Wheaton Precious Metals Corp. (LSE:WPM) reported a 62% increase in third-quarter 2026 revenue to $772 million, supported by higher precious metals prices and increased sales volumes.
The precious metals streaming company recorded net earnings of $410 million, up 11.7% from $367 million a year earlier, while adjusted net earnings increased 45.8% to $410 million.
Operating cash flow rose 68.4% to $645 million, compared with $383 million in the corresponding quarter of 2025.
Production and Sales Volumes Increase
Attributable gold equivalent production increased 13.3% year on year to approximately 231,000 ounces, reflecting additional silver production from Antamina and contributions from newer assets.
Gold equivalent sales volumes rose 18.8% to 192,270 ounces, while the average realised gold equivalent price increased 36%.
Silver production grew 36.5%, supported by the acquisition of an additional silver stream at Antamina and higher output from Peñasquito.
Average cash operating margins increased 39% to $3,466 per gold equivalent ounce sold, despite higher average cash costs.
President and CEO Haytham Hodaly said the company remained positioned to meet its annual production guidance, supported by progress across its development portfolio.
Record Nine-Month Financial Performance
For the nine months ended September 30, 2026, Wheaton reported record revenue of $2.6 billion, an increase of 79.5% compared with the previous year.
Net earnings rose 68.1% to $1.54 billion, while adjusted net earnings increased 87.7% to approximately $1.54 billion.
Operating cash flow reached a record $2.06 billion, representing growth of 77.8%.
The company ended September with $146 million in cash and approximately $1.6 billion in outstanding debt, resulting in net debt of around $1.5 billion.
Wheaton repaid $372 million under its revolving credit facility during the quarter.
Development Projects Support Long-Term Growth
Wheaton reported progress across several projects expected to contribute to future production.
Montage Gold achieved its first gold pour at the Koné project in Côte d’Ivoire, while Hudbay approved construction of the Copper World project in the United States.
Additional developments included the start of production at Kurmuk in Ethiopia, initial deliveries from Platreef in South Africa and construction progress at several other projects.
The company maintained its 2026 production guidance of 860,000 to 940,000 gold equivalent ounces.
Wheaton continues to forecast annual production of approximately 1.2 million gold equivalent ounces by 2030, representing an increase of around 50% from 2025 levels.
Quarterly Dividend Declared
Wheaton declared a quarterly dividend of $0.195 per common share, following dividend payments totalling $89 million during the third quarter.
The company continues to balance shareholder distributions with investments in its streaming portfolio, which comprises agreements covering 57 mining assets.
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