Royal Gold, Inc. (RGLD) Cash Flow Statement
Where RGLD’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $704.8M +33.1% vs 2024
- Capital expenditures
- $1.16B 113.0% of revenue
- Free cash flow
- −$459.9M −44.6% margin
- Returned to shareholders
- $123.6M
- Change in cash
- $38.2M cash at year-end $233.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
RGLD operating cash flow, capex and free cash flow
RGLD cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $169.9M2016 | $704.8M2025 | +17.1%/yr | |
| Capital expenditures | $1.35B2016 | $1.16B2025 | −1.6%/yr | |
| Free cash flow | −$1.18B2016 | −$459.9M2025 | — | |
| Free cash flow margin | −330.6%2016 | −44.6%2025 | +286.0 pts | |
| Operating cash flow / net income | 2.632017 | 1.492025 | −1.13 | |
| Stock-based compensation | $10.0M2016 | $11.8M2025 | +1.8%/yr | |
| Dividends paid | $58.7M2016 | $118.5M2025 | +8.1%/yr | |
| Share buybacks (net) | $353,0002016 | $5.0M2025 | +34.3%/yr | |
| Capex / revenue | 378.3%2016 | 113.0%2025 | −265.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RGLD cash flow by activity
RGLD net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
RGLD cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $471.6M | $332.0M | $239.4M | $239.0M | $302.5M | $302.5M | $93.8M | −$113.1M | $101.5M | −$77.1M |
| Depreciation & amortization | $177.1M | $144.4M | $164.9M | $178.9M | $183.6M | $183.6M | $163.1M | $163.7M | $159.6M | $141.1M |
| Stock-based compensation | $11.8M | $11.9M | $9.7M | $8.4M | $6.1M | $9.1M | $6.6M | $8.3M | $10.0M | $10.0M |
| Change in working capital | $3.9M | $31.3M | $6.6M | $3.1M | −$46.4M | −$46.4M | −$25.9M | $54.8M | −$5.7M | −$3.3M |
| Other non-cash items | $40.5M | $9.8M | −$4.9M | −$12.1M | −$38.6M | −$41.6M | $15.6M | $215.2M | $1.4M | $99.1M |
| Cash from operating activities | $704.8M | $529.5M | $415.8M | $417.3M | $407.2M | $407.2M | $253.2M | $328.8M | $266.9M | $169.9M |
| Investing activities | ||||||||||
| Capital expenditures | −$1.16B | −$102.6M | −$2.7M | −$922.2M | −$168.1M | −$168.1M | −$1.1M | −$11.8M | −$203.7M | −$1.35B |
| Investments (net) | $158.9M | −$77.7M | −$2.8M | −$922.9M | — | −$116.7M | −$152.9M | — | — | — |
| Acquisitions & other investing | −$412.7M | $102.6M | $2.7M | $922.2M | $51.4M | $168.1M | $152.5M | $1.2M | $1.1M | $336.6M |
| Cash from investing activities | −$1.42B | −$77.7M | −$2.8M | −$922.9M | −$116.7M | −$116.7M | −$1.5M | −$10.6M | −$202.6M | −$1.01B |
| Financing activities | ||||||||||
| Dividends paid | −$118.5M | −$105.2M | −$98.6M | −$91.9M | −$78.7M | −$76.1M | −$67.5M | −$64.1M | −$61.4M | −$58.7M |
| Share repurchases & issuance (net) | −$5.0M | −$4.6M | −$1.4M | −$1.4M | −$1.5M | −$4.2M | −$1.6M | −$4.0M | −$2.4M | −$353,000 |
| Net borrowing (repayment) | $900.0M | −$250.0M | −$325.0M | $575.0M | — | −$305.0M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$24.5M | −$635,000 | −$2.4M | −$1.1M | −$303.4M | $1.7M | −$151.9M | −$247.2M | −$31.2M | $272.5M |
| Cash from financing activities | $751.9M | −$360.5M | −$427.4M | $480.6M | −$383.6M | −$383.6M | −$221.0M | −$315.3M | −$95.0M | $213.4M |
| Summary | ||||||||||
| Net change in cash | $38.2M | $91.3M | −$14.4M | −$107.3M | −$93.2M | −$93.2M | $30.7M | $2.9M | −$30.8M | −$626.2M |
| Cash at end of period | $233.7M | $195.5M | $104.2M | $118.6M | $225.9M | $225.9M | $119.5M | $88.8M | $85.8M | $116.6M |
| Free cash flow | −$459.9M | $426.9M | $413.1M | −$504.8M | $239.0M | $239.0M | $252.1M | $317.0M | $63.1M | −$1.18B |
| Free cash flow margin | −44.6% | 59.9% | 69.0% | −84.7% | 37.0% | 38.8% | 60.2% | 69.4% | 14.4% | −330.6% |
| Capex / revenue | 113.0% | 14.4% | 0.4% | 154.7% | 26.1% | 27.3% | 0.3% | 2.6% | 46.4% | 378.3% |
| Operating cash flow / net income | 1.49 | 1.59 | 1.74 | 1.75 | 1.35 | 1.35 | 2.70 | — | 2.63 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $238.1M | $281.1M | $199.0M | $126.8M | $132.3M | $113.5M | $107.4M | $96.2M | $81.2M | $47.2M | $62.8M | $49.3M |
| Depreciation & amortization | $96.2M | $90.9M | $80.0M | $32.9M | $31.2M | $33.0M | $33.7M | $36.2M | $35.7M | $38.8M | $40.1M | $40.1M |
