Wheaton Precious Metals Revenue Jumps 79.5% to Record $2.6 Billion

Wheaton Precious Metals Corp. (NYSE: WPM) booked record nine-month revenue of $2.6 billion, up 79.5% from $1.45 billion a year earlier, driven primarily by a 64% jump in realized commodity prices and a 9% rise in sales volumes. The filing, a Form 6-K with the SEC, shows the streaming model delivering profit and cash at almost every line — with costs and taxes rising behind them.

What drove the third quarter?

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

The spread between what Wheaton pays and what it receives widened sharply. In the 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 slipped 1 percentage point to 70%. Cash cost per gold-equivalent ounce climbed to $548 from $452. Gold production fell 8.2% to 91,753 ounces, while total production rose 13% to 231,000 gold-equivalent ounces. The filing links that rise to the BHP Antamina precious metals purchase agreement and first production at Fenix, Hemlo, Mineral Park and Platreef.

How did earnings and cash flow move?

Nine-month net earnings hit a record, up $622 million to $1.5 billion from $913.47 million, a 68.1% rise. Nine-month gross margin reached $1.9 billion, or 74% of revenue, up $918 million.

Operating cash flow was a record $2.1 billion, up $901 million from $1.16 billion, or 77.8%. A scheduled $109 million (Cdn$155 million) global minimum tax payment for 2024, made in the second quarter, partly offset it.

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 agreement. Adjusted net earnings still rose 46%, or $129 million, mainly on the higher gross margin.

Quarterly operating cash flow was $645 million, up $262 million.

Where is the balance sheet heading?

Wheaton repaid $372 million of its revolving credit facility in the quarter. Net debt at Sept. 30 stood at $1.5 billion, down $417 million from June 30. The board declared a dividend of $0.195 per share on Nov. 5.

New stream commitments continued alongside the deleveraging. Wheaton paid $86 million of upfront cash 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 payments of $570 million to Waterton Gold, in installments as conditions are met.

Two amendments reshaped existing agreements:

• Salobo: Wheaton will pay Vale $40 million in two installments tied to coarse particle flotation project milestones. This ends an earlier obligation of $8 million a year over 10 years — $80 million in total — that would have applied if Vale implemented a high-grade mine plan.
• Cozamin: Wheaton adds $25 million of upfront cash to help Luca Mining Corp. finance its purchase of the mine from Capstone Copper Corp. Wheaton's silver entitlement rises from 50% to 65% of payable production until an extra 500,000 ounces are delivered. The amendment takes effect only if the purchase closes.

What comes next?

Capstone's sale of Cozamin to Luca is expected to close in the fourth quarter of 2026, which 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; 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 roughly 50% from 2025 levels to 1,200,000 gold-equivalent ounces by 2030. The caution sits in the composition of this year's growth: because the revenue gain came primarily from higher realized prices, softer prices would slow it. The model's margin engine worked in 2025; the next test is whether volumes carry more of the load.