Wheaton Plunges 3.16% Despite Record Earnings and 309th Trading Volume Rank

On August 11, 2025, Wheaton Precious Metals (WPM) closed with a 3.16% decline, trading at a volume of $330 million. The stock ranked 309th in trading activity for the day, reflecting mixed investor sentiment despite strong quarterly earnings.

Wheaton reported adjusted earnings of $0.63 per share in Q2 2025, surpassing estimates and marking a 90.9% year-over-year increase. Revenues hit $503 million, a 68.3% rise driven by a 32% surge in average realized metal prices and a 28% jump in gold equivalent ounces (GEOs) sold. Gold prices averaged $3,318 per ounce, up 40.8% annually, while silver and palladium prices also showed double-digit gains. However, palladium production fell 43.9% to 2,435 ounces, offsetting some production growth.

The company’s gross margin expanded to 70.2% from 62.3% a year earlier, supported by a 86.9% jump in gross profit to $353 million. Cash operating margins improved 37% year-over-year to $2,717 per GEO sold. Wheaton reaffirmed its 2025 production guidance, projecting 350,000-390,000 gold ounces and 20.5-22.5 million silver ounces. The balance sheet strengthened, with $1 billion in cash and a $2 billion undrawn credit facility extended through 2030.

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