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, earnings, and operating cash flow, with Q4 revenue of $865 million, net earnings of $558 million, and operating cash flow of $746 million.

• Full-year 2025 revenue reached $2.31 billion, up 80% year-over-year, with gross margin up 108% to $1.67 billion and net earnings of $1.5 billion.

• Major portfolio contributions from Salobo, Antamina, and Peñasquito, with ramp-up at Blackwater and Goose, and new gold streams at Hemlo and Spring Valley enhancing diversification.

• Announced largest-ever precious metal streaming deal, a $4.3 billion Antamina silver stream with BHP, doubling Antamina exposure and expanding long-term growth profile.

• Leadership transition: CEO stepping into Chair role, with Haytham Hodaly assuming CEO position effective March 31, 2026.

Financial highlights

• Q4 2025 production reached 205,000 GEOs, up 8% year-over-year; sales volumes up 35% year-over-year.

• Q4 2025 revenue increased 127% and gross margin rose 168% compared to Q4 2024; net earnings for Q4 2025 were $558 million (+533% YoY); adjusted net earnings were $555 million (+179% YoY).

• Full-year 2025 revenue was $2.3 billion (+80% YoY), gross margin $1.7 billion (+108% YoY), and operating cash flow for 2025 increased 85% to $1.9 billion.

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

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

Outlook and guidance

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

• Production expected to grow 50% by 2030 to over 1.2 million GEOs, maintaining that level through 2035.

• Annual production weighted 45% in H1 and 55% in H2, driven by 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.

• Over $10 billion in operating cash flow forecast through 2028 at current prices.