beats Q4 revenue but misses EPS as EBITDA slips and dividend jumps

The headline revenue beat does not translate into an earnings beat. Published estimates were roughly $0.92-$0.96 for quarterly EPS and about $4.26 billion of revenue; delivered $5.005 billion of revenue but only $0.41 in diluted EPS, making this an earnings miss despite a top-line beat.

The miss is primarily a profitability problem, not a demand collapse in revenue dollars. Gross profit rose 35% year over year, but gross margin fell from 3.25% to 2.20%, while selling, general and administrative costs climbed 46%. The result was flat diluted EPS year over year even as revenue nearly doubled.

Underlying quarterly momentum weakened sharply from the prior quarter. Revenue fell 52%, adjusted net income fell 72%, and EBITDA fell 73% sequentially; gold ounces sold were nearly stable, but silver ounces sold dropped 48%, active DTC customers fell 35%, and new DTC customers fell 77%. This makes the Q4 result look less like a clean acceleration and more like a lower-volume, lower-earnings quarter after an unusually strong Q3.

The full-year picture is much stronger, but acquisitions and higher metal prices do much of the heavy lifting. FY2026 revenue increased 132%, diluted EPS rose to $3.02 from $0.71, and EBITDA reached $179.8 million from $64.4 million. Yet gross margin still declined to 1.78% from 1.92%, DTC new customers fell 53%, and interest expense rose 32%; the filing also says Monex and Sunshine Minting were only partly reflected in the year. That leaves integration, cost control, and organic customer acquisition as the key tests behind the impressive reported growth.

The $1.00 special dividend is a meaningful shareholder return signal, but it does not repair the quarterly earnings gap. The company also maintained its $0.20 quarterly dividend, with both payments scheduled for September 28, 2026.