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WPM Q1 Earnings Top Estimates on Higher Prices, Shares Gain 7%
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Key Takeaways
Wheaton Precious Metals Q1 earnings jumped 132% y/y to $1.28 per share, beating estimates by 11.3%.
WPM revenues jump 91.6% y/y to a record $901M, driven by a 98% surge in realized gold-equivalent prices.
WPM saw higher output from key assets, while cash flow hit a record $766M, boosting liquidity and dividends.
Shares of Wheaton Precious Metals Corp. (WPM - Free Report) gained 7% since it delivered adjusted earnings of $1.28 per share on Thursday, marking a year-over-year upsurge of 132.2%. The bottom line also surpassed the Zacks Consensus Estimate of $1.15 by 11.3%
Revenues were a record $901 million, up 91.6% from the year-ago quarter and beating the Zacks Consensus Estimate of $767 million. Gold-equivalent production rose 21.5% to 211,951 ounces, reflecting stronger output from key partner assets. Our projection was 201,377 ounces.
Wheaton Precious Metals Corp. Price, Consensus and EPS Surprise
Wheaton Precious Metals’s quarterly revenues reflected a sharp rise in realized pricing across its metal mix. The record revenues were driven primarily by a 98% jump in the average realized gold-equivalent price, partly offset by 3% lower gold-equivalent ounces sold.
Sales were diversified, with gold accounting for 51% of revenues and silver 47%, while palladium and cobalt each contributed 1%.
Wheaton Precious Metals’ Volumes Show Production Upside
Operating performance was supported by higher attributable output, led by stronger contributions from Peñasquito, Antamina and Blackwater, along with the recommencement of production at Aljustrel. The company also cited Salobo’s outperformance in its opening-quarter commentary.
Despite the production gain, gold-equivalent ounces sold declined year over year to 181,743. We predicted gold-equivalent ounces sold to be 156,429 for the quarter.
Produced but not yet delivered inventory climbed to about 183,500 GEOs as of March 31, representing 2.8 months of payable production and sitting at the mid-point of the company’s guided range.
WPM’s Cost Profile Pressures Cash Costs but Lifts Profit
Average cash costs increased to $681 per GEO from $392 a year ago, reflecting higher production payments under Wheaton Precious Metals’ streaming agreements as prices rose. Even with the higher cash costs, the cash operating margin expanded to $4,279 per GEO sold, soaring 103% year over year on the strength of realized prices.
The quarter’s gross profit was $699.4 million, more than doubling from the prior-year level.
Cash generated from operating activities was a record $766 million in the quarter, with WPM attributing the year-over-year increase primarily to a higher gross margin. The strong cash generation supported a sharply higher cash balance, with cash and cash equivalents at $2.2 billion at the quarter end compared with $1.15 billion at the end of 2025.
Shareholder returns also moved higher as Wheaton Precious Metals declared a quarterly dividend of 19.5 cents per share, an 18% increase from the prior-year quarter.
WPM’s Outlook
For 2026, Wheaton Precious Metals reiterated attributable production guidance of 860,000 to 940,000 GEOs, and continues to forecast annual production growth to 1.2 million GEOs by 2030, with the longer-term profile supported by projects advancing through construction and ramp-up.
Wheaton Precious Metals’ Price Performance
WPM shares have grown a whopping 83.4% in the past year compared with the industry’s 63.4% surge. During this time, the Basic Materials sector has jumped 49.1%, whereas the S&P 500 has grown 33.4%.
Kinross Gold Corporation (KGC - Free Report) registered adjusted earnings of 71 cents per share in the first quarter of 2026, up from the prior-year quarter’s earnings of 30 cents. The bottom line beat the Zacks Consensus Estimate of 68 cents.
Kinross Gold’s revenues surged roughly 61% year over year to $2.41 billion in the first quarter. The figure beat the Zacks Consensus Estimate of $2.17 billion. The rise is attributed to higher average realized gold prices.
Agnico Eagle Mines Limited (AEM - Free Report) earnings were $3.40 per share in first-quarter 2026, up from $1.53 a year ago, beating the Zacks Consensus Estimate of $3.19. Agnico Eagle Mines generated revenues of $4.09 billion, up 66.1% year over year. The top line surpassed the Zacks Consensus Estimate of $3.84 billion.
Newmont Corporation’s (NEM - Free Report) adjusted earnings surged 132% year over year to $2.90 per share and topped the Zacks Consensus Estimate of $2.07. Including one-time items, Newmont reported earnings of $3 per share compared with $1.68 in the year-ago quarter.
Newmont’s revenues for the first quarter were $7.31 billion, up 45.9% year over year. The figure beat the Zacks Consensus Estimate of $6.36 billion. Average realized prices were up 66% to $4,900 per ounce, which helped offset the impacts of a 15% drop in sales volumes to 1.232 million ounces.
