Wheaton Precious Metals (TSX: WPM) delivered a record 2025 across every major earnings line, with higher realized prices and higher sales volumes driving the jump.
Full-year 2025 revenue rose to $2.3 billion from $1.3 billion in 2024, with Q4 2025 revenue jumping even sharper to $864.7 million from $380.5 million in the comparable period last year.
Further down, net earnings for the quarter was up to $558.3 million from $88.1 million. For the full year, net earnings jumped to $1.5 billion from $529.1 million.
On an adjusted basis, net earnings in Q4 increased to $555.0 million from last year’s $199.0 million, while full year recorded $1.4 billion from $640.2 million. The quarterly bottomline translates to $1.22 earnings per share.
Operating cash flow also rose to $746.3 million in Q4 2025 from $319.5 million last year. However, investing cash outflow widened to $1.3 billion from $488.3 million as Wheaton accelerated stream acquisitions. The firm entered the Spring Valley gold stream in November 2025, the Hemlo gold stream later that month, and after year-end signed the largest precious metals streaming deal ever at Antamina with BHP.
Cash and cash equivalents ended at $1.15 billion for year-end 2025, up from $818.2 million a year earlier. Wheaton also ended the year with about 155,000 GEOs produced but not yet delivered, down to roughly 2.5 months of payable production and back to the midpoint of its guided range.
Attributable GEO production rose in 2025 to 689,864 ounces from 635,488 and exceeded the top end of the company’s 600,000 to 670,000 GEO guidance range, while GEO sales also jumped to 651,311 ounces from 529,493.
Average realized GEO price rose to $3,554 in 2025 and in Q4 to $4,538. While average cash costs per GEO rose to $514 for the year from $438 and to $597 in Q4 from $444, cash operating margin per GEO still expanded as cost inflation lagged the revenue jump.
Wheaton expects 2026 production of 860,000 to 940,000 GEOs with the additional Antamina stream as the biggest driver, expected to add about 70,000 GEOs in 2026 beginning April 1. Longer term, Wheaton forecasts production to rise about 50% to 1.2 million GEOs by 2030, then remain around that level through 2035.
The company also raised its quarterly dividend for 2026 to $0.195 per share, up from the $0.165 quarterly rate paid in 2025.
Wheaton Precious Metals last traded at $198.85 on the TSX.
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