Wheaton Posts Record US$1.8 Billion H1 Revenue

Source: Streetwise Reports 08/14/2026

Wheaton Precious Metals Corp. (WPM:TSX; WPM:NYSE) posted record first-half revenue of US$1.8 billion and operating cash flow of US$1.4 billion, driven primarily by a 78% increase in its average realized gold-equivalent price and a 5% increase in gold-equivalent ounces sold.

A precious-metals streaming company has reported Q2 2026 financial results, gaining the attention of gold investors.

Key Takeaways

• Wheaton posted record first-half revenue of US$1.8 billion and operating cash flow of US$1.4 billion, driven primarily by a 78% increase in its average realized gold-equivalent price and a 5% increase in gold-equivalent ounces sold.
• The company’s cash operating margin rose 65% to US$3,875 per gold-equivalent ounce sold, even as average cash costs increased to US$568/oz.
• Wheaton maintained 2026 guidance of 860,000–940,000 gold-equivalent ounces, with production forecast to reach approximately 1.2 million gold-equivalent ounces (GEOs) annually by 2030.
• Peter Krauth of The Silver Stock Investor called Wheaton’s Q2 results “tremendous,” citing its growth profile and maintaining a full portfolio weighting.
• Upcoming catalysts include Platreef’s targeted Q4 2026 commercial production, Kurmuk’s first gold expected within weeks of August startup, and El Domo’s July 2027 commissioning target.

Record Revenue, Margins Both Climb

Wheaton Precious Metals Corp. (WPM:TSX; WPM:NYSE) reported Q2 2026 results on August 6, 2026, with highlights including:

• Revenue of US$929 million, up US$426 million from 2025, primarily due to a 61% increase in its average realized gold equivalent price (AuEq) and a 14% increase in gold equivalent ounces sold.
• For the first half of 2026, revenue reached a record US$1.8 billion, an increase of US$857 million year over year.
• Wheaton produced 202,229 AuEq ounces in Q2, a 6.3% increase from 190,179 ounces in Q2 2025.
• First-half attributable production totaled 414,755 AuEq ounces, up 13.8% year over year.
• Silver production increased 14.5% in the quarter to 6.4 million ounces, while palladium production rose 14.5% to 2,788 ounces, and cobalt production increased 23.1% to 796,000 pounds.

Wheaton generated US$650 million in operating cash flow during Q2, up US$235 million year over year, while first-half operating cash flow reached US$1.4 billion, an increase of US$640 million. Average cash costs were US$568 per gold equivalent ounce in Q2, compared with US$406 in the prior-year quarter, while the cash operating margin increased 65% to US$3,875 per gold equivalent ounce sold.

On the operational side, the company continued to advance its portfolio. At Antamina, attributable silver production increased 56% to 2.3 million ounces following Wheaton’s acquisition of BHP’s 33.75% share of silver production, which increased Wheaton’s attributable share from 33.75% to 67.5% effective April 1, 2026. Blackwater produced 5,900 ounces of attributable gold, up 46% year over year, while other gold production increased 667% to 5,900 ounces following the addition of production from Fenix, Hemlo, and Goose.

Wheaton maintained its 2026 production guidance of between 860,000 and 940,000 AuEq ounces, including 400,000 to 430,000 ounces of Au and 27 to 29 million ounces of silver (Ag). The company continues to forecast annual production reaching approximately 1.2 million AuEq ounces by 2030, with the same level expected to average through 2035.

Wheaton positions itself as ‘the world’s premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets,’ with a diversified portfolio of operating and development assets around the world.

Gold Steadies Near US$4,300 an Ounce

Junior miners and exploration companies hit the ground running this year after gold rallied to above US$5,500 per ounce in January. Many companies chose to begin exploration or production amid these highs. While prices have since fallen, and even dipped below US$4,000 in June, prices are still up 31% compared to August 2025, and Gold.org wrote that: “[T]he stage is set for a possible breakout. On the upside, clear catalysts — a worsening economy or renewed geopolitical shock, a shift towards lower interest-rate expectations, or a wave of dip buying — could reignite gold’s momentum and lift it back towards US$4,500/oz or above.” Even stronger is a belief that “. . . due to increased central bank buying and global tensions, JPMorgan predicts that gold will reach US$6,300 per ounce in 2026,” according to Yahoo Finance.

