Wheaton Precious Metals Reports Record 2025 Results

Outgoing CEO highlights production above guidance, record financials, and major streaming deal

Mar. 13, 2026 at 7:49pm

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Wheaton Precious Metals (NYSE:WPM) reported what outgoing CEO Randy Smallwood repeatedly characterized as 'record everything' for 2025, highlighting production above guidance, record financial results, and a larger dividend alongside a major post-year-end streaming transaction tied to the Antamina mine.

Why it matters

Wheaton Precious Metals is a leading precious metals streaming company, providing upfront financing to miners in exchange for a portion of their metal production. The company's strong 2025 performance and ambitious growth plans signal continued success in its unique business model, which offers investors exposure to metal production with reduced operating and capital-cost risk compared to traditional mining companies.

The details

Wheaton reported annual production of 690,000 gold equivalent ounces (GEOs) in 2025, exceeding the top end of its guidance for the year. The company cited strong contributions from key assets including Salobo, Antamina, and Peñasquito, as well as the continued ramp-up of Blackwater and Goose. In the fourth quarter, production totaled 205,000 GEOs, a quarterly record. Wheaton also reported record revenue of approximately $2.3 billion for the full year, up 80% from 2024, with a gross margin of $1.7 billion, up 108%. The company's board declared a first-quarter 2026 dividend of $0.195 per share, an 18% increase compared to the prior year.

  • Wheaton reported annual production of 690,000 gold equivalent ounces (GEOs) in 2025.
  • In the fourth quarter, production totaled 205,000 GEOs, a quarterly record.
  • Wheaton reported record revenue of approximately $2.3 billion for the full year 2025, up 80% from 2024.
  • Wheaton's board declared a first-quarter 2026 dividend of $0.195 per share, an 18% increase compared to the prior year.

The players

Randy Smallwood

Outgoing CEO of Wheaton Precious Metals.

Wes Carson

VP Mining Operations at Wheaton Precious Metals.

Vincent Lau

CFO of Wheaton Precious Metals.

Haytham Hodaly

President and incoming CEO of Wheaton Precious Metals.

BHP

A global resources company that partnered with Wheaton Precious Metals on a new streaming transaction related to the Antamina mine.

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