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WPM Q2 Earnings Beat Estimates on Higher Prices, Revenue Growth
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Key Takeaways
Wheaton Precious Metals posted Q2 adjusted EPS of $1.19, up 89.7% y/y.
Revenues jumped 84.7% as higher realized prices and gold equivalent ounces sold boosted results.
Wheaton Precious Metals reaffirmed its 2026 production guidance of 860,000-940,000 GEOs.
Wheaton Precious Metals Corp. (WPM - Free Report) reported adjusted earnings of $1.19 per share for second-quarter 2026, beating the Zacks Consensus Estimate of $1.15 by 3.48%. Adjusted earnings per share increased 89.7% year over year.
WPM's Revenue Mix Benefits From Higher Prices
Revenues rose 84.7% year over year to $929 million and surpassed the consensus estimate of $877 million by 5.98%. Revenue growth reflected a 61% increase in the average realized gold-equivalent price and a 14% rise in gold-equivalent ounces (GEOs) sold. The company sold 209,115 GEOs in the quarter, up 14.4% from the year-ago period.
Gold contributed 46% to quarterly revenues, while silver accounted for 52%. Palladium represented 0.3% and cobalt contributed 2%.
In second-quarter 2026, the average realized gold price was $4,452 per ounce, up 34.2% from the year-ago quarter. Silver prices were $73.41 per ounce, increasing 115.6% year over year. Palladium prices rose 43.5% from the prior-year quarter to $1,429 per ounce. Cobalt prices increased 50.2% year over year to $27.93 per pound.
Wheaton Precious Metals Corp. Price, Consensus and EPS Surprise
Wheaton Precious Metals’ Q2 Gold-Equivalent Production Rises
Gold production in the second quarter was 90,434 ounces, down 2.6% year over year. The figure missed our gold production projection of 98,995 ounces for the quarter. Silver production rose 14.5% year over year to 6.4 million ounces, which came in higher than our estimate of 5.9 million ounces.
Attributable gold-equivalent production in the quarter was 202,229 ounces, up 6.3% from the prior-year quarter’s output of 190,179 ounces. Our projection was 201,920 ounces.
WPM's Margins Expand Despite Higher Cash Costs
The total cost of sales increased 60.7% year over year to around $241 million in the second quarter. Gross profit rose 94.8% to $688 million. The gross margin was 74% in the reported quarter compared with 70.2% in the prior-year quarter.
General and administrative expenses increased 2.8% year over year to $11 million. Earnings from operations were $667 million, up 102.3% from the $330 million reported in the prior-year quarter.
Average cash costs in the second quarter of 2026 were $568 per GEO, up from $406 in the year-ago quarter. The cash operating margin increased 65% year over year to $3,875 per GEO sold due to a higher realized price per ounce.
Wheaton Precious Metals’ Balance Sheet Updates
WPM had $0.1 billion in cash in hand at the end of second-quarter 2026 compared with $1.15 billion at the end of 2025. The company reported an operating cash flow of $649.5 million in the second quarter of 2026 compared with $415 million in the year-ago quarter.
WPM Reaffirms 2026 Production Outlook
WPM maintained its 2026 production guidance of 860,000-940,000 GEOs. The outlook includes 400,000-430,000 ounces of gold, 27-29 million ounces of silver and 19,000-21,000 GEOs of other metals. The company expects production to be weighted to the second half, helped by mine sequencing at Salobo and Peñasquito, the full Antamina contribution, and continued ramp-up of newer assets.
The development pipeline also continues to advance. Blackwater's Phase 1A expansion was 57% complete at the end of the quarter and remains scheduled for commissioning in the fourth quarter of 2026. Koné targets first gold in late fourth-quarter 2026, while Platreef expects commercial production in the fourth quarter. WPM continues to forecast production of 1.2 million GEOs by 2030.
Wheaton Precious Metals’ Price Performance
WPM shares have gained 38.5% in the past year compared with the industry’s 48.9% growth.
Kinross Gold Corporation (KGC - Free Report) reported adjusted earnings of 71 cents per share for the second quarter of 2026, surging 61.4% from 44 cents in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of 66 cents by 7.6%.
Kinross Gold’s revenues increased 29.5% year over year to $2.2 billion but missed the consensus estimate of $2.3 billion by 2%.
Agnico Eagle Mines Limited (AEM - Free Report) posted second-quarter 2026 earnings of $3.05 per share, up 57.2% from $1.94 a year ago. The figure surpassed the Zacks Consensus Estimate of $2.89.
Agnico Eagle Mines generated revenues of $3,802.8 million, up 35% year over year. The top line missed the Zacks Consensus Estimate of $3,863.2 million.
Newmont Corporation (NEM - Free Report) reported second-quarter 2026 adjusted earnings of $2.10 per share, up 46.9% from $1.43 in the prior-year quarter. The figure topped the Zacks Consensus Estimate of $2.05.
Newmont’s revenues for the second quarter were $6.12 billion, up 15.1% from the prior-year quarter. The figure missed the Zacks Consensus Estimate of $6.35 billion.
