Wheaton Precious Metals Corp. reported record full‑year revenue of $2.3 billion, an increase of roughly 80% from $1.285 billion in 2024, driven by higher realized prices for gold and silver and a favorable mix of high‑margin streams. The company’s net earnings rose to $1.47 billion, a 178% jump from $529.1 million in 2024, reflecting the combination of higher commodity prices and disciplined cost management.
Operating cash flow reached $1.9 billion, up about 80% from $1.03 billion in 2024, underscoring the strength of Wheaton’s streaming model in converting commodity price gains into cash. Adjusted earnings per share climbed to $3.02 from $1.17 in 2024, a beat of $1.85 per share that highlights the company’s pricing power and efficient execution.
Gross margin for the year was 76.7%, while operating margin stood at 63.46%. The margin expansion was largely driven by higher realized metal prices that more than offset a rise in cash costs per GEO, which increased to $514 from $438 in 2024. The company’s fixed‑price streams and long‑term contracts continue to provide a cushion against commodity price volatility.
Revenue was composed of 62% gold, 36% silver, 1% palladium and 1% cobalt, illustrating a diversified portfolio that mitigates exposure to any single metal. The Antamina silver stream acquisition, valued at $4.3 billion, is expected to add significant production and cash flow in the coming years.
CEO Randy Smallwood said the company’s “portfolio of high‑quality, long‑life assets delivered another outstanding year in 2025, surpassing our production guidance and achieving record revenue, earnings, and operating cash flow.” President Haytham Hodaly added that the results “reflect the consistent execution of our disciplined capital allocation strategy, focused on high‑quality assets, well‑structured agreements, strong counterparties, attractive margins, and long‑term growth.”
Market reaction to the results was muted; the stock fell 2.88% in the session following the announcement, but the broader trend remains positive, with year‑to‑date gains of 26.5% and a 98.9% increase over the past year, indicating sustained investor confidence in Wheaton’s long‑term value creation.
The earnings beat and margin expansion reinforce confidence in Wheaton’s business model, suggesting that the company is well positioned to capitalize on rising commodity prices while maintaining a strong balance sheet with $1.2 billion in cash and an undrawn $2.5 billion credit facility.
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