Wheaton Precious Metals (TSX: WPM) posted a record $503.2 million in Q2 2025, up 68% from last year’s $299.1 million. The lift came both from price and volume improvements: average realized gold equivalent prices jumped 32% to $3,187 per ounce, while GEO sales surged 28% to 157,916 ounces.
Total cost of sales rose a slower 33% to $150.2 million as fixed payment stream contracts capped unit cash costs at $470 per ounce, an 8% hike. Gross margin therefore nearly doubled to $353.0 million, expanding margin per GEO by 37% to $2,717.
Operating expenses also spiked, with share-based compensation ballooning 60% to $10.0 million and donations trebled to $2.4 million, together accounting for almost 11% of operating profit. Even so, earnings from operations climbed 95% to $329.7 million.
Net earnings soared 139% to $292.3 million, or $0.64 per share, from $122.3 million last year, or $0.27 per share. Adjusted net earnings rose a slightly tamer 91% to $286.0 million (or $0.63 per share)—still a record, but far below top-line growth.
Operating cash flow jumped 77% YoY to $415 million, but free cash flow swung negative as Wheaton ploughed a hefty $347.9 million into new and expanded streaming deals, up nearly ten-fold from last year’s $35.6 million. Combined with $147.9 million in dividends, the spend clipped quarter-end cash down to $1.01 billion.
The balance sheet remains debt-free, but current liabilities quadrupled to $139 million, driven by a spike in income tax payables at $112.5 million from just $2.1 million at year-end.
GEO production increased 9.5% to 158,608 ounces, led by a 9.8% jump in gold and 150% spike in cobalt but offset by a 43.9% collapse in palladium output as Stillwater grade variability continues to bite.
Full-year guidance of 600,000–670,000 GEOs remains unchanged, implying a H2 production run-rate of roughly 330,000–360,000 GEOs — achievable but increasingly dependent on timely ramps at Blackwater, Goose, and other growth assets.
Wheaton last traded at $137.19 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
