Wheaton Precious Metals (WPM) Q4 2025 earnings summary

Executive summary

• Achieved record annual production of 690,000 gold equivalent ounces (GEOs) in 2025, surpassing guidance and generating all-time high revenue, net earnings, and operating cash flow, with Q4 also setting new highs across all metrics.

• Major portfolio contributions from Salobo, Antamina, and Peñasquito, with ramp-up at Blackwater and Goose supporting growth; new gold streams at Hemlo and Spring Valley and the largest-ever precious metal streaming deal at Antamina with BHP.

• Announced CEO transition: Randy Smallwood to Chair, Haytham Hodaly to CEO effective March 31, 2026.

• Declared first quarterly dividend of 2026 at $0.195 per share, an 18% increase from Q4 2025.

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

Financial highlights

• Q4 2025 revenue: $865 million (+127% YoY); net earnings: $558 million (+533% YoY); operating cash flow: $746 million (+134% YoY); sales volumes up 35%.

• Full-year 2025 revenue: $2.3 billion (+80% YoY); gross margin: $1.7 billion (+108% YoY); net earnings: $1.5 billion (+178% YoY); operating cash flow: $1.9 billion (+85% YoY).

• Adjusted net earnings for 2025: $1.4 billion (+114% YoY); Q4 adjusted net earnings: $555 million (+179% YoY).

• Q4 2025 average sales price: gold $4,215/oz (+58% YoY), silver $59.32/oz (+90% YoY); average cash cost per GEO: $597 (Q4), $514 (FY).

• Cash and equivalents: $1.2 billion at year-end 2025; ended 2025 with net cash balance of $1.15 billion.

Outlook and guidance

• 2026 production guidance: 860,000–940,000 GEOs, with 400–430k oz gold, 27–29M oz silver, and 19–21k GEOs other metals; production weighted 45% in H1 and 55% in H2 due to mine sequencing and ramp-ups.

• Long-term production forecast to reach 1.2 million GEOs by 2030, maintaining that level through 2035; average 1.2 million GEOs annually from 2031–2035.

• Antamina stream expansion effective April 1, 2026, expected to add 70,000 GEOs in 2026.

• Over $10 billion in operating cash flow expected through 2028 at current prices; 2026 annual cash flow expected to exceed $3.2 billion.

• Return to net cash position expected within one year after major acquisitions.