Filing Flows › Wheaton Precious Metals (WPM) › Q4 2025
Wheaton Precious Metals (WPM) Q4 2025 earnings results (fourth quarter 2025)
6-K filed Mar 13, 2026
Wheaton Precious Metals (WPM) reported revenue of $865M for the fourth quarter 2025 (Q4 2025), +127% from a year earlier. Operating margin was 74.7%, net earnings $558M (64.6% of revenue).
Wheaton Precious Metals, Q4 2025: revenue $865M (+127% year over year), operating margin 74.7%, net earnings $558M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $865M | — | +127% |
| Gross profit | $664M | — | +168% |
| Operating profit | $646M | — | +449% |
| Net earnings | $558M | — | +533% |
What changed
Revenue was $864.7M in Q4 2025, up 127% year over year.
Gross margin was 76.7%, up 11.7 points from a year earlier. Operating profit was $645.8M, a 74.7% margin (up 43.8 points year over year). Of the extra revenue versus a year earlier, 109% reached operating profit, above the 31% margin then. Operating expenses fell 86% while revenue rose 127%. The fastest-growing cost line was General & admin (+13%). Net earnings were $558.2M, up 533% year over year. The effective tax rate was 14.2%.
Questions
What was Wheaton Precious Metals' revenue in the fourth quarter 2025?
Wheaton Precious Metals (WPM) reported revenue of $865M for the fourth quarter 2025 (Q4 2025), +127% from a year earlier.
Was Wheaton Precious Metals profitable in the fourth quarter 2025?
Operating profit was $646M (74.7% of revenue) and net earnings $558M.