Canada's Wheaton Precious Metals Q1 revenue, adjusted profit soar on higher gold prices

Wheaton Precious Metals

07/05/2026 22:14

Overview

Canada precious metals streamer reported Q1 revenue up 92% yr/yr, beating analyst expectations

Adjusted net earnings for Q1 more than doubled yr/yr, driven by higher realized gold prices

Company completed largest streaming deal to date at Antamina, expanding its asset base

Outlook

Wheaton forecasts 2026 production of 860,000 to 940,000 gold equivalent ounces, unchanged from prior guidance

Company expects annual production to rise about 50% to 1.2 mln gold equivalent ounces by 2030

About 3% of 2026 production is expected from assets in construction or ramp-up

Result Drivers

HIGHER REALIZED PRICES - Co said a 98% increase in the average realized gold equivalent price was the main driver of record revenue and margin growth

STRONG PRODUCTION AT KEY MINES - Increased attributable production at Peñasquito, Antamina and Blackwater, and the restart at Aljustrel, drove a 22% yr/yr rise in gold equivalent output

BUSINESS MODEL LEVERAGE - Fixed per-ounce payments across most streams amplified margin gains in a rising price environment

Company press release: ID:nPnc5K1Bfa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$901.47 mln
$886.38 mln (5 Analysts)
Q1 EPS
$1.28
Q1 Net Income
$582.04 mln
Q1 EBIT
$674.79 mln
Q1 Pretax Profit
$691.12 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

The average consensus recommendation for the gold peer group is "buy"

The stock recently traded at 26 times the next 12-month earnings vs. a P/E of 35 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)