Wheaton Precious Metals (WPM) Q4 2025 earnings summary

Executive summary

• Achieved record annual production of 690,000 gold equivalent ounces (GEOs) in 2025, surpassing guidance and generating all-time high revenue, earnings, and operating cash flow.

• Major portfolio contributions from Salobo, Antamina, and Peñasquito, with ramp-up at Blackwater and Goose enhancing diversification.

• Announced largest-ever precious metal streaming deal, doubling Antamina exposure and expanding long-term growth profile.

• Leadership transition: CEO stepping into Chair role, with Haytham Hodaly assuming CEO position effective March 31, 2026.

• Sustainability leadership recognized, including inclusion in the 2026 Global 100 Most Sustainable Corporations and top ESG ratings.

Financial highlights

• Q4 2025 revenue was $865 million (+127% YoY), net earnings $558 million (+533% YoY), and operating cash flow $746 million (+134% YoY).

• Full-year 2025 revenue reached $2.31 billion (+80% YoY), gross margin $1.67 billion (+108% YoY), and net earnings $1.5 billion (+178% YoY).

• Adjusted net earnings for 2025 were $1.4 billion (+114% YoY); Q4 adjusted EPS was $1.22.

• Declared record annual dividends of $0.66 per share for 2025; quarterly dividend for 2026 set at $0.195 (+18% YoY).

• Cash balance at year-end 2025 was $1.2 billion.

Outlook and guidance

• 2026 production guidance: 860,000–940,000 GEOs, with 400–430k oz gold, 27–29M oz silver, and 19–21k GEOs other metals.

• Production expected to grow 50% by 2030 to over 1.2 million GEOs, maintaining that level through 2035.

• Annual production weighted 45% in H1 and 55% in H2, driven by mine sequencing and ramp-up of new assets.

• Over $10 billion in operating cash flow forecast through 2028 at current prices.

• Antamina stream expansion effective April 1, 2026, expected to add 70,000 GEOs in 2026.