Wheaton Precious Metals Announces Record Revenue and Operating Cash Flow for the Second Quarter of 2025
Executive Summary
- Wheaton Precious Metals reported record Q2 2025 results: $503 M revenue, $292 M net earnings, and $415 M operating cash flow.
- Production surged to 158,600 gold‑equivalent ounces (+9.5% YoY), driven by Blackwater’s commercial start‑up and higher Salobo output.
- The company reinforced its balance sheet with $1.0 B cash, no debt, and an undrawn $2 B revolving credit facility (extended to 2030) plus a $500 M accordion feature.
Key Details
- Financial Highlights
- Revenue: $503 M (up 68.3% YoY).
- Net earnings: $292 M (up 138.9% YoY).
- Adjusted net earnings: $286 M (+91.2% YoY).
- Operating cash flow: $415 M (up 77.0% YoY).
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Quarterly dividend declared at $0.165 per share; total dividend payments $150 M.
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Balance Sheet
- Cash & equivalents: $1.0 B.
- No debt outstanding.
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Undrawn revolving credit facility: $2 B, maturity extended to 30 Jun 2030; added $500 M accordion feature.
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Production & Sales
- Attributable GEOs produced: 158,600 oz (↑9.5% YoY).
- Gold ounces sold: 98,973 (↑28%).
- Silver ounces sold: 4,868 (↑27%).
- Palladium ounces sold: 2,575 (↓40%).
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Cobalt pounds sold: 353 (↑301%).
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Asset Updates
- Blackwater (Artemis Gold) commenced commercial production on 2 May 2025.
- Goose project (B2Gold) achieved first gold pour on 30 Jun 2025, operating at ~50% capacity.
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Construction progress on Mineral Park, Platreef, Fenix, Kurmuk and Koné projects continued.
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Up‑front Cash Payments to Counterparties (Q2 2025)
- $156 M – Koné PMPA
- $144 M – Salobo III expansion
- $44 M – Kurmuk PMPA
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$3 M – Cangrejos PMPA
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Subsequent Up‑front Payments (post‑quarter)
- $156 M – Koné PMPA (additional)
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$50 M – Fenix PMPA
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Leadership Changes
- Haytham Hodaly promoted to President (effective 30 Jun 2025).
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Curt Bernardi promoted to EVP, Strategy & General Counsel.
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Sustainability & ESG
- Ranked AAA by MSCI, Prime by ISS; top‑10 in Corporate Knights’ Best 50 Canadian Citizens.
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Published 2025 Sustainability and Climate Change Reports.
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Guidance Outlook
- FY 2025 production forecast: 350–390 k oz gold, 20.5–22.5 M oz silver, 12.5–13.5 k GEOs of other metals (≈600–670 k GEOs total).
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Long‑term target: ~870 k GEOs in 2029; >950 k GEOs by 2030‑34.
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Conference Call
- Results webcast on 7 Aug 2025 after market close; call on 8 Aug 2025, 11:00 am ET (passcode 51154#).