Filing Flows › Wheaton Precious Metals (WPM) › Q2 2025 › vs Q2 2024
Wheaton Precious Metals (WPM) Q2 2025 vs Q2 2024 (year over year)
Wheaton Precious Metals's revenue rose $204M (+68%) from $299M in Q2 2024 to $503M in Q2 2025. Gross margin 70.2% against 62.3% (+7.9 pts).
Wheaton Precious Metals, Q2 2025: revenue $503M (+68% year over year), operating margin 65.5%, net earnings $292M, operating cash flow $415M. The chart draws each line against Q2 2024, the increases inside each band.
Margins
| Q2 2025 | Q2 2024 | Change | |
|---|---|---|---|
| Gross margin | 70.2% | 62.3% | +7.9 pts |
| Operating margin | 65.5% | 56.5% | +9.0 pts |
| Net margin | 58.1% | 40.9% | +17.2 pts |
Every line
| Line | Q2 2025 | Q2 2024 | Change | % |
|---|---|---|---|---|
| Revenue | $503M | $299M | $204M | +68% |
| Gross profit | $353M | $186M | $167M | +90% |
| Cost of revenue | $150M | $113M | $37.3M | +33% |
| Other income, net | $8.3M | $3.8M | $4.5M | +117% |
| Operating profit | $330M | $169M | $161M | +95% |
| Operating expenses | $23.4M | $17.2M | $6.2M | +36% |
| Pre-tax earnings | $338M | $173M | $165M | +96% |
| SG&A | $11.0M | $10.2M | $781K | +8% |
| Other operating costs | $12.3M | $6.9M | $5.4M | +78% |
| Net earnings | $292M | $122M | $170M | +139% |
| Income tax | $45.7M | $50.5M | −$4.8M | -9% |
| Share-based compensation | $8.2M | $4.6M | $3.6M | +78% |
| Working capital & other | $115M | $107M | $7.0M | +7% |
| Operating cash flow | $415M | $234M | $181M | +77% |
Questions
How much did Wheaton Precious Metals's revenue grow year over year in Q2 2025?
Wheaton Precious Metals's revenue rose $204M (+68%) from $299M in Q2 2024 to $503M in Q2 2025. Gross margin 70.2% against 62.3% (+7.9 pts).