Wheaton Precious Metals Corp. (NYSE: WPM) (TSX: WPM) reported record first-quarter 2026 financial results, with revenue of $901 million, net earnings of $582 million, adjusted net earnings of $583 million and operating cash flow of $766 million, driven by stronger-than-expected performance from Salobo and Peñasquito. The company delivered 212,000 attributable gold equivalent ounces, up 22% from the prior-year period, increased its quarterly dividend 18% to $0.195 per common share and ended the quarter with a cash balance of $2.2 billion, while also advancing growth through new streaming and royalty agreements in Peru, Australia and Canada.
These results underscore the effectiveness of Wheaton's business model as the world's premier precious metals streaming company. By providing upfront capital to mining operators in exchange for the right to purchase a percentage of their future production at a fixed price, Wheaton generates high cash operating margins while avoiding the operational risks and capital expenditures of traditional mining. The company's portfolio consists of long-life, low-cost assets that deliver predictable and growing cash flows.
The record performance was largely attributable to stronger-than-expected output from the Salobo mine in Brazil and the Peñasquito mine in Mexico. Salobo, operated by Vale, is one of the world's largest copper-gold mines, while Peñasquito, operated by Newmont, is a major gold-silver-lead-zinc operation. Wheaton's streaming agreements with these mines provide significant leverage to precious metals prices.
Wheaton's strong cash generation allowed it to increase its quarterly dividend by 18% to $0.195 per common share, marking the company's commitment to returning capital to shareholders. The company ended the quarter with a cash balance of $2.2 billion, providing ample liquidity for future growth opportunities. Management highlighted that the company continues to evaluate and pursue accretive streaming and royalty transactions.
During the quarter, Wheaton advanced its growth through new streaming and royalty agreements in Peru, Australia and Canada. These transactions are expected to contribute to future production and cash flows, further diversifying and strengthening the portfolio. The company's disciplined approach to capital allocation ensures that it invests in high-quality assets with strong returns.
Wheaton's business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. The company delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. Wheaton is committed to strong ESG practices and giving back to the communities where it and its mining partners operate.
The full press release is available at https://ibn.fm/yYJ8m. For more information about Wheaton Precious Metals, visit their newsroom at https://ibn.fm/WPM.
