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Wheaton Precious Metals (WPM) investor relations material
Wheaton Precious Metals Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Achieved record quarterly revenue of $476 million, net earnings of $367 million (+138%), and operating cash flow of $383 million (+51%) in Q3 2025, driven by strong performances at Salobo, Antamina, and ramp-ups at Blackwater and Goose.
Attributable gold equivalent production reached 173,400 ounces in Q3, a 22% year-over-year increase, with the company on track to meet 2025 guidance of 600,000–670,000 GEOs.
Announced two new streaming transactions: Hemlo Mine (Ontario) and Spring Valley (Nevada), reinforcing a disciplined approach to capital deployment and sector-leading growth.
Maintained a robust balance sheet with $1.2 billion in cash, no debt, and an undrawn $2.5 billion revolving credit facility.
Declared a quarterly dividend of $0.165 per share, a 6.5% increase over the prior year.
Financial highlights
Q3 revenue reached a record $476 million, up 55% year-over-year, driven by a 37% increase in commodity prices and a 13% increase in sales volumes.
Gross margin for Q3 2025 was $336 million, up 70% year-over-year; cash operating margin per GEO sold was $2,930–$2,966.
Adjusted net earnings for Q3 were $281 million (+84%); operating cash flow per share was $0.84, up 50% year-over-year.
Sales volumes were 138,000 GEOs, up 13% year-over-year, with a PBND (produced but not delivered) balance of 152,000 GEOs.
Average realized gold price increased 40% to $3,481/oz; silver rose 34% to $39.66/oz.
Outlook and guidance
2025 production guidance reaffirmed at 600,000–670,000 GEOs, with strong Q4 expected from Blackwater and Antamina.
Long-term outlook projects 40% production growth to 870,000–950,000 GEOs by 2029–2034, driven by key development projects and new streams.
Annual operating cash flows are forecast to average over $2.5 billion by 2029 at current commodity prices.
Expects to fund $2.5 billion in upfront payments for new streams by 2029 without using debt, leveraging strong cash flows and liquidity.
Updated long-term guidance, including the impact of the Hemlo acquisition, to be provided in Q1 2026.
Impact of accelerated projects on 2029 growth
Spring Valley valuation vs. M&A opportunities
Drivers for increased silver stream opportunities
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Next Wheaton Precious Metals earnings date
Q4 202519 Mar, 2026
Next Wheaton Precious Metals earnings date
Q4 202519 Mar, 2026
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Wheaton Precious Metals Corp. engages in the acquisition and management of precious metal assets. Wheaton Precious Metals Corp. was founded in 2004 and is headquartered in Vancouver, Canada.
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