Wheaton Precious Metals Posts 127% Q4 Revenue Surge, Closes $2.4B Antamina Streaming Deal
Q4 sales of $865M and EPS of $1.22 lifted revenue 127% year-over-year despite 25% silver and 18% gold production declines at Constancia. The company closed its largest streaming deal for Antamina, boosting production exposure by 18%, raised net debt to $2.4B and increased its quarterly dividend 18% to $0.195.
1. Q4 2025 Results and Production
The company reported Q4 sales of $865M and EPS of $1.22, driving a 127% revenue increase year-over-year. Attributable silver production at Constancia fell by 25% and gold by 18% due to lower grades and reduced throughput as the Pampacancha pit nears depletion.
2. Antamina Streaming Transaction and Balance Sheet Impact
Wheaton completed the largest precious metals streaming transaction ever, acquiring a stake in Antamina that will account for roughly 18% of production by 2030. The deal increased net debt to about $2.4B, but management expects to return to a net cash position within one year based on strong cash flows.
3. Dividend Hike and Cash Flow Outlook
The quarterly dividend was raised 18% to $0.195 per share, representing just over 10% of operating cash flows and underscoring confidence in future cash generation. A planned rebuild of the produced-but-not-delivered balance and $1.5B in capital commitments may shift early 2026 cash flow timing, though the company remains well positioned for additional streaming opportunities.