Wheaton books record $2.6 billion in nine-month revenue, up 80%, as gold sits 25% below its peak

Wheaton Precious Metals reported record results for the first nine months of 2026 on Thursday evening, with revenue of $2.6 billion, net earnings of $1.5 billion and operating cash flow of $2.1 billion, according to its third-quarter news release filed with the SEC. Headlines about the report stress the gold price, and that is the right place to start, but the filing shows the quarter was not a simple gold story.

The numbers

For the nine months, revenue rose 79.5% from $1.45 billion, and net earnings rose 68.1% to $1.54 billion. The company declared a quarterly dividend of $0.195 a share, 18% above the fourth-quarter 2025 dividend, payable December 3 to holders of record on November 19, according to its dividend release.

The number behind the number: it is selling more than it digs up

Wheaton does not mine. It pays upfront for the right to buy a share of other miners\' gold and silver at a low fixed cost, then sells the metal. Revenue is therefore price times ounces sold, and the filing splits the two.

• The average realized price per gold-equivalent ounce (GEO) was up 36% from a year earlier in the quarter, and 64% for the nine months.
• GEOs sold rose 18.8% to 192,270 in the quarter, against GEOs produced of 230,965 (up 13.3%). The filing shows production ran ahead of sales; the gap is metal it has produced but not yet sold, which can be sold later.
• Dividing revenue by ounces sold gives about $4,014 per GEO, our arithmetic from the release. Cash costs were $548 per GEO and the cash operating margin $3,466, 39% higher than a year ago.

That $4,014 is a useful marker. COMEX gold futures traded near $4,042 on Friday morning, as we reported in our Goldman forecast story. Gold is roughly where Wheaton\'s quarter was priced, so the year-over-year jump in the third quarter is already in the base. The comparison gets harder from here, because gold fell to a one-year low close of $3,898.90 on October 30 (see our report).

What the headline leaves out

Gold ounces produced fell 8.2% in the quarter to 91,753, and are down 2.1% for the nine months. Silver production rose 36.5% to 8.18 million ounces, helped by the purchase agreement for BHP\'s share of silver from the Antamina mine. Silver made up 46% of Q3 revenue and gold 51%; for the nine months the split is 49% each. Wheaton is now as much a silver company as a gold one, and silver futures were near $52 in our November 5 gold report.

Net earnings grew only 11.7% against 62% revenue growth. The release does not break out the cause in its summary; adjusted net earnings, which exclude items the company treats as non-core, rose 45.8%, much closer to the revenue growth. Cash costs also climbed from $452 to $548 per GEO.

Balance sheet and what to watch

Wheaton ended September with $146 million of cash and $1.6 billion drawn on its term loan and revolver, for net debt of $1.5 billion, after repaying $372 million of the revolver in the quarter. CEO Haytham Hodaly said the company remains well positioned to meet annual production guidance and pointed to first gold at Montage Gold\'s Koné project and Hudbay\'s approval of Copper World as growth milestones.

The stock closed Friday at $136.31, 17.7% below its March 2 peak by our chart, so the market had already priced some gold weakness before the numbers. For readers tracking gold and silver exposure, the questions for the fourth quarter are whether gold holds near $4,000, whether silver keeps adding volume, and how fast the unsold ounces turn into cash. Our gold chart and markets page track the metal daily.

Sources: Wheaton Precious Metals news releases of Nov. 5, 2026 via SEC EDGAR; gold and silver prices from Chronicle reporting; stock price from Yahoo Finance data. This is market information, not investment advice.