U.S. Global Investors (NASDAQ:GROW) has reported its financial results for the second quarter of fiscal 2026, which ended on December 31, 2025, highlighting an increase in assets under management and improved operating performance.
Total assets under management (AUM) were approximately $1.5 billion at quarter-end, representing a 12% increase from the prior quarter and a 5% rise from the same period a year earlier. The company said AUM had climbed further to $1.7 billion as of February 19, 2026.
Operating revenue rose by $259,000, or 11.5%, compared with the previous quarter, and increased by $279,000 from the quarter ended December 31, 2024.
Expenses declined by $172,000 year over year. Income before taxes was $535,000, compared with a loss before taxes of $116,000 in the year-ago quarter.
On shareholder returns, the company reported a shareholder yield of 9.89% as of December 31, 2025. The board approved a monthly dividend of $0.0075 per share beginning in January 2026 through March 2026.
U.S. Global Investors also maintains a share repurchase program authorizing up to $5 million in annual open-market purchases. During the quarter, it repurchased about 262,000 shares.
Commenting on industry trends, CEO and CIO Frank Holmes said air travel demand remained resilient in 2025 despite capacity constraints. The company cited International Air Transport Association data showing full-year passenger demand rose 5.3% year over year, with a record global passenger load factor of 83.6%. U.S. Global Investors also referenced data from Airports Council International Europe and Airlines Reporting Corporation indicating continued strength in passenger traffic and ticket sales.
“Consumers are still prioritizing experiences, and the data continues to show that air travel remains one of the most resilient categories in the global economy,” Holmes said. “Even with capacity constraints, the industry has been setting records for demand and load factors. That’s a constructive backdrop for investors looking at the long-term growth potential of the airlines and travel ecosystem.”
Holmes also pointed to strong gold market fundamentals. According to the World Gold Council, total gold demand exceeded 5,000 metric tons in 2025, with central bank purchases reaching 863 tons and prices hitting multiple record highs. Goldman Sachs has raised its year-end 2026 gold forecast to $5,400 per ounce, the company noted.
“Gold has continued to do what it has historically done best—serve as a portfolio hedge during periods of macroeconomic and geopolitical uncertainty,” Holmes said. “When demand breaks records and central banks remain large buyers, it reinforces gold’s role as a strategic asset. Against that backdrop, we believe investors will continue to look closely at gold exposure, including the potential upside in quality precious metals miners.”
As of December 31, 2025, U.S. Global Investors reported net working capital of approximately $36.7 million, including about $25.2 million in cash and cash equivalents, which it said provides sufficient liquidity to meet current obligations.