Wheaton Precious Metals (WPM) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenue of $901M, net earnings of $582M, adjusted net earnings of $583M, and operating cash flow of $766M, all up over 100% year-over-year, driven by strong performance at Salobo and Peñasquito and the closing of the $4.3B Antamina silver stream, the largest transaction in company history.

• Expanded portfolio with new streams and royalties, including the Jervois project in Australia and Spanish Mountain in British Columbia, enhancing geographic reach and diversification.

• Declared a quarterly dividend of $0.195 per share, up 18% from Q1 2025.

• Recognized for sustainability leadership, including inclusion in the 2026 Global 100 Most Sustainable Corporations and top ESG ratings.

• Leadership transition: Haytham Hodaly became CEO, Mr. Smallwood transitioned to Chair of the Board.

Financial highlights

• Q1 production reached 212,000 GEOs, up 22% year-over-year, with sales volumes at 182,000 GEOs, down 3% due to timing differences.

• Record quarterly revenue of $901M, up 92% year-over-year, driven by a 98% increase in average realized gold equivalent price.

• Net earnings rose 129% to $582M; adjusted net earnings up 132% to $583M.

• Operating cash flow hit $766M, up 112% year-over-year; cash balance at quarter-end was $2.2B.

• Gross margin expanded 119% to $699M; cash operating margin per GEO sold was $4,279, up 103%.

Outlook and guidance

• 2026 attributable production guidance remains 860,000–940,000 GEOs, with 45% in H1 and 55% in H2, reflecting mine sequencing and ramp-up of new assets.

• Annual production projected to grow 50% by 2030, reaching 1.2M GEOs, with similar levels forecast through 2035.

• PBND (produced but not yet delivered) expected to remain between 2.5 and 3.5 months for 2026.