Wheaton Precious Metals (WPM) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 revenue of $503 million, net earnings of $292 million, and adjusted net earnings of $286 million, driven by higher sales volumes and commodity prices.

• Operating cash flow reached $450 million, up 77% year-over-year, with a strong balance sheet of $1 billion cash, no debt, and $2 billion undrawn credit facility.

• Significant milestones included Blackwater mine achieving commercial production and Goose project delivering its first gold pour.

• Declared a quarterly dividend of $0.165 per share, a 6.5% increase year-over-year, with $150 million paid in Q2.

• Recognized among top 10 Best 50 Corporate Citizens in Canada and published 2024 Sustainability and Climate Change reports.

Financial highlights

• Q2 2025 revenue rose 68% year-over-year to $503 million, with net earnings up 139% to $292 million and adjusted net earnings up 91% to $286 million.

• Operating cash flow increased 77% to $415 million; gross margin nearly doubled to $353 million.

• Gold realized price up 41% to $3,318/oz; silver up 17% to $34.05/oz.

• Adjusted EPS (basic) was $0.63; operating cash flow per share was $0.91.

• Average cash cost per gold ounce was $470; per silver ounce $5.33; cash operating margin per gold ounce $2,848.

Outlook and guidance

• 2025 production guidance reaffirmed at 600,000–670,000 gold-equivalent ounces, with production weighted toward H2.

• Annual production expected to rise about 40% to 870,000 GEOs by 2029, with average annual production over 950,000 GEOs from 2030–2034.

• Silver production expected to remain stable or grow, with potential upside from Antamina.

• Production expected to be 47% in H1 and 53% in H2, with a slight bias to Q4 as new operations ramp up.