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Mar 31, 2025
Wheaton Precious Metals Q1 2025 Earnings Report
Wheaton Precious Metals posted record quarterly revenue and operating cash flow, fueled by strong gold and silver sales.
Key Takeaways
Wheaton Precious Metals achieved record financial results in Q1 2025, reporting $470 million in revenue and $361 million in operating cash flow, driven by higher realized gold prices and increased gold equivalent ounces sold. Adjusted net earnings and operating margins also rose significantly year-over-year.
Revenue reached a record $470 million, up 58.5% YoY
Operating cash flow surged to $361 million, a 64.5% increase
Adjusted EPS was $0.553, reflecting strong profitability
Gold equivalent ounces sold rose 16.2% to 165,297
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Wheaton reaffirms its 2025 production guidance and highlights a robust project pipeline expected to drive long-term growth.
Positive Outlook
- Forecasted 2025 GEOs remain at 600,000–670,000 ounces
- Four new development projects to begin production in 2025
- Strong realized commodity prices expected to persist
- Ramp-up of Voisey's Bay underground operations on track
- Commercial production at Blackwater achieved ahead of schedule
Challenges Ahead
- Temporary operational halt at Antamina due to safety incident
- Depletion of Pampacancha deposit expected by December 2025
- Stillwater West placed in care and maintenance due to low palladium prices
- Ongoing construction risk at multiple development sites
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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