WPM Posts Record Revenues in H126: Is More Upside Ahead?
Wheaton Precious Metals Corp. WPM reported record revenues of $1.8 billion for the first half of 2026, indicating an 88% year-over-year surge. The impressive performance was driven by a higher average realized gold equivalent price and higher production levels.
Wheaton Precious Metals’ first-half 2026 gold equivalent production was 414,755 ounces, up 13.8% year over year. The upside was driven by the acquisition of the precious metals purchase agreement with BHP Group Limited BHP.
The company reaffirmed the 2026 attributable production guidance of 860,000-940,000 GEOs, with output expected to be weighted to the second half of 2026. This indicates a rise of 30% at the midpoint from 2025’s production of 692,000 ounces. The upside will be driven by Salobo and Penasquito sequencing, a full Antamina contribution and newer-asset ramp-ups.
The BHP GroupBHP-- Antamina precious metals purchase agreement became effective April 1, 2026, lifting Wheaton PreciousWPM-- Metals’ attributable silver to 67.5% and adding another 33.75% of payable silver until delivery thresholds step down. Antamina produced 2.3 million attributable silver ounces in the second quarter, up 56% year over year despite lower grades and maintenance timing. The deal with BHPBHP-- Group adds long-life silver exposure and requires ongoing payments equal to 20% of spot silver.
Growth will also be driven by development assets, including the Kone, Kurmuk, Goose, El Domo, Spring Valley, Copper World and Santo Domingo projects. Development projects that are in construction and/or permitted will also boost growth. Solid performances at operating assets, including Antamina, Aljustrel, Marmato, Blackwater, Hemlo, Goose, Platreef, Fenix and Mineral Park will also aid the upside.
Wheaton Precious Metals continues to expect production of 1.2 million GEOs by 2030, averaging around that level through 2035. Higher production will lead to higher revenues in the upcoming years.
Recent Performance of Wheaton Precious Metals’ Peers
SSR Mining Inc. SSRM reported revenues of $1.03 billion for the first half of 2026, marking an increase of 42% year over year. In the first six months of 2026, the company produced 211,873 gold equivalent ounces. SSR Mining produced 223,987 gold equivalent ounces in the prior year.
SSR Mining expects gold equivalent production to be between 450,000 and 535,00 ounces for 2026.
AngloGold Ashanti plc AU posted gold revenues of $6.3 billion in the first half of 2026, which increased 43.8% year over year. AU’s gold production dipped 4% year over year in the first half of 2026, reflecting the sale of the Serra Grande mine in December 2025.
AngloGold Ashanti’s gold production for 2026 is projected at 2.80-3.17 million ounces. This suggests a year-over-year dip of 3% at the midpoint.
WPM’s Price Performance, Valuation & Estimates
Wheaton Precious Metals shares have surged 44.9% in a year compared with the industry's 46.9% growth. In comparison, the Zacks Basic Materials sector and the S&P 500 have returned 27.8% and 17.8%, respectively.
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WPM is currently trading at a forward 12-month price-to-earnings multiple of 33.82X, a premium to the industry average of 17.22X.
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The Zacks Consensus Estimate for Wheaton Precious Metals’ 2026 sales is pinned at $3.66 billion, indicating a 58.1% year-over-year jump. The consensus mark for the year’s earnings is pegged at $4.79 per share, suggesting a year-over-year rally of 58.1%.
The Zacks Consensus Estimate for 2027 sales implies a 0.3% year-over-year rise. The consensus mark for earnings suggests a dip of 4.8%.
EPS estimates for 2026 and 2027 have moved south over the past 60 days.
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The WPMWPM-- stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Wheaton Precious Metals Corp. (WPM): Free Stock Analysis Report
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