Company Overview

Wheaton Precious Metals does not mine anything. It pays mining companies money up front, and in return it gets the right to buy a fixed portion of their future gold and silver production at a low, pre-agreed price. In the third quarter, that price averaged $548 per gold-equivalent ounce, while the metals sold at much higher market prices. The result is a business that earns most of the upside from rising gold and silver prices without carrying the operating and capital costs of a mine.

Thursday after the close, Wheaton reported third-quarter 2026 results. Revenue was $772 million, up 62% from $476 million a year earlier, net earnings were $410 million, and operating cash flow was $645 million. For the first nine months of 2026, revenue reached a record $2.6 billion (up 79.5%), net earnings a record $1.5 billion (up 68%), and operating cash flow a record $2.1 billion. CEO Haytham Hodaly called it “another solid quarter, building on record year-to-date performance” and said the company remains very well positioned to hit its annual production guidance.

Gold and silver have been one of the stronger themes of 2026, and this report shows what that looks like in a streaming company’s income statement. The average realized gold-equivalent price rose 36% year over year, the company sold 9% more ounces, and cash operating margin was $3,466 per ounce. Readers should check the current price, as I wasn’t able to see how the stock traded after the release.

Key Technical and Fundamental Drivers

Record Financial Results → Revenue Up 62% in the Quarter, 79.5% Year to Date
Q3 revenue of $771.7 million rose 62% from $476.3 million, with a mix of 51% gold, 46% silver, and the rest palladium and cobalt. Net earnings of $410.2 million rose 11.7%, and operating cash flow was $645 million. For nine months, revenue of $2.6 billion compares with $1.45 billion a year earlier, and net earnings of $1.54 billion compare with $913 million. The business is producing more cash than at any point in its history.

Price Leverage → A $3,466 Cash Margin on $548 Costs
Average cash costs were $548 per gold-equivalent ounce, so the cash operating margin of $3,466 per ounce means the vast majority of each ounce’s selling price flows through. A 36% rise in realized prices and a 9% increase in ounces sold account for most of the revenue growth. Because costs are largely fixed by contract, changes in metal prices move earnings far more than they move costs.

Production Up 13% → The Antamina Deal Doubled the Silver Share
Attributable production was 231,000 gold-equivalent ounces, up 13% year over year, driven mainly by the BHP Antamina purchase agreement. Effective April 1, 2026, Wheaton’s share of silver produced at Antamina doubled from 33.75% to 67.5%, and attributable silver production there rose 60% to 2.7 million ounces. Peñasquito produced a record 3.1 million attributable ounces of silver, up 46%, helped by higher throughput and grades from planned mine sequencing.

Outlook → Guidance Reaffirmed, With a Long-Term Target of 1.2 Million Ounces
Management says it remains well positioned to achieve annual production guidance, which for 2026 was set in February at 400,000 to 430,000 ounces of gold and 27 to 29 million ounces of silver. Over the longer term, the company has said production should average 1.2 million gold-equivalent ounces annually from 2031 to 2035. Newer sources of production, including Hemlo, Fenix, Platreef, and Mineral Park, are contributing alongside the established mines.

Partner Milestones → New Mines and Upgrades Moving Forward
The release highlighted progress at partner operations: B2Gold completed Phase 1 upgrades to the crushing plant at its Goose project in Canada, and Allied Gold started production at the Kurmuk project in Ethiopia. Because Wheaton’s growth depends on other companies’ mines, milestones like these are the leading indicators for future ounces.

Market Takeaway

Wheaton is a way to own gold and silver exposure through a business that has historically had lower costs and less operating risk than the miners it works with, and this quarter shows how well that has worked when prices are rising. Record cash flow, a doubled silver position at Antamina, and reaffirmed guidance support the idea that production growth is on track.

The risks are worth reading closely. Net earnings rose only 11.7% while revenue rose 62%, and cash costs per ounce rose to $548 from $452, mainly because the new Antamina agreement has a higher cost structure, so not all of the revenue growth reaches the bottom line. Earnings are tied to metal prices, and because costs are mostly fixed, a pullback in gold or silver would reduce profits faster than a typical operating business. Several of this quarter’s strengths came from mine sequencing and higher grades that can reverse, such as Peñasquito’s record silver output, while Salobo gold production fell 2% on lower grades and San Dimas gold fell 25% because of a labour dispute that began September 18, 2026, and I couldn’t confirm whether it has been resolved. And Wheaton relies on partner mines running smoothly, since a disruption at any one operation affects its ounces directly. For readers watching Monday’s session, Wheaton offers a straightforward read on whether this year’s metals strength is translating into durable cash flow, with the main question being how long the price environment holds.