Revenue growth has accelerated to 89.0% year-over-year as of 2026Q1, while the company maintains high profitability with a 77.5% gross margin.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Aug'03 | Aug'02 | Aug'01 | Aug'00 | Aug'98 |
|---|
| Sales/Revenue | 2.75B | 2.36B | 1.28B | 1.02B | 1.07B | 1.2B | 1.1B | 861.33M | 794.01M | 843.22M | 891.56M | 648.69M | 620.18M | 706.47M | 849.56M | 730M | 423.35M | 239.29M | 166.72M | 175.43M | 158.54M | 70.89M | 724.54K | 562.56K | 577.77K | 683.79K | 573.25K |
| Revenue Growth % | 88.34% | 83.33% | 26.44% | -4.6% | -11.37% | 9.62% | 27.27% | 8.48% | -5.84% | -5.42% | 37.44% | 4.6% | -12.22% | -16.84% | 16.38% | 72.43% | 76.92% | 43.53% | -4.97% | 10.66% | 123.63% | 9684.77% | 28.79% | -2.63% | -15.5% | 19.28% | - |
| Cost of Goods Sold | 628.83M | 655.51M | 482.05M | 442.61M | 499.57M | 542.74M | 510.65M | 258.56M | 498.08M | 506.18M | 563.14M | 388.8M | 311.28M | 283.5M | 218.72M | 143.72M | 140.32M | 104.87M | 63.38M | 72.76M | 69.31M | 37.84M | 244.8K | 194.72K | 195.53K | 309.87K | 191.08K |
| COGS % of Revenue | - | 27.83% | 37.52% | 43.56% | 46.91% | 45.17% | 46.58% | 30.02% | 62.73% | 60.03% | 63.16% | 59.94% | 50.19% | 40.13% | 25.74% | 19.69% | 33.14% | 43.83% | 38.02% | 41.48% | 43.72% | 53.37% | 33.79% | 34.61% | 33.84% | 45.32% | 33.33% |
| Gross Profit | 2.12B | 1.7B | 802.59M | 573.44M | 565.48M | 658.92M | 585.57M | 602.77M | 295.93M | 337.03M | 328.42M | 259.89M | 308.9M | 422.97M | 630.84M | 586.27M | 283.03M | 134.42M | 103.34M | 102.67M | 89.23M | 33.06M | 479.75K | 367.83K | 382.24K | 373.92K | 382.17K |
| Gross Margin % | 77.1% | 72.17% | 62.48% | 56.44% | 53.09% | 54.83% | 53.42% | 69.98% | 37.27% | 39.97% | 36.84% | 40.06% | 49.81% | 59.87% | 74.26% | 80.31% | 66.86% | 56.17% | 61.98% | 58.52% | 56.28% | 46.63% | 66.21% | 65.39% | 66.16% | 54.68% | 66.67% |
| Gross Profit Growth % | - | 111.77% | 39.96% | 1.41% | -14.18% | 12.53% | -2.85% | 103.69% | -12.2% | 2.62% | 26.37% | -15.87% | -26.97% | -32.95% | 7.6% | 107.14% | 110.56% | 30.08% | 0.65% | 15.06% | 169.94% | 6790.31% | 30.42% | -3.77% | 2.23% | -2.16% | - |
| Operating Expenses | 145.5M | 79.36M | 181.75M | 68.17M | 53.58M | -95.73M | 65.7M | 477.25M | 49.04M | 32.53M | 32.46M | 30.27M | 34.67M | 32.6M | 28.98M | 23.97M | 141.79M | 17.29M | 17.48M | 10.06M | 5.91M | 6M | 15.87K | 17.32K | 393.92K | 397.76K | 382.17K |
| OpEx % of Revenue | - | 3.37% | 14.15% | 6.71% | 5.03% | -7.97% | 5.99% | 55.41% | 6.18% | 3.86% | 3.64% | 4.67% | 5.59% | 4.61% | 3.41% | 3.28% | 33.49% | 7.22% | 10.48% | 5.73% | 3.73% | 8.46% | 2.19% | 3.08% | 68.18% | 58.17% | 66.67% |
| Selling, General & Admin | 75.18M | 79.36M | 61.57M | 58.37M | 53.19M | 52.12M | 58.02M | 54.51M | 47.98M | 31.56M | 31.51M | 29.65M | 34.35M | 32.36M | 28.75M | 23.71M | 24.4M | 17.29M | 17.48M | 10.06M | 5.91M | 2.53M | 15.87K | 17.32K | 377.19K | 379.59K | 382.17K |
| SG&A % of Revenue | - | 3.37% | 4.79% | 5.74% | 4.99% | 4.34% | 5.29% | 6.33% | 6.04% | 3.74% | 3.53% | 4.57% | 5.54% | 4.58% | 3.38% | 3.25% | 5.76% | 7.22% | 10.48% | 5.73% | 3.73% | 3.57% | 2.19% | 3.08% | 65.28% | 55.51% | 66.67% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 120.19M | 9.8M | 389K | -147.86M | 7.68M | 422.74M | 1.06M | 972K | 952K | 621K | 326K | 240K | 228K | 261K | 117.39M | 0 | 0 | 0 | 0 | 3.47M | 0 | 0 | 16.73K | 18.17K | 0 |
