Wheaton Posts Record H1 Revenue of US$1.8 Billion
Wheaton Precious Metals Corp. (TSX: WPM, NYSE: WPM) reported record first-half 2026 revenue of US$1.8 billion and operating cash flow of US$1.4 billion, driven by a 78% increase in average realized gold-equivalent price and a 5% rise in gold-equivalent ounces sold. The company released its Q2 2026 results on August 6, 2026.
In the second quarter, revenue reached US$929 million, up US$426 million from the same period in 2025, while operating cash flow climbed to US$650 million, a US$235 million year-over-year increase. The cash operating margin surged 65% to US$3,875 per gold-equivalent ounce, even as average cash costs rose to US$568 per ounce from US$406.
Production Gains Across Metals Portfolio
Wheaton’s attributable production in Q2 2026 totaled 202,229 gold-equivalent ounces (AuEq), a 6.3% increase from 190,179 ounces in Q2 2025. Silver production jumped 14.5% to 6.4 million ounces, while palladium and cobalt output rose 14.5% and 23.1%, respectively. First-half production reached 414,755 AuEq ounces, up 13.8% year over year.
The company also benefited from its expanded stake at Antamina, where attributable silver production rose 56% to 2.3 million ounces after completing the acquisition of BHP’s 33.75% silver stream, bringing its total share to 67.5% effective April 1, 2026. Blackwater contributed 5,900 ounces of attributable gold, up 46%, and other gold production surged 667% with additions from Fenix, Hemlo, and Goose.
Gold Steadies Near US$4,300, Supporting Outlook
Gold prices have stabilized around US$4,300 per ounce as of August 17, 2026, according to Trading Economics, following subdued U.S. economic data that reduced expectations for a Federal Reserve interest rate hike in September to roughly a one-in-three chance. Prices remain 31% higher than August 2025, and Gold.org suggests a potential breakout toward US$4,500 or above, while JPMorgan forecasts gold reaching US$6,300 per ounce in 2026 due to central bank buying and geopolitical tensions.
For Wheaton, higher gold prices directly boost revenue and margins, as the company sells metals at prevailing market rates while paying predetermined low costs. The company’s 2026 guidance of 860,000–940,000 AuEq ounces remains unchanged, with annual production projected to reach approximately 1.2 million AuEq ounces by 2030 and average that level through 2035.
Analyst Sentiment Remains Bullish
Peter Krauth of The Silver Stock Investor called Wheaton’s Q2 results “tremendous” on August 12, 2026, citing its strong growth profile and maintaining a full portfolio weighting. Several analysts reiterated “Buy” ratings in early August: Josh Wolfson of RBC Capital set a price target of US$160, Lawson Winder of Bank of America assigned a Buy without a target, Ingrid Rico of Stifel Nicolaus set US$179.43, and Tanya Jakusconek of Scotiabank set US$175. Richard Hatch of Berenberg Bank downgraded his target from US$160 to US$157 on July 27, 2026.
Upcoming Catalysts: Platreef, Kurmuk, and El Domo
Wheaton’s portfolio includes several near-term catalysts. Platreef is targeting commercial production in Q4 2026, Kurmuk is expected to begin operations in August with first gold within weeks, Koné aims for first gold in late Q4 2026 via its oxide circuit, and El Domo remains on schedule for commissioning in July 2027. These developments could add meaningful production volumes to Wheaton’s already growing output.
With a market cap of CA$83.43 billion and 454.16 million shares outstanding, Wheaton’s 52-week range is CA$126.12–CA$226.28. Institutional investors hold 72.95% of shares, while management and insiders own 0.12%.
Investors should watch for Platreef’s Q4 2026 commercial production announcement and Kurmuk’s first gold, as these milestones will test Wheaton’s ability to execute on its growth pipeline. A sustained gold price above US$4,500 or a Fed rate cut could further boost the stock, while any delay in these projects might temper near-term expectations.
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