Earnings Analysis November 6, 2026

Wheaton Precious Metals Corp ($WPM) Q3 2026 Earnings Analysis: Revenue and Adjusted EPS Miss Estimates, Production Guidance Maintained

Earnings Report

Revenue: $772 million (Q3 2026, +62.0% YoY, expected $780 million) ❌ Miss

EPS (Earnings Per Share): $0.902 adjusted (Q3 2026, expected $0.91) ❌ Miss

Guidance: Maintained, 2026 annual gold-equivalent production of 860,000–940,000 ounces

Stock Price Reaction: +2.55% in regular session (pre-announcement session) ($135.84, as of 05:16 KST on 11-07)

Highlights

Cash Generation: Q3 2026 operating cash flow of $645 million, a 68.4% increase YoY

Sales Volume Increase: Q3 2026 gold-equivalent sales volume of 192,270 ounces, an 18.8% increase YoY

Silver Revenue Growth: Q3 2026 silver revenue of $358 million, an 89.5% increase YoY

The company explained that rising metal selling prices and increased sales volumes drove revenue growth. The addition of the Antamina silver purchase agreement and the commencement of production at new mines also contributed to the production increase.

Lowlights

Missed Expectations: Both Q3 2026 revenue and adjusted EPS fell short of expectations.

Decrease in Gold Production: Q3 2026 gold production of 91,753 ounces, an 8.2% decrease YoY

Debt Burden: Net debt of $1.5 billion at the end of September 2026, with interest expenses increasing due to borrowings related to acquisitions

Contrary to the overall production increase, gold production declined. The company explained that increased interest expenses, resulting from borrowing a portion of the funds to acquire the Antamina contract, partially offset the increase in adjusted earnings.

Company Commentary

The company explained that its existing growth plans are underway while maintaining both its annual and long-term production outlooks. While it is continuing its production expansion plans, it did not raise its guidance in this announcement.

Market Reaction and Key Points to Watch

Since the provided stock price record is from the pre-announcement session, there is no basis to link this performance to a subsequent rally. The changes confirmed in the earnings are rising selling prices, increased sales volumes, and improved cash generation.

It remains to be seen how much of the produced but undelivered metal will translate into sales in the next quarter.

It should be monitored whether the production expansion at new mines leads to achieving the annual production guidance.

It must be confirmed whether the increase in operating cash flow and debt repayment leads to a reduction in net debt.

Earnings Call Key Summary

Once the earnings call concludes and the company script is released, the key takeaways from the call will be added here. We will select and summarize only the most important points, such as how management explained performance and outlook, and what questions analysts asked.