Enphase Energy, Inc. (NASDAQ:ENPH) shares are consolidating on Thursday. They have gained about 130% since May 1.
Enphase is in a short-squeeze. When short squeezes end, the stocks can drop back to the same level they started at. This is why Enphase Energy is the Stock of the Day.
People who sell a stock short believe that it will go lower. They borrow the shares from other investors and sell them.
Their plan is to buy them back at a lower price in the future, return them, and keep the difference.
Short squeezes occur when a heavily shorted stock begins to move higher. As this happens, the short sellers begin to lose money because they will have to buy the shares back at a higher price than they were sold for.
As the price rises, the losses increase. Sometimes it results in panic buying as short sellers outbid each other. It can result in a snowball effect that pushes the price rapidly higher.
The climax of a short squeeze comes when the people who lent the shares to short sellers see how much the price has risen and decide to sell.
The short-sellers are forced to buy the shares regardless of the price so they can return them. They have no choice. It is a legal obligation.
This can result in the shares going parabolic.
Enphase is a heavily shorted stock. About 33% of the shares that are outstanding have been borrowed. This is an extremely high number. Every stock has short interest, but it is usually only a couple of percent.
When short squeezes end, there is a chance the stock goes into a steep decline. Sometimes they even end up back to where they were when the squeeze started.
Traders and investors who trade options can profit when a stock moves lower. They can buy put options. Their value will increase as the price declines.
There is no way to know when the short-squeeze in Enphase will end. But when it does, it may present profit opportunities for savvy traders.
Photo: Piotr Swat from Shutterstock
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It has been about a month since the last earnings report for Enphase Energy (ENPH - Free Report) . Shares have added about 125.3% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Enphase Energy due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important catalysts.
Enphase Energy Q1 Earnings Beat Estimates, Revenues Decline Y/Y
Enphase Energy, Inc. reported first-quarter 2026 adjusted earnings of 47 cents per share, which decreased 30.9% from 68 cents reported in the prior-year quarter. However, the bottom line topped the Zacks Consensus Estimate of 43 cents by 8.2%.
Including one-time adjustments, the company posted a GAAP loss of 6 cents per share against GAAP earnings of 22 cents in the year-ago quarter.
The year-over-year earnings decline can be attributed to lower revenues as well as lower income from operations from the year-ago quarter.
ENPH’s RevenuesEnphase Energy’s first-quarter revenues of $282.9 million missed the Zacks Consensus Estimate of $284 million by 0.2%. The top line also decreased 28.6% from the prior-year quarter’s reported figure of $356.1 million.
The year-over-year plunge was mainly due to weaker sales in the United States.
Enphase Energy’s Operational UpdateThe company’s shipments amounted to approximately 1.41 million microinverters and 103.1 megawatt-hours (MWh) of Enphase IQ Batteries.
The company’s adjusted gross margin decreased 500 basis points year over year to 43.9%.
Adjusted operating expenses dropped 3.1% year over year to $76.9 million.
The adjusted operating income totaled $47.3 million, down 50.1% from the year-ago quarter.
Financial Details of ENPHEnphase Energy had $497.5 million in cash and cash equivalents as of March 31, 2026 compared with $474.3 million as of Dec. 31, 2025.
The net cash flow from operating activities amounted to $102.9 million as of March 31, 2026 compared with $47.6 million as of Dec. 31, 2025.
Q2 2026 Guidance by Enphase EnergyFor the second quarter of 2026, ENPH expects revenues in the range of $280-$310 million. The Zacks Consensus Estimate for second-quarter revenues is pegged at $303.7 million, which is higher than the midpoint of the company’s guided range.
Enphase Energy expects to ship IQ batteries in the range of 100-110 MWh in the second quarter.
Adjusted operating expenses are expected between $75 million and $79 million. This excludes approximately $45 million estimated for stock-based compensation expenses, acquisition-related costs and amortization, as well as restructuring and asset impairment charges.
The adjusted gross margin is expected in the range of 44-47%, excluding stock-based compensation expenses and acquisition-related amortization.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.
VGM ScoresCurrently, Enphase Energy has a subpar Growth Score of D, though it is lagging a bit on the Momentum Score front with an F. Following the exact same course, the stock was allocated a score of F on the value side, putting it in the lowest quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Enphase Energy has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
On June 01, 2026, Enphase Energy Inc ENPH shares fell 6.8% to a current price of $63.74. This decline comes after a period of substantial growth, with the stock rising 88.3% over the past month and 98.9% year-to-date. ENPH's price has fluctuated between a 52-week high of $73.74 and a low of $25.78.
GF Value™ verdict: Current price is $63.74 compared to $63.27 GF Value™, indicating the stock is 0.7% overvalued.GF Score™ is 75/100, categorizing it as Above Average, suggesting strong potential for long-term performance.Most notable signal: Insider activity shows that insiders bought $0.3M and sold $6.0M in the last 3 months, indicating a net sell-off. Is ENPH Overvalued or Undervalued? Currently, Enphase Energy Inc's stock price of $63.74 is slightly above the GF Value™ of $63.27, marking it as 0.7% overvalued. This marginal overvaluation suggests limited margin of safety for potential investors, as buying at such a price may not offer a significant cushion should the stock experience downward pressure. According to GF Valuation, the stock is fairly valued based on its intrinsic value assessment. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.
While the slight overvaluation indicates some risk, it is essential to consider the overall market conditions and the company's growth prospects. If Enphase can maintain its momentum and continue to execute on its business strategy effectively, the current price may still reflect a fair assessment of its underlying value.
How Does ENPH's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 63.1x 74.0x (5-Year Median) Forward P/E 31.8x N/A Enphase's current P/E ratio of 63.1x is significantly below its 5-year median of 74.0x, suggesting that the stock is trading at a more favorable valuation compared to its historical standards. This P/E analysis aligns with the GF Value™ verdict, as it indicates that while the stock is marginally overvalued, it is still priced more attractively relative to its historical norms.
What Does ENPH's GF Score™ Tell Us? Metric Rating GF Score™ 75/100 Financial Strength 7/10 Profitability 8/10 Growth 3/10 Valuation 7/10 Momentum 5/10 The GF Score™ of 75/100 indicates a strong overall performance, particularly in the areas of Profitability (8/10) and Financial Strength (7/10). However, the Growth rank is relatively low at 3/10, suggesting that while the company is profitable and financially solid, its growth prospects may not be as robust as some investors might hope. This mixed picture highlights the importance of considering both strong financial metrics and potential growth limitations when evaluating ENPH's overall investment attractiveness.
What Are Insiders Doing with ENPH Stock? In the past three months, insider activity has shown that insiders bought $0.3 million worth of shares while selling $6.0 million. This net selling indicates that insiders are reducing their positions, which can often be interpreted as a bearish signal regarding the company's short-term prospects. When insiders sell a significant amount compared to what they buy, it may raise concerns among investors about the company's future performance and could indicate a lack of confidence among those who are closest to the business.
What This Means for Investors Based on the GF Value™ assessment, Enphase Energy Inc is currently overvalued. With a current price of $63.74 compared to a GF Value™ of $63.27, investors may want to proceed with caution as the stock does not offer a significant margin of safety at this time. The mixed signals from insider activity and growth metrics further suggest that investors should carefully weigh their options before making any decisions.
For the complete analysis, visit the Enphase Energy Inc ENPH stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is ENPH's GF Score™?
ENPH's GF Score™ is 75/100, indicating an Above Average rating. Stocks with higher GF Score™ values have been found to generate higher long-term returns.
Is ENPH overvalued or undervalued?
ENPH is currently overvalued, with a GF Value™ of $63.27 compared to its current price of $63.74, suggesting limited margin of safety.
What is ENPH's P/E ratio?
ENPH's P/E (TTM) is 63.1x, which is below its 5-year median of 74.0x, indicating that the stock is trading at a more favorable valuation compared to its historical levels.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
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In the latest trading session, Enphase Energy (ENPH - Free Report) closed at $69.02, marking a -4.58% move from the previous day. This change lagged the S&P 500's 0.74% loss on the day. Meanwhile, the Dow lost 1.21%, and the Nasdaq, a tech-heavy index, lost 0.89%.
Shares of the solar technology company witnessed a gain of 100.81% over the previous month, beating the performance of the Oils-Energy sector with its loss of 2.67%, and the S&P 500's gain of 5.39%.
The investment community will be closely monitoring the performance of Enphase Energy in its forthcoming earnings report. In that report, analysts expect Enphase Energy to post earnings of $0.46 per share. This would mark a year-over-year decline of 33.33%. Alongside, our most recent consensus estimate is anticipating revenue of $291.74 million, indicating a 19.66% downward movement from the same quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.12 per share and a revenue of $1.23 billion, signifying shifts of -28.38% and -16.78%, respectively, from the last year.
Investors should also pay attention to any latest changes in analyst estimates for Enphase Energy. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Enphase Energy presently features a Zacks Rank of #3 (Hold).
Digging into valuation, Enphase Energy currently has a Forward P/E ratio of 34.06. For comparison, its industry has an average Forward P/E of 24.41, which means Enphase Energy is trading at a premium to the group.
The Solar industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 175, positioning it in the bottom 29% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
Enphase Energy (ENPH - Free Report) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.
Shares of this solar technology company have returned +53.8% over the past month versus the Zacks S&P 500 composite's +1.9% change. The Zacks Solar industry, to which Enphase Energy belongs, has gained 20.4% over this period. Now the key question is: Where could the stock be headed in the near term?
Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.
Earnings Estimate RevisionsHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.
We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For the current quarter, Enphase Energy is expected to post earnings of $0.46 per share, indicating a change of -33.3% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.
The consensus earnings estimate of $2.12 for the current fiscal year indicates a year-over-year change of -28.4%. This estimate has remained unchanged over the last 30 days.
For the next fiscal year, the consensus earnings estimate of $2.54 indicates a change of +19.9% from what Enphase Energy is expected to report a year ago. Over the past month, the estimate has remained unchanged.
With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Enphase Energy.
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.
In the case of Enphase Energy, the consensus sales estimate of $291.74 million for the current quarter points to a year-over-year change of -19.7%. The $1.23 billion and $1.34 billion estimates for the current and next fiscal years indicate changes of -16.8% and +9.6%, respectively.
Last Reported Results and Surprise HistoryEnphase Energy reported revenues of $282.9 million in the last reported quarter, representing a year-over-year change of -20.6%. EPS of $0.47 for the same period compares with $0.68 a year ago.
Compared to the Zacks Consensus Estimate of $283.56 million, the reported revenues represent a surprise of -0.23%. The EPS surprise was +9.3%.
The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates three times over this period.
ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.
While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.
The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
Enphase Energy is graded F on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Enphase Energy. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.
Enphase Energy (ENPH - Free Report) ended the recent trading session at $53.51, demonstrating a -5.92% change from the preceding day's closing price. The stock's performance was behind the S&P 500's daily loss of 0.26%. Meanwhile, the Dow gained 0.17%, and the Nasdaq, a tech-heavy index, lost 0.97%.
Coming into today, shares of the solar technology company had gained 51.08% in the past month. In that same time, the Oils-Energy sector gained 0.73%, while the S&P 500 gained 0.23%.
The investment community will be paying close attention to the earnings performance of Enphase Energy in its upcoming release. The company's earnings per share (EPS) are projected to be $0.46, reflecting a 33.33% decrease from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $291.74 million, down 19.66% from the year-ago period.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $2.12 per share and a revenue of $1.23 billion, representing changes of -28.38% and -16.78%, respectively, from the prior year.
Any recent changes to analyst estimates for Enphase Energy should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Right now, Enphase Energy possesses a Zacks Rank of #3 (Hold).
With respect to valuation, Enphase Energy is currently being traded at a Forward P/E ratio of 26.78. Its industry sports an average Forward P/E of 21.21, so one might conclude that Enphase Energy is trading at a premium comparatively.
The Solar industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 183, positioning it in the bottom 25% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
FREMONT, Calif., June 11, 2026 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company, today announced the launch of the new IQ9N™ Microinverter for residential solar across key European markets. Built with gallium nitride (GaN) technology, IQ9N Microinverters help enhance energy production from the latest high-power solar panels and are engineered to deliver peak performance over the system’s lifetime, with an industry-leading 97.44% EU weighted efficiency and a 25-year warranty.
IQ9N Microinverters support 16 A of continuous DC current and 427 VA of continuous output power, pairing with today’s premium high-wattage residential solar panels to help maximize energy production from each module. They are backward compatible with IQ7™ and IQ8™ Series Microinverters and compatible with IQ® Batteries, enabling homeowners and installers to expand existing Enphase systems using similar installation methods and accessories. GaN technology enables peak efficiency of up to 97.95%, with cooler operation and optimized performance across conditions.
Enphase’s GaN architecture reduces conduction losses and heat, improves long-term reliability based on engineering and lifecycle testing, maintains peak performance across seasons, and provides capacity to support emerging high-power solar panels. IQ9N Microinverters are engineered to optimize energy from every panel across a wide range of conditions, including partial shading, complex roof layouts, and high-temperature environments.
Like all Enphase microinverters, IQ9N Microinverters convert DC to AC at each panel, eliminating long high-voltage DC runs used in traditional string inverter designs and delivering a safer, all-AC architecture on the roof. Per-panel power conversion also keeps the rest of the system producing even if one panel is shaded, soiled, or offline.
“The Dutch climate throws everything at a rooftop, from flat winter light to long summer days, and IQ9N Microinverters help maximize production through all of it,” said Theo Swinkels, CEO at Swinkels E-tech Groep BV, an installer of Enphase products in the Netherlands. “The GaN architecture helps customers get more from high-power panels, including in low-light conditions, which is exactly what homeowners ask for.”
“French homeowners want to get the most out of every panel, and IQ9N Microinverters let us pair the latest high-power modules with an architecture that captures energy others leave on the roof,” said Basile Bonnel, CEO at Maisolia, an installer of Enphase products in France. “The high efficiency and GaN performance give us greater flexibility to optimize systems.”
“German customers expect engineering they can trust for decades, and IQ9N Microinverters deliver on that standard,” said Dirk Hormann, CEO of Solarwerk Nord GmbH, an installer of Enphase products in Germany. “The GaN architecture runs cooler and holds peak performance season after season, which is exactly the long-term reliability our customers design around.”
IQ9N Microinverters meet rigorous grid compliance standards and are made with a double-insulated, corrosion-resistant polymer housing and an operating temperature range of -40°C to +65°C, engineered to withstand demanding weather conditions. Built-in rapid shutdown capability helps reduce risk to utility workers and first responders. Homeowners can monitor system performance at the panel level, receive real-time alerts, and benefit from over-the-air software updates through the Enphase® App.
“Residential solar customers across Europe expect their systems to perform at the highest level for decades,” said Sabbas Daniel, senior vice president of sales for Europe at Enphase Energy. “IQ9N Microinverters combine our proven distributed architecture with GaN technology and support for the latest panels, giving homeowners one of the most powerful and efficient Enphase microinverters we’ve ever built, with the reliability customers expect from Enphase.”
IQ9N Microinverters are backed by an industry-leading 25-year warranty. Shipments began on June 5, 2026, through Enphase distribution partners, with availability in France, Belgium, the Netherlands, Italy, Spain, Switzerland, the United Kingdom, Germany, and Luxembourg. Enphase expects to expand IQ9N Microinverter availability to additional countries globally in the coming months.
Learn more about IQ9N Microinverters on the Enphase regional websites, and read the technical white paper, “Enphase Adoption of GaN Bi-Directional Switch Technology for Distributed Power Electronics,” for a more detailed view of Enphase’s GaN architecture.
About Enphase Energy, Inc.
Enphase Energy, a global energy technology company based in Fremont, CA, is the world's leading supplier of microinverter-based solar and battery systems, EV chargers, home energy management systems, and virtual power plant (VPP) solutions. Enphase products enable people to harness the sun to make, use, save, and sell their own power, all controlled through the Enphase App. The company revolutionized the solar industry with its microinverter-based technology and has shipped approximately 87.8 million microinverters, with more than 5.2 million Enphase-based systems deployed in over 165 countries. For more information, visit https://enphase.com/.
This press release may contain forward-looking statements, including statements related to the expected capabilities and performance of Enphase Energy’s technology and products, including safety, quality, and reliability; the suitability of IQ9N Microinverters for residential solar applications and the latest high-power residential solar panels; the expected benefits of gallium nitride-based technology; the expected benefits of Enphase’s distributed microinverter architecture; the availability and timing of IQ9N Microinverter shipments across European markets and globally; and the scope and terms of Enphase’s warranty. These forward-looking statements are based on Enphase Energy’s current expectations and assumptions and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. Such risks include, but are not limited to, market demand; competitive developments; changes in incentive programs and regulatory or compliance requirements; supply chain availability and costs; and other factors discussed in Enphase Energy’s filings with the Securities and Exchange Commission, including those risks described in more detail in Enphase Energy’s most recently filed Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and other filings made from time to time with the Securities and Exchange Commission. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, or changes in its expectations, except as required by law.
The upcoming report from Groupon (GRPN - Free Report) is expected to reveal quarterly loss of -$0.02 per share, indicating a decline of 111.1% compared to the year-ago period. Analysts forecast revenues of $117.26 million, representing an increase of 0.1% year over year.
Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.
Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.
While investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective.
With that in mind, let's delve into the average projections of some Groupon metrics that are commonly tracked and projected by analysts on Wall Street.
According to the collective judgment of analysts, 'Geographic Revenue- North America' should come in at $91.66 million. The estimate points to a change of +0.6% from the year-ago quarter.
Analysts expect 'Geographic Revenue- International- Local' to come in at $23.02 million. The estimate points to a change of +2.7% from the year-ago quarter.
The consensus among analysts is that 'Geographic Revenue- International' will reach $26.11 million. The estimate suggests a change of +0.1% year over year.
Analysts' assessment points toward 'Geographic Revenue- North America- Travel' reaching $3.41 million. The estimate indicates a year-over-year change of -6.8%.
Analysts forecast 'Geographic Revenue- North America- Local' to reach $87.70 million. The estimate indicates a change of +2.1% from the prior-year quarter.
View all Key Company Metrics for Groupon here>>>
Shares of Groupon have demonstrated returns of +29.5% over the past month compared to the Zacks S&P 500 composite's +10% change. With a Zacks Rank #4 (Sell), GRPN is expected to lag the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
North America Local Revenue down 1% and Local Billings up 2%
International Local Revenue up 10% and up 19% excluding Giftcloud
Chicago, Illinois--(Newsfile Corp. - May 7, 2026) - Groupon, Inc. (NASDAQ: GRPN) today announced its financial results for the first quarter ended March 31, 2026. Results and a shareholder letter for the first quarter are posted on Groupon's Investor Relations site (investor.groupon.com). The company has also filed its Form 10-Q with the Securities and Exchange Commission.
"We began 2026 with a refreshed mission, to get people offline through quality local experiences at great value," said Dusan Senkypl, Chief Executive Officer of Groupon. "Groupon is uniquely positioned at the intersection of the AI economy and the millions of local merchants who power Main Street. We are rebuilding Groupon as an AI-native company to operate at the velocity the era of agentic commerce demands and better deliver on our mission, serving both customers and merchants. Q1 results do not yet reflect this work, but the pace of AI adoption across every team gives me confidence in stronger performance ahead."
First Quarter 2026 Highlights
Global Revenue flat and Billings down 1% (3% FX-neutral) year-over-year.
North America Local Revenue down 1% and Local Billings up 2%, driven by strength in our Things to Do offering and paid channels, partially offset by headwinds in our Small Business merchant base, Health Beauty & Wellness, Enterprise channel, and managed and organic channels, as well as adverse weather in January and February.
International Local Revenue up 10% and Local Billings down 3% (12% FX-neutral). Excluding Giftcloud, International Local Billings up 14% and International Local Revenue up 19%, driven by expansion of seasonally relevant Things to Do supply across major markets and improved organic traffic from our new consumer platform.
Active customers grew 5% to 16.2 million, with growth in both North America and International Local categories.
Unit sales were 8.1 million, down 5% year-over-year, driven by softer transaction volume in North America, partially offset by unit growth in International Local.
Net loss from continuing operations was $12.6 million, compared with net income from continuing operations of $8.0 million in the prior year period.
Adjusted EBITDA, a non-GAAP financial measure, was positive $12.8 million, compared with positive $15.3 million in the prior year period.
Operating cash outflow from continuing operations was $10.0 million and free cash flow, a non-GAAP financial measure, was negative $13.5 million
Cash and cash equivalents as of March 31, 2026 were $225.5 million.
During the three months ended March 31, 2026, we repurchased 1.94 million shares of Common Stock for an aggregate purchase price of $21.3 million. Additionally, in April 2026 and through the date of this report, we repurchased an additional 859,860 shares of Common Stock for an aggregate purchase price of $10.1 million.
