Wheaton Precious Metals (WPM) Q2 2026 earnings summary

Executive summary

• Achieved record performance in H1 and Q2 2026, with revenue of $929 million, net earnings of $543 million, and operating cash flow of $650 million in Q2, driven by higher commodity prices, sales volumes, and major streaming deals like Antamina.

• First half 2026 set new highs: $1.8 billion in revenue, $1.1 billion in net earnings, and $1.4 billion in operating cash flow.

• Closed the $4.3B Antamina silver stream, the largest precious metal streaming transaction ever, significantly increasing silver exposure.

• Expanded portfolio with new streams and royalties, including first Australian stream (Jervois), Spanish Mountain, Cipango, and increased presence in Japan.

• Recognized for sustainability leadership, named a top 50 Corporate Citizen in Canada, and launched a $1 million mining innovation challenge.

Financial highlights

• Q2 2026 production reached 202,000 GEOs (up 6% YoY); sales volumes were 209,000 GEOs (up 14% YoY), exceeding production due to PBND drawdown.

• Record quarterly revenue of $929 million (up 85% YoY), net earnings of $543 million (up 86%), and operating cash flow of $650 million (up 57%).

• Gross margin surged 95% to $688 million; cash operating margin per GEO sold rose 65% to $3,875.

• $4.5 billion deployed in net upfront cash payments, including $4.3 billion for Antamina.

• Ended Q2 with $100 million cash and net debt of $1.9 billion, with $2.6 billion liquidity available.

Outlook and guidance

• 2026 production guidance reaffirmed at 860,000–940,000 GEOs, with production weighted to H2 due to mine sequencing and ramp-ups.

• Annual production projected to grow 50% by 2030, reaching 1.2 million GEOs, and remain at that level through 2035.

• Revenue mix expected to shift toward gold as new gold-dominant projects come online.

• 3% of 2026 production expected from assets in construction or ramp-up.