Filing Flows › Wheaton Precious Metals (WPM) › Q2 2025
Wheaton Precious Metals (WPM) Q2 2025 earnings results (second quarter 2025)
6-K filed Aug 8, 2025
Wheaton Precious Metals (WPM) reported revenue of $503M for the second quarter 2025 (Q2 2025), +68% from a year earlier. Operating margin was 65.5%, net earnings $292M (58.1% of revenue).
Wheaton Precious Metals, Q2 2025: revenue $503M (+68% year over year), operating margin 65.5%, net earnings $292M, operating cash flow $415M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $503M | — | +68% |
| Gross profit | $353M | — | +90% |
| Operating profit | $330M | — | +95% |
| Net earnings | $292M | — | +139% |
| Operating cash flow | $415M | — | +77% |
What changed
Revenue was $503.2M in Q2 2025, up 68% year over year. GEOs sold 5 was the largest line at 31% of revenue.
Gross margin was 70.2%, up 7.9 points from a year earlier. Operating profit was $329.7M, a 65.5% margin (up 9.0 points year over year). Of the extra revenue versus a year earlier, 79% reached operating profit, above the 57% margin then. Operating expenses grew 36% against revenue growth of 68%. The fastest-growing cost line was Other operating costs (+78%). Net earnings were $292.3M, up 139% year over year. The effective tax rate was 13.5%.
Operating cash flow was $415.0M (up 77% year over year), 142% of net earnings. Non-cash charges added back $8.2M of share-based compensation. Working capital and other items added $114.5M.
Questions
What was Wheaton Precious Metals' revenue in the second quarter 2025?
Wheaton Precious Metals (WPM) reported revenue of $503M for the second quarter 2025 (Q2 2025), +68% from a year earlier.
Was Wheaton Precious Metals profitable in the second quarter 2025?
Operating profit was $330M (65.5% of revenue) and net earnings $292M.