Wheaton Precious Metals Announces Second Quarter 2026 Results and Record Year-to-Date Production, Revenue, Earnings and Cash Flow

Wheaton Precious Metals Corp. (WPM) reported second-quarter 2026 attributable production of 202,229 gold-equivalent ounces (GEOs), representing a 6.3% year-over-year increase, with first-half production totaling 414,180 GEOs. The company achieved record quarterly revenue of $929.2 million, an 85% increase year-over-year, alongside net earnings of $543.2 million, up 86%, and operating cash flow of $650 million, a 57% rise. First-half figures also set records, with revenue reaching $1.83 billion, net earnings of $1.13 billion, and operating cash flow of $1.42 billion.

The company declared a quarterly dividend of $0.195 per share, which remains unchanged from the first quarter of 2026. At the end of the quarter, Wheaton Precious Metals held a net debt position of $1.9 billion, comprising total debt of $2.0 billion and cash of $100 million, resulting in total liquidity of $2.6 billion.

Management maintained its full-year 2026 production guidance at 860,000–940,000 GEOs and reiterated its 2030 target of approximately 1.2 million GEOs. Progress continues on the Blackwater Phase 1A expansion, which is 57% complete, while other projects are advancing. High realized commodity prices served as the dominant driver for the results, with gold priced at $4,800 per ounce for guidance purposes, though realized prices are expected to be higher.

Wheaton Precious Metals Corp. (WPM) reported a record-breaking second-quarter release, a result consistent with the commodity-price super-cycle that has been underway since late 2025. The results were heavily telegraphed by the first-quarter 2026 beat and the known closure of BHP’s Antamina mine.

Production of 202,000 GEOs fell within the implied quarterly run-rate for the 860,000–940,000 guidance range. There was no guidance raise, no transformative new deal, and no structural change to the capital or operating outlook.

The market’s prior reaction following the first-quarter release, which included a pullback into June, reflected profit-taking and likely some debt and leverage concerns. The price recovery into the high $170s before the second-quarter print suggests the market already expected strong numbers. While the quarter was undeniably strong, it did not introduce materially new information that would re-rate the stock.

Wheaton Precious Metals Corp. (WPM) is the world’s largest precious metals streaming company, holding streams on more than 20 operating and development assets. Its flagship producing assets include the Salobo gold mine in Brazil, the Antamina silver mine in Peru—where its share of silver production now stands at 67.5%—the Peñasquito silver mine in Mexico, and the Blackwater gold and silver project in Canada, which is scheduled to reach commercial production in May 2025. The company also holds interests in other assets including Hemlo, Goose, Constancia, Aljustrel, and Marmato.

The company’s development and ramp-up portfolio includes Mineral Park, Platreef, Fenix, Koné, Kurmuk, El Domo, Spring Valley, Copper World, and Santo Domingo. In the first half of 2026, Wheaton Precious Metals added new streams to its portfolio, including Jervois, a gold and silver project in Australia, and Spanish Mountain in Canada, which carries a 1.5% net smelter return (NSR).

Wheaton Precious Metals does not engage in direct mining operations. Instead, it receives a fixed percentage of production in exchange for upfront payments, while paying an ongoing fee equal to 20% of the spot metal price per ounce. This business model results in very high margins.