IAUMEDIUM SIGNALFINANCIAL10-K

IAU's operating losses expanded meaningfully while stockholders' equity declined 16% as the gold ETF managed substantially higher asset levels.

The increased operating losses suggest higher management fees and operational costs as the trust scaled up to manage a significantly larger gold bullion portfolio. The decline in stockholders' equity alongside the expanded asset base indicates net redemptions or distributions during the period, which is typical for ETF operations.

Comparing 2026-02-27 vs 2025-02-19View on EDGAR →
FINANCIAL ANALYSIS

Operating losses expanded meaningfully from $73.4M to $124.0M, reflecting the higher costs associated with managing a substantially larger gold bullion portfolio that grew from $21.2B to $33.9B in underlying assets. Stockholders' equity declined 16% to $5.2B, suggesting net outflows despite the increased asset values. The financial picture shows a trust successfully scaling operations to handle much larger asset levels while maintaining its core ETF structure, though at higher absolute operating costs.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
-69%
-$73.4M→-$124.0M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Stockholders Equity
Balance Sheet
-16.2%
$6.2B→$5.2B

Equity decreased 16.2% — buybacks or losses reducing book value, monitor solvency ratios.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-19
ADDED
iau20251231_10k.htm 0001278680 ISHARES GOLD TRUST false --12-31 FY 2025 true true true false BlackRock s Board of Directors is actively engaged in the oversight of BlackRock s risk management program.
BlackRock s Board of Directors is actively engaged in the oversight of BlackRock s risk management program.
true Technology and cybersecurity risks at BlackRock are also overseen by the TRCC, a dedicated management risk governance committee and sub-committee of the firmwide ERC.
true false false false false true true 100.02 0.02 100.00 100.02 0.02 100.00 Cost of investment in gold bullion: $33,872,677,169 and $21,152,229,978, respectively.
Represents a payment received from a class action settlement related to gold.
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REMOVED
iau20241231_10k.htm 0001278680 ISHARES GOLD TRUST false --12-31 FY 2024 false false false false 100.02 0.02 100.00 100.02 0.02 100.00 Includes a payment received from a class action settlement related to gold of $86,528 Represents a payment received from a class action settlement related to gold.
Cost of investment in gold bullion: $21,152,229,978 and $20,091,705,096, respectively.
As of January 31, 2025, the Registrant had 667,500,000 Shares outstanding.
The Trust s net asset value grew from $26,424,910,984 at December 31, 2023 to $32,955,472,597 at December 31, 2024, the Trust s fiscal year end.
Outstanding Shares of the Trust decreased from 677,050,000 Shares outstanding at December 31, 2023 to 668,650,000 Shares outstanding at December 31, 2024.
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