SEGMENT INFORMATION (Tables)

12 Months Ended

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

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(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

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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

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

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(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.