Wheaton Precious Metals (WPM) Q4 2024 earnings summary

Executive summary

• Achieved record annual and quarterly revenue, adjusted net earnings, and operating cash flow in 2024, with annual production of 635,000 gold-equivalent ounces, exceeding guidance and driven by strong performance at Salobo and Constancia.

• Added four new investments and streaming agreements, including the largest gold streaming deal in a decade, reinforcing a robust five-year growth outlook.

• Announced a 6.5% increase to the quarterly dividend for 2025 and received top ESG recognitions from Corporate Knights, MSCI, and Sustainalytics.

• Outperformed in Q4 with strong production at Salobo, Constancia, and Peñasquito, and advanced key development projects toward production.

• Maintains a robust balance sheet with $818 million in cash, no debt, and a fully undrawn $2 billion credit facility.

Financial highlights

• Q4 2024 revenue reached $381 million, up 21% year-over-year, with gross margin of $247 million (+40%) and operating cash flow of $319 million (+32%).

• Adjusted net earnings for Q4 were $199 million (+21% YoY), and adjusted EPS rose to $0.44.

• Full-year 2024 revenue was $1.285 billion (+26% YoY), with gross margin up to $803 million and adjusted net earnings of $640 million (+20%).

• Paid record annual dividends of $0.62 per share in 2024, with a new quarterly dividend of $0.165 per share for 2025 (+6.5%).

• Ended 2024 with $818 million in cash and over $2.8 billion in immediate liquidity.

Outlook and guidance

• 2025 production guidance: 600,000–670,000 GEOs, with 350,000–390,000 oz gold and 20.5–22.5 million oz silver.

• Production expected to grow 40% over five years to 870,000 GEOs by 2029, with long-term annual average over 950,000 GEOs from 2030–2034.

• Growth driven by new and expanding assets, including Antamina, Blackwater, Goose, Mineral Park, and Platreef.

• 2025 G&A expenses forecast at $50–$55 million, up from $40.7 million in 2024.

• Depletion forecasted at roughly $300 million for 2025.