| Metric | Value ($ M) | Q2 FY26 | Q3 FY25 |
|---|---|---|---|
| Revenue | 2.76 | 10.0% | 31.4% |
| Total Income | 2.76 | 10.0% | 31.4% |
| Expenditure | 2.67 | 2.7% | 11.0% |
| PBT | 1.83 | 238.9% | 832.0% |
| Net Profit | 2.68 | 415.3% | 805.3% |
| OPM | 3.19% | 6.69pp | 45.65pp |
| NPM | 96.92% | 130.63pp | 115.09pp |
| EPS | 0.23 | 428.6% | 866.7% |
U.S. Global Investors Reports Q3 2026 Net Income of $2.7 Million
14 May 2026 · 14 May, 2:07 am
Summary
U.S. Global Investors, Inc. reported a net income of $2.7 million, or $0.23 per share, for the quarter ended March 31, 2026. This is an improvement compared to net losses in the previous quarter and the same quarter of the prior year. Total operating revenues increased by 10% over the previous three months and 31% compared to the same quarter in 2025, reaching $2.8 million. Average assets under management (AAUM) were $1.6 billion, the highest since June 30, 2024, driven by strength in gold and natural resources strategies.
Key Highlights
- 1
U.S. Global Investors reported net income of $2.7 million, or $0.23 per share, for the quarter ended March 31, 2026.
- 2
Total operating revenues for the March 2026 quarter were $2.8 million, a 10% increase over the previous three months.
- 3
Operating revenues increased by 31% compared to the same quarter in 2025.
- 4
Average assets under management (AAUM) reached $1.6 billion during the quarter ended March 31, 2026, the highest level since June 30, 2024.
- 5
AUM in the U.S. Global Technology and Aerospace & Defense ETF (WAR) nearly doubled during the quarter, ending at approximately $20 million.
- 6
The Company's shareholder yield as of March 31, 2026, was 9.96%.
Management Comments
Frank Holmes
“During the first quarter of 2026, gold miners benefited from one of the strongest price environments in the industry’s history,” said Frank Holmes, CEO and Chief Investment Officer of U.S. Global Investors. “With gold prices at elevated levels, many miners are generating substantial free cash flow and strengthening balance sheets. According to our analysis of the NYSE Arca Gold Miners Index, quarterly free cash flow per share has increased significantly since mid-2024. We believe this has helped renew investor interest in gold and precious metals strategies, contributing to the growth in our average assets under management during the quarter.” “We’re pleased with the performance of WAR, our actively managed Smart Beta 2.0 ETF, which we believe is well positioned for the next phase of global defense modernization,” continued Mr. Holmes. “Defense is no longer defined just by traditional platforms such as aircraft and ships. Increasingly, it’s being reshaped by AI, autonomous systems and cybersecurity. Recent defense AI initiatives point to exactly the kind of AI-enabled warfighting and rapid technological transformation that we believe represent the future of national security. “Government spending priorities are also shifting,” Mr. Holmes continued. “Around the world, fiscal policy is increasingly being directed toward national security. In 2025, world governments spent a collective $2.9 trillion on defense, marking a new record amount. In our view, this represents a major structural change in the global economy. As government spending prioritizes a shift toward national security and AI, we believe WAR provides investors with targeted exposure to companies participating in this long-term transformation.” “While airline stocks have been affected by concerns over fuel prices and geopolitical uncertainty, the underlying demand story remains constructive,” said Mr. Holmes. “Consumers continue to prioritize travel, airlines are operating with strong load factors and capacity remains disciplined in many markets.” “Even in an era of tariffs and geopolitical friction, goods still need to move,” said Mr. Holmes. “We believe investors are underestimating the long-term importance of shipping and logistics in an increasingly digital and AI-driven world economy.”
Informational and educational content only. Not investment advice.