Wheaton Precious Metals earnings: third quarter 2026

Wheaton Precious Metals, which pays mine owners up front for the right to buy part of their future metal, had a third quarter of 2026 lifted by much higher metal prices. Sales rose 62% to $772 million, and profit excluding one-offs rose 46% to $410 million. The cost is a new debt load: big purchases earlier in the year turned a cash cushion into $1.5 billion of net debt, and interest now takes a real slice of profit. The company kept its production forecast for the year and its plan to grow about 50% by 2030, even as two mines it counts on slipped. ¹

Against what analysts expected

Analysts expected profit of $0.91 a share, the average forecast on Nasdaq's earnings calendar. Wheaton reported $0.903 a share, and $0.902 on its own adjusted measure; the forecast sits a fraction closer to the reported figure, which was about 0.8% below it, so in line with what analysts expected. ¹²

The strong points

• Sales rose 62% from a year ago to $772 million, mostly because metal prices were far higher and partly because Wheaton sold more ounces. ¹
• Profit excluding one-offs, the company's own adjusted figure, rose about 46% to $410 million. ¹
• Cash from running the business rose 68% to $645 million, well above profit. ¹

The weak points

• Interest costs jumped to $25 million from $1.4 million a year ago, now that the company owes about $1.5 billion more than it holds in cash. ¹
• Wheaton paid almost no income tax in cash this quarter, so taxes owed within a year have more than doubled to $247 million. ¹
• The El Domo mine, one of the projects behind Wheaton's growth plan, is now about four months late, aimed at November 2027 instead of July. ¹

What the company expects

• Wheaton kept its forecast for 2026 production at 860,000 to 940,000 ounces, its common measure of all the metals it receives, the same range it gave last time. ¹
• It also kept its long-term plan: production up about 50% from 2025 to 1.2 million ounces by 2030, then holding near that level to 2035. ¹

Our verdict on the quarter

A strong report. Profit came in line with what analysts expected, sales and underlying profit grew strongly on higher metal prices, and the company kept its forecasts for the year and for 2030, though new debt costs and slipping mine projects hold the picture back a little.

The results as published

• The results release itself
• The filing it came with (SEC)
• The previous results, for what it forecast then

Notes

1. Wheaton Precious Metals' results release, 5 November 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 6 November 2026. ↩