Abstract

Osisko Gold Royalties will release fiscal results on February 18, 2026 Post Market, with investors watching earnings per share growth, margin durability, and portfolio cash generation against a backdrop of active royalty acquisitions and supportive analyst commentary.

Market Forecast

Consensus attention is centered on adjusted EPS of $0.35 for the current quarter, implying 43.51% year-over-year growth based on the latest company-updated forecast metrics, while revenue projections were not disclosed; margin guidance was not provided by the company, so investors will benchmark against recent run rates. Across its principal lines, the royalty contracts remain the primary revenue driver, and the company’s active deal pipeline underpins outlook stability. The most promising segment is the core royalty income, which delivered $42.73 million last quarter; the company’s overall revenue rose 72.25% year-over-year, signaling strong operator throughput and underlying asset performance.

Last Quarter Review

Osisko Gold Royalties reported last quarter revenue of $98.62 million, a gross profit margin of 96.70%, GAAP net profit attributable to the parent company of $82.85 million, a net profit margin of 115.66%, and adjusted EPS of $0.30, up 102% year-over-year. Net profit increased 156.03% quarter-on-quarter, reflecting robust cash generation from the portfolio and favorable financial outcomes during the period. In the main business lines, royalty income contributed $42.73 million and stream income contributed $28.89 million, while overall revenue increased 72.25% year-over-year on a strong lift in deliveries from assets in the portfolio.

Current Quarter Outlook (with major analytical insights)

Main business: Royalty cash flows and margin resilience

The core royalty contracts remain the foundation of Osisko Gold Royalties’ earnings profile this quarter, as they are designed to convert operator production into high-margin cash receipts. Last quarter’s 96.70% gross profit margin underscores how minimal-cost royalty receipts can support elevated profitability even in mixed operating environments, and investors will monitor whether this near-97% benchmark can be sustained as new contracts mature and existing assets ramp. While the company has not published a formal revenue forecast for the current quarter, its EPS estimate of $0.35 (43.51% year-over-year) suggests ongoing operating leverage in the model and a favorable mix of asset-level contributions. With last quarter’s overall revenue up 72.25% year-over-year and net profit margin at 115.66%, the data point to a quarter characterized by strong portfolio monetization; the trajectory in this quarter will hinge on the cadence of operator deliveries, the absence of negative one-offs, and the pace of newly acquired royalties entering commercial production. The key watch items are production from cornerstone assets embedded in long-life mines and the timing of cash recognition across contracts, as these factors most directly influence both the quarterly EPS run-rate and the headline cash margins.

Most promising business: Scaling royalty income through acquisitions and portfolio optimization

Royalty income, at $42.73 million last quarter, is positioned as the most promising segment for incremental growth given the company’s recent transaction activity and portfolio optimization. This is supported by external institutional commentary noting increased stakes in certain net smelter return royalties, which are structured to share in top-line metal sales, thus offering upside to realized prices and operator throughput. The company’s EPS forecast for the current quarter implies the royalty segment will continue to anchor performance, supplemented by the potential conversion of additional assets toward revenue recognition during 2026. While segment-level year-over-year growth metrics were not disclosed, last quarter’s consolidated revenue growth of 72.25% year-over-year suggests the broader portfolio is experiencing a favorable cycle of operator ramp-ups and asset delivery. In this context, the royalty segment can capitalize on increased production volumes without material operating cost inflation, preserving margin breadth while translating external mine performance into predictable cash inflows.

Factors most impacting the stock price this quarter: Earnings cadence, margins, and transaction visibility

Three forces will likely influence Osisko Gold Royalties’ share reaction around the print: earnings cadence relative to the $0.35 adjusted EPS forecast, sustained high margins, and visibility into the transaction and development pipeline. A reported EPS near or above the $0.35 estimate would validate the trajectory of cash conversion and the underlying health of the operator base, especially given last quarter’s 102% year-over-year EPS increase. Margin durability is paramount because royalties inherently have low cost intensity; management’s commentary on gross margins versus last quarter’s 96.70% benchmark will help investors assess whether portfolio mix and any non-cash items are affecting ratios in a manner that would persist beyond a single quarter. Finally, clarity on recent and prospective royalty acquisitions, along with updates on assets moving through development toward first production, will frame forward cash flow expectations; investors will seek concrete milestones that bridge today’s EPS strength with multi-quarter visibility on revenue, which in turn underpins valuation multiples in the royalty business model. Taken together, these elements set the near-term tone for the stock by aligning reported performance with the implied growth embedded in institutional price targets.

Analyst Opinions

The majority of institutional views are bullish. In a report published on February 3, 2026, RBC Capital Markets’ Josh Wolfson maintained a Buy rating on Osisko Gold Royalties and lifted the price target to $45, highlighting constructive expectations for portfolio cash generation and transaction execution. Stifel Canada maintained a Buy rating and kept its C$61.00 price target after Osisko bolstered its stake in a net smelter return royalty, pointing to additional upside potential from the asset as it advances. Across recent months, RBC also reiterated Buy ratings with targets of $40 and $42, further reinforcing their positive stance as new developments unfolded. While one neutral Hold call was observed from BMO Capital in October 2025, it did not alter the prevailing pattern of positive commentary. Based on the collected views in the six-month window ending February 11, 2026, the ratio of bullish to bearish opinions is decisively in favor of the bullish side; the absence of explicit Sell calls in the reviewed period underscores institutional confidence in near-term EPS delivery, high-margin monetization, and potential incremental value from the acquisition pipeline. The dominant analyst narrative emphasizes: the earnings trajectory anchored by low-cost royalty cash flows, the supportive transaction backdrop for expanding the portfolio, and the constructive setup around the forthcoming results date on February 18, 2026 Post Market.