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Wheaton Precious Metals Corp (NYSE:WPM) reported record quarterly financial results in its Q2 2025 presentation, with revenue soaring 68% year-over-year to $503 million, driven by higher metal prices and increased production volumes. The streaming company continues to benefit from operational improvements at key mining assets and robust precious metals markets.
Quarterly Performance Highlights
Wheaton delivered exceptional financial performance in the second quarter of 2025, with net earnings of $292 million, representing a 139% increase compared to Q2 2024. Adjusted net earnings reached $286 million, up 91% year-over-year, while operating cash flow grew 77% to $415 million.
The company declared a quarterly dividend of $0.165 per common share, marking a 6.5% increase compared to the third quarterly dividend of 2024, continuing its commitment to shareholder returns.
"Driven by higher sales volumes coupled with higher commodity prices, gross margin for Q2 2025 increased by 90% relative to Q2 2024," noted Vincent Lau, Senior Vice President of Finance and CFO, in the presentation.
As shown in the following chart of Wheaton’s profitability overview:
The impressive financial results were largely attributable to substantial increases in realized metal prices, with gold averaging $3,318 per ounce (up 41% year-over-year) and silver at $34.05 per ounce (up 17%). These price gains, combined with higher production volumes, created a powerful tailwind for Wheaton’s streaming business model.
The company’s financial overview demonstrates the magnitude of improvement across all key metrics:
Operational Updates
Wheaton highlighted significant operational milestones across its portfolio of streaming agreements. At Salobo, where Wheaton has a 75% gold stream for the life of mine, production reached 69,400 ounces of attributable gold in Q2 2025, representing a 10% increase compared to the same period last year. Importantly, Vale announced that the Salobo complex reached full ramp-up on July 22, 2025, a positive development for future production.
The Antamina mine delivered 1.3 million ounces of attributable silver in Q2 2025, a substantial 31% increase year-over-year, driven by higher silver grades. Meanwhile, Artemis Gold achieved commercial production at the Blackwater mine on May 2, 2025, where Wheaton holds an 8% gold and 50% silver stream for the life of mine.
The following slide details these operational developments:
Year-to-date production remains on track to meet annual guidance, with the company noting that production is expected to be weighted toward the second half of 2025. Through June 30, Wheaton has produced 184.6 thousand ounces of gold, 10.1 million ounces of silver, and 8.0 thousand gold equivalent ounces (GEOs) from other metals, for a total of 309.2 thousand GEOs.
The company’s progress toward its annual production guidance is illustrated in this chart:
Detailed Financial Analysis
Wheaton’s revenue composition has shifted significantly compared to the previous year, with gold now representing a larger portion of total revenue. In Q2 2025, gold contributed $328 million (65% of total revenue), while silver accounted for $166 million (33%). This compares to Q2 2024, when gold represented $111 million (37%) and silver $182 million (61%) of total revenue.
The quarterly production and sales trends show a relatively stable production pattern over the past eight quarters, with Q2 2025 production of 159,000 GEOs:
Wheaton maintained a strong balance sheet, ending the quarter with a net cash position of $1,006 million, slightly down from $1,086 million at the beginning of the period. This modest reduction reflects the company’s continued investment in streaming agreements, with $347 million in PMPA (Precious Metals Purchase Agreement) and royalty disbursements during the quarter, partially offset by $415 million in operating cash flows.
The following chart illustrates the quarterly cash flow dynamics:
"With approximately $3 billion of immediate liquidity at quarter end combined with strong operating cash flows, the company remains well positioned to fund future organic and accretive growth," the presentation stated.
Forward-Looking Statements
Wheaton continues to anticipate that production will be weighted toward the second half of the year and remains on track to achieve its 2025 production guidance of 600,000 to 670,000 gold equivalent ounces. This aligns with the company’s previous statements during its Q1 earnings call, where management projected a 47/53 split between first and second-half production.
The company highlighted several key developments that should contribute to future growth, including B2Gold (NYSE:BTG)’s first gold pour at the Goose project on June 30, 2025, with commercial production expected in Q3 2025. Additionally, Artemis Gold announced the acceleration of Phase 2 design and implementation at Blackwater, with a final investment decision expected by year-end 2025.
Wheaton also emphasized its sustainability leadership, noting its recognition among the top 10 companies on Corporate Knights’ annual Best 50 Corporate Citizens in Canada and the publication of its 2024 Sustainability and Climate Change reports.
Based on the Q2 2025 presentation and recent stock performance, Wheaton Precious Metals continues to capitalize on favorable precious metals markets while advancing its portfolio of streaming agreements. The stock closed at $99.79 on August 7, 2025, near its 52-week high of $100.53, and was trading up 0.53% in premarket activity on August 8, reflecting positive investor sentiment following the results.
Full presentation:
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