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 delivering record revenue, earnings, and operating cash flow.

• Full-year 2025 revenue reached $2.31 billion, net earnings $1.5 billion, and operating cash flow $1.9 billion, all up sharply year-over-year.

• Portfolio strengthened by new streams at Hemlo and Spring Valley, and the largest-ever streaming deal expanding Antamina exposure.

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

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

Financial highlights

• Q4 2025 revenue hit $865 million (+127% YoY), net earnings $558 million (+533% YoY), and operating cash flow $746 million (+134% YoY).

• Full-year 2025 revenue was $2.3 billion (+80% YoY), gross margin $1.7 billion (+108% YoY), and net earnings $1.5 billion (+178% YoY).

• Adjusted net earnings for 2025 were $1.4 billion, up 114% year-over-year.

• Declared record annual dividends of $0.66 per share for 2025; 2026 quarterly dividend increased 18% to $0.195 per share.

• Average sales price for gold in Q4 2025 was $4,215/oz (+58% YoY); silver was $59.32/oz (+90% YoY).

Outlook and guidance

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

• Production expected to grow 50% to 1.2M GEOs by 2030, with annual production averaging 1.2M GEOs from 2031–2035.

• 2026 production weighted 45% in H1, 55% in H2 due to mine sequencing and ramp-up of new assets.

• 2026 annual cash flow expected to exceed $3.2 billion, with a return to net cash position within one year after major acquisitions.

• Salobo production expected to decrease slightly in 2026; Antamina and Peñasquito production to increase.