The record results and new Antamina stream reinforce WPM's growth trajectory. Watch for further operational updates from Salobo, Peñasquito, and development projects (Platreef, Mineral Park, Koné). Monitor leverage post-Antamina: $1.5B term loan and revolver draw increase debt, but strong cash flow and $2.2B cash provide ample coverage.
Price Chart
Executive Summary
Wheaton Precious Metals reported record Q1 2026 results: revenue of $901M (up 92% YoY), net earnings of $582M (up 129%), and operating cash flow of $766M (up 112%), driven by a 22% increase in gold-equivalent production and a 98% rise in realized prices. The company also closed a $4.3B silver stream deal with BHP at Antamina and announced two new smaller stream/royalty acquisitions.
Key Facts
- Record quarterly revenue of $901M, up 91.6% YoY
- Record net earnings of $582M, up 129.2% YoY
- Record operating cash flow of $766M, up 112.3% YoY
- Gold-equivalent production rose 21.5% to 212,000 oz
- Average realized gold-equivalent price up 98.4% to $4,960/oz
- Closed $4.3B BHP Antamina silver stream on April 1, 2026
- Entered Jervois PMPA ($275M) and Spanish Mountain royalty ($55M) after quarter-end
- Maintained 2026 production guidance of 860-940K GEOs, 50% growth to 1.2M GEOs by 2030
Financial Impact
Revenue $901M, net earnings $582M, operating cash flow $766M; $4.3B Antamina stream funded with cash, revolver draw, and $1.5B term loan
Risk Factors
- Commodity price volatility (gold, silver, palladium)
- Goose mine fire impacting Q2 2026 production (expected 50% lower in Q2)
- Constancia Pampacancha pit depletion; higher throughput needed to offset
- Integration and performance of new Antamina stream
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-212446 |
| Document: d91444dex993.htm | 0001193125-26-212446 |
| Document: d91444dex991.htm | 0001193125-26-212446 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 5, 2026 16w ago | 6-K | $114.87 $144.93 | ▲ +26.17% | ▲ +23.12% | $134.70 (+17.26%) |
May 22, 2026 18w ago | 6-K | $126.53 $132.70 | ▲ +4.88% | ▲ +1.69% | $134.70 (+6.46%) |
May 8, 2026 20w ago | 6-K | $143.80 $122.82 | ▼ −14.59% | ▼ −18.98% | $134.70 (−6.33%) |
May 7, 2026 21w ago | 6-K | $138.85 $115.41 | ▼ −16.88% | ▼ −21.72% | $134.70 (−2.99%) |
Apr 7, 2026 25w ago | 6-K | $135.97 $115.73 | ▼ −14.89% | ▼ −28.16% | $134.70 (−0.93%) |
Apr 2, 2026 26w ago | 6-K | $135.56 $112.32 | ▼ −17.14% | ▼ −31.30% | $134.70 (−0.63%) |
US Market Status
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