Wheaton Precious Metals (LSE:WPM) on Friday reported third-quarter 2026 revenue of $772 million, up 62% from $476 million a year earlier, as record year-to-date production and higher realised metal prices drove the streaming and royalty company's results.
The Vancouver-based company, which earns revenue by acquiring metal purchase agreements and royalty interests in mining projects rather than operating mines itself, posted net earnings of $410 million for the quarter, up 12% from $367 million in the third quarter of 2025, and operating cash flow of $645 million, up 68%.
For the nine months ended 30 September, Wheaton reported record revenue of $2.6 billion, record net earnings of $1.5 billion and record operating cash flow of $2.1 billion, each ahead of the comparable period last year.
Attributable gold equivalent production (GEOs) reached 231,000 ounces in the quarter, a 13% increase year-on-year, driven primarily by the precious metals purchase agreement acquired from BHP Group covering its 33.75% share of silver production at Antamina, alongside new contributions from Hemlo, Fenix, Platreef and Mineral Park.
"Wheaton delivered another solid quarter, building on record year-to-date performance, and remains very well positioned to achieve our annual production guidance," said Haytham Hodaly, president and chief executive, pointing to the first gold pour at Montage Gold's Koné project and Hudbay's approval of construction at Copper World as milestones for "two significant contributors to our near-term growth".
Average cash costs rose to $548 per GEO from $452 a year earlier, but cash operating margin still climbed 39% to $3,466 per GEO, with management noting that margin growth outpaced the rise in gold prices over the period.
Peñasquito produced a record 3.1 million ounces of attributable silver, up 46% year-on-year on higher throughput and grades, while Antamina's attributable silver output rose 60% to 2.7 million ounces following the enlarged BHP agreement, which lifted Wheaton's interest in that mine's silver to 67.5% from 33.75% effective 1 April.
San Dimas and Stillwater both saw production declines tied to labour disputes during the quarter, while Constancia's gold output fell 75% after higher-grade ore at the Pampacancha pit was exhausted.
Produced-but-not-delivered inventory stood at approximately 178,600 GEOs at quarter end, equivalent to approximately 2.6 months of payable production, within the company's guided range of two and a half to three and a half months.
Cash on hand stood at $146 million at 30 September, with $1.6 billion outstanding under the company's term loan and revolving credit facility, for total net debt of $1.5 billion; Wheaton repaid $372 million of the revolver during the quarter.
The company made net upfront payments of $86 million during the quarter toward its El Domo and Marmato mineral stream interests, and a further $51 million after quarter-end related to the Jervois and Spring Valley agreements.
Wheaton declared a quarterly dividend of $0.195 per common share, with total dividend payments of $89 million.
The company reaffirmed 2026 attributable production guidance of 400,000 to 430,000 ounces of gold and 27 to 29 million ounces of silver, equating to approximately 860,000 to 940,000 GEOs, unchanged from previous guidance, and reiterated its long-term target of approximately 1.2 million GEOs by 2030, with average annual production expected to hold at that level from 2031 to 2035.