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Wheaton Precious Metals Stock Rises 2.7% After Record Q2 Results

Wheaton Precious Metals (NYSE: WPM) shares are up about 2.7% in premarket trading Friday after the company reported record second-quarter revenue, earnings and operating cash flow, benefiting from higher precious-metals prices and increased production.

Revenue reached a record $929 million, up $426 million from a year earlier, driven primarily by a 61% increase in the average realized gold-equivalent price and a 14% increase in gold-equivalent ounces sold. Net earnings reached $543 million, while operating cash flow climbed to a record $650 million.

Higher Gold and Silver Prices Boost Margins

Wheaton produced 202,200 gold-equivalent ounces during Q2, up 6% year over year. The increase was supported by the expanded Antamina silver stream and new production from Hemlo, Fenix, Platreef and Goose.

The company's cash operating margin reached $3,875 per gold-equivalent ounce, up 65% from last year despite higher cash costs. Silver accounted for 52% of quarterly revenue and gold for 46%, leaving Wheaton well positioned to benefit from the recent strength across precious metals.

First-half results were also records, with $1.8 billion in revenue, $1.1 billion in net earnings and $1.4 billion in operating cash flow.

Precious Metals Rally Adds Support

Friday's gain is also being supported by the broader precious-metals rally. Gold futures are up more than 1%, while silver has surged around 3%, strengthening the earnings outlook for companies with significant exposure to metal prices.

Wheaton's combination of record financial results, rising production and strong gold and silver prices appears to be driving the positive premarket reaction.
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Author
WS Investor 08-07-26
Wheaton Precious Metals Gains 2.4% as Gold Surge Drives Record Quarter Across Every Metric

Vancouver, May 7, 2026 — Shares in Wheaton Precious Metals rose 3.2% in premarket after the world's largest precious metals streaming company reported a first quarter that set records on every major financial metric, with soaring gold and silver prices amplifying the inherent leverage embedded in the streaming business model.

Revenue surged 91.6% year-over-year to $901 million, driven almost entirely by a 98% increase in the average realized gold equivalent price rather than volume growth. Net earnings more than doubled to $582 million, or $1.28 per share, and operating cash flow leapt 112% to $766 million. The dividend was raised 18% to $0.195 per share. The numbers underscore one of Wheaton's core investment propositions: because the company pays fixed per-ounce costs for the metals it receives from its mining partners, margin expansion in a rising price environment is dramatically outsized relative to the price move itself. Cash operating margin hit $4,279 per gold equivalent ounce, up 103% year-over-year.

Production also impressed. Attributable gold equivalent production grew 22% to approximately 212,000 ounces, driven by strong outperformance at Peñasquito and Antamina, the recommencement of production at Aljustrel, and the first deliveries from the newly ramped Blackwater, Fenix, and Hemlo assets.

The biggest strategic development came just after quarter end. Wheaton closed its largest streaming transaction in company history on April 1, deploying $4.3 billion to acquire BHP's 33.75% portion of the silver stream at Peru's Antamina mine, bringing Wheaton's total Antamina silver entitlement to 67.5%. The deal was funded through existing cash, a draw on the company's $2 billion revolving facility, and a new $1.5 billion term loan. First deliveries under the new agreement are expected by end of May.

With annual production forecast to grow approximately 50% to 1.2 million gold equivalent ounces by 2030, and precious metals prices remaining elevated, Wheaton enters the rest of 2026 with exceptional momentum and an industry-leading growth pipeline.
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Author
Global Finance News 05-08-26