Wheaton Precious Metals Corp WPM Stock Analysis

About Wheaton Precious Metals Corp

Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors commodity price leverage and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. Wheaton is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming for all of its stakeholders. In accordance with Wheaton Precious Metals™ Corp.'s ("Wheaton Precious Metals", "Wheaton" or the "Company") MD&A and Financial Statements, reference to the Company and Wheaton includes the Company's wholly owned subsidiaries. Webcast and Conference Call Details Wheaton will release its 2026 second quarter results on Thursday, August 6, 2026, after market close. A conference call will be held on Friday, August 7, 2026, starting at 11:00 am ET (8:00 am PT) to discuss these results. To participate in the live call, please use one of the following methods: RapidConnect URL: Click here Live webcast: Click here Dial toll free: 1-800-715-9871 or 1-647-932-3411 Conference Call ID: 9311928# Participants should dial in five to ten minutes before the call. The conference call will be recorded and available until August 14, 2026, at 11:59 pm ET. The webcast will be available for one year. You can listen to an archive of the call by one of the following methods: Dial toll free from Canada or the US: 1-800-770-2030 Dial from outside Canada or the US: 1-647-362-9199 Pass code: 9311928# Archived webcast: Click here This earnings release should be read in conjunction with Wheaton Precious Metals' MD&A and Financial Statements, which are available on the Company's website at www.wheatonpm.com and have been posted on SEDAR+ at www.sedarplus.ca. Wheaton Precious Metals believes that there are no significant differences between its corporate governance practices and those required to be followed by United States domestic issuers under the NYSE listing standards. This confirmation is located on the Wheaton Precious Metals website at http://www.wheatonpm.com. Condensed Interim Consolidated Statements of Earnings Three Months Ended June 30 Six Months Ended June 30 (US dollars and shares in thousands, except per share amounts - unaudited) 2026 2025 2026 2025 Sales $ 929,201 $ 503,218 $ 1,830,670 $ 973,629 Cost of sales Cost of sales, excluding depletion $ 118,843 $ 75,169 $ 244,086 $ 149,805 Depletion 122,502 75,002 199,354 151,695 Total cost of sales $ 241,345 $ 150,171 $ 443,440 $ 301,500 Gross margin $ 687,856 $ 353,047 $ 1,387,230 $ 672,129 General and administrative 11,327 11,022 24,299 24,547 Share based compensation 4,806 9,962 14,918 22,143 Donations and community investments 4,665 2,368 6,162 5,060 Earnings from operations $ 667,058 $ 329,695 $ 1,341,851 $ 620,379 Other income (expense) 9,071 9,736 26,807 17,256 Earnings before finance costs and income taxes $ 676,129 $ 339,431 $ 1,368,658 $ 637,635 Finance costs 31,097 1,427 32,502 2,868 Earnings before income taxes $ 645,032 $ 338,004 $ 1,336,156 $ 634,767 Income tax expense 101,796 45,734 210,876 88,513 Net earnings $ 543,236 $ 292,270 $ 1,125,280 $ 546,254 Basic earnings per share $ 1.196 $ 0.644 $ 2.478 $ 1.204 Diluted earnings per share $ 1.194 $ 0.643 $ 2.473 $ 1.202 Weighted average number of shares outstanding Basic 454,133 453,889 454,089 453,791 Diluted 454,991 454,663 454,973 454,550 Condensed Interim Consolidated Balance Sheets As at June 30 As at December 31 (US dollars in thousands - unaudited) 2026 2025 Assets Current assets Cash and cash equivalents $ 100,192 $ 1,153,593 Accounts receivable 26,056 46,723 Other 3,916 3,853 Total current assets $ 130,164 $ 1,204,169 Non-current assets Mineral stream interests $…