Wheaton Precious Metals Q3 2026: A Streak Ends, but Revenue Rose 62%

Wheaton Precious Metals reported Q3 2026 earnings per share of $0.901 against a consensus estimate of $0.9011, missing expectations. Revenue came in at $771.7 million, also missing the $772.6 million estimate. The fractional shortfall was enough to snap a four-consecutive-quarter streak of beating Wall Street's EPS expectations, though characterizing the result as a stumble stretches the word considerably.

Revenue rose 62% year over year, powered by a 36% rise in average realized gold-equivalent prices and a 19% increase in gold-equivalent ounces sold. That combination lifted the cash operating margin to $3,466 per GEO, a gain of 39%. Gold contributed $393.0 million in segment revenue and silver added $357.7 million, with cobalt, palladium, and platinum rounding out the rest.

A key structural driver in the quarter was the BHP Antamina precious metals purchase agreement, which doubled Wheaton's silver share at the Antamina mine to 67.5% effective April 1. Antamina silver production rose 60% as a result, and Peñasquito posted a record 3.1 million attributable silver ounces, up 46%. Not everything went smoothly: labour disputes at San Dimas and Stillwater, lower Constancia gold output following depletion of the Pampacancha pit, and an underground substation outage that delayed the Hemlo ramp-up all weighed on results.

On the growth pipeline, management highlighted two milestones: first gold pour at Montage Gold's Koné project on September 26, 2026, with commercial production on track for Q4 2026, and Hudbay's approval of construction at Copper World, targeting first production in the second half of 2029. Additional upfront payments of $86 million were made during the quarter, covering El Domo and Marmato, with a further $51 million deployed after quarter-end for Jervois and Spring Valley.

Full-year 2026 production guidance was left unchanged at 860,000 to 940,000 GEOs, and the longer-term target of 1.2 million GEOs by 2030 was reaffirmed. A quarterly dividend of $0.195 per common share was declared, with total dividend payments of $89 million made during the quarter. CEO Haytham Hodaly described Q3 as building on record year-to-date performance and expressed confidence that annual production guidance remains achievable.