Earnings
Wheaton Precious Metals Announces Third Quarter 2026 Results and Record Year-to-Date Production, Sales Volume, Revenue, Earnings and Cash Flow
Record YTD cash flow; Q3 earnings growth muted by higher costs and tax
Executive Summary
- Q3 2026 earnings release. Revenue was $771.7 million, up 62.0% YoY but down 16.9% QoQ from $929.2 million. Net earnings were $410.2 million, up 11.7% YoY but down 24.5% QoQ. Basic EPS was $0.903. Adjusted net earnings were $409.8 million, up 45.8% YoY. Operating cash flow was $644.9 million, up 68.4% YoY and roughly flat QoQ.
- Year-to-date results were the headline record: revenue $2.602 billion, up 79.5%; net earnings $1.536 billion, up 68.1%; operating cash flow $2.060 billion, up 77.8%; basic EPS $3.381. The “record” framing is YTD, not Q3 standalone; Q3 revenue and net earnings declined sequentially.
- Q3 production was 230,965 GEOs, up 13.3% YoY and 14.2% QoQ. Gold production was 91,753 oz, down 8.2% YoY. Silver production was 8.182 Moz, up 36.5% YoY. Other metals were 2,846 GEOs, down 28.3% YoY. GEOs sold were 192,270, up 18.8% YoY but below production by 38,695 GEOs. PBND was approximately 178,600 GEOs, or about 2.6 months of payable production, inside the guided 2.5–3.5 month range.
- Cost and margin: Q3 average cash cost was $548/GEO versus $452 in Q3 2025, up 21.2%. YTD cash cost was $597/GEO versus $415, up 43.9%. Q3 cash operating margin was $3,466/GEO, up 39% YoY. YTD cash operating margin was $3,866/GEO, up 68% YoY. Higher prices lift revenue but also lift the 20%-of-spot production payments on several streams.
- Balance sheet: cash of $146 million; debt outstanding under the term loan and revolver of $1.598 billion; net debt of $1.452 billion. The company repaid $372 million of the revolving credit facility during Q3. It paid a $0.195/share quarterly dividend totaling $89 million. Net upfront stream payments in Q3 were $86 million, split El Domo $44 million and Marmato $42 million. Subsequent payments were $51 million, split Jervois $16 million and Spring Valley $35 million.
- Guidance was unchanged: 2026 production of 860,000–940,000 GEOs, comprising 400,000–430,000 oz gold, 27–29 Moz silver, and 19,000–21,000 GEOs of other metals. The 2030 target of approximately 1.2 million GEOs and the 2031–2035 average of approximately 1.2 million GEOs were also unchanged.
- Asset updates were mixed. Antamina produced 2.7 Moz attributable silver, up 60% YoY on the doubled 67.5% share, partly offset by lower silver grades from copper-only ore sequencing. Peñasquito produced a record 3.1 Moz silver, up 46%. Salobo produced 65,800 oz gold, down 2% on lower grades. San Dimas produced 5,700 oz gold, down 25% due to a labour dispute that began September 18, 2026. Constancia gold fell 75% after the high-grade Pampacancha pit was completed. Stillwater was hurt by a labour dispute. Voisey’s Bay cobalt fell 33% on planned maintenance. Other Gold rose 418% on Fenix and Hemlo additions. Other Silver rose 13%.
- Development and corporate updates: Koné achieved first gold pour on September 26, 2026; Kurmuk is now in production; Platreef has received first deliveries; Fenix and Koné are targeting commercial production in Q4 2026; El Domo is now targeted for production by November 1, 2027; Copper World was approved with first production targeted for H2 2029; Jervois received FID approval with first concentrate targeted for H1 2028; Spring Valley received its Water Pollution Control Permit and a $35 million payment was advanced. Salobo’s PMPA was amended to pay $40 million for coarse particle flotation milestones and to eliminate a previous $80 million high-grade mine plan obligation. Cozamin’s PMPA was amended to add $25 million upfront and raise the silver entitlement from 50% to 65% until 500,000 incremental ounces are delivered.
Material Impact
- The release is an in-line quarterly update. It confirms the H2-weighted production ramp management flagged in Q2, keeps 2026 guidance unchanged, and keeps the 2030/2031–2035 growth targets unchanged. There is no new M&A, no reserve/resource update, and no dividend policy change beyond the previously established $0.195 quarterly rate.
- The genuinely positive new facts are the $372 million revolver repayment, the reduction in net debt to $1.452 billion from $1.869 billion at Q2, and the record YTD operating cash flow of $2.060 billion. Q3 GEO production of 230,965 also confirms that the H2 weighting is materializing.
- The offsets are visible. Q3 revenue fell 16.9% QoQ and net earnings fell 24.5% QoQ. Net earnings grew only 11.7% YoY despite 62% revenue growth because Q3 2025 included an $85.7 million gain on disposal, while Q3 2026 carried higher depletion, finance costs, and income tax. Cash cost per GEO rose 21.2% YoY and 43.9% YTD. El Domo’s timeline slipped, and labour disputes hit San Dimas and Stillwater.
- Market expectation into the print was subdued. The stock had fallen from $226.18 on August 25 to $162.43 on October 30, a 28.2% drawdown, before rebounding 11.7% on November 4 to $183.73 and closing at $185.96 on November 5. The Q3 release was published after the November 5 close, so the price data does not include the market’s actual reaction to the release. The pre-print rebound suggests expectations had already been reset lower.
- Impact is routine positive: the quarter supports the existing growth and cash-flow thesis and reduces balance-sheet risk, but it does not change the production, cost, or long-term growth framework. The rating is Routine - Positive because the quarter is positive and consistent with guidance, not because it introduces a new guidance or NAV catalyst.
WPM · Price
Company Overview
- Wheaton Precious Metals is a Vancouver-based precious metals streaming and royalty company listed on the TSX, NYSE, and LSE. It provides upfront capital to mining partners in exchange for the right to purchase a percentage of future production, usually at a small fraction of spot price. The model gives commodity price leverage and exploration upside with lower operating risk than a mine operator.
- The portfolio spans 57 mining assets: 22 operating mines, 20 development projects, and 15 exploration/other stage projects, with 38 mining partners across 19 countries. About 99% of revenue is derived from precious metals. Key operating assets include Salobo, Antamina, Peñasquito, Constancia, Blackwater, Hemlo, Goose, Sudbury, Voisey’s Bay, San Dimas, Cozamin, and Marmato. Key development assets include Platreef, Fenix, Koné, Kurmuk, Spring Valley, Copper World, Jervois, Santo Domingo, El Domo, and Toroparu. The company has 30 employees globally and relies on partner operators.
- Management: Haytham Hodaly became President and CEO effective March 31, 2026, with Randy Smallwood transitioning to Chair of the Board. The investment presentation highlights an internal engineering/geology team and a disciplined acquisition process. No strategic shareholder stakes are disclosed in the provided materials.
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