Project Foundry, our company-wide initiative to transform our operating model by embedding AI agents into the core of every function, is intended to enable the Company to operate with the speed required to succeed in an AI-native world.
Definitions and reconciliations of all non-GAAP financial measures and additional information regarding operating measures are included below in the section titled "Non-GAAP Financial Measures and Operating Metrics" and in the accompanying tables.
2026 Outlook1
For the second quarter and full year 2026, the Company expects:
As of May 07, 2026Q2 2026 Guidance
2026 GuidanceLow-end
High-end
Low-end
High-endBillingsFlat
+2%
+3%
+5%Revenue$126M
$128M
$513M
$523MFlat
+2%
+3%
+5%Adjusted EBITDA$13M
$15M
$70M
$75MFree Cash FlowAt Least $10M
At Least $60M1 We do not provide a reconciliation for non-GAAP estimates on a forward-looking basis where we are unable to provide a meaningful calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various items that would impact the most directly comparable forward-looking U.S. GAAP financial measure that have not yet occurred, are out of the Company's control and/or cannot be reasonably predicted. Forward-looking non-GAAP financial measures provided without the most directly comparable U.S. GAAP financial measures may vary materially from the corresponding U.S. GAAP financial measures.
The outlook above reflects management's current expectations for 2026 and includes forward-looking statements regarding the Company's anticipated financial performance and operating priorities. Actual results may differ materially as a result of risks and uncertainties described in Groupon's filings with the Securities and Exchange Commission, including its most recent Form 10-Q and Form 10-K.
For information about our guidance, refer to our earnings commentary that is posted on our investor relations website (investor.groupon.com).
Conference Call
A conference call will be webcast Friday, May 8, 2026 at 7:00 a.m. CT / 8:00 a.m. ET and will be available on Groupon's investor relations website at https://investor.groupon.com. This call will contain forward-looking statements and other material information regarding our financial and operating results.
Groupon encourages investors to use its investor relations website as a way of easily finding information about the company. Groupon promptly makes available on this website, free of charge, the reports that the company files or furnishes with the SEC, corporate governance information (including Groupon's Global Code of Conduct), and select press releases and social media postings. Groupon uses its investor relations website (investor.groupon.com) as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
About Groupon
Groupon (www.groupon.com) (NASDAQ: GRPN) is a trusted local marketplace where consumers go to buy services and experiences that make life more interesting and deliver boundless value. To find out more about Groupon, please visit press.groupon.com.
Non-GAAP Financial Measures and Operating Metrics
In addition to financial results reported in accordance with U.S. GAAP, we have provided the following non-GAAP financial measures: Foreign currency exchange rate neutral operating results, Adjusted EBITDA, and free cash flow. These non-GAAP financial measures, which are presented on a continuing operations basis, are intended to aid investors in better understanding our current financial performance and prospects for the future as seen through the eyes of management. We believe that these non-GAAP financial measures facilitate comparisons with our historical results and with the results of peer companies who present similar measures (although other companies may define non-GAAP measures differently than we define them, even when similar terms are used to identify such measures). However, these non-GAAP financial measures are not intended to be a substitute for those reported in accordance with U.S. GAAP. For reconciliations of these measures to the most applicable financial measures under U.S. GAAP, see "Non-GAAP Reconciliation Schedules" and "Supplemental Financial and Operating Metrics" included in the tables accompanying this release.
We exclude the following items from one or more of our non-GAAP financial measures:
Stock-based compensation. We exclude stock-based compensation because it is primarily non-cash in nature and we believe that non-GAAP financial measures excluding this item provide meaningful supplemental information about our operating performance and liquidity.
Depreciation and amortization. We exclude depreciation and amortization expenses because they are non-cash in nature and we believe that non-GAAP financial measures excluding these items provide meaningful supplemental information about our operating performance and liquidity.
Income taxes, interest and other non-operating items. Income taxes, interest and other non-operating items include: income taxes, foreign currency gains and losses, loss on extinguishment of exchanged debt, interest income and interest expense. We exclude interest and other non-operating items from certain of our non-GAAP financial measures because we believe that excluding these items provides meaningful supplemental information about our core operating performance and facilitates comparisons to our historical operating results.
Special charges and credits. We exclude special charges and credits included charges related to our Italy Restructuring Plan, 2022 Restructuring Plan and 2020 Restructuring Plan, as well as gain on sale of assets, gain on sale of business, loss on extinguishment of debt and foreign VAT assessments. We exclude special charges and credits from Adjusted EBITDA because we believe that excluding those items provides meaningful supplemental information about our core operating performance and facilitates comparisons with our historical results.
Descriptions of the non-GAAP financial measures included in this release and the accompanying tables are as follows:
Foreign currency exchange rate neutral operating results show current period operating results as if foreign currency exchange rates had remained the same as those in effect in the prior year period. Those measures are intended to facilitate comparisons to our historical performance.
Contribution Profit measures the amount of marketing investment needed to generate revenue and is defined as net revenues less cost of sales and marketing expense.
Adjusted EBITDA is a non-GAAP performance measure that we define as Net income (loss) from continuing operations excluding income taxes, interest and other non-operating items, depreciation and amortization, stock-based compensation and other special charges and credits, including items that are unusual in nature or infrequently occurring. Our definition of Adjusted EBITDA may differ from similar measures used by other companies, even when similar terms are used to identify such measures. Adjusted EBITDA is a key measure used by our management and Board to evaluate operating performance, generate future operating plans and make strategic decisions. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board. However, Adjusted EBITDA is not intended to be a substitute for Net income (loss) from continuing operations.
Free cash flow is a non-GAAP liquidity measure that comprises Net cash provided by (used in) operating activities from continuing operations less purchases of property and equipment and capitalized software. We use free cash flow to conduct and evaluate our business because, although it is similar to Net cash provided by (used in) from continuing operations, we believe that it typically represents a more useful measure of cash flows because purchases of fixed assets, software developed for internal use and website development costs are necessary components of our ongoing operations. Free cash flow is not intended to represent the total increase or decrease in our cash balance for the applicable period.
Descriptions of the operating metrics included in this release and the accompanying tables are as follows:
Gross billings is the total dollar value of customer purchases of goods and services. Gross billings is presented net of customer refunds, order discounts and sales and related taxes. The substantial majority of our revenue transactions are comprised of sales of vouchers and similar transactions in which we collect the transaction price from the customer and remit a portion of the transaction price to the third-party merchant who will provide the related goods or services. For these transactions, gross billings differs from Revenue reported in our Condensed Consolidated Statements of Operations, which is presented net of the merchant's share of the transaction price. Gross billings is an indicator of our growth and business performance as it measures the dollar volume of transactions generated through our marketplaces. Tracking gross billings also allows us to monitor the percentage of gross billings that we are able to retain after payments to merchants.
Active customers are unique user accounts, identified by a distinct email address, that have made a purchase during the TTM either through one of our online marketplaces or directly with a merchant for which we earned a commission. We consider this metric to be an important indicator of our business performance as it helps us to understand how the number of customers actively purchasing our offerings is trending. Some customers could establish and make purchases from more than one account, so it is possible that our active customer metric may count certain customers more than once in a given period. We do not include consumers who solely make purchases with retailers using digital coupons accessed through our websites or mobile applications in our active customer metric, nor do we include consumers who solely make purchases of our inventory through third-party marketplaces with which we partner.
Units are the number of purchases during the reporting period, before refunds and cancellations, made either through one of our online marketplaces, a third-party marketplace, or directly with a merchant for which we earn a commission. We do not include purchases with retailers using digital coupons accessed through our websites or mobile applications in our units metric. We consider units to be an important indicator of the total volume of business conducted through our marketplaces.
We do not provide a reconciliation for non-GAAP estimates on a forward-looking basis where we are unable to provide a meaningful calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various items that would impact the most directly comparable forward-looking U.S. GAAP financial measure that have not yet occurred, are out of the Company's control and/or cannot be reasonably predicted. Forward-looking non-GAAP financial measures provided without the most directly comparable U.S. GAAP financial measures may vary materially from the corresponding U.S. GAAP financial measures.
Note on Forward-Looking Statements
The statements contained in this release that refer to plans and expectations for the next quarter, the full year or the future are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"), including statements regarding our future results of operations and financial position, business strategy and plans and our objectives for future operations and future liquidity. The words "may," "will," "should," "could," "expect," "anticipate," "believe," "estimate," "intend," "continue" and other similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Such risks and uncertainties include, but are not limited to, our ability to execute and achieve the expected benefits of our go-forward strategy, including our broader AI-native transformation; the risk that the anticipated benefits of our AI strategy may not be realized in the time frame we expect or at all and may have adverse effects on our operations, merchants and customers; the risk that our public statements regarding our AI strategy and deployment of AI agents are not adequately substantiated or are later viewed as inconsistent with our actual capabilities or results; execution of our business and marketing strategies; volatility in our operating results; challenges arising from our international operations, including fluctuations in currency exchange rates, tax, legal and regulatory developments in the jurisdictions in which we operate and geopolitical instability; global economic uncertainty, including as a result of inflationary pressures; any impact from U.S. and international financial reform legislation and regulations, and any potential trade protection measures, such as new or incremental tariffs and other trade policies; retaining and adding high quality merchants and third-party business partners; retaining existing customers and adding new customers; competing successfully in our industry; providing a strong mobile experience for our customers; managing refund risks; retaining and attracting members of our executive and management teams and other qualified employees and personnel; customer and merchant fraud; payment-related risks; our reliance on email, Internet search engines and mobile application marketplaces to drive traffic to our marketplace; cybersecurity breaches; maintaining and improving our information technology infrastructure; reliance on cloud-based computing platforms; the risks associated with our use and integration of AI and machine learning technologies; completing and realizing the anticipated benefits from acquisitions, dispositions, joint ventures and strategic investments; lack of control over minority investments; managing inventory and order fulfillment risks; claims related to product and service offerings; protecting our intellectual property; maintaining a strong brand; the impact of future and pending litigation; compliance with domestic and foreign laws and regulations, including the CARD Act, GDPR, CPRA, and other privacy-related laws and regulations of the Internet and e-commerce; classification of our independent contractors, agency workers, or employees; risks relating to information or content published or made available on our websites or service offerings we make available; exposure to greater than anticipated tax liabilities; adoption of tax laws; our ability to use our tax attributes; impacts if we become subject to the Bank Secrecy Act or other anti-money laundering or money transmission laws or regulations; our ability to raise capital if necessary; risks related to our access to capital and outstanding indebtedness, including our 2027 Notes and 2030 Notes; our Common Stock, including volatility in our stock price and financial markets; a potential economic slowdown; and those risks and other factors discussed in Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2025 and Part II, Item 1A. Risk Factors on our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, as well as in our Condensed Consolidated Financial Statements, related notes, and the other financial information appearing elsewhere in this report and our other filings with the SEC. Moreover, we operate in a very competitive and rapidly changing environment, including with respect to emerging technologies such as AI, machine learning, and data analytics. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we make. Neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation to publicly update any forward-looking statements for any reason after the date of this report to conform these statements to actual results or to future events or circumstances. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
As used herein, "Groupon," "the Company," "we," "our," "us" and similar terms include Groupon, Inc. and its subsidiaries, unless the context indicates otherwise.
Groupon, Inc.
Non-GAAP Reconciliation Schedules
(in thousands, except share and per share amounts)
(unaudited)
The following is a quarterly reconciliation of Adjusted EBITDA to the most comparable U.S. GAAP performance measure, Net income (loss) from continuing operations:
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Income (loss) from continuing operations$8,027
$20,593
$(117,782) $8,081
$(12,589)Adjustments:
Stock-based compensation
7,694
8,782
11,109
10,189
11,911
Depreciation and amortization
5,611
4,423
4,301
4,267
4,191
Restructuring and related charges (credits)
137
(46)
(64)
(61)
7
(Gain) on sale of business
-
(10,650)
-
-
-
Loss on extinguishment of debt
-
-
99,925
-
-
Other (income) expense, net
(7,571)
(18,466)
(1,197)
(3,595)
4,371
Provision (benefit) for income taxes
1,428
10,927
21,248
2,022
4,899
Total adjustments
7,299
(5,030)
135,322
12,822
25,379
Adjusted EBITDA$15,326
$15,563
$17,540
$20,903
$12,790
Free cash flow is a non-GAAP liquidity measure. The following is a reconciliation of free cash flow to the most comparable U.S. GAAP liquidity measure, Net cash provided by (used in) operating activities from continuing operations.
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Net cash provided by (used in) operating activities from continuing operations$(22) $28,419
$(20,506) $56,607
$(9,958)Purchases of property and equipment and capitalized software from continuing operations
(3,737)
(3,230)
(4,082)
(3,575)
(3,559)Free cash flow$(3,759) $25,189
$(24,588) $53,032
$(13,517)
Net cash provided by (used in) investing activities from continuing operations$(3,737) $10,761
$(3,024) $2,423
$(3,559)Net cash provided by (used in) financing activities$(454) $(2,684) $(3,275) $(1,097) $(55,669)
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/296418
Source: Groupon
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Groupon (GRPN - Free Report) came out with a quarterly loss of $0.32 per share versus the Zacks Consensus Estimate of a loss of $0.02. This compares to earnings of $0.18 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -1,273.39%. A quarter ago, it was expected that this online daily deal service would post earnings of $0.17 per share when it actually produced earnings of $0.17, delivering no surprise.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
Groupon, which belongs to the Zacks Internet - Commerce industry, posted revenues of $117.2 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 0.05%. This compares to year-ago revenues of $117.19 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Groupon shares have lost about 10% since the beginning of the year versus the S&P 500's gain of 7.6%.
What's Next for Groupon?While Groupon has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Groupon was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.04 on $128.77 million in revenues for the coming quarter and $0.28 on $514.72 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Commerce is currently in the bottom 23% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Williams-Sonoma (WSM - Free Report) , another stock in the broader Zacks Retail-Wholesale sector, has yet to report results for the quarter ended April 2026.
This seller of cookware and home furnishings is expected to post quarterly earnings of $1.80 per share in its upcoming report, which represents a year-over-year change of -2.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Williams-Sonoma's revenues are expected to be $1.8 billion, up 4.3% from the year-ago quarter.
Groupon (GRPN - Free Report) reported $117.2 million in revenue for the quarter ended March 2026, representing no change year over year. EPS of -$0.32 for the same period compares to $0.18 a year ago.
The reported revenue represents a surprise of -0.05% over the Zacks Consensus Estimate of $117.26 million. With the consensus EPS estimate being -$0.02, the EPS surprise was -1273.39%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Groupon performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Geographic Revenue- North America: $89.91 million versus $91.66 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -1.3% change.Geographic Revenue- International: $27.29 million compared to the $26.11 million average estimate based on two analysts. The reported number represents a change of +4.7% year over year.Geographic Revenue- North America- Local: $85.54 million versus $87.7 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -0.5% change.Geographic Revenue- International- Goods: $1.58 million versus $2.05 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -30% change.Geographic Revenue- North America- Goods: $0.89 million versus the two-analyst average estimate of $0.55 million. The reported number represents a year-over-year change of -40.9%.Geographic Revenue- International- Local: $24.6 million versus the two-analyst average estimate of $23.02 million. The reported number represents a year-over-year change of +9.7%.Geographic Revenue- International- Travel: $1.11 million compared to the $1.1 million average estimate based on two analysts. The reported number represents a change of -20.6% year over year.Geographic Revenue- North America- Travel: $3.48 million versus the two-analyst average estimate of $3.41 million. The reported number represents a year-over-year change of -4.8%.View all Key Company Metrics for Groupon here>>>
Shares of Groupon have returned +32.4% over the past month versus the Zacks S&P 500 composite's +11.4% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
Key Takeaways GRPN posted a Q1 loss of 32 cents per share as revenue stayed flat year over year.Groupon saw strong international local growth, led by double-digit billings gains in key markets.GRPN maintained FY26 guidance for up to 5% revenue growth and at least $60M free cash flow. Groupon (GRPN - Free Report) posted a loss of 32 cents per share for the first quarter of 2026, falling short of the Zacks Consensus Estimate of a loss of 2 cents per share. The company had reported earnings of 18 cents per share from continuing operations in the year-ago quarter.
Revenues of $117.2 million were essentially in line with the Zacks Consensus Estimate, coming in 0.05% below. The figure was flat year over year (down 2.1% on an FX-neutral basis). The top-line performance was supported by continued strength in Things to Do and paid channel growth, partially offset by headwinds in the Small Business merchant base, Health Beauty and Wellness, the Enterprise channel and managed and organic channels, as well as adverse weather conditions in January and February.
Region-wise, North America’s revenues of $90 million missed the consensus mark by 1.91% and declined 1.1% year over year. International revenues of $27.29 million beat the consensus mark by 4.51% and increased 4.7% year over year (declined 4.8% on an FX-neutral basis)
Gross billings totaled $382.5 million in the first quarter of 2026, reflecting a 1% year-over-year decline (down 3.3% on an FX-neutral basis).
GRPN’s Quarterly DetailsLocal revenues of $110.1 million missed the Zacks Consensus Estimate by 0.27% and rose 1.6% year over year. North America Local revenues of $85.5 million declined 0.5% year over year and missed the consensus mark by 2.47%. North America Local billings of $260.6 million grew 2% year over year, driven by higher average order value and continued Things to Do momentum, partially offset by a 4% unit decline and take rate compression from higher promotional discounts.
International Local revenues of $24.6 million grew 9.7% year over year and beat the consensus mark by 6.87%, though revenues were flat on an FX-neutral basis. Excluding Giftcloud, International Local revenues grew 19% and International Local billings grew 14% year over year, with each of GRPN's four major International markets (the U.K., Germany, France and Spain) delivering double-digit billings growth.
Consolidated Travel revenues of $4.59 million beat the consensus mark by 3.8% and declined 9.2% year over year. North America Travel revenues declined 4.8% and International Travel revenues declined 20.5% year over year (down 28.4% on an FX-neutral basis). A notable bright spot was the Tours vertical, where new formats such as mystery trip packages and adventure itineraries generated meaningful customer engagement toward the end of the quarter.
On a consolidated basis, Goods revenues of $2.5 million declined 34.4% year over year (down 38.5% on an FX-neutral basis), consistent with GRPN's deliberate de-emphasis of the category. North America Goods revenues of $894 thousand declined 40.9% year over year. International Goods revenues of $1.6 million declined 30% year over year (down 36.9% on an FX-neutral basis). The Goods segment now represents only 2% of global revenues.
GRPN’s Customer MetricsAt the end of the first quarter, Groupon had 16.2 million active customers on a trailing-twelve-month basis, up 5% year over year. The metric missed the Zacks Consensus Estimate by 0.19%.
The company had approximately 10.98 million active customers based in North America, missing the consensus mark by 0.9%. GRPN had 5.23 million active international customers, beating the consensus mark by 1.34%.
Operating Details of GRPNIn the first quarter, Groupon's consolidated gross profit was flat year over year at $106 million, with gross margin steady at 90% of revenues. North America gross profit declined 1.1% year over year to $81.9 million, while International gross profit grew 3% year over year to $24.1 million (down 5.6% on an FX-neutral basis).
Consolidated gross margin was 90% of revenues, consistent with the prior quarter. Selling, general and administrative expenses rose 5% year over year to $73 million. Marketing expenses increased 6% year over year to $36.3 million, representing 31% of revenues, reflecting higher investment in paid performance channels.
GRPN reported a GAAP operating loss of $3.3 million compared with operating income of $1.9 million in the year-ago quarter. Adjusted EBITDA declined 17% year over year to $12.8 million.
GRPN's Balance Sheet & Cash FlowGroupon exited the first quarter with cash and cash equivalents of $225.5 million, down from $296.1 million as of Dec. 31, 2025.
In the first quarter, operating cash outflow from continuing operations was $10 million, reflecting the normal seasonal timing of merchant payment settlements, compared with cash provided by operating activities of $56.6 million in the prior quarter.
Free cash flow was negative $13.5 million compared with positive $53 million in the fourth quarter of 2025.
During the quarter, GRPN repurchased 1.94 million shares for $21.3 million. As of May 7, 2026, approximately $215 million remains available under the board-authorized $300 million repurchase program.
GRPN's Q2 & FY26 GuidanceFor the second quarter of 2026, Groupon expects revenues in the range of $126 million to $128 million, suggesting flat to 2% year-over-year growth. Adjusted EBITDA is expected to be between $13 million and $15 million, and free cash flow is expected to be at least $10 million.
