Wheaton Precious Metals jumps as record results and dividend hike reset growth outlook
Wheaton Precious Metals (WPM) is jumping after it reported record 2025 revenue, earnings and operating cash flow and raised its first-quarter 2026 dividend 18% to $0.195 per share. Investors are also re-pricing the company’s growth profile tied to its $4.3 billion Antamina silver-stream expansion with BHP that is expected to close around April 1, 2026.
1) What’s moving the stock
Wheaton Precious Metals is rallying as investors react to a combination of stronger shareholder returns and a bigger forward production profile. The company recently posted record annual revenue, earnings and operating cash flow for 2025, and simultaneously boosted its quarterly dividend for the first quarter of 2026 to $0.195 per share—an 18% increase from the prior quarter’s $0.165. (wheatonpm.com)
2) The growth catalyst investors are keying on
Beyond the record year, WPM’s medium-term narrative has been strengthened by its large Antamina expansion: a $4.3 billion transaction that increases Wheaton’s exposure to silver production from Antamina via a new partnership with BHP. The stream is expected to lift average attributable silver production by about 6 million ounces per year over the first five years, and the closing is expected on or about April 1, 2026 (subject to conditions/approvals). (wheatonpm.com)
3) Dividend timing and what traders will watch next
For income-focused buyers, the next near-term calendar items are the record date of March 31, 2026 and the expected payment around April 10, 2026 for the $0.195 quarterly dividend. Traders will also watch for any updates around the Antamina stream closing and how quickly higher precious-metals prices translate into operating cash flow, given Wheaton’s streaming model and per-ounce purchase structure. (wheatonpm.com)