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SEGMENT INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Schedule of geographical distribution of long-lived assets | 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.
Schedule of reportable segments for assessing performance | 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
Schedule of reconciliation of segment gross profit to consolidated income (loss) | 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 |
Schedule of revenue by reportable segment geographically distributed | 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.

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- Definition Tabular disclosure of long-lived assets, excluding financial instruments, long-term customer relationships of a financial institution, mortgage rights, deferred policy acquisition costs, and deferred tax assets, by geographic areas located in the entity's country of domicile and foreign countries in which the entity holds assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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