Wheaton Precious Metals Q2 2026: Record Revenue, Strong Margins and Higher Debt

Wheaton Precious Metals has posted record second-quarter financial results, with higher precious metal prices and increased sales volumes driving a sharp rise in revenue, earnings and cash generation.

The numbers are impressive. However, investors also need to weigh that performance against a substantially more leveraged balance sheet following the $4.3 billion BHP Antamina silver stream acquisition.

Here is what matters from the original company announcement.

Wheaton Precious Metals Q2 results at a glance

All financial figures are in US dollars.

Metric	Q2 2026	Q2 2025	Change
Revenue	$929 million	$503 million	84.7%
Net earnings	$543 million	$292 million	85.9%
Adjusted net earnings	$543 million	$286 million	89.7%
Operating cash flow	$650 million	$415 million	56.5%
Gold equivalent production	202,229 ounces	190,179 ounces	6.3%
Gold equivalent sales	209,115 ounces	182,750 ounces	14.4%
Cash operating margin per GEO	$3,875	Not disclosed in the summary table	65%

Gold equivalent ounces, or GEOs, convert production from different metals into a common gold-based measure. This helps investors compare Wheaton's overall output across gold, silver, palladium, platinum and cobalt.

For the first half of 2026, revenue reached a record $1.8 billion, net earnings rose to $1.1 billion and operating cash flow increased to $1.4 billion.

Net earnings per share were $1.196 for the quarter, up 85.7%, while operating cash flow per share increased by 56.5% to $1.430.

Higher prices did most of the financial heavy lifting

Wheaton's Q2 revenue increased by $426 million year on year. The main driver was a 61% increase in the average realised price per GEO sold, accompanied by a 14% rise in GEO sales volumes.

That combination produced powerful operational gearing. Revenue rose 84.7%, but gross margin increased by 94.8% to $688 million and earnings from operations more than doubled to $667 million.

This demonstrates the attraction of the streaming model during a strong precious metals market. Wheaton provides mining companies with upfront funding in exchange for the right to purchase an agreed share of future metal production, typically at a relatively low ongoing price.

The company therefore gains exposure to commodity prices without directly operating the mines. This does not eliminate operational risk, but it can produce wide margins when metal prices rise.

Average cash costs increased from $406 to $568 per GEO. Even so, the average price received climbed much faster, lifting the cash operating margin by 65% to $3,875 per GEO sold.

Antamina has transformed Wheaton's silver exposure

The acquisition of BHP's share of the Antamina silver stream was the most important portfolio development during the quarter.

The deal increased Wheaton's share of silver production from Antamina from 33.75% to 67.5%, effective from 1 April 2026. Attributable silver production from the mine consequently rose by 56% to 2.3 million ounces in Q2.

Lower grades and the timing of planned maintenance offset part of the benefit, but the wider portfolio impact was still clear. Total silver production increased by 14.5% to 6.4 million ounces, while silver sales jumped by 34% to 6.5 million ounces.

Silver generated 52% of quarterly revenue, compared with 46% from gold. The business now has a more balanced revenue mix between its two main precious metals.

For more context on the transaction and the company's previous quarterly performance, see my coverage of Wheaton Precious Metals' record Q1 2026 results and streaming deals.

Production was stronger, but not everywhere

Total GEO production increased by 6.3% to 202,229 ounces. The growth came despite gold production falling by 2.6% to 90,434 ounces.

There were several moving parts within the portfolio:

• Salobo gold production fell by 11% to 62,100 ounces because of lower grades.
• Peñasquito silver production declined by 14% due mainly to lower grades and recoveries.
• Constancia gold production dropped by 35% following the completion of mining at the higher-gold-grade Pampacancha pit.
• Blackwater gold production increased by 46%, supported by improved recoveries, grades and throughput.
• Voisey's Bay cobalt production rose by 23% as its underground mine continued ramping up.
• Other Gold production increased by 667% following contributions from Fenix, Hemlo and Goose.

Produced but not yet delivered inventory stood at approximately 157,600 GEOs, equal to 2.6 months of payable production. This remained within Wheaton's guided range of 2.5 to 3.5 months.

The balance sheet is the main point of caution

Record cash generation sits alongside a major change in Wheaton's financial position.

During Q2, the company made $4.5 billion of net upfront payments for stream interests, including $4.3 billion for the BHP Antamina agreement. It funded the deal using cash, its revolving credit facility and a new $1.5 billion two-year term loan.

At 30 June 2026, Wheaton had:

Balance sheet measure	Amount
Cash	$100 million
Outstanding debt	$2.0 billion
Net debt	$1.9 billion
Available liquidity	$2.6 billion

This is a significant shift from the $1.2 billion net cash position reported at the end of 2025.

Finance costs increased from $1.4 million to $31.1 million in Q2, providing an early indication of the additional burden. Strong operating cash flow should help Wheaton manage its borrowings, but investors should watch the pace of debt repayment and the performance of Antamina closely.

The company has increased its revolving credit facility to $2.5 billion, extended its maturity to June 2031 and retained a $500 million accordion feature. That provides flexibility, although it does not remove the risks attached to higher leverage.

Growth guidance remains unchanged

Wheaton maintained its 2026 production guidance at approximately 860,000 to 940,000 GEOs, comprising:

• 400,000 to 430,000 ounces of gold
• 27 million to 29 million ounces of silver
• 19,000 to 21,000 GEOs from other metals

Annual production is still forecast to grow by approximately 50% to 1.2 million GEOs by 2030. Average annual production is then forecast to remain at 1.2 million GEOs between 2031 and 2035.

Several development assets are moving closer to production or expansion. Platreef and Fenix are targeting commercial production in Q4 2026, Kurmuk expects operations to start in August, and Koné is targeting its first gold pour in late Q4 2026.

These timelines depend on mine operators rather than Wheaton itself, making project execution an important risk. The Wheaton Precious Metals company page provides ongoing coverage of future announcements.

What investors should watch next

The Q2 results show Wheaton's streaming model working effectively in a strong pricing environment. Higher realised prices, rising sales volumes and the expanded Antamina interest delivered record revenue, earnings and cash flow.

The quarterly dividend was set at $0.195 per common share, offering shareholders some direct participation in the cash generation.

The trade-off is a more leveraged financial position. The key tests from here are whether Antamina continues lifting silver deliveries, whether development projects meet their schedules and how quickly Wheaton converts operating cash flow into lower net debt.

With guidance unchanged, the operational growth case remains intact. The balance sheet, rather than current profitability, is now the area that deserves the closest attention.