Wheaton Precious Metals delivered record results for the nine months ended September 30, 2026, reporting revenue of $2.6 billion, net earnings of $1.5 billion and operating cash flow of $2.1 billion, each described by the company as a record. Third quarter revenue was $772 million, net earnings were $410 million and operating cash flow was $645 million.
The growth was mostly price, with volume helping. Nine month revenue rose by $1.2 billion year on year, driven by a 64 percent increase in the average realised gold equivalent price and a 9 percent rise in gold equivalent ounces sold. Third quarter attributable gold equivalent production reached 231,000 ounces, up 13 percent from a year earlier, helped by the precious metals purchase agreement acquired from BHP for its 33.75 percent portion of silver produced at Antamina, alongside contributions from Hemlo, Fenix, Platreef and Mineral Park. Average cash costs in the quarter were $548 an ounce, for a cash operating margin of $3,466 an ounce.
The balance sheet carries the cost of that growth. At September 30 Wheaton held $146 million in cash, with $1.6 billion outstanding under its term loan and revolving credit facility, for net debt of $1.5 billion. The company declared a quarterly dividend of $0.195 a share and paid $89 million in dividends during the quarter. About 178,600 gold equivalent ounces had been produced but not yet delivered, equal to 2.6 months of payable production.
Guidance is unchanged. For 2026 Wheaton forecasts attributable production of 400,000 to 430,000 ounces of gold, 27 million to 29 million ounces of silver and 19,000 to 21,000 gold equivalent ounces from other metals, for total production of 860,000 to 940,000 gold equivalent ounces. Annual production is projected to rise by roughly 50 percent from 2025 levels to about 1.2 million gold equivalent ounces by 2030, a level expected to be maintained from 2031 to 2035.
Wheaton also amended its Cozamin agreement during the period, increasing its silver entitlement from 50 percent to 65 percent of payable production until an additional 500,000 ounces are delivered, and receiving $25 million in upfront cash. The amendment is small beside the Antamina acquisition, but it shows the same pattern: incremental stream purchases at operating mines, funded while prices are high, rather than construction risk at new projects.