v3.26.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026As of December 31, 2025
Stream
interest		Royalty
interest		Total stream
and royalty
interests, net		Stream
interest		Royalty
interest		Total stream
and royalty
interests, net
North America$1,180,681 $1,821,667 $3,002,348 $1,214,810 $1,834,921 $3,049,731 
South and Central America1,034,797 1,883,234 2,918,031 1,045,620 1,846,211 2,891,831 
EMEA2,251,381 306,601 2,557,982 2,270,717 309,467 2,580,184 
Australia Pacific12,531 48,394 60,925 13,595 48,534 62,129 
Total $4,479,390 $4,059,896 $8,539,286 $4,544,742 $4,039,133 $8,583,875 
Our reportable segments for purposes of assessing performance are shown below (amounts in thousands):
Three Months Ended March 31, 2026
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$312,777 $60,337 $— $53,575 $198,865 
Royalty interests156,348 — 3,291 37,028 116,029 
Total $469,125 $60,337 $3,291 $90,603 $314,894 
Three Months Ended March 31, 2025
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$122,482 $24,506 $— $20,353 $77,623 
Royalty interests70,954 — 1,761 12,562 56,631 
Total$193,436 $24,506 $1,761 $32,915 $134,254 
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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
March 31,
2026		March 31,
2025
Total segment gross profit$314,894 $134,254 
Costs and expenses
General and administrative expenses17,531 11,063 
Depreciation and amortization272 80 
Operating income297,091 123,111 
Fair value changes in equity securities5,950 (37)
Gain on sale of marketable securities14,115 — 
Interest and other income3,192 2,049 
Interest and other expense(13,242)(1,156)
Income before income taxes$307,106 $123,967 
Our revenue by reportable segment for the three months ended March 31, 2026 and 2025, is geographically distributed as shown in the following table (amounts in thousands):
Three Months Ended
March 31,
2026		March 31,
2025
Stream interests:
North America$163,263 $81,981 
EMEA79,496 22,380 
South and Central America68,954 18,121 
Australia Pacific1,064 — 
Total stream revenue$312,777 $122,482 
Royalty interests:
North America$94,733 $58,790 
South and Central America41,279 4,208 
Australia Pacific15,057 7,956 
EMEA5,279 — 
Total royalty revenue156,348 70,954 
Total revenue$469,125 $193,436