Strong Financial Performance in Q2 2025
Wheaton Precious Metals reported outstanding second-quarter results for 2025, achieving record levels of revenue, adjusted net earnings, and operating cash flow — setting new benchmarks for both the quarter and the first half of the year.
In Q2 2025, Wheaton posted:
- Revenue: $503 million
- Net Earnings: $292 million
- Adjusted Net Earnings: $286 million
- Operating Cash Flow: $415 million
While average cash costs increased to $470 per gold equivalent ounce (GEO) from $437 in Q2 2024, the company benefited from higher realized metal prices, resulting in a significant boost in margins. The cash operating margin rose to $2,717 per GEO, representing a 37% increase year-over-year.
Operational Highlights Support Growth Outlook
Wheaton continues to make meaningful progress in its near-term growth strategy:
- Blackwater commenced commercial production during the quarter.
- The Goose Project successfully completed its first gold pour, a major milestone indicating its smooth ramp-up.
These developments reinforce management’s outlook for a catalyst-rich year, aligned with previously communicated expectations.
2025 Production Guidance Reaffirmed
Wheaton has maintained its 2025 production guidance, with attributable volumes forecasted as follows:
- Gold: 350,000 – 390,000 ounces
- Silver: 20.5 – 22.5 million ounces
- Other metals: 12,500 – 13,500 GEOs
This supports an unchanged total annual production range of 600,000 to 670,000 GEOs.
Stock Rating: Buy — Positioned for Long-Term Growth
We reiterate a Buy rating on Wheaton Precious Metals at the closing price of CAD 155.74 per share as on 30 September 2025. The company’s strong quarterly performance, paired with disciplined capital deployment and progress at key development assets, positions it for sustainable long-term growth. Key growth drivers include:
- Advancing production at new projects like Blackwater and Goose
- Strong cash flow generation, enabling reinvestment and shareholder returns
- Margin expansion due to favorable metal pricing
- A robust project pipeline with optionality for future accretive growth
With a solid balance sheet, a low-risk streaming model, and a diversified portfolio of high-quality assets, Wheaton is well-positioned to deliver consistent value to shareholders.
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