On August 17, 2026, Trading Economics reported that gold was trading at around US$4,300 per ounce after “. . . subdued U.S. economic data reduced expectations for an imminent Federal Reserve interest rate hike.” After several months of fears of inflation affecting future gold prices, the article stated: “Markets now see roughly a one-in-three chance of a Fed rate hike in September, down from nearly 50% before the data.”

The metals sector as a whole is only showing signs of improvement. On May 7, 2026, Brian Taylor of Recycling Today said that the World Bank Group has projected that its metals and minerals price index will rise 17% in 2026.

Krauth Calls Results “Tremendous”

Peter Krauth of The Silver Stock Investor wrote about Wheaton on August 12, 2026, calling its Q2 2026 results “tremendous.” Krauth noted that the company has “an impressively strong growth profile over the next 5 years, despite already being such a large company.”

“This is one of the most solid core holdings to have for the extent of this secular silver bull market. I continue to maintain my full weighting,” wrote Krauth.

• On August 10, 2026, Josh Wolfson of RBC Capital reiterated a “Buy” rating and a price target of US$160.
• On August 10, 2026, Lawson Winder of Bank of America assigned a “Buy” rating with no price target.
• On August 7, 2026, Ingrid Rico of Stifel Nicolaus reiterated a “Buy” rating and a price target of US$179.43.
• On August 7, 2026, Tanya Jakusconek of Scotiabank reiterated a “Buy” rating and a price target of US$175.
• On July 27, 2026, Richard Hatch of Berenberg Bank reiterated a “Buy” rating but downgraded the price target from US$160 to US$157.

Platreef Targets Q4 2026 Production

Upcoming catalysts investors should pay attention to were also listed in the press release. Platreef is targeting commercial production in Q4 2026, while Kurmuk is expected to begin operations in August with first gold expected to follow within weeks. Koné remains targeted for first gold in late Q4 2026 through its oxide circuit, and El Domo remains on schedule for initial commissioning in July 2027.

Ownership & Share Information¹

Wheaton Precious Metals Corp. has a market cap of CA$83.43 billion, with 454.16 million shares outstanding. The company’s 52-week range is CA$126.12-CA$226.28. Institutions own 72.95% of shares, while Management & Insiders own 0.12%. The remaining 26.93% of shares are Retail.

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Frequently Asked Questions

Q: What is precious-metals streaming?
A: Precious-metals streaming is a financing model in which a company provides upfront capital to a mining company in exchange for the right to purchase a portion of future metal production at an agreed price.

Q: How does a precious-metals streaming company make money?
A: A streaming company purchases metals from mining operators at predetermined prices and can then sell those metals at prevailing market prices. The difference can provide a source of revenue and cash flow.

Q: What is gold equivalent production?
A: Gold equivalent production combines the output of multiple metals into a single figure based on their relative values. It allows companies that produce gold, silver and other metals to report their overall production in comparable gold-equivalent ounces.

Q: What factors affect gold and silver prices?
A: Gold and silver prices can be influenced by interest rates, inflation expectations, currency movements, central-bank activity, investment demand, industrial demand, geopolitical conditions and changes in mine supply.

Q: What is a mining company’s attributable production?
A: Attributable production refers to the portion of a mine’s production that belongs to a company based on its ownership interest, streaming agreement or other contractual arrangement.

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Important Disclosures:

1. Cori Fisher wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
2. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

( Companies Mentioned: WPM:TSX; WPM:NYSE, )

Source: https://www.streetwisereports.com/article/2026/08/14/wheaton-posts-record-us-1-8-billion-h1-revenue.html