Wheaton Precious Metals
WPM · NYSEGold and Silver Ores · Fiscal year ends Dec 31
Wheaton Precious Metals reported revenue of $2.3B in the fiscal year ended Dec 2025, up 80.2% from the year before. Operating income was $1.6B, an operating margin of 68.3%, and net income was $1.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.2B | $1.1B | $1B | $1.3B | $2.3B |
| Cost of revenue | $543M | $500M | $443M | $482M | $643M |
| Gross profit | $659M | $565M | $573M | $803M | $1.7B |
| Selling, general & admin | $35M | $36M | $38M | $41M | $47M |
| Operating income | $755M | $512M | $505M | $621M | $1.6B |
| Interest expense | $229,000 | $0 | $6M | $6M | $6M |
| Pre-tax income | $755M | $670M | $539M | $644M | $1.7B |
| Income tax | −$269,000 | $509,000 | $1M | $115M | $226M |
| Net income | $755M | $669M | $538M | $529M | $1.5B |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $226M | $696M | $547M | $818M | $1.2B |
| Receivables | $12M | $10M | $10M | $6M | $47M |
| Inventory | $9M | $11M | $1M | $0 | – |
| Current assets | $250M | $720M | $567M | $828M | $1.2B |
| Net PP&E | $6M | $4M | $8M | $9M | $10M |
| Total assets | $6.3B | $6.8B | $7B | $7.4B | $9.1B |
| Payables | $14M | $13M | $13M | $14M | $23M |
| Current liabilities | $30M | $31M | $26M | $30M | $155M |
| Total liabilities | $46M | $42M | $46M | $165M | $435M |
| Shareholders' equity | $6.3B | $6.7B | $7B | $7.3B | $8.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $845M | $743M | $751M | $1B | $1.9B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −11.4% | −4.6% | 26.4% | 80.2% |
| Operating income growth (YoY) | – | −32.2% | −1.3% | 22.9% | 154.8% |
| Gross margin | 54.8% | 53.1% | 56.4% | 62.5% | 72.2% |
| Operating margin | 62.8% | 48.1% | 49.7% | 48.3% | 68.3% |
| Net margin | 62.8% | 62.8% | 52.9% | 41.2% | 63.6% |
| Return on equityBlank when equity is negative | 12.1% | 10.0% | 7.7% | 7.3% | 16.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.0% | 7.6% | 7.2% | 8.4% | 17.6% |
| Cash conversion (CFO ÷ net income) | 1.12x | 1.11x | 1.40x | 1.94x | 1.29x |
| Receivable days | 4 | 3 | 4 | 2 | 7 |
| Inventory days | 6 | 8 | 1 | 0 | – |
| Payable days | 9 | 9 | 11 | 10 | 13 |
| Interest cover | 3295x | – | 91.7x | 112x | 275x |
| Current ratio | 8.41x | 23.4x | 21.8x | 28.1x | 7.78x |
Recent filings
More in Gold And Silver Ores
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.