Wheaton Precious Metals stock posts 62% Q3 revenue growth

Wheaton Precious Metals reported strong third-quarter results on Thursday, November 5, after the market close, with revenue growth driven by higher realized precious-metals prices and increased sales volumes. The company published the figures in a company earnings release carried by PR Newswire.

Revenue for the three months ended September 30 reached 771.7 million US dollars, up 62.0 percent from the year-earlier quarter. Net earnings rose 11.7 percent to 410.2 million US dollars, while operating cash flow increased 68.4 percent to 644.9 million US dollars.

Higher prices lift quarterly performance

Wheaton said the revenue increase reflected a 36.4 percent rise in the average realized price per gold equivalent ounce and an 18.8 percent increase in gold equivalent ounces sold. Sales reached 192,270 gold equivalent ounces, compared with 161,845 ounces in the comparable quarter.

Attributable production rose 13.3 percent to 230,965 gold equivalent ounces. Silver production increased 36.5 percent to 8.182 million ounces, helped by the expanded Antamina stream, while gold production declined 8.2 percent to 91,753 ounces. The company said its average cash operating margin increased 39 percent to 3,466 US dollars per gold equivalent ounce sold.

The results also show the leverage in Wheaton's streaming model: average cash costs rose to 548 US dollars per gold equivalent ounce from 452 US dollars a year earlier, but the increase in realized prices produced substantially higher operating margins. The company ended September with 145.8 million US dollars in cash and 1.6 billion US dollars of debt, or 1.5 billion US dollars of net debt. It repaid 372 million US dollars under its revolving credit facility during the quarter.

Record nine-month figures reinforce outlook

For the first nine months of 2026, revenue reached a record 2.602 billion US dollars, compared with 1.450 billion US dollars a year earlier. Net earnings rose 68.1 percent to 1.536 billion US dollars, and operating cash flow increased 77.8 percent to 2.060 billion US dollars.

Management maintained full-year production guidance of 860,000 to 940,000 gold equivalent ounces, including 400,000 to 430,000 ounces of gold and 27 million to 29 million ounces of silver. Wheaton also kept its longer-term target of 1.2 million gold equivalent ounces by 2030, about 50 percent above 2025 production levels.

Chief Executive Officer Haytham Hodaly described the quarter as another solid period and pointed to progress across the growth pipeline. Wheaton highlighted the first gold pour at Montage Gold's Koné project, first deliveries from Ivanhoe Mines' Platreef project and Hudbay's approval of construction at Copper World.

The board declared a quarterly dividend of 0.195 US dollars per common share, payable on November 19. For investors, the combination of higher commodity prices, expanded streaming interests and a growing development pipeline supports the earnings outlook, while project timing, mine operating conditions and financing obligations remain relevant factors.

Wheaton Precious Metals stock traded at 117.05 euros on Lang & Schwarz at 13:59 CET on Friday, November 6, 2026.

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