Operating cash flow jumped 703%. That is the oddest number in Gold.com's latest annual report, and it comes from a business whose reported gross margin was still just 1.8%.
The year ended June 30 was much larger than the one before it: revenue rose 132.4% to $25.5 billion, while net income reached $82.3 million. Wholesale sales remained the bigger engine, but direct-to-consumer revenue grew faster. Gold.com's diluted share count also rose 11.5%, so the expansion was not entirely delivered on the old share base.
The cash number is real, but it is not simply the result of profit scaling. Operating cash flow reached $1.2 billion from $152.3 million, while inventory nearly doubled and accounts receivable rose 42.3%. Cash conversion improved to 14.85 times net income from 8.80 times, with management pointing to working-capital movements and non-cash adjustments as major contributors.
Management also describes a business with very little gross profit per dollar of reported revenue. Excluding forward sales, it calculates a higher underlying gross margin and credits retail activity and wider premium spreads, partly offset by lower trading profits.
"Excluding forward sales that had a negligible impact on the amount of gross profit, our gross margin percentage for the year ended June 30, 2026 increased by 33.1 basis points to 3.550% from 3.219%, which was primarily due to an increase in our retail market activity and wider premium spreads, partially offset by lower trading profits."
Gold.com, 2026 10-K, filed September 10, 2026
That measure improved, while reported consolidated gross margin was 1.8%. The filing's headline revenue includes a large volume of precious-metals activity, while the dollars left after cost of sales remain comparatively narrow. Gold.com added $14.5 billion of revenue and $242.2 million of gross profit year over year, a scale-up with little change in reported gross-margin percentage.
The cash flow also arrived alongside more balance-sheet activity. Gold.com says the period-over-period cash change was primarily tied to working capital, including inventories, deferred revenue, derivative assets and liabilities, borrowed metals, and payables.
"The period over period change was primarily due to net changes in working capital, which includes deferred revenue and other advances, inventories, derivative assets and liabilities, liabilities on borrowed metals, and accounts payable and other payables, as well as an increase in net income adjusted for non-cash items."
Gold.com, 2026 10-K, filed September 10, 2026
In plain English, the annual cash result is tied to the machinery of a much bigger trading operation, not just to the $82.3 million of reported earnings. The next reported period's inventory, receivables, and operating cash flow will show whether that relationship is continuing at the new scale.
The longer record makes the jump look even more abrupt. Revenue moved from $7.0 billion in fiscal 2017 to $11.0 billion in fiscal 2025, then more than doubled in the latest year. At the latest close of $49.32, the stock carried a 69.6-times trailing P/E, while the company reported a 12.6% cash-flow yield. Those measures describe very different versions of the same business because accounting profit and operating cash are currently far apart.
Revenue and operating cash flow both rose, while reported gross margin was 1.8%.
Source: Gold.com 2026 Form 10-K, filed September 10, 2026.