Wheaton Precious Q3 Earnings & Revenues Beat Estimates, Shares Up 8%

Core Insights - Wheaton Precious Metals Corp. (WPM) reported adjusted earnings per share of 62 cents for Q3 2025, exceeding the Zacks Consensus Estimate of 59 cents, with a year-over-year increase of 83.7% [1][10] - The company's revenues reached approximately $476 million, reflecting a 54.5% year-over-year growth, driven by higher metal prices and increased gold equivalent ounces (GEOs) sold, surpassing the Zacks Consensus Estimate of $471 million [2][10] Revenue and Production - The average realized gold price in Q3 2025 was $3,481 per ounce, a 39.7% increase from the previous year, while silver prices rose 33.5% to $39.66 per ounce [3] - Attributable gold production was 100,090 ounces, up 15.3% year-over-year, exceeding the projection of 94,165 ounces, and silver production increased 32.2% to 5,999 thousand ounces [4] - The company sold 137,563 GEOs in the quarter, marking a 12.5% year-over-year increase, and produced 173,415 GEOs compared to 142,716 GEOs in Q3 2024 [5] Financial Performance - Total cost of sales increased by 26.6% year-over-year to around $140 million, while gross profit surged 70.2% to $336 million [6] - General and administrative expenses rose 9.9% to $10.4 million, with earnings from operations increasing by 79.3% to $315.5 million [6] - Average cash costs were $532 per GEO, up from $439 in the previous year, with cash operating margin increasing 41% to $2,930 per GEO sold [7] Financial Position - The company had $1.16 billion in cash at the end of Q3 2025, up from $0.82 billion at the end of 2024, and reported operating cash flow of $383 million compared to $254 million in the prior year [8] - WPM maintained a debt-free balance sheet as of September 30, 2025, with a $2 billion undrawn revolving credit facility [8] Outlook - Wheaton Precious Metals reaffirmed its 2025 production outlook, expecting gold production between 350,000 and 390,000 ounces, silver production between 20.5 million and 22.5 million ounces, and other metals production of 12,500 to 13,500 GEOs [11] Stock Performance - WPM's shares have increased by 75.8% over the past year, significantly outperforming the industry average growth of 19.7% [12]