| Operating Income | 1.97B | 1.62B | 620.83M | 505.27M | 511.9M | 754.66M | 519.87M | 125.53M | 244.28M | 73.68M | 293.98M | 201.58M | 308.9M | 422.97M | 630.84M | 586.27M | 143.51M | 117.13M | 85.86M | 92.61M | 83.32M | 27.06M | -15.87K | -17.32K | -11.68K | -23.84K | -63.69K |
| Operating Margin % | 71.81% | 68.8% | 48.33% | 49.73% | 48.06% | 62.8% | 47.42% | 14.57% | 30.77% | 8.74% | 32.97% | 31.07% | 49.81% | 59.87% | 74.26% | 80.31% | 33.9% | 48.95% | 51.5% | 52.79% | 52.55% | 38.16% | -2.19% | -3.08% | -2.02% | -3.49% | -11.11% |
| Operating Income Growth % | - | 160.98% | 22.87% | -1.3% | -32.17% | 45.16% | 314.15% | -48.61% | 231.54% | -74.94% | 45.84% | -34.74% | -26.97% | -32.95% | 7.6% | 308.53% | 22.52% | 36.42% | -7.29% | 11.15% | 207.95% | 170606.68% | 8.38% | -48.34% | 51.03% | 62.56% | - |
| EBITDA | 2.28B | 1.93B | 869.13M | 721.2M | 745.44M | 1.01B | 765.65M | 384.26M | 497.62M | 337.03M | 603.64M | 400.78M | 469.4M | 567.36M | 732.3M | 643.99M | 201.35M | 158.55M | 105.35M | 114.31M | 100.81M | 33.06M | -994 | -1.1K | 5.05K | -5.67K | -63.69K |
| EBITDA Margin % | 82.94% | 81.98% | 67.66% | 70.98% | 69.99% | 84.16% | 69.84% | 44.61% | 62.67% | 39.97% | 67.71% | 61.78% | 75.69% | 80.31% | 86.2% | 88.22% | 47.56% | 66.26% | 63.19% | 65.16% | 63.58% | 46.63% | -0.14% | -0.2% | 0.87% | -0.83% | -11.11% |
| EBITDA Growth % | 124.52% | 122.15% | 20.51% | -3.25% | -26.29% | 32.09% | 99.25% | -22.78% | 47.65% | -44.17% | 50.62% | -14.62% | -17.27% | -22.52% | 13.71% | 219.84% | 27% | 50.49% | -7.84% | 13.4% | 204.96% | 3325653.32% | 9.8% | -121.8% | 189.06% | 91.09% | - |
| D&A (Non-Cash Add-back) | 305.72M | 310.51M | 248.3M | 215.93M | 233.54M | 256.69M | 245.78M | 258.73M | 253.34M | 263.35M | 309.65M | 199.2M | 160.51M | 144.39M | 101.46M | 57.72M | 57.84M | 41.41M | 19.49M | 21.7M | 17.49M | 6M | 14.87K | 16.22K | 16.73K | 18.17K | 0 |
| EBIT | 2.08B | 1.62B | 644.63M | 539.26M | 669.73M | 754.97M | 517.7M | 122.01M | 478.82M | 81.81M | 218M | -161.34M | 201.06M | 376.46M | 600.79M | 562.3M | 141.24M | 117.13M | 20.77M | 91.88M | 85.22M | 27.06M | -15.87K | -17.32K | -11.68K | -23.84K | 0 |
| Net Interest Income | 25.58M | 31.51M | 19.28M | 29.35M | 705.88K | -5.53M | -16.49M | -49.03M | -38.37M | -31.07M | -28.32M | -6.21M | -5.79M | -10.23M | 1.22M | 983K | 0 | 0 | -601K | 1.51M | 3.22M | 705K | -1.89K | 0 | 0 | 0 | 0 |
| Interest Income | 31.33M | 37.37M | 24.83M | 34.86M | 6.07M | 238.88K | 229K | 834.97K | 711.75K | 421.64K | 145.23K | 122K | 117.29K | 197.83K | 1.22M | 983K | 0 | 0 | 320K | 1.51M | 3.22M | 705K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 5.75M | 5.86M | 5.55M | 5.51M | 5.36M | 5.77M | 16.71M | 49.86M | 39.09M | 31.49M | 28.47M | 4.09M | 5.91M | 10.43M | 0 | 0 | 0 | 0 | 116K | 0 | 0 | 0 | 1.89K | 380.86K | 0 | 0 | 0 |
| Other Income/Expense | 120.72M | 107.54M | 23.51M | 33.79M | 157.73M | -41K | -14.54M | -48.46M | 198.7M | -16.86M | -100.17M | -367.01M | -110.12M | -52.59M | -30.05M | -27.91M | 0 | 790K | -65.7M | -726K | 1.9M | -27.06M | 15.87K | -106.27K | 11.68K | 12.77K | 63.69K |
| Pretax Income | 2.09B | 1.73B | 644.34M | 539.06M | 669.63M | 754.62M | 505.33M | 77.07M | 442.98M | 56.82M | 193.81M | -165.43M | 198.78M | 370.37M | 600.79M | 558.37M | 143.51M | 117.92M | 20.16M | 91.88M | 85.22M | 0 | 0 | -123.59K | 0 | -11.07K | 0 |
| Pretax Margin % | 76.2% | 73.36% | 50.16% | 53.05% | 62.87% | 62.8% | 46.1% | 8.95% | 55.79% | 6.74% | 21.74% | -25.5% | 32.05% | 52.43% | 70.72% | 76.49% | 33.9% | 49.28% | 12.1% | 52.38% | 53.75% | - | - | -21.97% | - | -1.62% | - |
| Income Tax | 292.56M | 230.31M | 115.2M | 1.41M | 509K | -269K | -2.48M | -9.07M | 15.87M | -886K | -1.33M | -3.39M | -1.04M | -5.12M | 14.76M | 8.34M | -9.87M | 0 | 2.91M | 22K | 0 | 0 | 0 | -2.57K | 0 | -17.67K | 0 |
| Effective Tax Rate % | 13.98% | 13.33% | 17.88% | 0.26% | 0.08% | -0.04% | -0.49% | -11.76% | 3.58% | -1.56% | -0.69% | 2.05% | -0.53% | -1.38% | 2.46% | 1.49% | -6.88% | 0% | 14.45% | 0.02% | 0% | - | - | 2.08% | - | 159.54% | - |
| Net Income | 1.8B | 1.5B | 529.14M | 537.64M | 669.13M | 754.88M | 507.8M | 86.14M | 427.12M | 57.7M | 195.14M | -162.04M | 199.83M | 375.5M | 586.04M | 550.03M | 290.09M | 117.92M | 17.25M | 91.86M | 85.22M | 25.29M | 55.02K | -121.02K | -6.97K | 6.59K | 0 |
| Net Margin % | 65.55% | 63.58% | 41.19% | 52.92% | 62.83% | 62.82% | 46.32% | 10% | 53.79% | 6.84% | 21.89% | -24.98% | 32.22% | 53.15% | 68.98% | 75.35% | 68.52% | 49.28% | 10.35% | 52.36% | 53.75% | 35.67% | 7.59% | -21.51% | -1.21% | 0.96% | - |
| Net Income Growth % | 190.8% | 183% | -1.58% | -19.65% | -11.36% | 48.66% | 489.52% | -79.83% | 640.2% | -70.43% | 220.42% | -181.09% | -46.78% | -35.93% | 6.55% | 89.6% | 146% | 583.54% | -81.22% | 7.79% | 236.96% | 45867.76% | 145.46% | -1636.31% | -205.7% | - | - |
| Net Income (Continuing) | 1.8B | 1.5B | 529.14M | 537.64M | 669.13M | 754.88M | 507.8M | 86.14M | 427.12M | 57.7M | 195.14M | -162.04M | 199.83M | 375.5M | 586.04M | 550.03M | 153.38M | 117.92M | 17.25M | 91.86M | 85.22M | 25.29M | -15.87K | -17.32K | -6.97K | 6.59K | 0 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.96 | 3.29 | 1.17 | 1.19 | 1.42 | 1.66 | 1.19 | 0.20 | 0.96 | 0.13 | 0.45 | -0.41 | 0.56 | 1.05 | 1.65 | 1.55 | 0.83 | 0.38 | 0.07 | 0.37 | 0.37 | 0.15 | 0.03 | -0.07 | -0.00 | 0.00 | 0.00 |
| EPS Growth % | 191.18% | 181.2% | -1.68% | -16.2% | -14.46% | 39.5% | 495% | -79.17% | 638.46% | -71.11% | 209.76% | -173.21% | -46.67% | -36.36% | 6.45% | 86.75% | 118.42% | 442.86% | -81.08% | 0% | 146.67% | 400% | 142.61% | - | - | - | - |
| EPS (Basic) | - | 3.30 | 1.17 | 1.19 | 1.42 | 1.66 | 1.19 | 0.20 | 0.96 | 0.13 | 0.45 | -0.41 | 0.56 | 1.06 | 1.66 | 1.56 | 0.84 | 0.39 | 0.07 | 0.41 | 0.40 | 0.15 | 0.03 | -0.07 | -0.00 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 454.95M | 454.69M | 454.12M | 453.46M | 452.34M | 451.17M | 450.07M | 446.93M | 443.86M | 442.44M | 430.85M | 395.94M | 359.8M | 356.6M | 356.01M | 355.9M | 350.43M | 309.5M | 249.24M | 246.73M | 232.57M | 168.61M | 1.72M | 1.72M | 1.72M | 1.72M | 1.72M |
| Basic Shares Outstanding | 454.04M | 453.89M | 453.46M | 452.81M | 451.57M | 450.14M | 448.69M | 446.02M | 443.41M | 441.96M | 430.46M | 395.75M | 359.4M | 355.59M | 353.87M | 353.25M | 344.29M | 306.04M | 232.85M | 221.91M | 210.54M | 168.61M | 1.72M | 1.72M | 1.72M | 1.72M | 1.72M |
| Dividend Payout Ratio | - | 20.14% | 52.74% | 49.31% | 35.43% | 28.89% | 32.93% | 150.9% | 31.12% | 211.31% | 40.33% | - | 39.92% | 42.61% | 21.13% | 11.57% | - | - | - | - | - | - | - | - | - | - | - |
Geographic Asset Concentration Risk