Groupon maintains its prior guidance, expecting revenues between $513 million and $523 million, indicating year-over-year growth of 3% to 5%. Adjusted EBITDA is expected to be between $70 million and $75 million, and free cash flow is expected to be at least $60 million.
Zacks Rank & Stocks to ConsiderGroupon currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader Zacks Retail-Wholesale sector are FGI Industries (FGI - Free Report) , Dillard’s (DDS - Free Report) and Canada Goose (GOOS - Free Report) . FGI Industries sports a Zacks Rank #1 (Strong Buy) at present, while Dillard’s and Canada Goose carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
FGI Industries is set to report first-quarter 2026 results on May 12. FGI shares have increased 17% year to date.
Dillard’s is set to report first-quarter fiscal 2027 results on May 21. DDS shares have declined 8.8% year to date.
Canada Goose is set to report fourth-quarter 2026 results on May 20. GOOS shares have declined 7.9% year to date.
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Groupon (GRPN - Free Report) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.
Shares of this online daily deal service have returned +49.9% over the past month versus the Zacks S&P 500 composite's +9.1% change. The Zacks Internet - Commerce industry, to which Groupon belongs, has gained 15.3% over this period. Now the key question is: Where could the stock be headed in the near term?
While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.
Revisions to Earnings EstimatesRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.
We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
Groupon is expected to post earnings of $0.04 per share for the current quarter, representing a year-over-year change of -91.3%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.
The consensus earnings estimate of $0.28 for the current fiscal year indicates a year-over-year change of +113.6%. This estimate has remained unchanged over the last 30 days.
For the next fiscal year, the consensus earnings estimate of $0.76 indicates a change of +172.6% from what Groupon is expected to report a year ago. Over the past month, the estimate has remained unchanged.
With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #4 (Sell) for Groupon.
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.
For Groupon, the consensus sales estimate for the current quarter of $128.77 million indicates a year-over-year change of +2.4%. For the current and next fiscal years, $514.72 million and $559.66 million estimates indicate +3.3% and +8.7% changes, respectively.
Last Reported Results and Surprise HistoryGroupon reported revenues of $117.2 million in the last reported quarter, representing no change year over year. EPS of -$0.32 for the same period compares with $0.18 a year ago.
Compared to the Zacks Consensus Estimate of $117.26 million, the reported revenues represent a surprise of -0.05%. The EPS surprise was -1500%.
Over the last four quarters, the company surpassed EPS estimates just once. The company topped consensus revenue estimates two times over this period.
ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.
Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.
As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
Groupon is graded D on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Groupon. However, its Zacks Rank #4 does suggest that it may underperform the broader market in the near term.
SANTA BARBARA, Calif., May 13, 2026 (GLOBE NEWSWIRE) -- Nick Nemeth, a shareholder of Groupon, Inc. (NASDAQ: GRPN) holding approximately 37,000 shares of common stock (approximately 0.1% of the Company’s outstanding shares), today publicly released an open letter to the Groupon Board of Directors urging the Company to prioritize its consumer platform, modernize the brand, and accelerate capital return. Mr. Nemeth publishes equity research under the Mispriced Assets banner through his firm, Wyandanch Consulting LLC.
Mr. Nemeth personally holds 37,000 shares of Groupon common stock — approximately 0.1% of shares outstanding — and also holds call options on Groupon stock. He believes the shares are meaningfully undervalued. Against a market capitalization of approximately $700 million, Groupon carries roughly $215 million in cash, $324 million in low-coupon convertible notes, and a stake in SumUp — which has been reported as a potential IPO candidate — that could represent a meaningful source of future liquidity. Adjusting for these items, the implied operating enterprise value is approximately $610 million for a marketplace serving 16.2 million active customers at approximately 90% gross margin.
The lever. Groupon customers transact approximately 2.3 times per year. Comparable destination marketplaces sit closer to 4.3. At current contribution margins, each incremental turn of customer frequency drops approximately $100 million to the bottom line — the single largest unlevered source of operating leverage in the model, and one that lives entirely on the consumer side of the platform.
Customer Frequency (turns/yr)Incremental EBITDA vs. Today2.3 — today—3.0~ +$70M3.5~ +$120M4.0~ +$170M4.3 — peer comp~ +$200M Illustrative. Assumes approximately $100M of incremental EBITDA per full turn of frequency at current contribution margins.
WYANDANCH CONSULTING LLC
Illustrative EBITDA Bridge — Run-Rate Earnings Power, 2–3 Years Out
DriverAdj. EBITDA2026 Adjusted EBITDA guide (midpoint)$72M + Full 20% RIF unlock (Q1 captured ~$2M severance only)+$40M + Frequency turn 1: 2.3 → 3.3 visits/customer/year+$100M + Frequency turn 2: 3.3 → 4.3 (full execution)+$100M Run-rate earnings power, 2–3 years out~ $310M Source: Wyandanch Consulting LLC. Illustrative analysis based on Company filings and management commentary; not a forecast.
Mr. Nemeth is urging the Board to focus on three priorities:
Revamp the platform. A unified iOS, Android, and web redesign with quarterly disclosure of conversion lift, time-to-purchase, and session depth — the highest-priority project at the Company and the conversion infrastructure on which retention compounds.
Rebrand the brand. Marketing currently runs approximately 35% of revenue and is miscast — buying clicks for individual deals rather than communicating the platform itself. Announce the revamp loudly; lean into verified influencer and user-generated-content distribution as a variable-cost replacement for high-CAC advertising; meet younger consumers where they are. The same generation that made thrifting cultural is the natural customer for value-driven local commerce.
Accelerate the buyback. Pursue repurchases at up to approximately 10% of trading volume, subject to applicable rules, liquidity, and market conditions, funded by ongoing free cash flow, balance-sheet cash above a stated floor, and potential SumUp monetization. The rate of repurchase should reflect the conviction that the shares are undervalued.
VWAP ScenarioShares Retired (~$570M)Share-Count Reduction$20~ 28.5M~ 77%$30~ 19.0M~ 52%$45~ 12.7M~ 34% Illustrative shareholder estimate. Assumes approximately $570M of deployable capital over two years (cash drawdown to a stated floor + potential SumUp monetization + 2026–2027 free cash flow). Buyback execution is subject to applicable rules, liquidity, market conditions, and Board approval.
The Board’s Artificial Intelligence Committee under Mr. Shah and the Project Foundry operating-model rebuild are directionally correct; Mr. Nemeth believes these initiatives benefit from fine-tuning rather than redirection. They are accelerants. The engine is the consumer.
“One turn of customer frequency drops approximately $100 million to the bottom line,” said Nick Nemeth. “The generation that made thrifting cultural is the natural customer for local deals. The strategic direction Mr. Šenkypl has set is correct. The platform and the brand need to catch up to it.”
The letter is offered constructively. Mr. Nemeth does not call for management change, board change, or strategic alternatives. The full letter is available at mispricedassets.substack.com.
DISCLOSURE
Nick Nemeth holds approximately 37,000 shares of Groupon, Inc. (NASDAQ: GRPN) common stock and call options thereon, and may transact at any time without notice. Forward-looking statements are projections, not guarantees. This communication reflects the author’s personal opinion, is not investment advice, and is not a solicitation of any security, proxy, vote, or consent.
Photos accompanying this announcement are available at
Groupon (GRPN - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.
Over the past month, shares of this online daily deal service have returned +24.6%, compared to the Zacks S&P 500 composite's +5.5% change. During this period, the Zacks Internet - Commerce industry, which Groupon falls in, has gained 3.6%. The key question now is: What could be the stock's future direction?
Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.
Earnings Estimate RevisionsRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.
We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For the current quarter, Groupon is expected to post earnings of $0.04 per share, indicating a change of -91.3% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.
For the current fiscal year, the consensus earnings estimate of $0.28 points to a change of +113.6% from the prior year. Over the last 30 days, this estimate has remained unchanged.
For the next fiscal year, the consensus earnings estimate of $0.76 indicates a change of +172.6% from what Groupon is expected to report a year ago. Over the past month, the estimate has remained unchanged.
With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #4 (Sell) for Groupon.
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Projected Revenue GrowthEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.
For Groupon, the consensus sales estimate for the current quarter of $127.44 million indicates a year-over-year change of +1.4%. For the current and next fiscal years, $519.21 million and $564.51 million estimates indicate +4.2% and +8.7% changes, respectively.
Last Reported Results and Surprise HistoryGroupon reported revenues of $117.2 million in the last reported quarter, representing no change year over year. EPS of -$0.32 for the same period compares with $0.18 a year ago.
Compared to the Zacks Consensus Estimate of $117.26 million, the reported revenues represent a surprise of -0.05%. The EPS surprise was -1500%.
Over the last four quarters, the company surpassed EPS estimates just once. The company topped consensus revenue estimates two times over this period.
ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.
Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.
As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
Groupon is graded D on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Groupon. However, its Zacks Rank #4 does suggest that it may underperform the broader market in the near term.
Groupon plans to eliminate 400 positions globally as it rebuilds itself as an artificial intelligence (AI)-native company.
The positions eliminated as part of the firm’s restructuring plan will include both employees and contractors, and the cuts will occur by the end of the third quarter, Groupon said in a Monday (May 26) current report filing with the Securities and Exchange Commission (SEC).
Groupon said in the filing that the restructuring plan approved Thursday (May 21) by the company’s board of directors relates to the company’s “previously announced strategy to rebuild the Company as an AI-native company and better deliver on our mission, serving both customers and merchants.”
The company expects to incur pre-tax charges of $7 million to $13 in connection with the restructuring, and it expects the payroll actions to deliver annualized cost savings of $20 million to $25 million, according to the filing.
With the $10 million to $12 million of gross savings it expects to realize in 2026, Groupon intends to reinvest as much as half of the savings in marketing, AI infrastructure and talent density, per the filing.
“As part of this restructuring plan, the Company is currently evaluating additional material cost-reduction and automation actions related to Project Foundry, which would be subject to Board approval,” Groupon said in the filing. “The Company expects any such actions would be completed by the end of 2027.”
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Project Foundry is an initiative in which Groupon is embedding AI agents into the core of every function across the company, enabling it to “operate with the speed required to succeed in an AI-native world,” the company said in a May 7 earnings release.
Groupon CEO Dusan Senkypl said in the release that every team across the company was adopting AI, but that the company’s first quarter results did not yet reflect that work.
Groupon eliminated 500 jobs in January 2023, saying that it was in the midst of a restructuring plan that was approved by its board of directors that month as well as a cost savings plan that was announced in August 2022.
Groupon also reported in the filing that its chief operating officer, Jiri Ponrt, notified the company Thursday that he will resign from the company effective July 10.
Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
Another tech company has announced that it will lay off a significant number of workers in an effort to become “AI-native.”
This time around, it’s Groupon, the legacy discount e-commerce platform that rose to prominence in the early 2010s. Here’s what you need to know about Groupon’s layoffs and its “Project Foundry” AI plans.
What’s happened?Last Thursday, the board of Groupon, Inc. (Nasdaq: GRPN) approved a restructuring plan that will see mass layoffs at the company. This information comes from a Form 8-K filing filed with the U.S. Securities and Exchange Commission (SEC) on May 21.
In the filing, Groupon revealed it will reduce “up to 400 positions globally.” Those positions include both employees and contractors, and the cuts are expected to happen by the end of Groupon’s Q3 2026.
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The company is currently in its fiscal Q2 2026, which ends on June 30. Groupon’s fiscal Q3 runs from July 1 to September 30, which means the workforce reductions should occur by October.
In a Schedule 14A Proxy Statement filed with the SEC on April 28, Groupon revealed that it had approximately 1,734 employees, which included “full-time, part-time, seasonal and temporary employees.” Groupon said that the figure excluded independent contractors.
It is unknown how many contractors are included in the workforce reductions of up to 400 individuals. If the layoffs were to encompass only the company’s employees, they would represent roughly 23% of its employed workforce.
Groupon remains a buy as upside levers—AI-driven restructuring, buybacks, and operating leverage—outweigh downside risks. Project Foundry is a high-risk, transformative restructuring, reallocating cost savings from 400 job cuts directly into AI infrastructure and workflow automation. Despite weak Q1 results, solvency is not a concern; the balance sheet is stabilized, with sufficient cash and a valuable SumUp stake for flexibility.
On May 29, 2026, Groupon Inc GRPN shares fell 4.8% to a current price of $20.23. The stock has fluctuated significantly over the past year, with a 52-week range between $9.17 and $43.08. This recent move adds to a volatile history, showcasing the challenges the company faces in maintaining investor confidence.
GF Value™ verdict: The current price is $20.23, while GF Value™ estimates fair value at $11.05, indicating the stock is 83.1% overvalued.GF Score™: Groupon holds a score of 49/100, suggesting average performance across key metrics.Most notable signal: There have been no insider transactions in the last 3 months, reflecting a lack of insider confidence in the current valuation. Is GRPN Overvalued or Undervalued? Groupon's current price of $20.23 is significantly above the GF Value™ of $11.05, indicating that the stock is overvalued by 83.1%. This substantial difference suggests that there may be limited margin of safety for potential investors. Given that GF Valuation labels the stock as "Significantly Overvalued," the risks associated with the current price could outweigh any potential short-term gains. In this scenario, investors may want to exercise caution, as overvaluation can lead to price corrections in the future.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. The significant gap between the current market price and GF Value™ raises concerns about the sustainability of Groupon's price in the face of potential market reevaluation.
How Does GRPN's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 504.5x 8.3x As observed, Groupon's current P/E ratio of 504.5x is drastically higher than its 5-year median P/E of 8.3x. This suggests that the stock is trading well above its historical valuation levels. The P/E analysis aligns with the GF Value™ verdict, further confirming that GRPN is overvalued at this time.
What Does GRPN's GF Score™ Tell Us? Metric Rating GF Score™ 49 Financial Strength 3/10 Profitability 3/10 Growth 3/10 Valuation 1/10 Momentum 6/10 The GF Score™ of 49/100 indicates that Groupon is performing at an average level compared to its peers. The strongest area is Momentum, with a rating of 6/10, suggesting that the stock has experienced positive short-term price movements. However, the weakest areas are Valuation, Financial Strength, Profitability, and Growth, all rated at 3/10 or lower. This indicates significant challenges in these key aspects, which could hinder long-term performance.
What Are Insiders Doing with GRPN Stock? In the last three months, there have been no insider transactions reported for Groupon Inc. This lack of activity may suggest that insiders do not have confidence in the stock's current valuation or future performance. Typically, insider buying can indicate confidence in the company's prospects, while selling may signal the opposite. The absence of such transactions raises questions about the outlook for GRPN.
What This Means for Investors Based on the GF Value™ assessment, Groupon Inc GRPN is currently considered overvalued. The significant gap between the current price and the estimated fair value suggests potential risks for investors. Caution is advised when considering an investment in GRPN at this time.
For the complete analysis, visit the Groupon Inc GRPN stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is GRPN's GF Score™?
GRPN's GF Score™ is 49/100, indicating average performance across key metrics, suggesting that there is room for improvement in various areas.
Is GRPN overvalued or undervalued?
GRPN is currently overvalued, with a GF Value™ of $11.05 compared to its market price of $20.23, indicating an 83.1% overvaluation.
What is GRPN's P/E ratio?
GRPN's current P/E ratio is 504.5x, which is significantly higher than its 5-year median P/E of 8.3x, reflecting a substantial overvaluation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Groupon (GRPN - Free Report) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.
Over the past month, shares of this online daily deal service have returned +21.9%, compared to the Zacks S&P 500 composite's +6.3% change. During this period, the Zacks Internet - Commerce industry, which Groupon falls in, has lost 3.3%. The key question now is: What could be the stock's future direction?
Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.
Earnings Estimate RevisionsRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.
We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
Groupon is expected to post a loss of $0.05 per share for the current quarter, representing a year-over-year change of -110.9%. Over the last 30 days, the Zacks Consensus Estimate has changed -216.7%.
For the current fiscal year, the consensus earnings estimate of -$0.02 points to a change of +99% from the prior year. Over the last 30 days, this estimate has changed -106%.
For the next fiscal year, the consensus earnings estimate of $0.88 indicates a change of +0% from what Groupon is expected to report a year ago. Over the past month, the estimate has changed +15.8%.
With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Groupon.
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.
In the case of Groupon, the consensus sales estimate of $127.42 million for the current quarter points to a year-over-year change of +1.4%. The $519.48 million and $561.06 million estimates for the current and next fiscal years indicate changes of +4.2% and +8%, respectively.
Last Reported Results and Surprise HistoryGroupon reported revenues of $117.2 million in the last reported quarter, representing no change year over year. EPS of -$0.32 for the same period compares with $0.18 a year ago.
Compared to the Zacks Consensus Estimate of $117.26 million, the reported revenues represent a surprise of -0.05%. The EPS surprise was -1500%.
Over the last four quarters, the company surpassed EPS estimates just once. The company topped consensus revenue estimates two times over this period.
ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.
While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.
The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
Groupon is graded D on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Groupon. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.
Chicago, Illinois--(Newsfile Corp. - June 8, 2026) - Groupon (NASDAQ: GRPN) today announced the appointment of Aditya Rajkumar as Chief Operating Officer. Rajkumar joins the company effective August 3, 2026, and will report to Chief Executive Officer Dusan Senkypl, overseeing Groupon's marketplace and merchant operations.
"Adi brings exactly the operating discipline and marketplace experience this stage of our transformation calls for," said Senkypl. "He pairs a strong bias for action with a structured, hands-on approach, and he moves at a pace that pulls an organization forward. The last decade has proved that a new generation of local marketplaces can win at real scale: serving customers at the level of a neighborhood while running with the efficiency of a global platform. That is an organizational capability built through culture, teams, and operating processes, and very few people have done it. Adi has spent his career building exactly that, and it is what this next phase of Groupon requires as we move into the era of agentic commerce."
"Groupon sits at the intersection of consumer intent and local supply, with a brand people know and a marketplace with real room to grow," said Rajkumar. "Throughout my career, I've been drawn to missions that support local businesses. At DoorDash, it was about empowering local economies through e-commerce and delivery. At Groupon, it's about putting customers first: helping people discover and enjoy the best of their cities at great value, while giving the local businesses they love a partner that helps them reach new customers and grow. What drew me here is the chance to pair that mission with intense operating rigor, and to help build the bridge between the AI economy and local merchants. I'm excited to get to work with the team Dusan has built."
Rajkumar joins Groupon from 7-Eleven, where he most recently led Skipcart and last-mile operations as Vice President, Last Mile, running delivery and last-mile operations across one of the largest global convenience retail networks. Before that, he spent more than four years at DoorDash in senior P&L and operating roles, most recently as General Manager of Caviar and Premium. Earlier in his career, he was a Senior Manager in Deloitte's M&A Strategy & Operations practice, advising clients across energy, industrials and manufacturing.
"Adi has spent his career turning complex operations into measurable outcomes, better customer experiences, stronger merchant performance, and execution at scale," added Senkypl. "That is the operating standard we are holding ourselves to as we execute against our transformation priorities. I couldn't be more excited to welcome Adi to the team, and I wish him every success as we build Groupon's next chapter together."
