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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 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 June 30, 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$1,168,007 $1,807,315 $2,975,322 $1,214,810 $1,834,921 $3,049,731 
South and Central America1,098,533 1,941,225 3,039,758 1,045,620 1,846,211 2,891,831 
EMEA2,252,997 272,892 2,525,889 2,270,717 309,467 2,580,184 
Australia Pacific11,433 48,067 59,500 13,595 48,534 62,129 
Total $4,530,970 $4,069,499 $8,600,469 $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 June 30, 2026
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$310,964 $60,094 $— $62,090 $188,780 
Royalty interests139,575 — 3,437 33,838 102,300 
Total $450,539 $60,094 $3,437 $95,928 $291,080 
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 
Six Months Ended June 30, 2026
Revenue
Cost of sales(1)
Production taxes
Depletion(2)
Segment gross profit
Stream interests$623,741 $120,431 $— $115,665 $387,645 
Royalty interests295,923 — 6,729 70,866 218,328 
Total$919,664 $120,431 $6,729 $186,531 $605,973 
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 
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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,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Total segment gross profit$291,080 $152,193 $605,973 $286,447 
Costs and expenses
General and administrative expenses13,445 10,269 30,976 21,333 
Depreciation and amortization272 84 544 162 
Total costs and expenses13,717 10,353 31,520 21,495 
Gain on settlement of Relief Canyon fixed obligation2,575 — 2,575 — 
Operating income279,938 141,840 577,028 264,952 
Fair value changes in equity securities21,863 3 27,813 (34)
Gain on sale of marketable securities458 — 14,573 — 
Interest and other income3,551 2,713 6,743 4,762 
Interest and other expense(10,010)(1,544)(23,253)(2,701)
Income before income taxes$295,800 $143,012 $602,904 $266,979 
Our revenue by reportable segment for the three and six months ended June 30, 2026 and 2025, is geographically distributed as shown in the following table (amounts in thousands):
Three Months Ended Six Months Ended
June 30,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Stream interests:
North America$165,742 $98,369 $329,005 $180,349 
South and Central America63,868 14,435 132,822 32,556 
EMEA80,256 20,387 159,751 42,768 
Australia Pacific1,098 — 2,163 — 
Total stream revenue$310,964 $133,191 $623,741 $255,673 
Royalty interests:
North America$84,639 $61,941 $179,373 $120,731 
South and Central America35,678 4,694 76,957 8,903 
EMEA5,094 — 10,373 — 
Australia Pacific14,164 9,817 29,220 17,773 
Total royalty revenue139,575 76,452 295,923 147,407 
Total revenue$450,539 $209,643 $919,664 $403,080