Wheaton Posts Record $1.831 Billion in First-Half 2026 Revenue
Key Facts
Wheaton Precious Metals said on August 6 that revenue in the first half of 2026 rose 88% to $1.831 billion, compared with $973.629 million in the same period of 2025. The company said its year-to-date results set records for production, revenue, earnings and cash flow. Net earnings reached $1.125 billion, up 106% from $546.254 million a year earlier. Earnings per share also rose to $2.478 from $1.204. The figures show financial growth that outpaced the increase in production and sales, during a period in which the company attributed a substantial share of higher revenue to realized prices.
The company’s gold-equivalent production rose 13.8% to 414,755 ounces in the first half, compared with 364,570 ounces in the corresponding period. Sales increased at a slower pace, rising 5.4% to 390,859 ounces from 370,911 ounces. The company estimated the year-over-year revenue increase at about $857 million. It attributed most of that increase to a 78% rise in the average realized price per gold-equivalent ounce, alongside a 5% increase in the volume of gold-equivalent ounces sold. Revenue growth therefore combined higher realized prices with greater sales volumes, with the former making the larger contribution, according to the company’s breakdown.
Operating cash flow rose to $1.415 billion in the first half, compared with $775.752 million a year earlier, an increase of 82.4%. The company said the rise was mainly due to higher gross margin. Chief Executive Officer Haytham Hodaly placed the performance in the context of commodity-price volatility and cost pressures, saying that “robust production across the portfolio drove year-to-date records in production, sales volumes, revenue, earnings and cash flow.” Cash-flow growth parallels the expansion in earnings and provides a further indication of the shift in financial performance during the period. The results came alongside increased production, but were also tied to improved realized prices, which the company identified as the main driver of revenue growth.
Among the operational developments, Wheaton-attributable silver production at the Antamina mine rose to 2.3 million ounces in the second quarter, up 56% year over year. The company linked the increase to a change in its share of the mine’s silver production from 33.75% to 67.5%, effective April 1, 2026. The change shows the effect of the expanded share on volumes attributable to the company, alongside broader growth in gold-equivalent production in the first half. On financing, Wheaton increased its revolving credit facility by $500 million to $2.5 billion and extended its maturity by one year to June 30, 2031. It said available liquidity stood at $2.6 billion on June 30, 2026.
The company left its 2026 production guidance unchanged, at a range of 860,000 to 940,000 gold-equivalent ounces. It expects annual production to rise about 50% to 1,200,000 ounces by 2030. These figures set out the company’s production outlook following its first-half results, with the third-quarter results due to be the next milestone for tracking performance. The results are scheduled to be released after the market closes on November 5, 2026. The company scheduled a call to discuss the results for November 6 at 11:00 a.m. Eastern Time.
WPM shares closed at $126.57 on October 28, 2026. The close came after the first-half results were announced in August and ahead of the scheduled release of third-quarter results in November. The price provides a reference point for the stock’s movement before the next quarterly figures are released. The upcoming results will allow investors to compare third-quarter operating and financial performance with the production trajectory the company maintained in its annual guidance. The company’s call to discuss the results will begin the day after their release.