  |  | $ | — |  |  | $ | 112,858 |  |  | $ | 442,688 |
Royalty interests | 343,999 |  |  | — |  |  | 8,605 |  |  | 63,752 |  |  | 271,642 |
Total | $ | 1,030,471 |  |  | $ | 130,926 |  |  | $ | 8,605 |  |  | $ | 176,610 |  |  | $ | 714,330 |
| Year Ended December 31, 2024
| Revenue |  | Cost of sales(1) |  | Production taxes |  | Depletion(2) |  | Segment gross profit
Stream interests | $ | 483,294 |  |  | $ | 97,514 |  |  | $ | — |  |  | $ | 102,800 |  |  | $ | 282,980 |
Royalty interests | 236,101 |  |  | — |  |  | 6,622 |  |  | 41,285 |  |  | 188,194 |
Total | $ | 719,395 |  |  | $ | 97,514 |  |  | $ | 6,622 |  |  | $ | 144,085 |  |  | $ | 471,174 |
| Year Ended December 31, 2023
| Revenue |  | Cost of sales(1) |  | Production taxes |  | Depletion(2) |  | Segment gross profit
Stream interests | $ | 418,280 |  |  | $ | 90,523 |  |  | $ | — |  |  | $ | 121,121 |  |  | $ | 206,636 |
Royalty interests | 187,437 |  |  | — |  |  | 7,294 |  |  | 43,385 |  |  | 136,758 |
Total | $ | 605,717 |  |  | $ | 90,523 |  |  | $ | 7,294 |  |  | $ | 164,506 |  |  | $ | 343,394 |
_______________________________________________________ (1)Excludes depreciation, depletion and amortization (2)Depletion amounts are included within Depreciation, depletion and amortization on our consolidated statements of operations and comprehensive income A reconciliation of total segment gross profit to the consolidated Income before income taxes is shown below (amounts in thousands):
| Years Ended
| December 31, 2025 |  | December 31, 2024 |  | December 31, 2023
Total segment gross profit | $ | 714,330 |  |  | $ | 471,174 |  |  | $ | 343,394 |
Costs and expenses |  |  |  |  |
General and administrative expenses | 49,183 |  |  | 40,934 |  |  | 39,761 |
Depreciation and amortization | 472 |  |  | 341 |  |  | 431 |
Acquisition related costs | 26,508 |  |  | — |  |  | — |
Operating income | 638,167 |  |  | 429,899 |  |  | 303,202 |
Fair value changes in equity securities | 327 |  |  | (66) |  |  | (147) |
Loss on sale of marketable securities | (50,017) |  |  | — |  |  | — |
Interest and other income | 14,411 |  |  | 6,008 |  |  | 9,952 |
Interest and other expense | (29,022) |  |  | (9,749) |  |  | (30,867) |
Income before income taxes | $ | 573,866 |  |  | $ | 426,092 |  |  | $ | 282,140 |
Our revenue by reportable segment for the years ended December 31, 2025, 2024 and 2023 is geographically distributed as shown in the following table (amounts in thousands):
| Years Ended
| December 31, 2025 |  | December 31, 2024 |  | December 31, 2023
Stream interests(1): |  |  |  |  |
North America | $ | 440,738 |  |  | $ | 314,860 |  |  | $ | 273,208 |
EMEA | 137,281 |  |  | 82,132 |  |  | 70,757 |
South and Central America | 107,444 |  |  | 86,302 |  |  | 74,315 |
Australia Pacific | 1,009 |  |  | — |  |  | — |
Total stream interests | $ | 686,472 |  |  | $ | 483,294 |  |  | $ | 418,280 |
Royalty interests: |  |  |  |  |
North America | $ | 263,332 |  |  | $ | 192,999 |  |  | $ | 162,155 |
Australia Pacific | 40,349 |  |  | 28,966 |  |  | 19,011 |
South and Central America | 38,119 |  |  | 14,136 |  |  | 5,736 |
EMEA | 2,199 |  |  | — |  |  | 535 |
Total royalty interests | 343,999 |  |  | 236,101 |  |  | 187,437 |
Total revenue | $ | 1,030,471 |  |  | $ | 719,395 |  |  | $ | 605,717 |
_______________________________________________________ (1)Stream revenue from the following customers exceeded 10% or our revenue for the years ended December 31, 2025, 2024 and 2023: Bank of Montreal $386.9 million (38%), $248.7 million (35%), and $311.6 million (51%) and StoneX $272.5 million (26%), $204.8 million (28%) and $61.1 million (10%), respectively.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration