Filing Flows › Wheaton Precious Metals (WPM) › Q1 2025
Wheaton Precious Metals (WPM) Q1 2025 earnings results (first quarter 2025)
6-K filed May 9, 2025
Wheaton Precious Metals (WPM) reported revenue of $470M for the first quarter 2025 (Q1 2025), +58% from a year earlier. Operating margin was 61.8%, net earnings $254M (54.0% of revenue).
Wheaton Precious Metals, Q1 2025: revenue $470M (+58% year over year), operating margin 61.8%, net earnings $254M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $470M | — | +58% |
| Gross profit | $319M | — | +86% |
| Operating profit | $291M | — | +84% |
| Net earnings | $254M | — | +55% |
What changed
Revenue was $470.4M in Q1 2025, up 58% year over year.
Gross margin was 67.8%, up 10.0 points from a year earlier. Operating profit was $290.7M, a 61.8% margin (up 8.5 points year over year). Of the extra revenue versus a year earlier, 76% reached operating profit, above the 53% margin then. Operating expenses grew 113% against revenue growth of 58%. The fastest-growing cost line was Other operating costs (+422%). Net earnings were $254.0M, up 55% year over year. The effective tax rate was 14.4%.
Questions
What was Wheaton Precious Metals' revenue in the first quarter 2025?
Wheaton Precious Metals (WPM) reported revenue of $470M for the first quarter 2025 (Q1 2025), +58% from a year earlier.
Was Wheaton Precious Metals profitable in the first quarter 2025?
Operating profit was $291M (61.8% of revenue) and net earnings $254M.