10-QPeriod: Q1 FY2026

ISHARES GOLD TRUST Quarterly Report for Q1 Ended Mar 31, 2026

Filed May 7, 2026For Securities:IAU

Summary

The iShares Gold Trust (IAU) reported a net increase in assets for the quarter ended March 31, 2026, driven primarily by a rise in the price of gold. Net assets grew to $70.6 billion from $68.4 billion at the end of 2025, with the Net Asset Value (NAV) per share increasing to $86.73 from $81.13. This growth reflects a 6.97% increase in the price of gold during the quarter, slightly outpacing the NAV growth due to the 0.25% annualized sponsor's fee. The Trust saw significant activity in its capital shares, with a net decrease in outstanding shares. While 23.65 million shares were issued, 52.4 million shares were redeemed, leading to a reduction in the total number of outstanding shares from 842.85 million to 814.1 million. The Trust's primary asset remains gold bullion, valued at $70.6 billion as of March 31, 2026. The Trust continues to operate as a passive investment vehicle, aiming to mirror the performance of gold prices.

Financial Highlights

6 data points
Beta

Net Income

$4.91B

EPS (Diluted)

$5.84

Free Cash Flow

$0.00

Financial Statements
Beta
Operating Expenses$47.41M
Operating Income-$47.41M
Net Income$4.91B
EPS (Basic)$5.84

Key Highlights

  • 1Net assets increased by approximately 3.26% to $70.6 billion as of March 31, 2026, from $68.4 billion as of December 31, 2025.
  • 2Net Asset Value (NAV) per Share rose to $86.73 at quarter-end, up from $81.13 at the beginning of the period, reflecting a 6.90% increase.
  • 3The value of gold bullion held by the Trust increased to $70.6 billion, representing 100.02% of total assets.
  • 4The number of outstanding Shares decreased by approximately 3.4% to 814.1 million from 842.85 million, due to redemptions exceeding issuances.
  • 5For the three months ended March 31, 2026, the Trust reported a net increase in net assets resulting from operations of $4.91 billion.
  • 6The Trust's primary expense is the Sponsor's fee, which amounted to $47.4 million for the quarter, representing an annualized rate of 0.25% of average net assets.

Frequently Asked Questions

The primary asset held by the iShares Gold Trust is gold bullion. As of March 31, 2026, the Trust held approximately $70.6 billion worth of gold bullion.

The Trust's NAV per Share increased by 6.90% from $81.13 at December 31, 2025, to $86.73 at March 31, 2026. This increase is closely correlated with the rise in the price of gold.

The number of outstanding shares decreased during the quarter ended March 31, 2026. While 23.65 million shares were issued, 52.4 million shares were redeemed, resulting in a net decrease of 28.75 million shares, bringing the total to 814.1 million outstanding shares.

The primary expense for the Trust is the Sponsor's fee, which is accrued daily at an annualized rate of 0.25% of the net asset value. For the three months ended March 31, 2026, this fee amounted to $47.4 million. The Sponsor also assumes other administrative and marketing expenses.