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Wheaton Precious Metals cash flow, quarter by quarter

Latest: Q2 2025 · from the cash-flow statements filed with the SEC

Free cash flow$415M in Q2 2025

Operating cash flow$415M
Free cash flow+$415M
Cash / net income1.4×

Analysis

In Q2 2025, Wheaton Precious Metals generated $415M of operating cash flow. That is $181M more than in Q2 2024 ($234M).

Operating cash flow was $415M against net income of $292M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$8.2M.

Free cash flow

Wheaton Precious Metals: free cash flow by quarterWheaton Precious Metals: free cash flow by quarter$216MQ2 2021$206MQ2 2022$202MQ2 2023$234MQ2 2024$415MQ2 2025
Operating cash flow less capital spending.
Wheaton Precious Metals: operating cash flow against capital spendingWheaton Precious Metals: operating cash flow against capital spendingOperating cash flowCapital spending$216M$0Q2 2021$206M$0Q2 2022$202M$0Q2 2023$234M$0Q2 2024$415M$0Q2 2025
Latest (Q2 2025): Operating cash flow $415M, Capital spending $0.

Capital allocation, year by year

Wheaton Precious Metals: where the cash came from (up) and went (down), by fiscal yearWheaton Precious Metals: where the cash came from (up) and went (down), by fiscal yearOperating cash flowFY2021: Operating cash flow $845M$845MFY2021FY2022: Operating cash flow $743M$743MFY2022FY2023: Operating cash flow $751M$751MFY2023FY2024: Operating cash flow $1.0B$1.0BFY2024FY2025: Operating cash flow $1.9B$1.9BFY2025
Over these 5 years operating cash flow totalled $5.3B. Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$0
Debtnone
Net cash$0

Wheaton Precious Metals funds itself: free cash flow was — over the last twelve months, with $0 of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Wheaton Precious Metals: sources (+) and uses (−) of cash, Q2 2025Wheaton Precious Metals: sources (+) and uses (−) of cash, Q2 2025Operating cash flow$415MCash drawn (+) / kept (−)−$415M

From profit to cash

Wheaton Precious Metals: net income to operating cash flow, Q2 2025Wheaton Precious Metals: net income to operating cash flow, Q2 2025Net income$292MStock-based pay$8.2MOperating cash flow$415M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCash drawn (+) / kept (−)Free cash flow
Q2 2025$415M−$415M$415M
Q2 2024$234M−$234M$234M
Q2 2023$202M−$202M$202M
Q2 2022$206M−$206M$206M
Q2 2021$216M−$216M$216M

Wheaton Precious Metals: income statement and cash flow

Wheaton Precious Metals, Q3 2026: revenue $772M, operating margin 66.2%. The chart follows the revenue to costs, profit and cash.

Wheaton Precious Metals: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.