Wheaton Precious Metals (WPM) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $771.7M, net earnings $410.2M and operating cash flow $644.9M; 9M revenue, earnings and cash flow reached records of $2.60B, $1.54B and $2.06B.

• Q3 attributable production was 230,965 GEOs, up 13.3% YoY; GEO sales were 192,270, up 18.8%, supported by higher realized prices and the Antamina stream expansion.

Financial highlights

• Q3 revenue increased 62.0% YoY to $771.7M; 9M revenue rose 79.5% to $2.60B, driven by higher realized GEO prices and Q3 sales volume.

• Q3 operating earnings rose 62.0% to $511.0M and net earnings increased 11.7% to $410.2M; adjusted net earnings were $409.8M versus $281.1M.

• Operating cash flow increased 68.4% YoY to $644.9M in Q3 and 77.8% to $2.06B in 9M.

Outlook and guidance

• 2026 production guidance remains 860,000–940,000 GEOs: 400,000–430,000 oz gold, 27–29M oz silver and 19,000–21,000 other-metal GEOs.

• Annual production is forecast to grow ~50% from 2025 levels to 1.2M GEOs by 2030, averaging 1.2M GEOs annually in 2031–2035.

• Management said annual guidance remains achievable; Koné and Kurmuk entered production, while Copper World approval and other project advances support the growth pipeline.