WPM Q4 Earnings Beat Estimates, Revenues Surge Y/Y on Higher Prices

Wheaton Precious Metals Corp.WPM reported adjusted earnings per share of $1.22 for fourth-quarter 2025, beating the Zacks Consensus Estimate of 93 cents. The bottom line increased 178.4% year over year.

Wheaton Precious Metals’ Q4 Revenues Reflect Higher Prices

Wheaton Precious Metals generated record revenues of around $865 million in the quarter, which rose 127.2% on a year-over-year basis. The upside was driven by a 69%% gain from the higher average realized gold equivalent price and a 35% increase in gold equivalent ounces (GEOs) sold in the quarter. The top line beat the Zacks Consensus Estimate of $659.4 million.

Gold sales contributed around 59% to the quarter’s revenues. Silver sales contributed 39% to the company’s revenues, palladium accounted for 1% and cobalt contributed 1%.

In fourth-quarter 2025, the average realized gold price was $4,215 per ounce. The figure was 57.5% higher than the year-ago quarter. Silver prices were $59.32 per ounce, up 86.9% year over year. Palladium prices were $1,479 per ounce, up 46.7% from the prior-year quarter. Cobalt prices rose 74.9% year over year to $23.89 per pound.

WPM’s Gold Equivalent Production Rises, Sales Drop in Q4

Gold production in the fourth quarter was 130,676 ounces, a 10.4% increase year over year.  The figure beat our gold production projection of 102,214 ounces for the quarter. Silver production rose 3.4% year over year to 6,064 thousand ounces, which came in lower than our estimate of 6,217 thousand ounces.

Attributable gold equivalent production in the quarter was 205,037 ounces, up 8.5% from the prior-year quarter’s output of 189,059 ounces. Our projection was 176,412 ounces. The company sold 90,535 GEOs in the quarter, up 34.7% year over year.

Wheaton Precious Metals’ Margins Rise Y/Y in Q4

The total cost of sales was up 51.1% year over year to around $201.2 million in the fourth quarter. The gross profit increased 168.2% to $663.5 million. The gross margin was 76.7% in the reported quarter compared with 65% in the prior-year quarter.

General and administrative expenses increased 12.5% year over year to $11.7 million. Earnings from operations were $646 million, a significant rise from $118 million reported in the prior year quarter. 

Average cash costs in the fourth quarter of 2025 were $597 per GEO, up from $444 in the year-ago quarter. The cash operating margin increased 76% year over year to $3,941 per GEO sold due to a higher realized price per ounce.

WPM Balance Sheet Updates

Wheaton Precious Metals had around $1.15 billion of cash in hand at the end of 2025 compared with $0.82 billion at the end of 2024. The company reported an operating cash flow of $1.09 billion in 2025 compared with $1.03 billion in 2024.

Wheaton Precious Metals’ Performance in 2025

Wheaton Precious Metals reported adjusted earnings per share of $3.02 in 2025, marking a 165% year-over-year increase. The bottom line surpassed the Zacks Consensus Estimate of $2.73.

Wheaton Precious Metals generated record revenues of $2.3 billion in the quarter, which rose 80.2% on a year-over-year basis. The year-over-year increase was attributed to a higher average realized gold equivalent price and increased gold equivalent ounces (GEOs) sold during the year. The top line beat the Zacks Consensus Estimate of $2.1 billion.

WPM’s 2026 Outlook

Wheaton Precious Metals projects an attributable production of 860,000-940,000 GEOs.

Wheaton Precious Metals’ Price Performance

WPM shares have gained 98.9% in the past year compared with the industry’s 52.6% growth.

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WPM’s Zacks Rank

Wheaton Precious currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Mining Stocks

Agnico Eagle Mines Limited AEM reported adjusted earnings of $2.69 per share for the fourth quarter of 2025, up from $1.26 in the year-ago quarter. AEM’s bottom line topped the Zacks Consensus Estimate of $2.56.

Agnico Eagle Mines generated revenues of $3.56 billion, surging 60.3% year over year. The top line surpassed the Zacks Consensus Estimate of $3.24 billion.

Kinross Gold CorporationKGC reported adjusted earnings of 67 cents per share for the fourth quarter of 2025, up from 20 cents in the year-ago quarter. KGC’s bottom line topped the Zacks Consensus Estimate of 55 cents.

Kinross Gold generated revenues of $2.02 billion, up 42.9% year over year. The top line surpassed the Zacks Consensus Estimate of $1.87 billion.

Royal Gold, Inc. RGLD reported adjusted earnings per share of $1.92 in the fourth quarter of 2025, which missed the Zacks Consensus Estimate of $2.68. RGLD’s bottom line increased 18% year over year.

Royal Gold generated record revenues of $375 million, surging 85% year over year. Stream revenues were $265 million in the December-end quarter, up from $125 million year over year. Royalty revenues were $111 million, growing 42.2% year over year.

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