Wheaton Precious Metals (NYSE: WPM) revenue jumps 79.5% year to date as prices climb

Posted by Amy Steele on Nov 6th, 2026

What happened

Wheaton Precious Metals Corp. (NYSE: WPM) booked record nine-month revenue of $2.6 billion, up 79.5% from the year before.

The company said the rise came primarily from a 64% jump in realized commodity prices and a 9% rise in sales volumes. Revenue for the first nine months of 2025 was $1.45 billion.

Third-quarter revenue rose 62%, or $295 million, to $772 million. Gold supplied 50.9% of the quarter's revenue and silver 46.4%. The company tied the quarterly gain to a 36% rise in realized commodity prices and higher sales volumes.

Profit and cash followed. Nine-month net earnings hit a record, up $622 million. Gross margin was $1.9 billion, or 74% of revenue, up $918 million.

Operating cash flow was a record $2.1 billion, up $901 million. A scheduled $109 million (Cdn$155 million) global minimum tax payment for 2024, made in the second quarter, partly offset it.

Key numbers

Metric	Latest	Change	Source
Revenue, nine months	$2.6 billion	from $1.45 billion, +79.5%	SEC 6-K, Exhibit 99.2
Revenue, third quarter	$772 million	from $476.26 million, +62.0%	SEC 6-K, Exhibit 99.2
Gross margin, nine months	$1.9 billion	+$918 million	SEC 6-K, Exhibit 99.2
Net earnings, nine months	$1.5 billion	from $913.47 million, +68.1%	SEC 6-K, Exhibit 99.2
Operating cash flow, nine months	$2.1 billion	from $1.16 billion, +77.8%	SEC 6-K, Exhibit 99.2
Net debt at Sept. 30, change since June 30	$1.5 billion	-$417 million	SEC 6-K, Exhibit 99.2

Why it matters

The results show the streaming model doing what OptimistFi has argued it should. It gives holders mine-life precious-metals upside without miner-level cost and capex risk. In the third quarter Wheaton paid an average of $549 per ounce of gold and sold gold at an average of $4,273.

Cash operating margin per gold-equivalent ounce rose 39.1% to $3,466 from $2,491 a year earlier. Third-quarter gross margin was $539 million, up $203 million, though its share of revenue fell 1% to 70%.

Cost and volume details temper the picture. Cash cost per gold-equivalent ounce rose to $548 from $452, and third-quarter gold production fell 8.2% to 91,753 ounces.

Total production rose 13% to 231,000 gold-equivalent ounces. The filing links that rise to the BHP Antamina PMPA and the start of production at Fenix, Hemlo, Mineral Park and Platreef. Because the revenue gain came primarily from higher realized prices, softer prices would slow growth.

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Net earnings and the one-time gain

Third-quarter net earnings rose $43 million to $410 million. Three items held the gain back. A year earlier Wheaton had booked an $86 million gain from exercising the 33% buy-back option under the Cangrejos PMPA. Income taxes were higher. Interest expense rose on debt drawn to partly fund the BHP Antamina PMPA.

Adjusted net earnings rose 46%, or $129 million, mainly on the higher gross margin. Higher taxes and interest partly offset it.

Cash, debt and new stream payments

Operating cash flow for the quarter was $645 million, up $262 million. Wheaton repaid $372 million of its revolving credit facility. Net debt at Sept. 30 was $1.5 billion, down $417 million from June 30. The board declared a dividend of $0.195 per share on Nov. 5.

Wheaton made total upfront cash payments of $86 million in the quarter, $44 million for El Domo and $42 million for Marmato. It paid a further $51 million after quarter-end, $16 million for Jervois and $35 million for Spring Valley. The filing also cites additional upfront cash payments of $570 million to Waterton Gold, in installments as various conditions are met.

Wheaton amended the Salobo PMPA to pay Vale $40 million in two installments tied to coarse particle flotation project milestones. That ends an earlier obligation of $8 million a year over 10 years, $80 million in total, which would have applied if Vale implemented a high-grade mine plan.

The Cozamin amendment adds $25 million of upfront cash to help Luca Mining Corp. finance its purchase of the mine from Capstone Copper Corp. It lifts Wheaton's silver entitlement from 50% to 65% of payable production until an extra 500,000 ounces are delivered. It takes effect only if the purchase closes.

What's next

Capstone's sale of Cozamin to Luca is expected to close in the fourth quarter of 2026. That would trigger the $25 million payment and the higher silver entitlement.

Wheaton's 2026 guidance of 860,000 to 940,000 gold-equivalent ounces is unchanged, and nine-month production was 647,300. The fourth-quarter and full-year report is the next test of whether output lands in that range. Rio2 expects Fenix to reach commercial production in the fourth quarter, and Montage Gold expects the same for its Kone project.

The company still forecasts production rising about 50% from 2025 levels to 1,200,000 gold-equivalent ounces by 2030.