Wheaton Precious Metals reports record first quarter revenue
The precious metal streaming company generated $901 million in revenue for the three months ended March 31, 2026.
Wheaton Precious Metals Corp. (WPM), a precious metal streaming company, reported record financial results for the first quarter of 2026, driven by outperformance at the Salobo and Peñasquito assets. The company recorded sales of $901 million, compared to $470 million in the same period the previous year. Net earnings rose to $582 million from $254 million.
Profitability expanded as the company leveraged its streaming model during a period of rising metal prices. Cash operating margin climbed 196% from $1,444 per gold equivalent ounce (GEO) in the first quarter of 2024 to $4,279 per GEO in the first quarter of 2026. This growth outpaced a 172% increase in GEO prices over the same period. The company said the result reflects the leverage of its model, as fixed per-ounce production payments across most operating streams represented 70% of revenue in the first quarter of 2026.
Operating cash flow reached a record $766 million, an increase of $405 million over the first quarter of 2025. This increase was primarily attributed to a $431 million rise in revenue. The company ended the quarter with a cash balance of $2.2 billion.
Production volumes increased, with attributable gold equivalent production reaching 212,000 ounces, a 22% increase over the prior year. The company attributed this growth to increased production from Blackwater, Antamina, and Peñasquito, as well as the recommencement of production at Aljustrel.
Wheaton expanded its portfolio through two new agreements. The company entered into its largest streaming transaction to date at Antamina in partnership with BHP, which closed on April 1, 2026. It also entered into its first streaming agreement in Australia with KGL Resources.
As a result of the quarterly performance, the company declared a dividend of $0.195 per common share, which represents an 18% increase from the first quarter of 2025.
Looking forward, the company projects approximately 50% growth to 1.2 million gold equivalent ounces by 2030.