Revenue is expected to jump nearly 70%, but the model isn’t betting on a beat—Wheaton’s earnings report isn’t just about how much precious metals have risen.
Wheaton Precious Metals ($WPM) will report its third-quarter 2026 results after the U.S. market closes on November 5. The earnings call is scheduled for 11:00 a.m. Eastern Time on November 6, or 12:00 a.m. Beijing Time on November 7.
First, the consensus estimates:
1. Consensus EPS is $0.93, up about 50% year over year from $0.62 in the same period last year;
2. Consensus revenue is about $794 million to $806 million, up approximately 66.7% to 69.2% year over year from $476.26 million;
3. However, Zacks’ ESP is -0.32%, so the model isn’t betting on a beat. Consensus estimates have also been revised down by about 17% over the past 60 days;
4. Breaking it down, silver is the main driver: silver sales are expected to reach $454 million, up about 140.5% year over year and accounting for roughly 56.3% of total sales. The realized silver price is $72.48, up about 82.7% year over year. Gold sales are expected to be $332 million, up about 20.7%, but gold sales volume is 78,072 ounces, down slightly by about 1.1% year over year;
5. Attributable production is expected to be 226,771 gold-equivalent ounces, up about 11.5% year over year. Last quarter, EPS was $1.19, beating the $1.15 consensus; Wheaton has beaten expectations in 6 of the past 8 quarters. Its full-year production guidance of 860,000 to 940,000 gold-equivalent ounces is another target to watch on the call.
My take: The real test in this report isn’t whether revenue can rise 70%, but how much of the recent silver price surge has translated into volume, and whether gold has been a drag. If Wheaton beats on both and maintains its full-year production guidance, the narrative of rising precious metal prices plus a streaming business model stays intact. If results merely meet consensus and guidance softens, consider that a normal delivery—don’t rush to chase the first after-hours move. If revenue comes in near the low end of the range, or the realized silver price falls short of expectations, revisit the margin for error using consensus estimates that have already been revised down. After all, even the most accurate estimates didn’t leave much room for an upside surprise. Wait for the call to break down production, realized prices, and full-year guidance before drawing conclusions.
Data as of: 2026-11-04 02:03 UTC
For informational purposes only; not investment advice.
Wheaton Precious Metals ($WPM) will report its third-quarter 2026 results after the U.S. market closes on November 5. The earnings call is scheduled for 11:00 a.m. Eastern Time on November 6, or 12:00 a.m. Beijing Time on November 7.
First, the consensus estimates:
1. Consensus EPS is $0.93, up about 50% year over year from $0.62 in the same period last year;
2. Consensus revenue is about $794 million to $806 million, up approximately 66.7% to 69.2% year over year from $476.26 million;
3. However, Zacks’ ESP is -0.32%, so the model isn’t betting on a beat. Consensus estimates have also been revised down by about 17% over the past 60 days;
4. Breaking it down, silver is the main driver: silver sales are expected to reach $454 million, up about 140.5% year over year and accounting for roughly 56.3% of total sales. The realized silver price is $72.48, up about 82.7% year over year. Gold sales are expected to be $332 million, up about 20.7%, but gold sales volume is 78,072 ounces, down slightly by about 1.1% year over year;
5. Attributable production is expected to be 226,771 gold-equivalent ounces, up about 11.5% year over year. Last quarter, EPS was $1.19, beating the $1.15 consensus; Wheaton has beaten expectations in 6 of the past 8 quarters. Its full-year production guidance of 860,000 to 940,000 gold-equivalent ounces is another target to watch on the call.
My take: The real test in this report isn’t whether revenue can rise 70%, but how much of the recent silver price surge has translated into volume, and whether gold has been a drag. If Wheaton beats on both and maintains its full-year production guidance, the narrative of rising precious metal prices plus a streaming business model stays intact. If results merely meet consensus and guidance softens, consider that a normal delivery—don’t rush to chase the first after-hours move. If revenue comes in near the low end of the range, or the realized silver price falls short of expectations, revisit the margin for error using consensus estimates that have already been revised down. After all, even the most accurate estimates didn’t leave much room for an upside surprise. Wait for the call to break down production, realized prices, and full-year guidance before drawing conclusions.
Data as of: 2026-11-04 02:03 UTC
For informational purposes only; not investment advice.