| Stock-based compensation | $6.9M | $3.6M | $3.0M | $2.9M | $2.7M | $3.2M | $2.6M | $3.0M | $3.3M | $3.0M | $2.4M | $2.8M |
| Change in working capital | $3.3M | −$36.3M | −$100.8M | $8.0M | −$11.6M | −$4.8M | −$6.5M | −$981,000 | −$10.0M | $48.8M | −$4.0M | $4.0M |
| Other non-cash items | −$9.3M | −$45.7M | $60.5M | $3.3M | −$1.8M | −$8.5M | $3.8M | $2.2M | $3.2M | $566,000 | −$113,001 | $1.9M |
| Cash from operating activities | $335.2M | $293.6M | $241.7M | $174.0M | $152.8M | $136.4M | $141.1M | $136.7M | $113.5M | $138.3M | $101.1M | $98.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$50.0M | $0 | −$270,000 | −$993.5M | −$112.7M | −$58.2M | −$46.9M | −$3.4M | −$51.2M | −$1.1M | −$2.7M | −$8,000 |
| Investments (net) | $2.9M | $49.0M | — | −$985.9M | −$112.8M | −$58.3M | −$46.9M | −$3.4M | −$50.9M | $23.6M | −$2,000 | −$6,000 |
| Acquisitions & other investing | −$70.1M | −$14.9M | −$261.3M | $993.5M | $112.7M | $58.2M | $46.9M | $3.4M | $51.2M | $1.1M | $2.7M | $8,000 |
| Cash from investing activities | −$117.2M | $34.1M | −$261.6M | −$985.9M | −$112.8M | −$58.3M | −$46.9M | −$3.4M | −$50.9M | $23.6M | −$2,000 | −$6,000 |
| Financing activities | ||||||||||||
| Dividends paid | −$40.3M | −$40.2M | −$29.6M | −$29.6M | −$29.6M | −$29.6M | −$26.3M | −$26.3M | −$26.3M | −$26.3M | −$24.6M | −$24.6M |
| Share repurchases & issuance (net) | −$24.4M | −$5.6M | −$34.0M | $4.5M | −$1.5M | −$3.0M | −$56,000 | −$3.1M | −$63,000 | −$1.4M | −$10,000 | — |
| Net borrowing (repayment) | −$200.0M | −$300.0M | $125.0M | $775.0M | $0 | $0 | $0 | −$50.0M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$4.8M | $18.5M | $19.4M | −$13.2M | −$1.5M | −$189,999 | −$155,000 | −$122,000 | −$99.9M | −$100.4M | −$75.2M | −$76.7M |
| Cash from financing activities | −$269.6M | −$327.2M | $80.8M | $736.6M | −$32.6M | −$32.8M | −$26.5M | −$79.6M | −$126.3M | −$128.1M | −$99.8M | −$101.4M |
| Summary | ||||||||||||
| Net change in cash | −$51.7M | $423,000 | $60.9M | −$75.3M | $7.4M | $45.3M | $67.6M | $53.6M | −$63.7M | $33.8M | $1.3M | −$3.3M |
| Cash at end of period | $182.5M | $234.1M | $233.7M | $172.8M | $248.2M | $240.8M | $195.5M | $127.9M | $74.2M | $137.9M | $104.2M | $102.9M |
| Free cash flow | $285.1M | $293.6M | $241.4M | −$819.5M | $40.1M | $78.1M | $94.2M | $133.2M | $62.4M | $137.2M | $101.1M | $98.1M |
| Free cash flow margin | 63.3% | 62.6% | 64.3% | −325.1% | 19.1% | 40.8% | 46.5% | 69.3% | 36.1% | 93.0% | 66.2% | 71.6% |
| Capex / revenue | 11.1% | 0.0% | 0.1% | 394.1% | 53.8% | 30.4% | 23.1% | 1.8% | 29.7% | 0.7% | 1.8% | 0.0% |
| Operating cash flow / net income | 1.41 | 1.04 | 1.21 | 1.37 | 1.15 | 1.20 | 1.31 | 1.42 | 1.40 | 2.93 | 1.61 | 1.99 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
RGLD cash generation
In fiscal 2025 (ended December 31, 2025), Royal Gold generated $704.8 million of cash from operations (up 33.1%) and spent $1.2 billion on capital expenditures, leaving free cash flow of -$459.9 million, −44.6% of revenue. It returned $123.6 million to shareholders through dividends ($118.5 million) and net share buybacks ($5.0 million). Cash and equivalents rose by $38.2 million over the year.
Related: RGLD income statement, RGLD balance sheet, RGLD dividend history. See the RGLD stock overview for the latest quote and news.
RGLD cash flow FAQ
What is Royal Gold's free cash flow?
Royal Gold's free cash flow was -$459.9 million in fiscal 2025: $704.8 million of operating cash flow minus $1.2 billion of capital expenditures It was $426.9 million a year earlier..
How much cash does Royal Gold generate from operations?
Royal Gold generated $704.8 million of cash from operating activities in fiscal 2025, 1.49 times its net income of $471.6 million.
How much does Royal Gold spend on capital expenditures?
Royal Gold spent $1.2 billion on capital expenditures in fiscal 2025, 113.0% of revenue, compared with $102.6 million the year before.
How much stock does Royal Gold buy back?
Royal Gold spent $5.0 million on net share repurchases in fiscal 2025.
How much does Royal Gold pay in dividends?
Royal Gold paid $118.5 million in dividends in fiscal 2025.