Wheaton revenue rises 62% on higher precious-metals prices

Wheaton Precious Metals said revenue rose 62% to $772 million in the third quarter of 2026, according to a Nov. 5 press release from PR Newswire.

The Vancouver-based streaming and royalty company said in the Nov. 5 release that nine-month revenue reached a record $2.6 billion, up 79.5% from the same period in 2025.

"Wheaton delivered another solid quarter, building on record year-to-date performance, and remains very well positioned to achieve our annual production guidance," Chief Executive Officer Haytham Hodaly said in the press release.

Net earnings increased 11.7% to $410 million in the quarter, while operating cash flow rose 68.4% to $645 million. Adjusted net earnings climbed 45.8% to $410 million, or $0.902 a share, from $281 million, or $0.619 a share, a year earlier.

Wheaton attributed the quarterly revenue gain to a 36% increase in the average realized gold-equivalent price and a 19% rise in gold-equivalent ounces sold. Gold-equivalent ounces, or GEOs, convert output from different metals into a common gold-based measure.

Attributable production rose 13.3% to 230,965 GEOs in the quarter from 203,835 GEOs a year earlier. Gold production fell 8.2% to 91,753 ounces, while silver output rose 36.5% to 8.182 million ounces.

Cash costs increased to $548 per GEO from $452 a year earlier, but the company said its cash operating margin rose 39% to $3,466 per GEO sold. For the first nine months of 2026, that margin rose 68% to $3,866 per GEO sold.

The company declared a quarterly dividend of $0.195 a common share and said it made an $89 million dividend payment. It ended Sept. 30 with $146 million of cash and $1.6 billion of debt outstanding under its term loan and revolving credit facility, after repaying $372 million during the quarter.

Wheaton said its portfolio covered 57 mining assets, including 22 operating mines, 20 development projects and 15 exploration and other-stage projects. It cited progress at several development assets, including first gold pour at Montage Gold's Koné project and Hudbay's approval of construction at Copper World.

The quarter also showed uneven operating performance across assets. Salobo attributable gold output fell 2% from a year earlier, San Dimas gold output fell 25% after a labour dispute began on Sept. 18, and Constancia gold output declined 75% because of lower grades and recoveries.

Wheaton said Antamina attributable silver production rose 60% to 2.7 million ounces, helped by its newly acquired BHP Antamina precious-metals purchase agreement. The deal increased Wheaton's share of silver production at Antamina to 67.5% from 33.75%, effective April 1.

Artemis Gold reported on Oct. 13 that the Phase 1A expansion at Blackwater was 77% complete and on track for commissioning before the end of 2026, according to Wheaton's release. The expansion is expected to contribute to production beginning in 2027.

Source: Company press release via PR Newswire, Nov. 5, 2026