Wheaton Precious Metals reported record second quarter results, with revenue of $929 million, up 85% year-over-year, and net earnings of $543 million, up 86%. Adjusted earnings per share came in at $1.20, more than double the $0.63 posted a year earlier. The gains were driven by a 61% jump in the average realized gold-equivalent price, a 14% rise in gold-equivalent ounces sold to 209,000, and the integration of the newly expanded silver stream at Antamina.
Note: Wheaton's FY'25 ended on December 31, 2025. Q2 FY'26 ended on June 30, 2026.
The quarter's standout event was the completion and integration of the $4.3 billion expanded silver stream at Antamina with BHP, described by management as the largest transaction in the company's history. Wheaton has now funded $4.5 billion of new streaming and royalty interests year-to-date, upsized its revolving credit facility to $2.5 billion, and closed the quarter with roughly $2.6 billion in available liquidity, leaving significant capacity for further accretive deals.
Below are key drivers of Wheaton Precious Metals' value that present opportunities for upside or downside to the current Trefis price estimate:
For additional details, select a division from the interactive Trefis split for Wheaton Precious Metals at the top of the page.
Wheaton Precious Metals operates a streaming and royalty business model, paying upfront cash to mining partners in exchange for the right to purchase a fixed percentage of future gold, silver, palladium, and cobalt production at low, pre-set costs. This structure gives Wheaton direct leverage to commodity prices without exposure to mine-level operating or capital cost inflation.
Silver streams remain the most valuable piece of Wheaton's portfolio, given their outsized share of quarterly revenue and the recent step-up from the Antamina expansion.
Average cash costs of $568 per GEO in the quarter sit far below prevailing gold and silver prices, allowing Wheaton to capture the bulk of commodity price appreciation as margin rather than passing it through to rising production costs.
Streams and royalties spread across established mines such as Antamina, Salobo, and Peñasquito, alongside ramping growth assets, reduce single-asset risk while preserving broad leverage to precious metals prices.
Management has reiterated a target of roughly 1.2 million GEOs of annual production by 2030, about 50% above current levels, supported by ramp-ups at Goose, Platreef, Fenix, and Blackwater plus the newly added Antamina volumes.
Gold and silver prices at multi-year highs are driving a 61% increase in Wheaton's average realized gold-equivalent price, disproportionately benefiting a fixed-cost streamer whose expenses do not scale with commodity prices.
Management continues deploying balance sheet strength into new deals, including a June 2026 royalty agreement with Cipango covering exploration properties in Japan, signaling an ongoing strategy of growth through acquisition rather than organic capex.
