Wheaton Q3 Revenue Climbs 62% as Adjusted Net Earnings Rise 46%

Wheaton Precious Metals (WPM ) reported its third-quarter results on November 5, 2026, with revenue rising 62% to US$771.7 million from $476.3 million a year earlier. Operating cash flow increased 68.4% to $644.9 million, while net earnings rose a more modest 11.7% to $410.2 million.

The slower earnings growth partly reflects an $85.7 million gain on the disposal of mineral stream interests in the 2025 quarter, with no equivalent gain this year. Adjusted net earnings, which remove that gain and other specified items, increased 45.8% to $409.8 million. Finance costs rose to $25.1 million from $1.4 million and income-tax expense to $77.4 million from $45.4 million, further explaining why bottom-line growth trailed revenue.

For the first nine months, Wheaton said revenue, net earnings and operating cash flow were records at $2.60 billion, $1.54 billion and $2.06 billion, respectively, compared with $1.45 billion, $913.5 million and $1.16 billion a year earlier. That performance came alongside $4.62 billion invested in mineral stream interests, up from $694.3 million, establishing a substantial expansion program beside the improvement in current cash generation.

Higher Prices and Silver Output Drove the Quarter

Wheaton attributed the revenue increase principally to higher prices and sales volumes. Gold equivalent ounces sold rose 18.8% to 192,270, while the average realized price climbed 36.4% to $4,014 per GEO. The GEO measure converts silver, palladium, platinum and cobalt into gold-equivalent units using fixed commodity-price assumptions. Attributable production rose 13.3% to 230,965 GEOs as silver output increased 36.5% to 8.182 million ounces and gold output fell 8.2% to 91,753 ounces.

Antamina produced 2.7 million attributable silver ounces, 60% more than a year earlier, principally because the BHP Antamina precious-metals purchase agreement increased Wheaton’s share of silver production from 33.75% to 67.5% effective April 1, 2026. Lower silver grades partly offset that benefit. Wheaton said Peñasquito’s attributable silver production reached a record 3.1 million ounces, up 46%, reflecting higher throughput and grades from planned mine sequencing.

Average cash cost increased to $548 per GEO from $452, but the company-defined cash operating margin rose 39% to $3,466 per GEO sold because of the higher realized price. Wheaton calculates that margin by adding depletion and delay-ounce costs back to gross margin and dividing by units sold. The result shows price gains more than offsetting the higher unit cash cost.

Stream Investment Brings New Debt

The nine-month stream investment was about 2.2 times operating cash flow, calculated from the reported amounts. Wheaton drew $2.7 billion of bank debt and repaid $1.1 billion during the period, including a $372 million revolving-credit repayment in the third quarter.

At September 30, 2026, cash was $145.8 million and bank debt was $1.60 billion, producing net debt of $1.45 billion under Wheaton’s definition of bank debt less cash. At December 31, 2025, Wheaton held $1.15 billion of cash and had no bank debt.

Third-quarter upfront stream payments totaled $86 million, comprising $44 million for El Domo and $42 million for Marmato. After September 30, Wheaton paid another $16 million for Jervois and $35 million for Spring Valley, showing that funding for newer streams continued beyond the reporting period.

Guidance Holds as Project Schedules Diverge

Nine-month GEO production reached 647,258 ounces. Wheaton retained its 2026 forecast of approximately 860,000 to 940,000 GEOs and estimated that about 3% would come from assets under construction or ramping up.

Koné achieved its first gold pour on September 26, 2026. Montage Gold (MAU.TO ) subsequently reported approximately 880,000 tonnes processed in October and said commercial production remained on track for the fourth quarter. Hudbay approved construction of Copper World on October 21, 2026, with first production targeted for the second half of 2029. Silvercorp said extended rainfall had delayed El Domo by four months and moved its targeted production date to November 1, 2027.

Wheaton forecasts approximately 1.2 million GEOs in 2030 and average annual production at that level from 2031 through 2035, roughly 50% above 2025 levels. The quarter connects existing performance with the demands of that expansion: current streams are generating more cash, while future production growth depends on project execution and a balance sheet that has moved from net cash to net debt.