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WPM Q2 Earnings Beat Estimates on Higher Prices, Revenue Growth
Key Takeaways
Wheaton Precious Metals Corp. (WPM - Free Report) reported adjusted earnings of $1.19 per share for second-quarter 2026, beating the Zacks Consensus Estimate of $1.15 by 3.48%. Adjusted earnings per share increased 89.7% year over year.
WPM's Revenue Mix Benefits From Higher Prices
Revenues rose 84.7% year over year to $929 million and surpassed the consensus estimate of $877 million by 5.98%. Revenue growth reflected a 61% increase in the average realized gold-equivalent price and a 14% rise in gold-equivalent ounces (GEOs) sold. The company sold 209,115 GEOs in the quarter, up 14.4% from the year-ago period.
Gold contributed 46% to quarterly revenues, while silver accounted for 52%. Palladium represented 0.3% and cobalt contributed 2%.
In second-quarter 2026, the average realized gold price was $4,452 per ounce, up 34.2% from the year-ago quarter. Silver prices were $73.41 per ounce, increasing 115.6% year over year. Palladium prices rose 43.5% from the prior-year quarter to $1,429 per ounce. Cobalt prices increased 50.2% year over year to $27.93 per pound.
Wheaton Precious Metals Corp. Price, Consensus and EPS Surprise
Wheaton Precious Metals Corp. price-consensus-eps-surprise-chart | Wheaton Precious Metals Corp. Quote
Wheaton Precious Metals’ Q2 Gold-Equivalent Production Rises
Gold production in the second quarter was 90,434 ounces, down 2.6% year over year. The figure missed our gold production projection of 98,995 ounces for the quarter. Silver production rose 14.5% year over year to 6.4 million ounces, which came in higher than our estimate of 5.9 million ounces.
Attributable gold-equivalent production in the quarter was 202,229 ounces, up 6.3% from the prior-year quarter’s output of 190,179 ounces. Our projection was 201,920 ounces.
WPM's Margins Expand Despite Higher Cash Costs
The total cost of sales increased 60.7% year over year to around $241 million in the second quarter. Gross profit rose 94.8% to $688 million. The gross margin was 74% in the reported quarter compared with 70.2% in the prior-year quarter.
General and administrative expenses increased 2.8% year over year to $11 million. Earnings from operations were $667 million, up 102.3% from the $330 million reported in the prior-year quarter.
Average cash costs in the second quarter of 2026 were $568 per GEO, up from $406 in the year-ago quarter. The cash operating margin increased 65% year over year to $3,875 per GEO sold due to a higher realized price per ounce.
Wheaton Precious Metals’ Balance Sheet Updates
WPM had $0.1 billion in cash in hand at the end of second-quarter 2026 compared with $1.15 billion at the end of 2025. The company reported an operating cash flow of $649.5 million in the second quarter of 2026 compared with $415 million in the year-ago quarter.
WPM Reaffirms 2026 Production Outlook
WPM maintained its 2026 production guidance of 860,000-940,000 GEOs. The outlook includes 400,000-430,000 ounces of gold, 27-29 million ounces of silver and 19,000-21,000 GEOs of other metals. The company expects production to be weighted to the second half, helped by mine sequencing at Salobo and Peñasquito, the full Antamina contribution, and continued ramp-up of newer assets.
The development pipeline also continues to advance. Blackwater's Phase 1A expansion was 57% complete at the end of the quarter and remains scheduled for commissioning in the fourth quarter of 2026. Koné targets first gold in late fourth-quarter 2026, while Platreef expects commercial production in the fourth quarter. WPM continues to forecast production of 1.2 million GEOs by 2030.
Wheaton Precious Metals’ Price Performance
WPM shares have gained 38.5% in the past year compared with the industry’s 48.9% growth.
WPM’s Zacks Rank
Wheaton Precious currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Mining Stocks
Kinross Gold Corporation (KGC - Free Report) reported adjusted earnings of 71 cents per share for the second quarter of 2026, surging 61.4% from 44 cents in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate of 66 cents by 7.6%.
Kinross Gold’s revenues increased 29.5% year over year to $2.2 billion but missed the consensus estimate of $2.3 billion by 2%.
Agnico Eagle Mines Limited (AEM - Free Report) posted second-quarter 2026 earnings of $3.05 per share, up 57.2% from $1.94 a year ago. The figure surpassed the Zacks Consensus Estimate of $2.89.
Agnico Eagle Mines generated revenues of $3,802.8 million, up 35% year over year. The top line missed the Zacks Consensus Estimate of $3,863.2 million.
Newmont Corporation (NEM - Free Report) reported second-quarter 2026 adjusted earnings of $2.10 per share, up 46.9% from $1.43 in the prior-year quarter. The figure topped the Zacks Consensus Estimate of $2.05.
Newmont’s revenues for the second quarter were $6.12 billion, up 15.1% from the prior-year quarter. The figure missed the Zacks Consensus Estimate of $6.35 billion.