About Groupon
Groupon (NASDAQ: GRPN) is an experiences marketplace that connects consumer intent with local supply, getting people offline and into quality local experiences and services at great value, while connecting merchants with new customers. Learn more at www.groupon.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, including statements regarding our future results of operations and financial position, business strategy and plans and our objectives for future operations and future liquidity. The words "may," "will," "should," "could," "expect," "anticipate," "believe," "estimate," "intend," "continue" and other similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Such risks and uncertainties include, but are not limited to, our ability to execute and achieve the expected benefits of our go-forward strategy, including our broader AI-native transformation; the risk that the anticipated benefits of our AI strategy may not be realized in the time frame we expect or at all and may have adverse effects on our operations, merchants and customers; the risk that our public statements regarding our AI strategy and deployment of AI agents are not adequately substantiated or are later viewed as inconsistent with our actual capabilities or results; execution of our business and marketing strategies; volatility in our operating results; challenges arising from our international operations, including fluctuations in currency exchange rates, tax, legal and regulatory developments in the jurisdictions in which we operate and geopolitical instability; global economic uncertainty, including as a result of inflationary pressures; any impact from U.S. and international financial reform legislation and regulations, and any potential trade protection measures, such as new or incremental tariffs and other trade policies; retaining and adding high quality merchants and third-party business partners; retaining existing customers and adding new customers; competing successfully in our industry; providing a strong mobile experience for our customers; managing refund risks; retaining and attracting members of our executive and management teams and other qualified employees and personnel; customer and merchant fraud; payment-related risks; our reliance on email, Internet search engines and mobile application marketplaces to drive traffic to our marketplace; cybersecurity breaches; maintaining and improving our information technology infrastructure; reliance on cloud-based computing platforms; the risks associated with our use and integration of AI and machine learning technologies; completing and realizing the anticipated benefits from acquisitions, dispositions, joint ventures and strategic investments; lack of control over minority investments; managing inventory and order fulfillment risks; claims related to product and service offerings; protecting our intellectual property; maintaining a strong brand; the impact of future and pending litigation; compliance with domestic and foreign laws and regulations, including the CARD Act, GDPR, CPRA, and other privacy-related laws and regulations of the Internet and e-commerce; classification of our independent contractors, agency workers, or employees; risks relating to information or content published or made available on our websites or service offerings we make available; exposure to greater than anticipated tax liabilities; adoption of tax laws; our ability to use our tax attributes; impacts if we become subject to the Bank Secrecy Act or other anti-money laundering or money transmission laws or regulations; our ability to raise capital if necessary; risks related to our access to capital and outstanding indebtedness, including our 2027 Notes and 2030 Notes; our Common Stock, including volatility in our stock price and financial markets; a potential economic slowdown; and those risks and other factors discussed in Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2025 and Part II, Item 1A. Risk Factors on our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, as well as in our other filings with the SEC. Moreover, we operate in a very competitive and rapidly changing environment, including with respect to emerging technologies such as AI, machine learning, and data analytics. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we make. Neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation to publicly update any forward-looking statements for any reason after the date of this press release to conform these statements to actual results or to future events or circumstances. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/300381
Source: Groupon
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BCS Wealth Management boosted its stake in shares of Royal Gold, Inc. (NASDAQ:RGLD – Free Report) (TSE:RGL) by 89.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,286 shares of the basic materials company’s stock after purchasing an additional 19,478 shares during the quarter. BCS Wealth Management’s holdings in Royal Gold were worth $9,178,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. SG Americas Securities LLC boosted its position in shares of Royal Gold by 52.8% in the fourth quarter. SG Americas Securities LLC now owns 17,671 shares of the basic materials company’s stock valued at $3,928,000 after acquiring an additional 6,109 shares during the period. Louisbourg Investments Inc. bought a new stake in shares of Royal Gold in the fourth quarter valued at about $3,938,000. Prospera Financial Services Inc bought a new stake in shares of Royal Gold in the third quarter valued at about $1,068,000. Financiere des Professionnels Fonds d investissement inc. boosted its position in shares of Royal Gold by 275.8% in the third quarter. Financiere des Professionnels Fonds d investissement inc. now owns 6,656 shares of the basic materials company’s stock valued at $1,335,000 after acquiring an additional 4,885 shares during the period. Finally, Ruffer LLP bought a new stake in shares of Royal Gold in the third quarter valued at about $16,636,000. 83.65% of the stock is owned by institutional investors.
Insider Activity at Royal Gold In related news, Director Mark Isto sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $274.83, for a total value of $549,660.00. Following the sale, the director directly owned 20,043 shares in the company, valued at $5,508,417.69. This represents a 9.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director William M. Hayes sold 4,173 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $277.07, for a total value of $1,156,213.11. Following the completion of the sale, the director owned 6,129 shares in the company, valued at $1,698,162.03. The trade was a 40.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 7,573 shares of company stock worth $2,127,091 over the last ninety days. Insiders own 0.49% of the company’s stock.
Analysts Set New Price Targets A number of research analysts recently commented on the company. Scotiabank downgraded Royal Gold from a “sector outperform” rating to a “sector perform” rating and set a $335.00 price target for the company. in a research note on Monday, January 26th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Royal Gold in a research note on Thursday, January 22nd. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating and issued a $330.00 price target on shares of Royal Gold in a research note on Wednesday, February 4th. Finally, Zacks Research downgraded Royal Gold from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Six equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $260.56.
Get Our Latest Report on RGLD
Royal Gold Stock Performance Royal Gold stock opened at $271.52 on Wednesday. The business has a 50 day moving average of $266.38 and a 200-day moving average of $233.41. Royal Gold, Inc. has a 1 year low of $150.75 and a 1 year high of $306.25. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.12 and a quick ratio of 2.91. The company has a market capitalization of $23.04 billion, a P/E ratio of 39.87, a P/E/G ratio of 1.59 and a beta of 0.55.
Royal Gold (NASDAQ:RGLD – Get Free Report) (TSE:RGL) last released its quarterly earnings data on Wednesday, February 18th. The basic materials company reported $1.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.68 by ($0.76). Royal Gold had a net margin of 45.26% and a return on equity of 11.89%. The firm had revenue of $310.83 million during the quarter, compared to analyst estimates of $425.47 million. During the same period in the prior year, the company earned $1.63 EPS. The business’s quarterly revenue was up 85.2% compared to the same quarter last year. On average, equities research analysts predict that Royal Gold, Inc. will post 6.2 earnings per share for the current year.
Royal Gold Announces Dividend The business also recently announced a quarterly dividend, which will be paid on Thursday, April 16th. Investors of record on Thursday, April 2nd will be issued a $0.475 dividend. The ex-dividend date is Thursday, April 2nd. This represents a $1.90 annualized dividend and a yield of 0.7%. Royal Gold’s dividend payout ratio is presently 27.90%.
Royal Gold Profile (Free Report)
Royal Gold, Inc, headquartered in Denver, Colorado, is a leading precious metals streaming and royalty company. Through its business model, Royal Gold provides upfront financing to mining operators in exchange for the right to purchase a percentage of future metal production at predetermined prices. This structure allows the company to participate in production upside while minimizing exposure to the operating and capital-intensive aspects of mine ownership.
The company’s portfolio encompasses interests in over 200 streams and royalties on projects across North America, South America, Europe, Africa and Australia.
Featured Articles Five stocks we like better than Royal Gold
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Royal Gold, Inc. (TSX:RGL) has been awarded a ‘Buy' rating and $325 price target in initial coverage from UBS analysts, who cited a combination of improving production growth visibility, a more diversified asset base, and potential for a valuation re-rating. Shares of Royal Gold traded hands at $272 on Wednesday afternoon.
U.S. GoldMining (NASDAQ:USGO – Get Free Report) and Royal Gold (NASDAQ:RGLD – Get Free Report) are both basic materials companies, but which is the better business? We will compare the two businesses based on the strength of their analyst recommendations, profitability, valuation, institutional ownership, earnings, risk and dividends.
Analyst Ratings This is a breakdown of recent ratings and recommmendations for U.S. GoldMining and Royal Gold, as provided by MarketBeat.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score U.S. GoldMining 1 0 1 0 2.00 Royal Gold 1 3 8 0 2.58 U.S. GoldMining presently has a consensus price target of $30.75, indicating a potential upside of 132.43%. Royal Gold has a consensus price target of $273.64, indicating a potential upside of 8.43%. Given U.S. GoldMining’s higher probable upside, equities analysts clearly believe U.S. GoldMining is more favorable than Royal Gold.
Earnings and Valuation This table compares U.S. GoldMining and Royal Gold”s top-line revenue, earnings per share and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio U.S. GoldMining N/A N/A -$6.99 million ($0.54) -24.50 Royal Gold $1.03 billion 20.78 $467.27 million $6.81 37.06 Royal Gold has higher revenue and earnings than U.S. GoldMining. U.S. GoldMining is trading at a lower price-to-earnings ratio than Royal Gold, indicating that it is currently the more affordable of the two stocks.
Insider & Institutional Ownership 0.5% of U.S. GoldMining shares are held by institutional investors. Comparatively, 83.7% of Royal Gold shares are held by institutional investors. 2.5% of U.S. GoldMining shares are held by insiders. Comparatively, 0.4% of Royal Gold shares are held by insiders. Strong institutional ownership is an indication that endowments, hedge funds and large money managers believe a stock will outperform the market over the long term.
Profitability This table compares U.S. GoldMining and Royal Gold’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets U.S. GoldMining N/A -151.85% -128.56% Royal Gold 45.26% 11.89% 9.70% Risk & Volatility U.S. GoldMining has a beta of 2.11, meaning that its stock price is 111% more volatile than the S&P 500. Comparatively, Royal Gold has a beta of 0.55, meaning that its stock price is 45% less volatile than the S&P 500.
Summary Royal Gold beats U.S. GoldMining on 10 of the 13 factors compared between the two stocks.
About U.S. GoldMining (Get Free Report)
U.S. GoldMining Inc., an exploration stage company, engages in the exploration and development of mineral properties in the United States. The company's primary asset is the 100%-owned Whistler exploration property, a gold-copper exploration project comprising mining claims totaling 53,700 acres located in Yentna Mining District, Alaska. The company was incorporated in 2015 and is based in Vancouver, Canada. U.S. GoldMining Inc. operates as a subsidiary of GoldMining Inc.
About Royal Gold (Get Free Report)
Royal Gold, Inc., together with its subsidiaries, acquires and manages precious metal streams, royalties, and related interests. The company engages in acquiring stream and royalty interests or to finance projects that are in production, development, or in the exploration stage in exchange for stream or royalty interests, which primarily consists of gold, silver, copper, nickel, zinc, lead, and other metals. Its stream and royalty interests on properties are located in the United States, Canada, Chile, the Dominican Republic, Australia, Africa, Mexico, Botswana, and internationally. Royal Gold, Inc. was incorporated in 1981 and is headquartered in Denver, Colorado.
Receive News & Ratings for U.S. GoldMining Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for U.S. GoldMining and related companies with MarketBeat.com's FREE daily email newsletter.
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DENVER--(BUSINESS WIRE)--Royal Gold, Inc. (NASDAQ: RGLD) announced today that management will present in the live Virtual Non-Deal Roadshow Series hosted by Renmark Financial Communications Inc.
Alistair Baker, Senior Vice President, Investor Relations and Business Development, will present on Tuesday, May 12, at 12:00 p.m. ET (10:00 a.m. MT), and access to a replay of the event will be available on our website later that week or may be accessed on the Renmark Financial Communications Inc. website at https://www.renmarkfinancial.com/vndrs.
To ensure smooth connectivity, please access the link above using the latest version of Google Chrome.
Corporate Profile
Royal Gold is a high-margin, large-capitalization company that generates strong cash flows from a large and well-diversified portfolio of precious metal streams, royalties and similar production-based interests located in mining-friendly jurisdictions. Royal Gold shares trade under the symbol “RGLD” and provide growth, value, and income investors exposure to the metals and mining industry. The Company’s website is located at www.royalgold.com.
Additional Investor Information
Royal Gold routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Resources tab. Investors and other interested parties are encouraged to enroll at www.royalgold.com to receive automatic email alerts for new postings.
DENVER--(BUSINESS WIRE)--Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold,” the “Company,” “we,” “us,” or “our”) released financial results for the quarter ended March 31, 2026 ("first quarter").
“The record first quarter results reflect the transformative activities we undertook in 2025,” commented Bill Heissenbuttel, President and CEO of Royal Gold. “We added significant scale and growth potential to our portfolio and the contributions from the new interests combined with our legacy portfolio and strong metal prices drove substantial increases in revenue, cash flow and earnings."
"We have a long record of successful capital allocation and growing per share value," continued Mr. Heissenbuttel, "and we have added two new tools that provide flexibility to add further value in the future depending on market conditions. As described in more detail below, we have reestablished our accordion feature under the $1.4 billion revolving credit facility, which positions us with ready access to capital to compete for the largest transactions. At the same time, our Board has approved a share repurchase program, which provides the ability to act opportunistically when the market does not appear to be reflecting the value and outlook for Royal Gold.”
First Quarter Highlights
Financial/Operating
Record revenue of $469.1 million (compared to $193.4 million in the prior year period) Revenue split by commodity: 71% gold, 16% silver, 10% copper Record operating cash flow of $293.6 million (compared to $136.4 million in the prior year period) Record net income of $281.1 million ($3.30 per share), and adjusted net income1 of $232.9 million ($2.72 per share) (compared to $113.5 million and $99.8 million, respectively, in the prior year period) Sales volume of 96,300 GEOs2 (compared to 67,600 in the prior year period) Adjusted EBITDA margin1 of 83% (compared to 82% in the prior year period) Corporate
Repaid $300 million on the revolving credit facility, increasing total available liquidity to approximately $1.1 billion Paid quarterly dividend of $0.475 per share, a 6% increase over the prior year period Completed the restructuring of equity and debt interests in Bear Creek Mining Corporation ("Bear Creek") in return for increased royalty interests, cash and shares in Highlander Silver Corp. ("Highlander"), which were sold for a realized gain of $9.9 million Post Quarter Events
Paid a further $50 million advance payment under the stream agreement to Solaris Resources Inc. ("Solaris") following technical approval of the environmental impact assessment ("EIA") and publication of a pre-feasibility study ("PFS") for the Warintza Project Repaid $75 million on the revolving credit facility, reducing the amount currently drawn to $525 million and increasing the amount available and undrawn to $875 million Added new $600 million uncommitted accordion facility to the $1.4 billion revolving credit facility Board of Directors authorized a $500 million share repurchase program Revenue Summary
Three Months Ended
March 31,
Revenue (millions)
2026
2025
% Change
Gold
$
333.9
$
145.7
129.1 %
Silver
73.0
23.6
209.4 %
Copper
46.7
16.8
177.6 %
Other Metals
15.5
7.3
112.9 %
Total revenue
$
469.1
$
193.4
142.5 %
GEOs2
96,300
67,600
42.5 %
Revenue split stream / royalty
67% / 33%
63% / 37%
Outlook for 2026
Royal Gold provided guidance for 2026 metal sales volumes, depreciation, depletion and amortization ("DD&A") expense and effective tax rate in March, 2026. We are currently forecasting that performance against these metrics will be within the ranges provided.
2026 Guidance Ranges
Actual Performance Through
March 31, 2026
Total Sales
Gold
(oz)
290,000–320,000
68,401
Silver
(M oz)
3.0–3.5
0.9
Copper
(M lb)
21.0–25.0
8.0
Other Metals
(M)
$34–$38
$16
DD&A
(M)
$339–379
$91
Effective Tax Rate
17–22%
19.5%*
* Year to date effective tax rate excluding discrete tax items.
Acquisitions and Corporate Activity
Enhanced Royalty Exposure at Corani and Mercedes and Sale of Highlander Silver Shares
As previously announced, we entered into agreements on December 18, 2025, to restructure equity, debt and other interests in Bear Creek and its assets in return for increased royalty exposure to Bear Creek’s Corani Project in Peru, a new royalty interest over the Mercedes Mine in Mexico, cash, and shares in Highlander. This restructuring helped facilitate an agreement between Highlander and Bear Creek to combine their businesses. On February 26, 2026, our shares of Bear Creek were exchanged for shares of Highlander at a conversion of 0.1175 Highlander shares per one Bear Creek share. On March 27, 2026, we sold our shares in Highlander for a net realized gain of $9.9 million.
After these transactions, our interests on Highlander's assets include a total 2.75% net smelter return ("NSR") royalty interest on the Corani Project and a 2.0% NSR royalty interest on the Mercedes Mine.
Payment to Solaris Resources Upon EIA Approval
Subsequent to the end of the first quarter on April 14, 2026, after technical approval of the EIA and publication of a PFS for the Warintza project, we paid Solaris the next advance payment of $50 million of the total $100 million outstanding conditional funding under the stream agreement dated May 21, 2025. The remaining $50 million will be due to Solaris on or after May 21, 2026, subject to satisfaction of remaining conditions.
Enhanced Flexibility With Additional Capital Allocation Tools
Our capital allocation strategy remains unchanged, and we remain committed to paying a growing and sustainable dividend, maintaining a strong balance sheet and liquidity, and reinvesting in our business when we see accretive growth opportunities. This approach requires flexibility to address changing market conditions and we have recently added two new tools to help continue executing this strategy and prepare for a range of circumstances while maintaining balance sheet strength, access to liquidity, and a long-term focus on per-share value creation.
NEW $600 MILLION ACCORDION FEATURE ADDED TO THE $1.4 BILLION REVOLVING CREDIT FACILITY
On May 5, 2026, we entered into a seventh amendment to the revolving credit facility that added a new $600 million uncommitted accordion feature to the revolving credit facility. The new accordion feature permits the Company to request additional commitments from the credit facility bank syndicate that would increase aggregate commitments under the revolving credit facility to up to $2.0 billion, subject to customary conditions, including the consent of each lender providing an additional commitment.
We believe this accordion feature, if exercised, should provide sufficient additional liquidity to allow us to remain competitive and act quickly on larger opportunities in the current healthy transaction market.
AUTHORIZATION OF A $500 MILLION SHARE REPURCHASE PROGRAM
On May 4, 2026, the Board of Directors approved a $500 million share repurchase program under which we may purchase shares from time to time through open market purchases or by other means. The manner, timing, pricing and amount of any repurchases will be subject to management's discretion and may be based upon market conditions and alternative opportunities for the use or investment of capital. Although the Board of Directors has authorized the share repurchase program, we are not obligated to repurchase any specific dollar amount or to acquire any specific number of shares under the program.
This program is intended to be used in those circumstances when we believe there is a significant difference between the market value of Royal Gold shares and what we believe is the intrinsic value and outlook for the company.
Portfolio Revenue and Developments
Overall Revenue and Realized Metal Prices
Three Months Ended
March 31,
Revenue by Region (millions)
2026
2025
North America
$
258.0
55
%
$
140.8
73
%
South and Central America
110.2
23
%
22.3
12
%
Europe, Middle East, Africa (EMEA)
84.8
18
%
22.4
12
%
Australia Pacific
16.1
3
%
8.0
4
%
Total revenue
$
469.1
$
193.4
Three Months Ended
March 31,
Realized Metal Prices
2026
2025
Change
Gold
($/oz)
$4,873
$2,860
70%
Silver
($/oz)
$84.33
$31.88
164%
Copper
($/lb)
$5.83
$4.24
38%
North America
Revenue by Stream/Royalty Interest (thousands)
Three Months Ended
March 31,
Stream/Royalty
Metal(s)
Current Stream/Royalty Interest*
2026
2025
Mount Milligan**
Gold, copper
35% of payable gold and 18.75% of payable copper
$
57,322
$
42,808
Pueblo Viejo**
Gold, silver
7.5% of Barrick's interest in payable gold and 75% of Barrick's interest in payable silver
55,869
28,751
Cortez**
Legacy Zone
Gold
Approx. 9.0% GSR Equivalent
16,426
11,143
CC Zone
Gold
Approx. 1.6%–2.6% GSR Equivalent
8,793
3,554
Rainy River
Gold, silver
6.5% of gold produced and 60% of silver produced
31,215
10,422
Peñasquito
Gold, silver, lead, zinc
2.0% NSR
26,403
15,409
Greenstone
Gold
2.375% of payable gold
8,186
–
Red Chris
Gold, copper
1.0% NSR
7,000
4,477
Voisey's Bay
Copper, nickel, cobalt
2.7% NVR
6,065
2,499
Robinson
Gold, copper
3.0% NSR
5,378
4,397
Manh Choh
Gold, silver
3.0% NSR, 28% NSR (silver)
5,153
5,623
Leeville
Gold
1.8% NSR
3,642
1,627
Marigold
Gold
2.0% NSR
3,622
2,157
LaRonde Zone 5
Gold
2.0% NSR
3,507
1,173
South Arturo
Silver
40% of silver produced
3,236
–
Other -
North America
Various
Various
16,179
6,731
Total revenue - North America
$
257,996
$
140,770
* For a full description of the Company’s stream and royalty interests as of March 13, 2026, refer to our 2025/2026 Asset Handbook, published on March 31, 2026, and available on our website.
** Principal Property
NOTABLE PRODUCING PROPERTY DEVELOPMENTS
Mount Milligan: On February 19, 2026, Centerra Gold Inc. ("Centerra") provided Mount Milligan production guidance for 2026. Centerra expects gold production to range between 140,000 and 155,000 ounces, with gold production and sales expected to be higher in the second and third quarters of 2026, reflecting planned mine sequencing. Centerra also expects copper production to range between 50 and 60 million pounds, with copper production and sales expected to be evenly weighted throughout 2026. On April 29, 2026, Centerra reported gold and copper production of 29,572 ounces and 14.2 million pounds, respectively, in the first quarter. According to Centerra, this production was in line with the recently announced PFS mine plan and is on track with full year 2026 guidance.
Pueblo Viejo: On February 27, 2026, Barrick Mining Corporation ("Barrick") released an updated National Instrument 43-101 Technical Report on the Pueblo Viejo mine, which indicates that existing reserves and additional tailings capacity from the new Naranjo tailings storage facility (“TSF”) support open pit mining operations until 2048, with the processing of low-grade ore stockpiles and limestone re-handling continuing to 2049. Per the technical report, tailings from the recently expanded process plant will continue to be deposited in the existing El Llagal TSF until the end of life of that facility in 2030. Thereafter, tailings will be deposited into the Naranjo TSF. Construction of the Naranjo TSF is underway after early works began in late 2025 as previously reported by Barrick.
