EarningsQ2 2026 Earnings Report
MX:WPMN Q2 2026 EPS Results
Actual EPS$21.72
Consensus EPS$20.78
Beat/MissBeat by +$0.95
One Year Ago EPS$11.43
MX:WPMN Q2 2026 Revenue Results
Actual Revenue$16.38B
Expected Revenue$15.98B
Beat/MissBeat by +$400.89M
YoY Revenue Growth+84.60%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeAfter Close
Conference CallThursday, August 6, 2026
MX:WPMN Upcoming Earnings
Wheaton Precious Metals's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:WPMN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a strongly positive operational and financial performance with record H1 production, record quarterly revenue and substantial operating cash flow, alongside successful strategic transactions (notably the Antamina stream) that materially expand and diversify the portfolio. Near-term headwinds include lower grades at Salobo, Antamina grade/timing impacts in Q2, large upfront cash deployments that temporarily reduced cash balances and increased near-term leverage, and execution/timing risk tied to mine sequencing and long-dated larger projects. On balance, the highlights significantly outweigh the lowlights due to robust cash generation, maintained guidance, strengthened liquidity facilities, and a clear growth trajectory.Company Guidance
Record First Half Performance
Record production of 415,000 gold equivalent ounces (GEOs) and record sales volumes of 390,000 GEOs in the first six months of 2026, supporting 2026 guidance of 860,000 to 940,000 GEOs.
Quarterly Production and Sales Growth
Q2 production of 202,000 GEOs, up 6% year-over-year; Q2 sales of 209,000 GEOs, up 14% year-over-year, with sales supported by produced-but-not-delivered (PBND) inventory of ~158,000 GEOs (2.6 months).
Record Revenue and Strong Profitability
Record Q2 revenue of $929 million, an 85% increase year-over-year driven by a 61% increase in average realized GEO price and a 14% increase in volumes sold; net earnings of $543 million, up 86% year-over-year.
Robust Operating Cash Flow
Q2 operating cash flow of $650 million, a 57% increase year-over-year; generated over $650 million in operating cash flow during the quarter enabling material growth investments.
Strategic Acquisitions and Portfolio Diversification
Closed the Antamina silver stream with BHP (largest precious metal streaming transaction to date) and announced first Australian stream on Jervois; expanded royalty portfolio with Spanish Mountain and Cipango, adding ROFR optionality.
Major Capital Deployment and Liquidity Management
Deployed ~ $4.5 billion in net upfront stream payments (including $4.3 billion for Antamina) while maintaining liquidity enhancements: upsized revolving credit facility to $2.5 billion (maturity extended to 2031) and available liquidity of ~ $2.6 billion.
Clear Growth Outlook
Maintained production outlook and reiterated an industry-leading organic growth profile of ~50% by 2030, targeting ~1.2 million GEOs by 2030 and sustained average annual production at ~1.2 million GEOs from 2031–2035; multiple development projects progressing on schedule.
MX:WPMN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed