Royal Gold Reports Record Revenue, Operating Cash Flow and Earnings for the Second Quarter of 2025

How does Royal Gold’s record performance compare to other royalty and streaming companies such as Franco-Nevada, Wheaton, or other peers? How did the company's margins (gross, operating, net) change versus expectations, and what are the cost drivers? What is the forward price-to-earnings (P/E) ratio now after the results, and how does that affect valuation? Are there any changes in the company’s royalty portfolio composition or new acquisition/termination events influencing the results? What is the actual revenue figure versus the prior quarter and why did it reach a record? What is the outlook for the gold price environment and its impact on Royal Gold's earnings and cash flow? How sensitive is the stock price to potential changes in the gold price trajectory? What is the analyst consensus rating and target price after this earnings release? What is the outlook for the company's cash reserves and liquidity after the record operating cash flow? What is the dividend policy and payout ratio after this earnings release, and is there any change in share repurchase plans? What are the key risks highlighted in the management discussion, such as cost inflation, regulatory changes, or geopolitical events? How does the reported operating cash flow compare to previous quarters and to the company's guidance? What was the underlying driver of the revenue increase (e.g., higher royalties, new contracts, price changes)? What was the earnings per share (EPS) reported and how does it compare to analyst expectations? What guidance did management provide for future quarters and for FY‑2025, and how does it align with market forecasts?