Cortez: In its 2025 Annual Information Form issued in February 2026, Barrick reported mine life expectations from currently producing areas within the Cortez Complex based on existing reserves and production capacity. According to Barrick, production at the Cortez open pit operation, which includes the Pipeline/Crossroads complex and Cortez Pits, is expected to continue until 2030; the underground operation, which includes the Goldrush mine, is expected to continue until 2044. These estimates exclude the potential contribution of new production from the Robertson and Fourmile projects.
Rainy River: On March 23, 2026, Coeur Mining Inc. ("Coeur”) provided a corporate update and filed a technical report summary for the Rainy River mine following the March 20, 2026, completion of the acquisition of New Gold Inc. According to Coeur, production guidance for the remaining nine months of 2026 is expected to range between 230,000 and 275,000 ounces for gold and 350,000 and 450,000 ounces for silver.
Peñasquito: On February 19, 2026, Newmont Corporation ("Newmont") provided 2026 production guidance of 185,000 ounces of gold, 32 million ounces of silver, 90,000 tonnes of lead and 220,000 tonnes of zinc. According to Newmont, gold production is expected to decrease in 2026 due to the ramp-down of mining at Peñasco Phase 7 as planned and silver production is expected to increase, while production of lead and zinc is expected to decrease largely due to grades milled, including increased stockpile processing.
Greenstone: On March 30, 2026, Equinox Gold Corp. (“Equinox”) issued a press release highlighting the results of an updated technical report on the Greenstone mine. According to Equinox, the immediate focus is executing the ramp-up and achieving sustained milling capacity of 27,000 tonnes per day, which is expected to allow average annual gold production of approximately 320,000 ounces until 2036. Equinox also disclosed additional opportunities to further optimize the operation including increasing mill throughput toward 30,000 tonnes per day, incorporating higher-grade underground resources into future mine plans, and advancing near-mine and regional exploration targets on the 400 square kilometer land package.
Red Chris: On February 19, 2026, Newmont provided 2026 production guidance of 35,000 ounces of gold and 20,000 tonnes of copper (70% interest), which includes stockpile processing during planned stripping in the open pit. Further according to Newmont, work continues on advancing the feasibility study and permitting work for the block cave expansion.
Voisey's Bay: On April 16, 2026, Vale S.A. ("Vale") reported record production in the first quarter at the Long Harbour refinery supported by stable operations at the underground mines. According to Vale, nickel production at Long Harbour sourced from Voisey's Bay increased by 4,000 tonnes over the prior year period to 10,500 tonnes.
NOTABLE DEVELOPMENT PROPERTY ACTIVITY
Great Bear (2.0% NSR royalty): On April 29, 2026, Kinross Gold Corporation ("Kinross") provided an update on activity at the Great Bear Project in Ontario. According to Kinross, detailed engineering of the Main Project was 45% complete, and the Advanced Exploration program surface construction was approximately 90% complete with the remaining permits received in April. Kinross also reported in February 2026 that the Ontario Minister of Energy and Mines officially designated the Great Bear Main Project for inclusion in the streamlined "One Project, One Process" permitting framework.
South and Central America
Revenue by Stream/Royalty Interest (thousands)
Three Months Ended March 31,
Stream/Royalty
Metal(s)
Current Stream/Royalty Interest*
2026
2025
Xavantina
Gold
25% of gold produced
$
28,273
$
5,377
Andacollo**
Gold
100% of payable gold
27,151
12,744
Antamina
Copper, zinc, molybdenum
1.66% NPI
13,011
–
Chapada
Copper
4.2% of payable copper
9,405
–
Caserones
Copper, molybdenum
0.63% NSR
6,151
–
El Limón
Gold, silver
3.0% NSR
4,741
3,279
Fruta del Norte
Gold, silver
0.9% NSR (precious metals)
4,701
–
Cerro Moro
Silver
9% of silver produced
4,125
–
Aurizona
Gold
3.0%-5.0% sliding-scale NSR
3,155
–
Vale Northern and Southeastern Systems
Iron, gold, copper
Various
2,765
–
Other -
South and Central America
Various
Various
6,755
929
Total revenue - South and Central America
$
110,233
$
22,329
* For a full description of the Company’s stream and royalty interests as of March 13, 2026, refer to our 2025/2026 Asset Handbook, published on March 31, 2026, and available on our website.
** Principal Property
NOTABLE PRODUCING PROPERTY DEVELOPMENTS
Andacollo: Teck Resources Limited ("Teck") expects 2026 gold production at Andacollo to range between 38,000 and 42,000 ounces compared to actual gold production of 35,900 ounces in 2025. On April 22, 2026, Teck reaffirmed previously-disclosed copper production guidance, and expects copper production at Andacollo to range from 45,000 to 55,000 tonnes per year in each of 2026 and 2027, before declining to a range of 35,000 to 45,000 tonnes in 2028. Gold and copper grades have been relatively well correlated at Andacollo and gold production has tended to track copper production, although there can be no assurance that these correlations will continue in the future.
Antamina: On April 23, 2026, Teck reported first quarter production in line with the mine plan and reaffirmed guidance for its share of 2026 production of 95,000 to 105,000 tonnes of copper and 35,000 to 45,000 tonnes of zinc.
Xavantina: On May 4, 2026, Ero Copper Corp. (“Ero”) reported first quarter results and confirmed 2026 gold production guidance of 40,000 to 50,000 ounces, with mining rates, mill throughput and processed grades projected to improve as upgrades to ventilation and cooling infrastructure become fully operational (substantially complete at the end of April). As a result, Ero expects production at Xavantina to be weighted towards the second half of 2026. Ero also reported the sale of 4,311 ounces of gold in concentrate in the first quarter, with gold concentrate sales volumes expected to benefit from drier conditions in the second and third quarters following the end of the rainy season.
Chapada: On February 19, 2026, Lundin Mining Corporation ("Lundin Mining") reported that an updated technical report incorporating a PFS on the Saúva expansion, which is a near-mine opportunity to add approximately 10,000 to 15,000 tonnes of copper and 35,000 to 45,000 ounces of gold production per year, is expected in the second half of 2026. A 13,700 meter exploration drilling program is planned at Chapada in 2026, primarily targeting Saúva to further define higher-grade resources for conversion to reserves.
Fruta del Norte: On February 19, 2026, Lundin Gold Inc. (“Lundin Gold”) provided 2026 gold production guidance for the Fruta del Norte mine (“FDN”) of 475,000 to 525,000 ounces based on an average throughput rate of 5,500 tonnes per day. Lundin Gold also reported that it expects to make a single, integrated investment decision in 2026 informed by analysis of the most efficient mining rates at both FDN and FDN South, and options for increasing processing capacity beyond 5,500 tonnes per day.
NOTABLE DEVELOPMENT PROPERTY ACTIVITY
Warintza (Gold stream and NSR royalty): On April 9, 2026, Solaris announced that it received the technical approval of the EIA for the Warintza Project in southeastern Ecuador. According to Solaris, the approval followed an extensive technical review process conducted by a multidisciplinary team from the Ministry of Environment and Energy. Further according to Solaris, the Warintza Project will advance through the remaining stages of Ecuador’s environmental licensing and development approval process to support the granting of Warintza’s Mining Exploitation Agreements, with Solaris targeting a fully permitted project by the end of 2026.
EMEA
Revenue by Stream/Royalty Interest (thousands)
Three Months Ended
March 31,
Stream/Royalty
Metal(s)
Current Stream/Royalty Interest*
2026
2025
Kansanshi**
Gold
75 ounces of gold per million pounds of recovered copper produced
$
25,511
$
–
Khoemacau
Silver
100% of payable silver
19,568
9,962
Wassa
Gold
10.5% of payable gold
18,809
12,419
Bonikro
Gold
6% of gold produced
13,156
–
Houndé
Gold
2.0% NSR
4,858
–
Blyvoor
Gold
10% of payable gold
2,452
–
Other - EMEA
Various
Various
421
–
Total revenue - EMEA
$
84,775
$
22,381
* For a full description of the Company’s stream and royalty interests as of March 13, 2026, refer to our 2025/2026 Asset Handbook, published on March 31, 2026, and available on our website.
** Principal Property
NOTABLE PRODUCING PROPERTY DEVELOPMENTS
Kansanshi: On April 28, 2026, First Quantum Minerals Ltd. ("First Quantum") reported first quarter copper production of 45,345 tonnes, 2,310 tonnes lower than the previous quarter due to lower feed grades and recoveries, which was partially mitigated by higher throughput attributable to the S3 circuit. According to First Quantum, S3 throughput increased steadily during the quarter, with ore milled peaking in March, driven by higher operating time, strong utilization, and milling rates stabilizing approximately 25% above design capacity. First Quantum expects S3 to continue to take a high proportion of feed from surface stockpiles, which are lower grade than fresh mine ore grades, until the mining pre-strip at South East Dome is completed. First Quantum confirmed that copper production guidance for 2026 remains unchanged at 175,000 to 205,000 tonnes.
Khoemacau: On April 21, 2026, MMG Limited ("MMG") reported that after temporary impacts in the first quarter, mining activities are expected to improve in the coming quarters with the full deployment of new equipment, advancement of development activities, and expanded access to Zone 5 North. MMG also reported that construction of the paste fill plant, which is designed to enhance ore recovery and reduce stope dilution, is advancing with commissioning now expected in the second quarter of 2026. MMG further reported that the expansion to 130,000 tonnes of copper concentrate per year remains on track for first concentrate production in the first half of 2028, and a PFS for the next expansion phase of up to 200,000 tonnes of copper in concentrate per year commenced at the start of 2026.
Wassa: On April 20, 2026, Chifeng Jilong Gold Mining Co., Ltd. ("Chifeng") published the proxy circular related to the issue of new shares as part of a strategic investment agreement with Zijin Gold (Group) Ltd. ("Zijin"). Zijin will invest approximately $1.2 billion of new capital in Chifeng with approximately half the proceeds allocated to expansion and exploration at overseas mines, including Wassa. At Wassa specifically, Chifeng intends to use the proceeds for various projects including infill drilling to upgrade reserve and resources; the construction of a decline ramp at Father Brown (scheduled to commence in 2026); construction of a new 1.2 million tonne per year processing plant in the southern area; expansion and upgrade of the existing processing plant, targeting a 500,000 tonne per year increase in processing capacity; continued open-pit development, stripping and related works at the Benso open-pit mine; and construction of a new tailings storage facilities in the southern area.
Houndé: On March 5, 2026, Endeavour Mining plc reiterated 2026 gold production guidance of 220,000 to 255,000 ounces, with production weighted towards the second half of 2026 due to mining and processing of higher average grades from the Vindaloo Main pit following waste stripping in the first half of the year.
NOTABLE DEVELOPMENT PROPERTY ACTIVITY
Platreef: On April 23, 2026, Ivanhoe Mines Ltd. (“Ivanhoe”) reported that Shaft #3 construction was completed on schedule, which is expected to increase hoisting capacity to approximately 5 million tonnes per year to support the Phase 1 ramp-up and Phase 2 expansion. Ivanhoe also reported that the Phase 2 concentrator is on track for completion at the end of 2027, and Shaft #2 widening has commenced with a target to hoist ore by the end of 2029.
Hod Maden (30% joint venture interest): On March 4, 2026, SSR Mining Inc. ("SSR"), the operator of the Hod Maden Project, announced that it is undertaking a strategic review of its interests in Türkiye, which includes its interest in the Hod Maden joint venture. On May 5, 2026, SSR provided a further update and reported that it intends to incur minimal capital costs at the project while the review process is ongoing, and it intends to provide an update on the review before the end of the third quarter of 2026.
Australia Pacific
Revenue by Stream/Royalty Interest (thousands)
Three Months Ended
March 31,
Stream/Royalty
Metal(s)
Current Stream/Royalty Interest*
2026
2025
Bellevue
Gold
2.0% NSR
$
4,032
$
1,339
South Laverton
Gold
1.5% NSR, 4.0% NPI
3,770
2,492
King of the Hills
Gold
1.5% NSR
2,352
1,585
Gwalia
Gold
1.5% NSR
2,066
1,087
Other -
Australia Pacific
Various
Various
3,901
1,453
Total revenue - Australia Pacific
$
16,121
$
7,956
* For a full description of the Company’s stream and royalty interests as of March 13, 2026, refer to our 2025/2026 Asset Handbook, published on March 31, 2026, and available on our website.
NOTABLE PRODUCING PROPERTY DEVELOPMENTS
Bellevue: On April 28, 2026, Bellevue Gold Limited ("Bellevue") reported a significant increase in gold production during the quarter, and production remains on track to meet guidance of 130,000 to 150,000 ounces for the fiscal year ending June 30, 2026. According to Bellevue, milled grades increased significantly as ore sourced from higher-grade parts of the mine increased in line with the mine schedule, and first development in ore at the higher grade Deacon North mining area is scheduled in the June 2026 quarter. Bellevue also reported that the surface drilling program finished its first complete quarter of drilling, notably intersecting a new high-grade structure (3.44 meters grading 18.45 grams per tonne from 391 meters) near the Marceline mining area that is currently being investigated further.
First Quarter 2026 Overview
For the first quarter, we recorded net income attributable to Royal Gold stockholders of $281.1 million, or $3.31 per basic share and $3.30 per diluted share, as compared to net income of $113.5 million, or $1.72 per basic and diluted share, for the three months ended March 31, 2025. The increase in net income was primarily attributable to higher revenue and gains from marketable securities, partially offset by higher cost of sales, depletion expense, interest expense and income tax expense, each discussed below.
Revenue
For the first quarter, we recognized total revenue of $469.1 million, comprised of stream revenue of $312.8 million and royalty revenue of $156.3 million at an average gold price of $4,873 per ounce, an average silver price of $84.33 per ounce and an average copper price of $5.83 per pound. This is compared to total revenue of $193.4 million for the three months ended March 31, 2025, comprised of stream revenue of $122.5 million and royalty revenue of $71.0 million, at an average gold price of $2,860 per ounce, an average silver price of $31.88 per ounce and an average copper price of $4.24 per pound.
The increase in our total revenue resulted primarily from higher average gold, silver and copper prices, new revenue from the Kansanshi stream and Sandstorm Gold Ltd. ("Sandstorm") and Horizon Copper Corp. ("Horizon") assets, higher gold sales at Andacollo, Xavantina and Rainy River, and higher production from Peñasquito. These increases were partially offset by lower sales from Mount Milligan when compared to the prior year period.
Cost of Sales and Other Costs
Cost of sales, which excludes depreciation, depletion and amortization, increased to $60.3 million for the three months ended March 31, 2026, from $24.5 million for the three months ended March 31, 2025. The increase compared to the prior year period was primarily due to higher payments for stream deliveries resulting from higher metal prices (except for gold at Mount Milligan), new sales from the Kansanshi stream and Sandstorm and Horizon assets, and higher sales at Andacollo, Xavantina and Rainy River. These increases were partially offset by lower gold sales at Mount Milligan when compared to the prior year period. Cost of sales is specific to our stream agreements and, except for Mount Milligan, is the result of our purchase of metal for a cash payment that is a set contractual percentage of the spot price for that metal near the date of metal delivery. For Mount Milligan, the cash payments under the stream agreement are the lesser of $435 per ounce or the prevailing market price of gold when purchased and 15% of the spot price for copper near the date of metal delivery. Separately, and in addition to the cash payments under the stream agreement, the Mount Milligan Cost Support Agreement provides for cash payments on gold and copper deliveries that are expected to begin after certain thresholds are met or earlier, if metal prices are below certain thresholds and if requested by Centerra.
General and administrative costs increased to $17.5 million for the three months ended March 31, 2026, from $11.1 million for the three months ended March 31, 2025. The increase compared to the prior year period was primarily due to higher employee related costs and higher corporate costs as a result of the Sandstorm and Horizon acquisition.
DD&A expense increased to $90.9 million for the three months ended March 31, 2026, from $33.0 million for the three months ended March 31, 2025. The increase was primarily due to additional depletion from the recently acquired Kansanshi stream and Sandstorm and Horizon assets. These increases were partially offset by lower sales and depletion at Mount Milligan when compared to the prior year period.
During the three months ended March 31, 2026, we realized a gain from the sale of marketable securities of $14.1 million. The gain was primarily due to the sale of the Highlander shares.
Interest and other expense increased to $13.2 million for the three months ended March 31, 2026, from $1.2 million for the three months ended March 31, 2025. The increase was primarily due to higher interest expense as a result of higher average amounts outstanding under our revolving credit facility compared to the prior year period. For the three months ended March 31, 2026, amounts outstanding under our revolving credit facility averaged $756.4 million at an average all-in borrowing rate of 5.0% compared to no outstanding debt for the three months ended March 31, 2025.
For the three months ended March 31, 2026, we recorded income tax expense of $25.4 million, compared to $10.4 million for the three months ended March 31, 2025. The income tax expense resulted in an effective tax rate of 8.3% in the current period, compared with 8.4% for the three months ended March 31, 2025. The income tax expense for the three months ended March 31, 2026, included a $33.7 million discrete benefit related to a change in foreign tax rate. The three months ended March 31, 2025, included a $12.0 million discrete benefit, net of valuation allowance, for additional recoverable basis in foreign jurisdictions and a $1.7 million discrete benefit related to a withholding tax refund on a foreign royalty.
Cash Flows
Net cash provided by operating activities totaled $293.6 million for the three months ended March 31, 2026, compared to $136.4 million for the three months ended March 31, 2025. The increase was primarily due to higher net cash proceeds received from our stream and royalty interests of $198.1 million, partially offset by higher income tax payments of $20.3 million, higher general and administrative payments of $10.4 million and higher interest payments on outstanding debt of $10.5 million when compared to the prior year period.
Net cash provided by investing activities totaled $34.1 million for the three months ended March 31, 2026, compared to net cash used in investing activities of $58.3 million for the three months ended March 31, 2025. The current period change was primarily due to cash proceeds of $49.0 million from the sale of Highlander shares and other marketable securities, partially offset by cash calls of $14.7 million for the Hod Maden equity method investment. The prior period change was primarily due to the $50.0 million payment for the acquisition of the additional Xavantina stream.
Net cash used by financing activities totaled $327.2 million for the three months ended March 31, 2026, compared to net cash used in financing activities of $32.8 million for the three months ended March 31, 2025. The increase was primarily due to higher debt repayments of $300.0 million and higher dividend payments of $10.6 million, partially offset by higher proceeds from the exercise of Sandstorm assumed options of $20.2 million when compared to the prior year period.
Liquidity
Total liquidity at the end of the first quarter was approximately $1.1 billion, which consisted of $295.2 million of working capital and $800 million undrawn and available under the revolving credit facility.
At March 31, 2026, we had $600 million of outstanding debt drawn on the revolving credit facility. Subsequent to the end of the quarter on April 13, 2026, we repaid $75 million of this amount, resulting in $525 million outstanding and $875 million available as of the date of this press release, excluding the uncommitted accordion feature. In keeping with Royal Gold’s capital allocation strategy to repay outstanding debt as cash flow allows, the Company expects to repay the outstanding balance from future cash flow by early first quarter 2027 at current metal prices and absent further acquisitions.
At March 31, 2026, our contractual cash obligations comprised the conditional Warintza funding and operating leases. With respect to the Warintza funding, subsequent to the end of the first quarter we paid $50.0 million to Solaris after technical approval of the EIA and publication of a PFS for the project, and we expect to pay the final $50.0 million in or after May 2026, subject to satisfaction of certain conditions including registration of security in Ecuador.
First Quarter 2026 Call Information
Management’s conference call reviewing the first quarter results will be held on Thursday, May 7, 2026, at 12:00 pm Eastern Time (10:00 am Mountain Time). The call will be webcast live and archived on the Company’s website for a limited time.
Corporate Profile
Royal Gold is a high margin, large-capitalization company that generates strong cash flows from a large and well-diversified portfolio of precious metal streams, royalties and similar production-based interests located in mining-friendly jurisdictions. Royal Gold shares trade under the symbol “RGLD” and provide growth, value, and income investors exposure to the metals & mining industry. The Company’s website is located at www.royalgold.com.
Additional Investor Information
Royal Gold routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Resources tab. Investors and other interested parties are encouraged to enroll at www.royalgold.com to receive automatic email alerts for new postings.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words such as “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,” “intend,” “continue,” “project,” or negatives of these words or similar expressions. Forward-looking statements include, among others, statements regarding the following: our expected financial performance and outlook, including our 2026 guidance; operators’ expected operating and financial performance and other anticipated developments relating to their properties and operations, including production, deliveries, estimates of mineral resources and mineral reserves, environmental and feasibility studies, technical reports, mine plans, capital requirements, liquidity and capital expenditures; opportunities for, and anticipated benefits from investments, acquisitions and other transactions; receipt and timing of future metal deliveries and sales of metals, including deferred amounts at Pueblo Viejo; anticipated liquidity, capital resources, financing, and stockholder returns; borrowings and repayments under our revolving credit facility; and prices for gold, silver, copper and other metals.
Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: changes in the price of gold, silver, copper or other metals; operating activities or financial performance of properties on which we hold stream or royalty interests, including variations between actual and forecasted performance, operators’ ability to complete projects on schedule and as planned, operators’ changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions; the ultimate timing, outcome, and results of integrating the operations of Royal Gold, Sandstorm and Horizon; failure to realize the anticipated benefits from the Sandstorm and Horizon acquisition in the timeframe expected or at all; risks associated with joint arrangement interests acquired as part of the Sandstorm and Horizon acquisition; changes of control of properties or operators; contractual issues involving our stream or royalty agreements; the timing of deliveries of metals from operators and our subsequent sales of metal; risks associated with doing business in foreign countries; increased competition for stream and royalty interests; environmental risks, including those caused by climate change; potential cyber-attacks, including ransomware; our ability to identify, finance, value, and complete investments, acquisitions or other transactions; adverse economic and market conditions; effects of health epidemics and pandemics; changes in laws or regulations governing us, operators or operating properties; changes in management and key employees; and other factors described in our reports filed with the Securities and Exchange Commission, including Item 1A, Risk Factors of our most recent Annual Report. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this release or our reports filed with the Securities and Exchange Commission could also have material adverse effects on forward-looking statements.
Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements.
Statement Regarding Third-Party Information
Certain information provided in this press release, including information about mineral resources and reserves, historical production, production estimates, property descriptions, and property developments, was provided to us by the operators of the relevant properties or is publicly available information filed by these operators with applicable securities regulatory bodies, including the Securities and Exchange Commission. Royal Gold has not verified, and is not in a position to verify, and expressly disclaims any responsibility for the accuracy, completeness or fairness of any such third-party information and refers the reader to the public reports filed by the operators for information regarding those properties.
ROYAL GOLD, INC.
Consolidated Balance Sheets
(Unaudited, in thousands except share data)
March 31, 2026
December 31, 2025
ASSETS
Cash and equivalents
$
234,142
$
233,719
Royalty receivables
142,804
110,846
Income tax receivable
109
2,108
Stream inventory
30,864
25,883
Prepaid expenses and other
4,360
4,890
Total current assets
412,279
377,446
Stream and royalty interests, net
8,539,286
8,583,875
Equity method investment
314,281
300,854
Marketable securities
97,114
172,880
Other assets
126,746
102,469
Total assets
$
9,489,706
$
9,537,524
LIABILITIES
Accounts payable
$
7,269
$
10,060
Dividends payable
40,330
40,186
Income tax payable
32,469
33,303
Other current liabilities
37,023
37,367
Total current liabilities
117,091
120,916
Debt
595,689
895,436
Deferred tax liabilities
1,187,876
1,190,672
Mount Milligan deferred liability
69,211
69,211
Other liabilities
57,575
55,942
Total liabilities
2,027,442
2,332,177
Commitments and contingencies
EQUITY
Preferred stock, $.01 par value, 10,000,000 shares authorized; and 0 shares issued
–
–
Common stock, $.01 par value, 200,000,000 shares authorized; and 84,787,272 and 84,499,692 shares outstanding, respectively
846
845
Additional paid-in capital
5,946,311
5,928,123
Accumulated other comprehensive income
–
993
Accumulated earnings
1,467,969
1,227,169
Total Royal Gold stockholders’ equity
7,415,126
7,157,130
Non-controlling interests
47,138
48,217
Total equity
7,462,264
7,205,347
Total liabilities and equity
$
9,489,706
$
9,537,524
ROYAL GOLD, INC.
Consolidated Statements of Operations and Comprehensive Income
(Unaudited, in thousands except share data)
Three Months Ended
March 31, 2026
March 31, 2025
Revenue
$
469,125
$
193,436
Costs and expenses
Cost of sales (excludes depreciation, depletion and amortization)
60,337
24,506
General and administrative
17,531
11,063
Production taxes
3,291
1,761
Depreciation, depletion and amortization
90,875
32,995
Total costs and expenses
172,034
70,325
Operating income
297,091
123,111
Fair value changes in equity securities
5,950
(37
)
Gain on sale of marketable securities
14,115
–
Interest and other income
3,192
2,049
Interest and other expense
(13,242
)
(1,156
)
Income before income taxes
307,106
123,967
Income tax expense
(25,398
)
(10,389
)
Net income
281,708
113,578
Net income attributable to non-controlling interests
(578
)
(80
)
Net income attributable to Royal Gold common stockholders
$
281,130
$
113,498
Net income
$
281,708
$
113,578
Adjustments to comprehensive income, net of tax:
Realized gain on available-for-sale debt securities
(993
)
–
Comprehensive income
280,715
113,578
Comprehensive income attributable to non-controlling interests
(578
)
(80
)
Comprehensive income attributable to Royal Gold stockholders
$
280,137
$
113,498
Net income per share attributable to Royal Gold common stockholders:
Basic earnings per share
$
3.31
$
1.72
Basic weighted average shares outstanding
84,720,260
65,705,157
Diluted earnings per share
$
3.30
$
1.72
Diluted weighted average shares outstanding
85,017,635
65,791,551
Cash dividends declared per common share
$
0.475
$
0.450
ROYAL GOLD, INC.
Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Three Months Ended
March 31, 2026
March 31, 2025
Cash flows from operating activities:
Net income
$
281,708
$
113,578
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization
90,875
32,995
Non-cash employee stock compensation expense
3,592
3,198
Fair value changes in equity securities
(5,950
)
37
Gain on sale of marketable securities
(14,115
)
–
Deferred tax benefit
(27,764
)
(8,828
)
Other
1,527
224
Changes in assets and liabilities:
Royalty receivables
(31,958
)
5,731
Stream inventory
(4,981
)
(1,583
)
Income tax receivable
1,999
(231
)
Prepaid expenses and other assets
966
345
Accounts payable
(2,790
)
135
Income tax payable
(834
)
(7,832
)
Other liabilities
1,287
(1,400
)
Net cash provided by operating activities
$
293,562
$
136,369
Cash flows from investing activities:
Acquisition of stream and royalty interests
–
(58,246
)
Proceeds from the sale of marketable securities
48,973
–
Cash calls for Hod Maden equity method investment
(14,700
)
–
Other
(166
)
(49
)
Net cash provided by (used in) investing activities
$
34,107
$
(58,295
)
Cash flows from financing activities:
Repayment of debt
(300,000
)
–
Net payments from issuance of common stock
(5,576
)
(3,011
)
Net proceeds from Sandstorm option exercises
20,173
–
Distributions to non-controlling interests
(1,657
)
(190
)
Common stock dividends
(40,186
)
(29,611
)
Net cash used in financing activities
$
(327,246
)
$
(32,812
)
Net increase in cash and equivalents
423
45,262
Cash and equivalents at beginning of period
233,719
195,498
Cash and equivalents at end of period
$
234,142
$
240,760
Schedule A – Non-GAAP Financial Measures and Certain Other Measures
Overview of non-GAAP financial measures:
Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by U.S. generally accepted accounting principles (“GAAP”). These measures should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. In addition, because the presentation of these non-GAAP financial measures varies among companies, these non-GAAP financial measures may not be comparable to similarly titled measures used by other companies.
We have provided below reconciliations of our non-GAAP financial measures to the comparable GAAP measures. We believe these non-GAAP financial measures provide useful information to investors for analysis of our business. We use these non-GAAP financial measures to compare period-over-period performance on a consistent basis and when planning and forecasting for future periods. We believe these non-GAAP financial measures are used by professional research analysts and others in the valuation, comparison and investment recommendations of companies in our industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. The adjustments made to calculate our non-GAAP financial measures are subjective and involve significant management judgment. Non-GAAP financial measures used by management in this release or elsewhere include the following:
Adjusted earnings before interest, taxes, depreciation, depletion and amortization, or adjusted EBITDA, is a non-GAAP financial measure that is calculated by the Company as net income adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliation below. The net income and adjusted EBITDA margins represent net income or adjusted EBITDA divided by total revenue. We consider adjusted EBITDA to be useful because the measure reflects our operating performance before the effects of certain non-cash items and other items that we believe are not indicative of our core operations. Net debt (or net cash) is a non-GAAP financial measure that is calculated by the Company as debt (excluding debt issuance costs) as of a date minus cash and equivalents for that same date. Net debt (or net cash) to trailing twelve months (TTM) adjusted EBITDA is a non-GAAP financial measure that is calculated by the Company as net debt (or net cash) as of a date divided by the TTM adjusted EBITDA (as defined above) ending on that date. We believe that these measures are important to monitor leverage and evaluate the balance sheet. Cash and equivalents are subtracted from the GAAP measure because they could be used to reduce our debt obligations. A limitation associated with using net debt (or net cash) is that it subtracts cash and equivalents and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. We believe that investors may find these measures useful to monitor leverage and evaluate the balance sheet. Adjusted net income and adjusted net income per share are non-GAAP financial measures that are calculated by the Company as net income and net income per share adjusted for certain items that impact the comparability of results from period to period, as set forth in the reconciliations below. We consider these non-GAAP financial measures to be useful because they allow for period-to-period comparisons of our operating results excluding items that we believe are not indicative of our fundamental ongoing operations. The tax effect of adjustments is computed by applying the statutory tax rate in the applicable jurisdictions to the income or expense items that are adjusted in the period presented. If a valuation allowance exists, the rate applied is zero. Free cash flow is a non-GAAP financial measure that is calculated by the Company as net cash provided by operating activities for a period minus acquisition of stream and royalty interests for that same period. We believe that free cash flow represents an additional way of viewing liquidity as it is adjusted for contractual investments made during such period. Free cash flow does not represent the residual cash flow available for discretionary expenditures. We believe it is important to view free cash flow as a complement to our consolidated statements of cash flows. Cash general and administrative expense, or cash G&A, is a non-GAAP financial measure that is calculated by the Company as general and administrative expenses for a period minus non-cash employee stock compensation expense for the same period. We believe that cash G&A is useful as an indicator of overhead efficiency without regard to non-cash expenses associated with employee stock compensation. Reconciliation of non-GAAP financial measures to U.S. GAAP measures
Adjusted EBITDA, Adjusted EBITDA margin, net debt, and net debt to TTM adjusted EBITDA:
Three Months Ended
March 31,
(amounts in thousands)
2026
2025
Net income
281,708
$
113,578
Depreciation, depletion and amortization
90,875
32,995
Non-cash employee stock compensation
3,592
3,198
Fair value changes in equity securities
(5,950
)
37
Gain on sale of marketable securities
(14,115
)
–
Interest and other, net
10,050
(893
)
Income tax expense
25,398
10,389
Non-controlling interests in operating income of consolidated subsidiaries
(578
)
(80
)
Adjusted EBITDA
$
390,980
$
159,224
Net income margin
60
%
59
%
Adjusted EBITDA margin
83
%
82
%
Three Months Ended
March 31,
December 31,
September 30,
June 30,
(amounts in thousands)
2026
2025
2025
2025
Net income
$
281,708
$
93,719
$
131,805
$
132,474
Depreciation, depletion and amortization
90,875
80,031
32,903
31,153
Non-cash employee stock compensation
3,592
2,952
2,942
2,714
Acquisition related costs
–
13,710
12,798
–
Fair value changes in equity securities
(5,950
)
(362
)
–
(3
)
Loss (gain) on sale of marketable securities
(14,115
)
50,017
–
–
Interest and other, net
10,050
14,838
1,835
(1,169
)
Income tax expense
25,398
52,659
28,704
10,538
Non-controlling interests in operating income of consolidated subsidiaries
(578
)
(108
)
(4,981
)
(125
)
Adjusted EBITDA
$
390,980
$
307,456
$
206,006
$
175,582
Net income margin
60
%
25
%
52
%
63
%
Adjusted EBITDA margin
83
%
82
%
82
%
84
%
TTM adjusted EBITDA
$
1,080,024
Debt
$
595,689
Debt issuance costs
4,311
Cash and equivalents
(234,142
)
Net debt / (cash)
$
365,858
Net debt / (cash) to TTM adjusted EBITDA
0.34x
Cash G&A:
Three Months Ended
March 31,
(amounts in thousands)
2026
2025
General and administrative expense
$
17,531
$
11,063
Non-cash employee stock compensation
(3,592
)
(3,198
)
Cash G&A
$
13,939
$
7,865
Three Months Ended
March 31,
December 31,
September 30,
June 30,
(amounts in thousands)
2026
2025
2025
2025
General and administrative expense
$
17,531
$
17,638
$
10,213
$
10,269
Non-cash employee stock compensation
(3,592
)
(2,952
)
(2,942
)
(2,714
)
Cash G&A
$
13,939
$
14,686
$
7,271
$
7,555
TTM cash G&A
$
43,451
Adjusted net income and adjusted net income per share:
Three Months Ended
March 31,
(amounts in thousands, except per share data)
2026
2025
Net income attributable to Royal Gold common stockholders
$
281,130
$
113,498
Fair value changes in equity securities
(5,950
)
37
Gain on sale of marketable securities
(14,115
)
–
Discrete tax benefit for basis adjustment, net of valuation allowance
–
(12,008
)
Discrete tax benefit for statutory rate change
(33,657
)
–
Other discrete tax expense (benefit)
–
(1,715
)
Tax effect of adjustments
5,446
(10
)
Adjusted net income attributable to Royal Gold common stockholders
$
232,854
$
99,802
Net income attributable to Royal Gold common stockholders per diluted share
$
3.30
$
1.72
Fair value changes in equity securities
(0.07
)
–
Gain on sale of marketable securities
(0.17
)
Discrete tax benefit for basis adjustment, net of valuation allowance
–
(0.18
)
Discrete tax benefit for statutory rate change
(0.40
)
–
Other discrete tax expense (benefit)
–
(0.03
)
Tax effect of adjustments
0.06
–
Adjusted net income attributable to Royal Gold common stockholders per diluted share
$
2.72
$
1.51
Free cash flow:
Three Months Ended
March 31,
(amounts in thousands)
2026
2025
Net cash provided by operating activities
$
293,562
$
136,369
Acquisition of stream and royalty interests
—
(58,246
)
Cash calls for Hod Maden equity method investment
(14,700
)
—
Free cash flow
$
278,862
$
78,123
Net cash provided by (used) in investing activities
$
34,107
$
(58,295
)
Net cash used in financing activities
$
(327,246
)
$
(32,812
)
Other measures
We use certain other measures in managing and evaluating our business. We believe these measures may provide useful information to investors for analysis of our business. We use these measures to compare period-over-period performance and liquidity on a consistent basis and when planning and forecasting for future periods. We believe these measures are used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies in our industry. Many investors use the published research reports of these professional research analysts and others in making investment decisions. Other measures used by management in this release and elsewhere include the following:
Gold equivalent ounces, or GEOs, is calculated by the Company as revenue (in total or by reportable segment) for a period divided by the average LBMA PM fixing price for gold for that same period. Depreciation, depletion, and amortization, or DD&A, per GEO is calculated by the Company as depreciation, depletion, and amortization for a period divided by GEOs (as defined above) for that same period. Working capital is calculated by the Company as current assets as of a date minus current liabilities as of that same date. Liquidity is calculated by the Company as working capital plus available capacity under the Company’s revolving credit facility. Dividend payout ratio is calculated by the Company as dividends paid during a period divided by net cash provided by operating activities for that same period. Schedule B – Stream Segment Sales, Purchases and Inventories
Three Months Ended
March 31, 2026
Three Months Ended
March 31, 2025
As of
March 31, 2026
As of
December 31, 2025
Purchases
Sales
Cost
Purchases
Sales
Cost
Inventory
Inventory
Gold Stream
(oz)
(oz)
($/oz)
(oz)
(oz)
($/oz)
(oz)
(oz)
Mount Milligan
12,100
9,200
435
16,100
11,800
435
6,700
3,800
Kansanshi
7,600
5,100
946
—
—
—
2,500
—
Pueblo Viejo
7,000
7,600
1,269
5,800
7,700
805
7,000
7,600
Andacollo
7,600
5,600
661
5,500
4,400
412
4,100
2,100
Rainy River
5,800
5,100
1,081
2,400
3,100
665
2,100
1,500
Xavantina
3,900
5,800
1,788
1,400
1,900
549
400
2,200
Wassa
3,700
3,900
903
5,000
4,300
555
2,300
2,400
Bonikro
2,700
2,700
400
—
—
—
—
—
Greenstone
2,000
1,700
973
—
—
—
300
—
Other
2,400
1,800
Varies
—
—
—
700
—
Total Gold Streams
54,800
48,400
932
36,200
33,300
561
26,100
19,800
Silver Stream
(oz)
(oz)
($/oz)
(oz)
(oz)
($/oz)
(oz)
(oz)
Pueblo Viejo1
171,200
213,600
18.63
204,700
219,400
9.56
171,200
213,600
Khoemacau
160,900
226,600
14.04
308,900
318,900
6.23
33,100
98,800
Rainy River
75,300
69,800
17.01
58,600
59,000
7.67
21,900
16,400
Cerro Moro
51,700
51,700
23
—
—
—
—
—
South Arturo
36,200
36,200
18
—
—
—
—
—
Woodlawn
12,700
12,700
—
—
—
—
—
—
Total Silver Streams
508,000
610,600
16.74
572,200
597,400
7.60
226,200
328,800
Copper Stream
(Mlb)
(Mlb)
($/lb)
(Mlb)
(Mlb)
($/lb)
(Mlb)
(Mlb)
Mount Milligan
1.4
2.1
0.86
3.1
2.2
0.62
—
0.7
Chapada
1.6
1.6
1.75
—
—
—
—
—
Total Copper Streams
3.0
3.7
1.24
3.1
2.2
0.62
—
0.7
Zinc Stream
(Mlb)
(Mlb)
($/lb)
(Mlb)
(Mlb)
($/lb)
(Mlb)
(Mlb)
CEZinc
1.3
1.3
0.29
—
—
—
—
—
Total Zinc Streams
1.3
1.3
0.29
—
—
—
—
—
Excludes silver permitted to be deferred under the Pueblo Viejo stream agreement.
MSA Safety Incorporporated (NYSE:MSA) CFO Acquires $71,093.12 in StockMarketBeat
MSA Safety Incorporporated (NYSE:MSA - Get Free Report) CFO Julie Beck bought 448 shares of the stock in a transaction dated Thursday, June 11th. The stock was acquired at an average price of $158.69 per share, with a total value of $71,093.12. Following the completion of the purchase, the chief financial officer owned 3,825 shares of the company's stock, valued at $606,989.25. This represents a 13.27% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
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DENVER--(BUSINESS WIRE)--Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold,” the “Company,” “we,” “us,” or “our”) announced today the restructuring of our ownership in Artmin Madençilik (“Artmin”), the joint venture company that owns 100% of the Hod Maden Project (the “Project”). The restructuring includes a 50% reduction in Royal Gold’s direct equity ownership in Artmin (from 30% to 15%), the grant to Royal Gold of a new effective 2.5% net smelter return (“NSR”) royalty interest over the Project (the “New RG Royalty”), and certain rights pertaining to a new royalty interest being granted to SSR Mining, Inc. (“SSR”) over the Project.
As part of this restructuring, SSR and Lidya Madençilik (“Lidya”), the additional partner in the ownership of Artmin, have agreed that SSR will sell all its interests in Artmin to Lidya. Additionally, SSR resigned as operator and Lidya assumed operatorship of the Project upon entering into the agreements related to this restructuring. In return, SSR will be granted a new effective 4.0% NSR royalty interest on the Project (the “SSR Royalty”). The full economic burden of both the SSR Royalty and the New RG Royalty will be assumed by Lidya and will not reduce Royal Gold’s economic exposure to its remaining equity interest in Artmin.
“Hod Maden is a high-grade and high-margin gold-copper development project and we are pleased to continue our participation in such a way that preserves the value of our ownership while bringing our overall interest more in line with our core royalty and streaming business,” commented Bill Heissenbuttel, President and CEO of Royal Gold. “We believe the project will benefit from Lidya, an established and experienced local company, increasing its ownership and taking operating control of the joint venture. Lidya is the mining arm of a Turkish conglomerate with the financial and technical resources to effectively develop and operate the project, and we believe a local partner with these credentials is well-positioned to advance this high-quality project.”