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WPM Q1 Earnings Top Estimates on Higher Prices, Shares Gain 7%
Key Takeaways
Shares of Wheaton Precious Metals Corp. (WPM - Free Report) gained 7% since it delivered adjusted earnings of $1.28 per share on Thursday, marking a year-over-year upsurge of 132.2%. The bottom line also surpassed the Zacks Consensus Estimate of $1.15 by 11.3%
Revenues were a record $901 million, up 91.6% from the year-ago quarter and beating the Zacks Consensus Estimate of $767 million. Gold-equivalent production rose 21.5% to 211,951 ounces, reflecting stronger output from key partner assets. Our projection was 201,377 ounces.
Wheaton Precious Metals Corp. Price, Consensus and EPS Surprise
Wheaton Precious Metals Corp. price-consensus-eps-surprise-chart | Wheaton Precious Metals Corp. Quote
WPM’s Revenue Mix Benefits From Price Strength
Wheaton Precious Metals’s quarterly revenues reflected a sharp rise in realized pricing across its metal mix. The record revenues were driven primarily by a 98% jump in the average realized gold-equivalent price, partly offset by 3% lower gold-equivalent ounces sold.
Sales were diversified, with gold accounting for 51% of revenues and silver 47%, while palladium and cobalt each contributed 1%.
Wheaton Precious Metals’ Volumes Show Production Upside
Operating performance was supported by higher attributable output, led by stronger contributions from Peñasquito, Antamina and Blackwater, along with the recommencement of production at Aljustrel. The company also cited Salobo’s outperformance in its opening-quarter commentary.
Despite the production gain, gold-equivalent ounces sold declined year over year to 181,743. We predicted gold-equivalent ounces sold to be 156,429 for the quarter.
Produced but not yet delivered inventory climbed to about 183,500 GEOs as of March 31, representing 2.8 months of payable production and sitting at the mid-point of the company’s guided range.
WPM’s Cost Profile Pressures Cash Costs but Lifts Profit
Average cash costs increased to $681 per GEO from $392 a year ago, reflecting higher production payments under Wheaton Precious Metals’ streaming agreements as prices rose. Even with the higher cash costs, the cash operating margin expanded to $4,279 per GEO sold, soaring 103% year over year on the strength of realized prices.
The quarter’s gross profit was $699.4 million, more than doubling from the prior-year level.
Wheaton Precious Metals’ Liquidity & Cash Flow Surge
Cash generated from operating activities was a record $766 million in the quarter, with WPM attributing the year-over-year increase primarily to a higher gross margin. The strong cash generation supported a sharply higher cash balance, with cash and cash equivalents at $2.2 billion at the quarter end compared with $1.15 billion at the end of 2025.
Shareholder returns also moved higher as Wheaton Precious Metals declared a quarterly dividend of 19.5 cents per share, an 18% increase from the prior-year quarter.
WPM’s Outlook
For 2026, Wheaton Precious Metals reiterated attributable production guidance of 860,000 to 940,000 GEOs, and continues to forecast annual production growth to 1.2 million GEOs by 2030, with the longer-term profile supported by projects advancing through construction and ramp-up.
Wheaton Precious Metals’ Price Performance
WPM shares have grown a whopping 83.4% in the past year compared with the industry’s 63.4% surge. During this time, the Basic Materials sector has jumped 49.1%, whereas the S&P 500 has grown 33.4%.
Image Source: Zacks Investment Research
WPM’s Zacks Rank
Wheaton Precious Metals currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performances of Other Mining Stocks in Q1
Kinross Gold Corporation (KGC - Free Report) registered adjusted earnings of 71 cents per share in the first quarter of 2026, up from the prior-year quarter’s earnings of 30 cents. The bottom line beat the Zacks Consensus Estimate of 68 cents.
Kinross Gold’s revenues surged roughly 61% year over year to $2.41 billion in the first quarter. The figure beat the Zacks Consensus Estimate of $2.17 billion. The rise is attributed to higher average realized gold prices.
Agnico Eagle Mines Limited (AEM - Free Report) earnings were $3.40 per share in first-quarter 2026, up from $1.53 a year ago, beating the Zacks Consensus Estimate of $3.19. Agnico Eagle Mines generated revenues of $4.09 billion, up 66.1% year over year. The top line surpassed the Zacks Consensus Estimate of $3.84 billion.
Newmont Corporation’s (NEM - Free Report) adjusted earnings surged 132% year over year to $2.90 per share and topped the Zacks Consensus Estimate of $2.07. Including one-time items, Newmont reported earnings of $3 per share compared with $1.68 in the year-ago quarter.
Newmont’s revenues for the first quarter were $7.31 billion, up 45.9% year over year. The figure beat the Zacks Consensus Estimate of $6.36 billion. Average realized prices were up 66% to $4,900 per ounce, which helped offset the impacts of a 15% drop in sales volumes to 1.232 million ounces.