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Wheaton Precious Metals

WPM · Materials

Last earnings Aug 7, 2026  ·  Next earnings Nov 5, 2026

Important announcements

Wheaton Precious Metals to Release 2026 ThirdOct 7, 2026

Key results

Revenuequarter

$503 million

Record Financial Performance and Strong Balance Sheet Second quarter of 2025: A record $503 million in revenue, $292 million in net earnings, a record $286 million in adjusted net earnings, and a record $415 million in operating cash flow.

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

Net incomequarter

$292 million

Record Financial Performance and Strong Balance Sheet Second quarter of 2025: A record $503 million in revenue, $292 million in net earnings, a record $286 million in adjusted net earnings, and a record $415 million in operating cash flow.

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

Adjusted net incomequarter

$286 million

Record Financial Performance and Strong Balance Sheet Second quarter of 2025: A record $503 million in revenue, $292 million in net earnings, a record $286 million in adjusted net earnings, and a record $415 million in operating cash flow.

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

- 3 - Financial Review Revenues Revenue in the second quarter of 2025 was $503 million (65% gold, 33% silver, 1% palladium and 1% cobalt), with the $204 million increase relative to the prior period quarter being primarily due to a 32% increase in the average realized gold equivalent³ price; and a 28% increase in the number of GEOs³ sold.

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

Revenue was $974 million in the six months ended June 30, 2025, representing a $378 million increase from the comparable period of the previous year due primarily to a 34% increase in the average realized gold equivalent³ price; and a 22% increase in the number of GEOs³ sold.

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

Gross marginquarter

$322 million

Operating cash flows for the six months ended June 30, 2025 amounted to $776 million, with the $322 million increase from the comparable period of the previous year being due primarily to the higher gross margin.

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

Gross margin amounted to $353 million (70% of revenue), representing an increase of $167 million (an 8% increase as a percentage of revenue).

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

Net earnings amounted to $292 million, an increase of $170 million, primarily due to the increased gross margin.

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

Operating cash flow amounted to $415 million, representing a record for the Company, with the $181 million increase being the result of the higher gross margin.

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

Gross margin amounted to $672 million (69% of revenue), representing an increase of $314 million (a 9% increase as a percentage of revenue).

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

AI analysis

Q2 2025 · reported Aug 8, 2025

Based on: Earnings release (6-K exhibit) + parent 6-K — transcript not held

Revenue · Q2 2025
$503M
EX-99 · Aug 8, 2025
Net income · Q2 2025
$292M
EX-99 · Aug 8, 2025
Adjusted net income · Q2 2025
$286M
EX-99 · Aug 8, 2025
Gross margin · Q2 2025
$322M
EX-99 · Aug 8, 2025

Headline figures

MetricQ2 2025Prior qtrYear ago
Revenue$503 million——
Net income$292 million——
Adjusted net income$286 million——
Gross margin$322 million——

EX-99 · Aug 8, 2025

Guidance · company-stated

No guidance located in the held release

Stated figure50%

“Annual production is forecast to increase by approximately 50% to 1,200,000 GEOs 3 by 2030, with average annual production forecast to remain at 1,200,000 GEOs 3 in years 2031 to 2035, also unchanged from previous guidance.”

Next earningsNov 5, 2026Verified from the company’s own announcement

Margin

Gross margin$322M

Capital allocation

Dividend$0.165

Declared a quarterly dividend 1 of $0.165 per common share and made two quarterly dividend payments totalling $150 million.

Company-stated claims

Aug 7, 2026

Forward-looking · expand throughput capacity to 250% · capacity

“EP2 represents a significant addition to processing plant capacity above Phase 1A, and once complete, Phase 1A and EP2 are expected to expand throughput capacity to 250%, from the existing 6 Mtpa to 21 Mtpa by Q4 2028.”

EX-99 · Aug 7, 2026
General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

Record Financial Performance and Strong Balance Sheet Second quarter of 2025: A record $503 million in revenue, $292 million in net earnings, a record $286 million in adjusted net earnings, and a record $415 million in operating cash flow

Based on: Earnings release (6-K exhibit) + parent 6-K — transcript not held

Guidance & outlook

No guidance located in the held release

Capital allocation

Declared a quarterly dividend 1 of $0.165 per common share and made two quarterly dividend payments totalling $150 million.

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

Balance Sheet: Cash balance of $1.0 billion, no debt, and an undrawn $2 billion revolving credit facility as at June 30, 2025.

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

o Undrawn $2 billion revolving credit facility extended by an additional year with the facility now maturing on June 30, 2030.

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

The Company extended its existing undrawn $2 billion revolving term loan (the Revolving Facility ) with its maturity date now June 30, 2030.

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions.

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

5) As at June 30, 2025, cumulative dividends of $2,497 million have been declared and paid by the Company.

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

Strategy & priorities

We also made significant progress in our near-term growth strategy as Blackwater announced commercial production and Goose successfully delivered its first gold pour during the quarter, a strong indicator that our catalyst-rich year is progressing as planned.

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

During the second quarter of 2025, the Company made total upfront cash payments of $347 million relative to the mineral stream interests consisting of: o $156 million relative to the Koné PMPA; o $144 million relative to the Salobo III expansion; o $44 million relative to the Kurmuk PMPA; and o $3 million relative to the Cangrejos PMPA.

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

In addition, Curt Bernardi, formerly Senior Vice President Legal and Strategic Development, was promoted to Executive Vice President, Strategy and General Counsel.

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

Phase 1 is the first step of a three-phase expansion plan, which aims to make Platreef one of the world s largest producers of platinum, palladium, rhodium, and gold.

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

Ivanhoe notes that Phase 2 expansion activities are underway and on track for first production in Q4 2027.

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

Risks & headwinds

Future of Mining Challenge Subsequent to the quarter, on July 2, 2025, Wheaton announced the return of its Future of Mining Challenge, inviting ventures from around the world to propose industry solutions aimed at improving operational efficiencies and minimizing environmental impacts.

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

For the 2025/26 challenge, Wheaton will award US$1 million to a cleantech venture with innovative technology that seeks to advance sustainable water management in the mining industry.

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

For more information about Wheaton s Future of Mining Challenge and how to submit an expression of interest, visit www.

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

Key Sources of Estimation Uncertainty and Critical Accounting Judgments The preparation of the Company s Interim Financial Statements requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period.

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

Information about significant areas of estimation uncertainty and judgments made by management in preparing the Interim Financial Statements are unchanged from those disclosed in Note 4 to the audited consolidated financial statements for the year ended December 31, 2024.

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

3) Includes the Company s funding of initiatives that reduce environmental impacts and support innovation and efficiency in mining, including costs associated with the Future of Mining Challenge.

SEC original ↗Wheaton Precious Metals — Earnings release (6-K exhibit)EX-99Aug 8, 2025

Documents

Earnings deck slides

0 decks with slide view

Wheaton Precious Metals — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

Rio Tinto (RIO) MaterialsCemex Sab De Cv (CX) MaterialsNucor (NUE) MaterialsFranco-Nevada (FNV) MaterialsKinross Gold (KGC) MaterialsBarrick Mining (B) MaterialsCarpenter Technology (CRS) MaterialsArcelorMittal (MT) Materials

Filings

146 documents

Earnings releases

66 documents

Presentations

1 document

Transcripts

0 documents

No transcripts for Wheaton Precious Metals are held in this edition of the library.

Mentioned by

2 companies

Other tracked companies whose held documents mention Wheaton Precious Metals by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.