Upon completion of these transactions:
Artmin will be owned 15% by Royal Gold and 85% by Lidya. Royal Gold will obtain acquisition and certain other rights over the SSR Royalty. Royal Gold retains a perpetual right of first refusal (“ROFR”) over the sale of the SSR Royalty to a third party, and SSR will not be permitted to sell the royalty without Royal Gold’s consent prior to January 1, 2028. SSR will also grant Royal Gold the option to acquire half of the SSR Royalty (an equivalent 2.0% NSR royalty interest) for $160 million, exercisable from closing through the period that ends 12 months after the achievement of commercial production at the Project. Royal Gold will fund the next $70 million of Project costs (including during the interim period until closing), to be followed by the funding of $397 million of Project costs by Lidya. Further funding would then be split pro rata between Royal Gold and Lidya according to their 15%/85% ownership in Artmin. Equity funding requirements may be reduced should Artmin secure debt financing for Project development. Closing for the transactions is subject to certain conditions, including regulatory approval from the Turkish General Directorate of Mining and Petroleum Affairs. Closing is expected in the second half of 2026.
Impact on Royal Gold
This restructuring is expected to preserve the value of Royal Gold’s existing interests in the Project and reduce Royal Gold’s exposure to capital and operating costs. We expect our overall interest after the restructuring, including the remaining 15% Artmin ownership, the 2.5% New RG Royalty and our existing 2.0% NSR royalty (the “Existing RG Royalty”), to remain approximately 4% of the net asset value of the total Royal Gold portfolio.
Royal Gold expects to receive attributable production of approximately 9,000 GEOs1 per year from the combination of the New and Existing RG Royalties during the first full five years of production from the Project2.
Background on the Hod Maden Project
The Hod Maden Project is a high-grade, bulk-tonnage underground gold-copper development project in northeastern Türkiye that is expected to produce a high-grade copper concentrate with significant gold credits. Strong economics are expected to be driven by high gold and copper grades.
Key parameters in the updated technical report published in January, 2026, included a 13-year mine life, life of mine production of 1.6 million ounces of gold and 209 million pounds of copper at an estimated average cost of sales of $1,120 per ounce of payable gold and by-product all-in-sustaining costs (“AISC”) of $590 per ounce of payable gold. The estimated remaining development capital cost was $910 million as of November 30, 2025.
Early works, including road, tunnel and water diversion construction, started in 2025. Lidya has not yet provided updated timing for project development.
The total private royalty burden on the Project after these changes will increase to 8.5%, which is not expected to materially impact the life of mine plan given the high-grade nature of the Project.
Background on Lidya Madençilik
Lidya is an experienced mining company in Türkiye and is the mining arm of Istanbul-based conglomerate Çalık Holding. Through its former joint venture with Alacer Gold, Lidya discovered, developed and operated the Gediktepe mine in Türkiye until its sale to ACG Metals in 2024. Lidya also discovered the Hod Maden copper-gold deposit, a discovery recognized with the Prospectors and Developers Association of Canada’s Thayer Lindsley Award for International Mineral Discovery. In addition to its interest in the Hod Maden Project, Lidya currently owns a 20% equity interest in the Çöpler mine and an approximately 31% equity interest in ACG Metals.
GAP İnşaat (“GAP”), another subsidiary of Çalık Holding, is carrying out development and related infrastructure works at the Hod Maden Project. GAP’s additional mining experience includes providing engineering, procurement and construction (“EPC”) services to ACG Metals for the sulphide expansion at the Gediktepe mine and work on the Çöpler sulphide expansion project.
Corporate Profile
Royal Gold is a high margin, large-capitalization company that generates strong cash flows from a large and well-diversified portfolio of precious metal streams, royalties and similar production-based interests located in mining-friendly jurisdictions. Royal Gold shares trade under the symbol “RGLD” and provide growth, value, and income investors exposure to the metals & mining industry. The Company’s website is located at www.royalgold.com.
Additional Investor Information
Royal Gold routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Resources tab. Investors and other interested parties are encouraged to enroll at www.royalgold.com to receive automatic email alerts for new postings.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identified by words such as “will,” “may,” “could,” “should,” “would,” “believe,” “estimate,” “expect,” “anticipate,” “plan,” “forecast,” “potential,” “intend,” “continue,” “project,” or negatives of these words or similar expressions. Forward-looking statements include, among others, statements regarding the following: expected benefits of the transactions to Royal Gold, including preservation of the value of its ownership interest in the Project, reduction in exposure to capital and operating costs, and anticipated future revenues from the Project; the timetable for completing the transactions; the expected operating and financial performance and other anticipated developments relating to the Project, including production, mine plans, capital requirements, and capital expenditures; the anticipated effect of the increased private royalty burden on the life of mine plan; and the potential for securing debt financing for Project development.
Factors that could cause actual results to differ materially from these forward-looking statements include, among others, the following: changes in the price of gold or copper; operating activities or financial performance at the Project, including variations between actual and forecasted performance, the ability to complete the Project on schedule and as planned, changes to mine plans and mineral reserves and mineral resources (including updated mineral reserve and mineral resource information), liquidity needs, mining and environmental hazards, labor disputes, distribution and supply chain disruptions, permitting and licensing issues, other adverse government or court actions, or operational disruptions; failure to realize the anticipated benefits from the transactions; risks associated with the joint venture interests; changes of control of properties or operators; contractual issues involving our royalty and joint venture agreements; risks associated with doing business in foreign countries; environmental risks, including those caused by climate change; potential cyber-attacks, including ransomware; adverse economic and market conditions; effects of health epidemics and pandemics; changes in laws or regulations governing us, operators or operating properties; changes in management and key employees; and other factors described in our reports filed with the Securities and Exchange Commission, including in Item 1A, Risk Factors of our most recent Annual Report on Form 10-K. Most of these factors are beyond our ability to predict or control. Other unpredictable or unknown factors not discussed in this release could also have material adverse effects on forward-looking statements.
Forward-looking statements speak only as of the date on which they are made. We disclaim any obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements.
Statement Regarding Third-Party Information
Certain information provided in this press release, including information about production estimates, property descriptions, and property developments, was provided to us by the operator or former operator of the Project or is publicly available information filed by these operators with applicable securities regulatory bodies, including the Securities and Exchange Commission. Royal Gold has not verified, and is not in a position to verify, and expressly disclaims any responsibility for the accuracy, completeness or fairness of any such third-party information and refers the reader to the public reports filed by the operators for information regarding those properties.
Key Takeaways SSR Mining agreed to sell its 20% Hod Maden stake for an uncapped 4.0% NSR royalty.SSRM said that the Hod Maden deal aligns with its strategic shift toward an Americas platform.Royal Gold will retain 15% in Hod Maden, while Lidya Mines will operate the project with 85%. SSR Mining Inc. (SSRM - Free Report) announced that it inked a definitive agreement with Lidya Mines to sell its 20% stake in the Hod Maden development project in northeastern Türkiye. Along with SSRM’s recently announced sale of the Çöpler mine, this transaction is consistent with SSR Mining's strategic refocusing toward an Americas platform.
SSRM’s recent strategic actions position it as a leading free cash flow, capital return-focused producer in the United States.
Details of SSR Mining’s Deal to Sell Hod Maden StakesSSRM will sell its stake in exchange for an uncapped 4.0% Net Smelter Return (“NSR”) royalty on 100% of the project, which is expected to be accretive for shareholders.
SSRM’s partner in the project, Royal Gold, Inc. (RGLD - Free Report) , also inked a deal to sell 15% of its stake to Lidya Mine for an uncapped 2.5% NSR on 100% of the project. Royal Gold will hold a fixed-price call option to buy a 2% NSR royalty from SSR Mining for $160 million. Post the transaction, Lidya Mines will operate the project with an 85% stake and Royal Gold will own a 15% stake.
This new NSR will bolster SSR Mining’s current royalty portfolio. The company's existing assets already include NSR royalties on Highlander Silver's San Luis project (4.0%), Endeavour Silver's Pitarrilla project (1.25%), West Red Lake Gold's Rowan property (3.0%) and Honey Badger Silver's Sunrise Lake property (4.0%).
SSRM Stock Price PerformanceThe SSRM stock has appreciated a whopping 183.2% in a year compared with the industry’s return of 54.2%. Meanwhile, the Zacks Basic Materials sector and the S&P 500 have rallied 41.4% and 30.5%, respectively.
Image Source: Zacks Investment Research
SSR Mining’s Zacks Rank & Other Stocks to ConsiderSSRM currently carries a Zacks Rank #2 (Buy).
Some better-ranked stocks from the basic materials space are Albemarle Corporation (ALB - Free Report) and Avino Silver & Gold Mines Ltd. (ASM - Free Report) . ALB sports a Zacks Rank #1 (Strong Buy) at present and ASM carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Albemarle has an average trailing four-quarter earnings surprise of 74.5%. The Zacks Consensus Estimate for the company’s 2026 earnings is pegged at $12.45 per share, indicating year-over-year growth from a loss of 79 cents. ALB shares have skyrocketed 201% so far this year.
Avino Silver has an average trailing four-quarter earnings surprise of 125%. The Zacks Consensus Estimate for Avino Silver’s 2026 earnings is pegged at 39 cents per share, indicating 34.5% year-over-year growth. Its shares soared 141% in a year.
DENVER--(BUSINESS WIRE)--Royal Gold, Inc. (NASDAQ: RGLD) announced today that its Board of Directors has declared its third quarter dividend of $0.475 per share of common stock. The dividend is payable on Thursday, July 16, 2026, to shareholders of record at the close of business on Thursday, July 2, 2026.
Corporate Profile
Royal Gold is a high margin, large-capitalization company that generates strong cash flows from a large and well-diversified portfolio of precious metal streams, royalties and similar production-based interests located in mining-friendly jurisdictions. Royal Gold shares trade under the symbol “RGLD” and provide growth, value, and income investors exposure to the metals & mining industry. The Company’s website is located at www.royalgold.com.
Additional Investor Information
Royal Gold routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Resources tab. Investors and other interested parties are encouraged to enroll at www.royalgold.com to receive automatic email alerts for new postings.
Key Takeaways RGLD cut its Hod Maden stake from 30% to 15% for a new 2.5% NSR royalty interest.SSR Mining will sell its Artmin stake to Lidya for an uncapped 4.0% NSR royalty on the project.Royal Gold expects about 9,000 gold equivalent ounces annually in the first five production years. Royal Gold, Inc. (RGLD - Free Report) announced that it has inked a deal to reduce its direct equity stake in Artmin Madençilik, the joint venture company that fully owns the Hod Maden Project in northeastern Turkey. Along with preserving the value of Royal Gold’s existing interests in the project, the deal is expected to reduce the company’s exposure to capital and operating costs.
Details of Royal Gold’s Restructuring DealUnder the new agreement, Royal Gold is cutting its stake in the project from 30% to 15% in exchange for a new 2.5% net smelter return (NSR) royalty interest. Royal Gold’s joint venture partner, SSR Mining Inc. (SSRM - Free Report) , also inked a deal to sell its shares in Artmin to Lidya.
SSR Mining will sell its stake in exchange for an uncapped 4% NSR royalty on 100% of the project. Lidya Mines will operate the project with an 85% stake without diminishing Royal Gold's economic exposure to its remaining equity interest in the project.
Following the restructuring, RGLD’s combined interest — comprising the 15% Hod Maden shares, the 2.5% New RG Royalty and the 2% Existing RG Royalty — is projected to remain steady at around 4% of the company's total net asset value. The company anticipates production of around 9,000 gold equivalent ounces per year from this restructuring during the first five years of full production.
RGLD’s 2026 OutlookThe company maintained its outlook framework for 2026 post-first-quarter 2026 performance. Guidance calls for gold sales of 290,000-320,000 ounces, silver sales of 3.0-3.5 million ounces and copper sales of 21.0-25.0 million pounds. Through March 31, 2026, these metrics remained within the guided ranges, supported by elevated metal prices and expanded portfolio contributions.
RGLD Stock’s Price PerformanceIn the past year, Royal Gold’s shares have increased 26.9% compared with the industry’s 72.2% growth. Meanwhile, the Basic Materials sector has jumped 43.3% and the S&P 500 has rallied 33.4%.
Image Source: Zacks Investment Research
Royal Gold’s Zacks Rank & Stocks to ConsiderRGLD currently has a Zacks Rank #4 (Sell).
Some better-ranked stocks from the basic materials space are Albemarle Corporation (ALB - Free Report) and Avino Silver & Gold Mines Ltd. (ASM - Free Report) . ALB sports a Zacks Rank #1 (Strong Buy) at present and ASM carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Albemarle has an average trailing four-quarter earnings surprise of 74.5%. The Zacks Consensus Estimate for the company’s 2026 earnings is pegged at $12.45 per share, indicating year-over-year growth from a loss of 79 cents. ALB shares have skyrocketed 201% so far this year.
Avino Silver has an average trailing four-quarter earnings surprise of 125%. The Zacks Consensus Estimate for Avino Silver’s 2026 earnings is pegged at 39 cents per share, indicating 34.5% year-over-year growth. Its shares soared 141% in a year.
Investors in Royal Gold, Inc. (RGLD - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the June 18, 2026 $95.00 Call had some of the highest implied volatility of all equity options today.
What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?Clearly, options traders are pricing in a big move for Royal Gold, but what is the fundamental picture for the company? Currently, Royal Gold is a Zacks Rank #5 (Strong Sell) in the Mining - Gold Industry that ranks in the Bottom 38% of our Zacks Industry Rank. Over the last 60 days, no analyst has increased his earnings estimate for the current quarter, while one has dropped his estimate. The net effect has taken our Zacks Consensus Estimate for the current quarter to move from $2.87 per share to $2.67 per share in the same time period.
Given the way analysts feel about Royal Gold right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
DENVER--(BUSINESS WIRE)--Royal Gold, Inc. (NASDAQ: RGLD) announced today that management will present in the live Virtual Non-Deal Roadshow Series hosted by Renmark Financial Communications Inc.
Alistair Baker, Senior Vice President, Investor Relations and Business Development, will present on Wednesday, June 17, at 2:00 p.m. ET (12:00 p.m. MT), and access to a replay of the event will be available on our website later that week or may be accessed on the Renmark Financial Communications Inc. website at https://www.renmarkfinancial.com/vndrs.
To ensure smooth connectivity, please access the link above using the latest version of Google Chrome.
Corporate Profile
Royal Gold is a high margin, large-capitalization company that generates strong cash flows from a large and well-diversified portfolio of precious metal streams, royalties and similar production-based interests located in mining-friendly jurisdictions. Royal Gold shares trade under the symbol “RGLD” and provide growth, value, and income investors exposure to the metals and mining industry. The Company’s website is located at www.royalgold.com.
Additional Investor Information
Royal Gold routinely posts important information, including information about upcoming investor presentations and press releases, on its website under the Investor Resources tab. Investors and other interested parties are encouraged to enroll at www.royalgold.com to receive automatic email alerts for new postings.
A month has gone by since the last earnings report for Royal Gold (RGLD - Free Report) . Shares have lost about 5.4% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Royal Gold due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers.
RGLD Q1 Earnings Beat Estimates on Record Revenue GrowthRoyal Gold delivered earnings of $2.72 per share in the first quarter of 2026, marking an increase of 80% year-over-year. Adjusted for discrete tax benefit and other time items, earnings came in at $3.11 per share, beating the Zacks Consensus Estimate of $2.86 by 8.74%.
The company also posted record revenue of $469.1 million, up 142.5% year over year. The quarter reflected strong metal pricing and higher contributions from newer interests, with sales volume rising to 96,300 gold equivalent ounces, up 42.5% from the prior-year period.
RGLD’s Revenue Mix Benefited From Metal Prices and ScaleRGLD’s top-line strength was broad-based across commodities. Gold represented 71% of revenue, while silver and copper contributed 16% and 10%, respectively, with other metals accounting for the balance.
Average realized prices moved sharply higher year over year, led by gold at $4,873 per ounce and silver at $84.33 per ounce, alongside copper at $5.83 per pound. Contributions from Sandstorm and Horizon interests, as well as the Kansanshi stream, also aided the growth.
RGLD’s Cost Profile Shifted With Portfolio ContributionsRGLD’s cost of sales rose to $60.3 million from $24.5 million in the prior-year quarter, reflecting higher payments on stream deliveries tied to stronger metal prices and additional sales volumes from newer streams and acquired interests.
Operating cost lines also expanded. General and administrative expense increased to $17.5 million from $11.1 million, which the company attributed to higher employee-related and corporate costs following the Sandstorm and Horizon acquisition.
Royal Gold’s Cash Flow and Liquidity Strengthened FurtherRoyal Gold generated record operating cash flow of $293.6 million, up 115.3% from $136.4 million in the year-ago quarter. Free cash flow was $278.9 million compared with $78.1 million a year ago, reflecting the stronger cash generation profile in the period.
Balance sheet flexibility remained a key theme. At March 31, 2026, cash and equivalents were $234.1 million, while debt stood at $600 million on the revolving credit facility after a $300 million repayment during the quarter. Total available liquidity was approximately $1.1 billion, supported by $800 million undrawn on the revolver and $295 million of working capital.
RGLD Reiterated TargetsThe company maintained its outlook framework for 2026. Guidance ranges call for gold sales of 290,000–320,000 ounces, silver sales of 3.0–3.5 million ounces, copper sales of 21.0–25.0 million pounds. Through March 31, 2026, performance on these metrics was tracking within the guided ranges, supported by elevated metal prices and expanded portfolio contributions.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates review.
The consensus estimate has shifted -7.14% due to these changes.
VGM ScoresCurrently, Royal Gold has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with an F. Charting a somewhat similar path, the stock has a grade of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of this revision indicates a downward shift. It's no surprise Royal Gold has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.
On June 11, 2026, Royal Gold Inc RGLD shares rose 3.8% to a current price of $204.57. This price is within a 52-week range of $150.75 to $306.25, reflecting significant volatility over the past year.
GF Value™ verdict: $204.57 vs $267.30, 23.5% undervaluedGF Score™: 91/100 (Strong)Most notable signal: Insider activity shows $0.8M in sales with no buying in the last 3 months Is RGLD Overvalued or Undervalued? Currently, Royal Gold's shares are trading at $204.57, which is below the GF Value™ estimate of $267.30. This indicates that the stock is 23.5% undervalued, providing a margin of safety for potential investors. The GF Valuation label categorizes the stock as modestly undervalued, suggesting that there is an opportunity for growth, but caution is advised as market conditions can change rapidly.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. A stock that is identified as undervalued may present an attractive buying opportunity; however, it is vital to consider the broader market trends that may affect its performance in the future.
How Does RGLD's Valuation Compare to Its History? MetricCurrentHistorical P/E (TTM)24.4x30.2x (5-Year Median) Forward P/E17.4xN/A The current P/E ratio of 24.4x is significantly below its 5-year median P/E of 30.2x, indicating that Royal Gold is trading at a lower valuation compared to its historical averages. This analysis supports the GF Value™ verdict of undervaluation, suggesting that the stock may be an appealing option for growth-oriented investors.
What Does RGLD's GF Score™ Tell Us? MetricRating GF Score™91/100 Financial Strength8/10 Profitability9/10 Growth10/10 Valuation8/10 Momentum3/10 The GF Score™ of 91 indicates a strong overall performance, with particularly high marks in Growth (10/10) and Profitability (9/10). However, the Momentum Rank is relatively low at 3/10, suggesting that the stock may be experiencing a downturn in short-term price performance, which could be a concern for momentum-focused investors. Overall, the strong scores in Financial Strength and Growth indicate a robust company foundation, despite recent price fluctuations.
What Are Insiders Doing with RGLD Stock? In the last three months, insider activity has shown that insiders sold $0.8M worth of shares, with no reported buying during this period. This pattern could imply a lack of confidence from insiders about the stock's near-term prospects. Insider selling can often raise questions among investors, as it may suggest that those closest to the company do not foresee significant short-term price appreciation.
What This Means for Investors Based on the GF Value™ assessment, Royal Gold Inc RGLD is currently undervalued with a strong growth outlook. While the stock presents an opportunity for investors, it is essential to consider the recent insider selling activity and the low momentum rank, which may indicate potential short-term risks.
For the complete analysis, visit the Royal Gold Inc RGLD stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is RGLD's GF Score™?
RGLD's GF Score™ is 91/100, indicating a strong overall performance and potential for higher long-term returns based on historical data.
Is RGLD overvalued or undervalued?
RGLD is currently undervalued with a GF Value™ of $267.30 compared to the current price of $204.57, suggesting a 23.5% upside potential.
What is RGLD's P/E ratio?
