Wheaton's Q2 revenue sets a record as cash falls to US$100 million after Antamina

Wheaton Precious Metals reported revenue of US$929,201 thousand for the quarter ended June 30, 2026, which it described as a record US$929 million, against US$503,218 thousand a year earlier, with net earnings of US$543,236 thousand or US$1.196 per share and operating cash flow of US$649,518 thousand [1][2]. Attributable production was 202,229 gold equivalent ounces (GEOs, the company's conversion of silver and other metals into gold at prevailing prices), of which 90,434 ounces were gold and 6.4 million were silver, and sales were 209,115 GEOs [1].

The margin did the work. The average cash cost was US$568 per GEO against a realized gold price of US$4,452 an ounce, leaving a cash operating margin of US$3,875 per ounce sold, which the company said was 65% higher than a year earlier [1]. Antamina delivered 2.3 million ounces of attributable silver in its first full quarter under the US$4.3 billion BHP stream that closed on April 1, and Salobo delivered 62,100 ounces of gold [2][3].

The balance sheet shows what that stream cost: cash of US$100,192 thousand against bank debt of US$1,969,282 thousand, for net debt of US$1,869,090 thousand, with the revolving facility enlarged by US$500 million to US$2.5 billion [1]. Guidance of 860,000 to 940,000 GEOs and the US$0.195 dividend were unchanged [1].

For a U.S. holder the quarter is the streamer's model in miniature: almost all of the gold price reached the margin, and almost all of the capital that produced it left the balance sheet in a single payment three months earlier.