Wheaton Precious Metals (TSX: WPM) delivered a record setting first quarter, with revenue, earnings and cash flow all reaching new highs as the streaming company rode a near doubling of realized gold equivalent prices into 2026.
Revenue climbed to $901 million, up roughly 92% from the $470 million reported a year earlier. Net earnings more than doubled to $582 million, or $1.28 per share, while adjusted net earnings came in at a near-identical $583 million. Operating cash flow surged 112% to $766 million.
The performance extends a streak of record results that carried through 2025, when the company posted $2.3 billion in annual revenue and $1.9 billion in operating cash flow.
Cash on hand stood at $2.2 billion at quarter end, before a $4.3 billion upfront payment on April 1 closed out the previously announced Antamina silver stream with BHP. The company funded that transaction through cash, a draw on its $2 billion revolving facility and a new $1.5 billion term loan.
Wheaton also lifted its quarterly dividend to $0.195 per common share, an 18% bump from Q1 2025 and the third consecutive annual increase under its progressive dividend policy.
On the operating side, attributable production reached 211,951 gold equivalent ounces, a 22% jump year over year. Salobo and Peñasquito were the standouts, with Peñasquito silver output rising 46% on stronger throughput and grades while Antamina delivered a 48% increase in attributable silver. Gold production totaled 97,106 ounces, silver came in at 6.6 million ounces, and cobalt production from Voisey’s Bay rose 22% to 657,000 pounds.
Average cash costs ran to $681 per gold equivalent ounce, up from $392 in the first quarter of 2025 but still leaving a cash operating margin of $4,279 per ounce sold, a 103% improvement that outpaced the appreciation in gold itself, a dynamic the company attributes to the fixed per ounce production payments embedded across most of its streams.
Wheaton reaffirmed its 2026 production guidance of 860,000 to 940,000 gold-equivalent ounces and continues to forecast roughly 1.2 million ounces by 2030.
Wheaton Precious Metals last traded at $179.63 on the TSX.
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