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, with Q4 revenue of $865 million, net earnings of $558 million, and operating cash flow of $746 million.

• Full-year 2025 revenue reached $2.31 billion, up 80% year-over-year, with gross margin up 108% to $1.67 billion and net earnings of $1.5 billion.

• Major contributions from Salobo, Antamina, and Peñasquito, with ramp-up at Blackwater and Goose supporting growth; portfolio strengthened by new gold streams at Hemlo and Spring Valley, and the largest-ever precious metals streaming deal at Antamina with BHP.

• Announced leadership transition: CEO stepping into Chair role, with Haytham Hodaly becoming CEO effective March 31, 2026.

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

Financial highlights

• Q4 2025 production reached 205,000 GEOs, up 8% year-over-year; sales volumes up 35% year-over-year.

• Q4 2025 revenue hit $865 million (+127% YoY), gross margin $664 million (+168% YoY), net earnings $558 million (+533% YoY), and operating cash flow $746 million (+134% YoY).

• Full-year 2025 revenue was $2.3 billion (+80% YoY), with gross margin of $1.7 billion (+108% YoY), net earnings $1.5 billion (+178% YoY), and operating cash flow $1.9 billion (+85% YoY).

• Adjusted net earnings for 2025 were $1.4 billion, up 114% year-over-year; Q4 adjusted EPS: $1.22.

• 59% of Q4 revenue from gold, 39% from silver, 2% from palladium/cobalt.

Outlook and guidance

• 2026 production guidance: 860,000–940,000 GEOs, with 400,000–430,000 oz gold, 27–29 million oz silver, and 19,000–21,000 GEOs other metals; >11% growth from 2025 actuals.

• Production expected to grow 50% to 1.2 million GEOs by 2030, with annual average of 1.2 million GEOs from 2031–2035.

• 2026 production weighted 45% in H1, 55% in H2 due to mine sequencing and ramp-up.

• 2026 annual cash flow expected to exceed $3.2 billion, with a return to net cash position within one year after major acquisitions.

• Salobo production expected to decrease slightly in 2026; Antamina and Peñasquito production to increase.