v3.25.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 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) are geographically distributed as shown in the following table (amounts in thousands):
As of June 30, 2025As of December 31, 2024
Stream
interest		Royalty
interest		Total stream
and royalty
interests, net		Stream
interest		Royalty
interest		Total stream
and royalty
interests, net
Canada$400,425 $663,975 $1,064,400 $417,643 $659,070 $1,076,713 
Dominican Republic297,227 — 297,227 302,122 — 302,122 
Africa225,616 321 225,937 237,028 321 237,349 
Chile207,125 224,116 431,241 211,123 224,116 435,239 
United States— 814,856 814,856 — 827,277 827,277 
Mexico— 30,594 30,594 — 33,800 33,800 
Australia— 18,485 18,485 — 19,265 19,265 
Rest of world228,379 30,429 258,808 85,254 25,785 111,039 
Total $1,358,772 $1,782,776 $3,141,548 $1,253,170 $1,789,634 $3,042,804 
Our reportable segments for purposes of assessing performance are shown below (amounts in thousands):
Three Months Ended June 30, 2025
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$133,191 $24,180 $— $19,269 $89,742 
Royalty interests76,452 — 2,201 11,800 62,451 
Total $209,643 $24,180 $2,201 $31,069 $152,193 
Three Months Ended June 30, 2024
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$122,952 $24,174 $— $26,124 $72,654 
Royalty interests51,144 — 1,581 9,534 40,029 
Total$174,096 $24,174 $1,581 $35,658 $112,683 
Six Months Ended June 30, 2025
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$255,673 $48,685 $— $39,623 $167,365 
Royalty interests147,407 — 3,962 24,363 119,082 
Total $403,080 $48,685 $3,962 $63,986 $286,447 
Six Months Ended June 30, 2024
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$225,481 $45,924 $— $53,525 $126,032 
Royalty interests97,518 — 3,031 20,816 73,671 
Total$322,999 $45,924 $3,031 $74,341 $199,703 
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(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):
Three Months Ended Six Months Ended
June 30,
2025		June 30,
2024		June 30,
2025		June 30,
2024
Total segment gross profit$152,193 $112,683 $286,447 $199,703 
Costs and expenses
General and administrative expenses10,269 10,511 21,333 21,923 
Depreciation and amortization84 89 162 171 
Operating income141,840 102,083 264,952 177,609 
Fair value changes in equity securities3 (63)(34)383 
Interest and other income2,713 807 4,762 3,783 
Interest and other expense(1,544)(2,516)(2,701)(7,123)
Income before income taxes$143,012 $100,311 $266,979 $174,652 
Our revenue by reportable segment for the three and six months ended June 30, 2025 and 2024, is geographically distributed as shown in the following table (amounts in thousands):
Three Months Ended Six Months Ended
June 30,
2025		June 30,
2024		June 30,
2025		June 30,
2024
Stream interests:
Canada$72,750 $62,661 $125,980 $107,365 
Dominican Republic25,619 19,801 54,369 37,562 
Africa20,387 20,396 42,768 39,497 
Chile9,489 10,608 22,234 22,297 
Rest of world4,946 9,486 10,322 18,760 
Total stream interests$133,191 $122,952 $255,673 $225,481 
Royalty interests:
United States$37,392 $25,273 $68,398 $49,352 
Mexico17,630 12,888 34,702 23,656 
Australia9,817 7,047 17,773 12,022 
Canada6,919 3,035 17,631 8,166 
Rest of world4,694 2,901 8,903 4,322 
Total royalty interests$76,452 $51,144 $147,407 $97,518 
Total revenue$209,643 $174,096 $403,080 $322,999