RGLD's P/E (TTM) is 24.4x, which is below its 5-year median of 30.2x, indicating that the stock is trading at a lower valuation compared to its historical averages.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
A month has gone by since the last earnings report for Incyte (INCY - Free Report) . Shares have lost about 1.8% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Incyte due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.
INCY Q1 Earnings and Revenues Beat Estimates on Higher Product Sales
Incyte reported first-quarter 2026 adjusted earnings of $1.81 per share, which beat the Zacks Consensus Estimate of $1.38, primarily due to higher product sales. The company reported adjusted earnings of $1.16 per share in the year-ago quarter.
Total revenues in the first quarter were $1.27 billion, which grew 21% year over year, driven primarily by the sustained performance of its lead drug, Jakafi (ruxolitinib), and increased sales of Opzelura (ruxolitinib) cream on strong launch and demand. The top line beat the Zacks Consensus Estimate of $1.23 billion.
All percentages mentioned below are on a reported basis.
INCY's Q1 Results in Detail
Revenues from the sale of Jakafi, a first-in-class JAK1/JAK2 inhibitor approved for polycythemia vera, myelofibrosis and refractory acute graft-versus-host disease (GVHD), amounted to $757.8 million, up 7% from the year-ago quarter, owing to a 6% increase in paid demand. Jakafi's sales beat the Zacks Consensus Estimate of $735.6 million.
Opzelura (ruxolitinib) cream, approved for atopic dermatitis and vitiligo, generated $143 million in sales, which rose 20% year over year, but missed the Zacks Consensus Estimate of $160.4 million. The year-over-year rise in sales was driven by increased patient demand and refills in the United States for both its approved indications.
The newly approved medicine Zynyz (retifanlimab-dlwr) generated sales of $41.4 million, which significantly increased from the year-ago quarter’s level and beat the Zacks Consensus Estimate of $30.8 million. The company obtained accelerated approval for Zynyz to treat metastatic or recurrent locally advanced Merkel cell carcinoma.
Net product revenues of Iclusig were $35.5 million, up 20% year over year. The figure beat the Zacks Consensus Estimate of $32.8 million. Pemazyre generated $22.5 million in sales, reflecting a year-over-year increase of 22%. The figure also surpassed the Zacks Consensus Estimate of $22 million.
Minjuvi's revenues totaled $49.2 million, up 67% year over year. The figure beat the Zacks Consensus Estimate of $43.6 million. Incyte gained worldwide exclusive global rights for tafasitamab from MorphoSys AG, which is marketed as Monjuvi in the United States and as Minjuvi in the ex-U.S. markets in 2024.
Incyte and partner Syndax Pharmaceuticals obtained FDA approval for axatilimab-csfr, an anti-CSF-1R antibody, for the treatment of GVHD after the failure of at least two prior lines of systemic therapy in adult and pediatric patients weighing at least 40 kg. The candidate was approved under the brand name Niktimvo.
The drug is Incyte’s second approved treatment for chronic GVHD (third-line) and was launched in the United States during the first quarter of 2025. The drug recorded $55.1 million in sales in the first quarter of 2026, up significantly on a year-over-year basis, driven by strong uptake, but missed the Zacks Consensus Estimate of $56 million.
Jakafi is marketed by Incyte in the United States and by Novartis as Jakavi in ex-U.S. markets. Jakavi royalty revenues from Novartis for commercialization in ex-U.S. markets rose 15% to $105.6 million. Jakavi royalties beat the Zacks Consensus Estimate of $97 million.
Incyte also receives royalties from the sales of Tabrecta (capmatinib) for the treatment of adult patients with metastatic non-small-cell lung cancer. Its partner, Novartis, has exclusive worldwide development and commercialization rights for Tabrecta. Royalty revenues from the drug’s sales amounted to $6 million, down 7% year over year. The reported figure missed the Zacks Consensus Estimate of $6.8 million.
Olumiant’s (baricitinib) product royalty revenues from Eli Lilly totaled $36.4 million, up 18% year over year. The figure beat the Zacks Consensus Estimate of $35.3 million. Incyte has a collaboration agreement with Eli Lilly for Olumiant. The drug is a once-daily oral JAK inhibitor discovered by Incyte and licensed to LLY. It is approved for several types of autoimmune diseases.
Adjusted research and development (R&D) expenses totaled $476.7 million, up 19% year over year. This increase was primarily due to continued investment in late-stage development assets.
Adjusted selling, general and administrative (SG&A) expenses were $304.1 million, up 1% from the prior-year quarter’s number.
INCY’s cash, cash equivalents and marketable securities amounted to $4 billion as of March 31, 2026, compared with the $3.6 billion recorded as of Dec. 31, 2025.
INCY Reiterates 2026 Guidance
The company continues to expect Jakafi revenues in the range of $3.22-$3.27 billion in 2026. Opzelura net product revenues are expected to remain in the band of $750-$790 million in 2026. Net product revenues for 2026 are expected to be in the range of $4.77-$4.94 billion.
Total adjusted R&D expenses and SG&A expenses are expected in the range of $3.205-$3.375 billion.
How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended upward during the past month.
The consensus estimate has shifted 6.25% due to these changes.
VGM ScoresAt this time, Incyte has a great Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Following the exact same course, the stock has a score of B on the value side, putting it in the second quintile for value investors.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Incyte has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Incyte's Monjuvi as part of a multi-drug regimen that includes a chemotherapy standard of care for an aggressive form of non-Hodgkin lymphoma reduced the risk of disease progression, relapse or death by 25% compared to the standard alone, but with a higher rate of study dropouts due to side effects.
- Late-breaking rapid-fire presentation to include results from Cohort 1 of the placebo-controlled PROGRESS study evaluating zilurgisertib in fibrodysplasia ossificans progressiva (FOP)
FOSTER CITY, Calif. & WILMINGTON, Del.--(BUSINESS WIRE)--Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) and Incyte (Nasdaq: INCY) today announced that pivotal Phase 2 results from the PROGRESS study evaluating zilurgisertib, an investigational ALK2 inhibitor, in patients with fibrodysplasia ossificans progressiva (“FOP”) will be presented at ENDO 2026, the Endocrine Society’s annual meeting, taking place June 13-16, 2026, in Chicago, Illinois.
Late-breaking rapid-fire presentation to include results from Cohort 1 of the placebo-controlled PROGRESS study evaluating zilurgisertib in fibrodysplasia ossificans progressiva (FOP).
Share The late-breaking rapid-fire presentation will include results from Cohort 1 of the placebo-controlled PROGRESS study, which enrolled patients 12 years of age and older and formed the basis of the New Drug Application (NDA) for zilurgisertib to the U.S. Food and Drug Administration (FDA).
In April 2026, Mirum entered into an exclusive license agreement with Incyte for worldwide rights to zilurgisertib.
“ENDO 2026 is an important milestone for the zilurgisertib FOP program as we share pivotal results from the PROGRESS study in patients living with this debilitating disease,” said Steven Stein, M.D., Executive Vice President, Chief Medical Officer and Head of Late-stage Development at Incyte. “These data add to the growing clinical understanding of zilurgisertib’s potential in FOP as Incyte and Mirum continue to advance toward the FDA’s Priority Review PDUFA date of September 26, 2026.”
“FOP is a devastating, progressive disease that profoundly impacts patients and families,” said Joanne Quan, M.D., Chief Medical Officer at Mirum Pharmaceuticals. “At Mirum, in partnership with Incyte, we are committed to advancing zilurgisertib with urgency as we work toward potentially bringing a needed new treatment option to people living with FOP.”
Congress Presentation
Additional details regarding the presentation are as follows:
Abstracts accepted for presentation at ENDO 2026 will be available once published through the Endocrine Society’s ENDO 2026 website.
About Zilurgisertib
Zilurgisertib is an investigational, oral, small molecule, activin receptor-like kinase 2 (ALK2) inhibitor in development for the treatment of Fibrodysplasia Ossificans Progressiva (FOP). Zilurgisertib is designed to inhibit the ALK2 receptor, which is abnormally active in most patients with FOP and leads to bone formation in soft tissues, a process known as heterotopic ossification (HO). FOP is an ultra-rare genetic disease that affects approximately 300 patients in the U.S. and 900 worldwide, with diagnosis typically occurring in early childhood. Zilurgisertib was evaluated in the PROGRESS pivotal Phase 2 study, which formed the basis of a new drug application (NDA). The FDA has accepted the NDA for zilurgisertib in FOP under Priority Review with a Prescription Drug User Fee Act (PDUFA) date of September 26, 2026.
Mirum licensed zilurgisertib from Incyte for development and commercialization globally.
About the PROGRESS Study
PROGRESS is a global, randomized, double-blind, placebo-controlled Phase 2 study evaluating the efficacy and safety of zilurgisertib in patients with fibrodysplasia ossificans progressiva (FOP). PROGRESS Cohort 1 enrolled patients 12 years of age and older who were randomized 1:1 to receive zilurgisertib 100 mg once daily or placebo during a 24-week double-blind treatment period, followed by an open-label extension. Additional PROGRESS cohorts will evaluate the efficacy and safety of zilurgisertib in patients ages 6 to <12 years of age (Cohort 2) and in patients ages 2 to <12 years of age (Cohort 3).
The primary endpoint of the study is the proportion of Cohort 1 patients with new heterotopic ossification (HO) lesions at Week 24 as assessed by whole-body CT scan data. Key secondary endpoints include the number and total volume of new HO lesions, changes in total HO lesion volume and flare activity through Week 24.
About Mirum Pharmaceuticals
Mirum Pharmaceuticals (NASDAQ: MIRM) is a leading rare disease company with a global footprint of approved products and a broad pipeline of investigational medicines. Purpose-built to bring forward breakthrough medicines for people with overlooked conditions, Mirum focuses on rare liver and rare genetic diseases, where it has built deep expertise and strong connections to patient communities. The company’s commercial portfolio includes LIVMARLI® (maralixibat) for Alagille syndrome (ALGS) and progressive familial intrahepatic cholestasis (PFIC), CHOLBAM® (cholic acid) for bile-acid synthesis disorders, and CTEXLI® (chenodiol) for cerebrotendinous xanthomatosis (CTX).
Mirum’s clinical-stage pipeline includes volixibat, an IBAT inhibitor in late-stage development for primary sclerosing cholangitis (PSC) and primary biliary cholangitis (PBC), brelovitug, a fully human monoclonal antibody in late-stage development for chronic hepatitis delta virus (HDV), zilurgisertib, an ALK2 inhibitor under regulatory review with the FDA for fibrodysplasia ossificans progressiva (FOP), and MRM-3379, a PDE4D inhibitor being evaluated for Fragile X syndrome (FXS).
Mirum’s success is driven by a team dedicated to advancing high impact medicines through strategic development, disciplined execution and purposeful collaboration across the rare disease ecosystem. Learn more at www.mirumpharma.com and follow Mirum on Facebook, LinkedIn, Instagram and X.
About Incyte®
Incyte is redefining what’s possible in biopharmaceutical innovation. Through deep scientific expertise and a relentless focus on patients, we have built an established portfolio of first-in-class medicines and an extensive portfolio of next-generation medicines across our key franchises: Hematology, Oncology and Inflammation & Autoimmunity.
To learn more, visit Incyte.com and Investor.Incyte.com. Follow us on social media: LinkedIn, X and Instagram.
Mirum Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, the Company’s planned participation at a scientific congress, Mirum’s continued advancement of zilurgisertib with Incyte, the FDA approval pathway for zilurgisertib and the potential benefit of zilurgisertib in real world settings versus scientific presentations of data. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “expected,” “will,” “could,” “would,” “guidance,” “potential,” “continue” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Mirum’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with Mirum’s business in general, the impact of geopolitical and macroeconomic events, and the other risks described in Mirum’s Annual Report for the year ended December 31, 2025, filed with the Securities and Exchange Commission on February 25, 2026, and subsequent filings with the Securities and Exchange Commission, which are available at www.sec.gov. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. Mirum undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
Incyte Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including statements regarding the potential and promise suggested by the Phase 2 PROGRESS results, the potential for zilurgisertib to become a treatment option for people living with FOP, Incyte’s plans and expectations for the PROGRESS study and Incyte’s aspirations and goals as set forth under the heading “About Incyte”.
Actual results may differ materially from those indicated in the forward-looking statements as a result of various important factors, including the sufficiency of clinical trial data to meet applicable regulatory standards or warrant continued development; the ability to enroll sufficient numbers of subjects in clinical trials; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials and marketing approval; the ability of Incyte’s collaborators to achieve commercial success for their marketed products and product candidates, if approved; Incyte’s and Incyte’s collaborators’ ability to obtain and maintain protection of intellectual property for their products and technology; Incyte’s reliance on third parties and partners; the acceptance of Incyte’s collaborators’ products in the marketplace; market competition, sales, marketing, manufacturing and distribution requirements; and those risks and uncertainties discussed in greater detail in Incyte’s reports filed with the U.S. Securities and Exchange Commission, including its annual report on Form 10-K and its quarterly report on Form 10-Q for the quarter ended March 31, 2026. Incyte disclaims any intent or obligation to update these forward-looking statements.
Mirum and the Mirum logo are trademarks of Mirum Pharmaceuticals, Inc.
More News From Mirum Pharmaceuticals, Inc. and Incyte
Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) and Incyte (Nasdaq: INCY) today announced that pivotal Phase 2 results from the PROGRESS study evaluating zilurgisertib, an investigational ALK2 inhibitor, in patients with fibrodysplasia ossificans progressiva (“FOP”) will be presented at ENDO 2026, the Endocrine Society’s annual meeting, taking place June 13-16, 2026, in Chicago, Illinois.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260604863826/en/
The late-breaking rapid-fire presentation will include results from Cohort 1 of the placebo-controlled PROGRESS study, which enrolled patients 12 years of age and older and formed the basis of the New Drug Application (NDA) for zilurgisertib to the U.S. Food and Drug Administration (FDA).
In April 2026, Mirum entered into an exclusive license agreement with Incyte for worldwide rights to zilurgisertib.
“ENDO 2026 is an important milestone for the zilurgisertib FOP program as we share pivotal results from the PROGRESS study in patients living with this debilitating disease,” said Steven Stein, M.D., Executive Vice President, Chief Medical Officer and Head of Late-stage Development at Incyte. “These data add to the growing clinical understanding of zilurgisertib’s potential in FOP as Incyte and Mirum continue to advance toward the FDA’s Priority Review PDUFA date of September 26, 2026.”
“FOP is a devastating, progressive disease that profoundly impacts patients and families,” said Joanne Quan, M.D., Chief Medical Officer at Mirum Pharmaceuticals. “At Mirum, in partnership with Incyte, we are committed to advancing zilurgisertib with urgency as we work toward potentially bringing a needed new treatment option to people living with FOP.”
Congress Presentation
Additional details regarding the presentation are as follows:
Abstract #
ORF37-04
Title
Zilurgisertib in Patients with Fibrodysplasia Ossificans Progressiva: Interim Results from the PROGRESS Study
Date/Time
Sunday, June 14, 3:30-4:15 pm CT
Abstracts accepted for presentation at ENDO 2026 will be available once published through the Endocrine Society’s ENDO 2026 website.
About Zilurgisertib
Zilurgisertib is an investigational, oral, small molecule, activin receptor-like kinase 2 (ALK2) inhibitor in development for the treatment of Fibrodysplasia Ossificans Progressiva (FOP). Zilurgisertib is designed to inhibit the ALK2 receptor, which is abnormally active in most patients with FOP and leads to bone formation in soft tissues, a process known as heterotopic ossification (HO). FOP is an ultra-rare genetic disease that affects approximately 300 patients in the U.S. and 900 worldwide, with diagnosis typically occurring in early childhood. Zilurgisertib was evaluated in the PROGRESS pivotal Phase 2 study, which formed the basis of a new drug application (NDA). The FDA has accepted the NDA for zilurgisertib in FOP under Priority Review with a Prescription Drug User Fee Act (PDUFA) date of September 26, 2026.
Mirum licensed zilurgisertib from Incyte for development and commercialization globally.
About the PROGRESS Study
PROGRESS is a global, randomized, double-blind, placebo-controlled Phase 2 study evaluating the efficacy and safety of zilurgisertib in patients with fibrodysplasia ossificans progressiva (FOP). PROGRESS Cohort 1 enrolled patients 12 years of age and older who were randomized 1:1 to receive zilurgisertib 100 mg once daily or placebo during a 24-week double-blind treatment period, followed by an open-label extension. Additional PROGRESS cohorts will evaluate the efficacy and safety of zilurgisertib in patients ages 6 to <12 years of age (Cohort 2) and in patients ages 2 to <12 years of age (Cohort 3).
The primary endpoint of the study is the proportion of Cohort 1 patients with new heterotopic ossification (HO) lesions at Week 24 as assessed by whole-body CT scan data. Key secondary endpoints include the number and total volume of new HO lesions, changes in total HO lesion volume and flare activity through Week 24.
About Mirum Pharmaceuticals
Mirum Pharmaceuticals (NASDAQ: MIRM) is a leading rare disease company with a global footprint of approved products and a broad pipeline of investigational medicines. Purpose-built to bring forward breakthrough medicines for people with overlooked conditions, Mirum focuses on rare liver and rare genetic diseases, where it has built deep expertise and strong connections to patient communities. The company’s commercial portfolio includes LIVMARLI® (maralixibat) for Alagille syndrome (ALGS) and progressive familial intrahepatic cholestasis (PFIC), CHOLBAM® (cholic acid) for bile-acid synthesis disorders, and CTEXLI® (chenodiol) for cerebrotendinous xanthomatosis (CTX).
Mirum’s clinical-stage pipeline includes volixibat, an IBAT inhibitor in late-stage development for primary sclerosing cholangitis (PSC) and primary biliary cholangitis (PBC), brelovitug, a fully human monoclonal antibody in late-stage development for chronic hepatitis delta virus (HDV), zilurgisertib, an ALK2 inhibitor under regulatory review with the FDA for fibrodysplasia ossificans progressiva (FOP), and MRM-3379, a PDE4D inhibitor being evaluated for Fragile X syndrome (FXS).
Mirum’s success is driven by a team dedicated to advancing high impact medicines through strategic development, disciplined execution and purposeful collaboration across the rare disease ecosystem. Learn more at www.mirumpharma.com and follow Mirum on Facebook, LinkedIn, Instagram and X.
About Incyte®
Incyte is redefining what’s possible in biopharmaceutical innovation. Through deep scientific expertise and a relentless focus on patients, we have built an established portfolio of first-in-class medicines and an extensive portfolio of next-generation medicines across our key franchises: Hematology, Oncology and Inflammation & Autoimmunity.
To learn more, visit Incyte.com and Investor.Incyte.com. Follow us on social media: LinkedIn, X and Instagram.
Mirum Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, the Company’s planned participation at a scientific congress, Mirum’s continued advancement of zilurgisertib with Incyte, the FDA approval pathway for zilurgisertib and the potential benefit of zilurgisertib in real world settings versus scientific presentations of data. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “expected,” “will,” “could,” “would,” “guidance,” “potential,” “continue” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Mirum’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with Mirum’s business in general, the impact of geopolitical and macroeconomic events, and the other risks described in Mirum’s Annual Report for the year ended December 31, 2025, filed with the Securities and Exchange Commission on February 25, 2026, and subsequent filings with the Securities and Exchange Commission, which are available at www.sec.gov. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. Mirum undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
Incyte Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including statements regarding the potential and promise suggested by the Phase 2 PROGRESS results, the potential for zilurgisertib to become a treatment option for people living with FOP, Incyte’s plans and expectations for the PROGRESS study and Incyte’s aspirations and goals as set forth under the heading “About Incyte”.
Actual results may differ materially from those indicated in the forward-looking statements as a result of various important factors, including the sufficiency of clinical trial data to meet applicable regulatory standards or warrant continued development; the ability to enroll sufficient numbers of subjects in clinical trials; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials and marketing approval; the ability of Incyte’s collaborators to achieve commercial success for their marketed products and product candidates, if approved; Incyte’s and Incyte’s collaborators’ ability to obtain and maintain protection of intellectual property for their products and technology; Incyte’s reliance on third parties and partners; the acceptance of Incyte’s collaborators’ products in the marketplace; market competition, sales, marketing, manufacturing and distribution requirements; and those risks and uncertainties discussed in greater detail in Incyte’s reports filed with the U.S. Securities and Exchange Commission, including its annual report on Form 10-K and its quarterly report on Form 10-Q for the quarter ended March 31, 2026. Incyte disclaims any intent or obligation to update these forward-looking statements.
Mirum and the Mirum logo are trademarks of Mirum Pharmaceuticals, Inc.
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US biotech Incyte Pharma is nearing a deal for up to $2 billion to buy blood disorder drug developer Star Therapeutics, the Financial Times reported on Sunday, citing people familiar with the matter.