As indicated by the most recent quarterly filings, WPM achieved an 89.0% year-over-year revenue growth rate, significantly outpacing historical performance and suggesting that recent stream deliveries or favorable commodity price realizations are driving a substantial acceleration in the company's top-line trajectory compared to previous periods.
The sharp revenue ramp-up from $296.8 million in 2024Q1 to $889.0 million in 2026Q1 reflects the successful integration of new streaming assets and the scalability of the model. Investors should monitor whether this growth is sustainable or if it represents a temporary surge tied to specific mine production cycles.
According to the provided income statement data, WPM has successfully expanded its gross margin to 77.5% as of 2026Q1, demonstrating the inherent pricing power and cost insulation of the streaming business model relative to traditional mining operators who face persistent inflationary pressures on their operating expenses.
The ability to maintain margins above 70% consistently suggests that the company's fixed-cost streaming agreements effectively shield it from the volatility of mining input costs. This structural advantage appears to provide a significant competitive buffer, allowing for high profitability even during periods of fluctuating commodity prices.
Based on the reported financial figures, WPM's operating margin has scaled to 75.0% in 2026Q1, illustrating a high degree of operating leverage where administrative overhead remains minimal while revenue grows, effectively allowing the company to convert a vast majority of its gross profit directly into operating income.
The minimal SG&A expenditure relative to the massive revenue base confirms that the streaming model requires very little incremental headcount or infrastructure to manage additional streams. This efficiency suggests that the company is well-positioned to continue scaling without incurring significant administrative bloat.
As reported in the quarterly statements, WPM has maintained a clean earnings profile with zero stock-based compensation reported in recent quarters, which stands in stark contrast to many industry peers and suggests that net income figures are not being artificially inflated or diluted by equity-based incentives.
The absence of non-cash compensation charges enhances the quality of the reported EPS, providing a clearer view of the company's actual cash-generating capability. Investors should continue to scrutinize the depletion of mineral interests, as this non-cash accounting charge remains the primary factor creating a wedge between GAAP net income and actual cash flow.
Quick answers to the most common questions about buying WPM stock.
For fiscal year 2025, Wheaton Precious Metals Corp. (WPM) reported total revenue of $2.36B. This represents a 410737.6% increase compared to $0.6M in 1998.
Wheaton Precious Metals Corp. (WPM) is profitable, generating $1.50B in net income for the fiscal year ending 2025 with a net profit margin of 63.6%.
Wheaton Precious Metals Corp. (WPM) reported an operating income of $1.62B, resulting in an operating profit margin of 68.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Wheaton Precious Metals Corp. (WPM) generated $1.70B in gross profit for the year, representing a gross profit margin of 72.2%. This demonstrates the company's core pricing power and production efficiency.