Wheaton earnings date and guidance
Wheaton's next results are expected on November 5, 2026. Watch whether reliable Antamina shipments help debt begin to fall.
What has Wheaton guided for 2026?
Wheaton’s weighted return could be roughly flat at the first forecast date and 17% higher at the last, including dividends, if deliveries support growth and cash repays debt. Management guides to 860,000–940,000 GEOs in 2026. GEOs are gold-equivalent ounces, combining different metals by their gold value. Management said 3.0% of forecast production would come from assets in construction or ramp-up.
Management reaffirmed its 2026 production guidance in August. The first half produced approximately 415,000 GEOs, leaving a substantial second-half increase to reach the target. Salobo and Peñasquito sequencing, plus a full quarter from the Antamina stream, are expected to do most of the work. Only 3.0% of forecast annual production comes from assets still being built or ramped up.
| the period guided | low | high | the date it was given | |
|---|---|---|---|---|
| attributable production — ounces of gold | Year to Dec 2026 | 400,000 | 430,000 | Aug 6, 2026 |
| attributable production — million ounces of silver | Year to Dec 2026 | 27 | 29 | Aug 6, 2026 |
| attributable production — GEOs of other metals | Year to Dec 2026 | 19,000 | 21,000 | Aug 6, 2026 |
| annual production — GEOs | Year to Dec 2026 | 860,000 | 940,000 | Aug 6, 2026 |
| forecast production delivered from assets currently in construction or various stages of ramp-up | Year to Dec 2026 | 3.0% | 3.0% | Aug 6, 2026 |
| payment for the 2025 year (US$ millions) | Year to Dec 2027 | 243 | 243 | Aug 6, 2026 |
What this means. The annual production total is not all gold: it converts silver and other metals into an equivalent amount of gold using assumed prices.
Did Wheaton keep its past promises?
There is evidence of delivery. Wheaton’s February 2026 production update confirmed that 2025 output exceeded guidance. The CFO transition occurred in 2025, and the CEO transition followed in 2026. Those results support credit for execution, while the longer test of future investment returns remains open.
What are Wheaton's last eight quarters of results?
Revenue reached US$929,201 thousand, against US$503,218 thousand in Q2 2025. Net income rose from US$292,270 thousand to US$543,236 thousand. Operating cash flow also increased, but the operating explanation was smaller than the revenue headline: production grew about 6%, while sales volumes grew about 14%. Realized GEO prices grew about 61%, so the market did most of the work.
The sequential comparison was weaker. Gross margin fell from 77.6% to 74.0%, and operating income slipped from US$674,793 thousand to US$667,058 thousand. New finance costs and the first substantial global-minimum-tax cash payment added pressure to cash generation.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 929,201 | 901,469 | 864,714 | 476,257 | 503,218 | 470,411 | 380,516 | 308,253 |
| Gross margin | 74.0% | 77.6% | 76.7% | 70.5% | 70.2% | 67.8% | 65.0% | 64.0% |
| Operating income | 667,058 | 674,793 | 645,756 | 315,506 | 329,695 | 290,684 | 117,621 | 175,945 |
| Net income | 543,236 | 582,044 | 558,250 | 367,216 | 292,270 | 253,984 | 88,148 | 154,635 |
| EPS, diluted | 1.19 | 1.28 | 1.23 | 0.81 | 0.64 | 0.56 | 0.19 | 0.34 |
What this means. The large capital spending amount in June 2026 is mainly money spent buying streaming and royalty rights, which makes free cash flow look sharply negative.