Abstract

Wheaton Precious Metals will report quarterly results on May 7, 2026, Post Market, and this preview summarizes the latest market expectations for revenue and earnings alongside a review of last quarter’s performance and analyst sentiment into the print.

Market Forecast

Based on the latest forecast dataset, the market anticipates the current quarter to deliver revenue of 887.84 million US dollars, implying 98.87% year-over-year growth, and earnings per share of 1.23, implying 136.82% year-over-year growth; EBIT is projected at 663.75 million US dollars, implying 130.70% year-over-year growth. Forecasts do not explicitly provide gross profit margin or net profit margin for the current quarter; consensus focus is on growth in top line and earnings leverage.

Gold remains the primary revenue contributor by a wide margin, with the latest reported breakdown showing 1.44 billion US dollars from gold and 836.67 million US dollars from silver, complemented by smaller streams in cobalt (31.18 million US dollars) and palladium (10.54 million US dollars). The gold stream appears best positioned this quarter given higher realized commodity prices and its outsized weight in the revenue mix, while silver provides a secondary growth vector as volumes and price realizations normalize; segment-level year-over-year growth rates were not disclosed alongside the latest breakdown.

Last Quarter Review

In the previous quarter, Wheaton Precious Metals reported revenue of 864.71 million US dollars (up 127.25% year over year), a gross profit margin of 86.71%, GAAP net profit attributable to the parent company of 558.00 million US dollars with a net profit margin of 64.56%, and adjusted EPS of 1.22 (up 177.90% year over year). A notable financial highlight was the quarter-on-quarter acceleration in net income, with net profit up 52.02% compared with the prior period, reflecting strong operating leverage and favorable price realizations. Main business contributions were led by gold at 1.44 billion US dollars and silver at 836.67 million US dollars, followed by cobalt at 31.18 million US dollars and palladium at 10.54 million US dollars in the latest reported breakdown, underscoring the dominance of the gold and silver streams in the overall mix.

Current Quarter Outlook

Main business: Gold and silver streams

The core revenue engine remains the delivery of gold and silver under established streaming agreements. With this structure, revenue sensitivity to realized commodity prices is high while direct operating costs are comparatively limited, which supports margin durability when price momentum is favorable. Given the current quarter’s forecasts, the market is embedding a significant uplift in year-over-year performance, with revenue projected at 887.84 million US dollars and earnings per share at 1.23, implying rapid growth from the prior-year base. That growth profile aligns with continued strength in realized gold pricing during the quarter-to-date period and steady deliveries from counterparties under streaming contracts.

Operationally, the quarter’s revenue and earnings cadence will be driven by two moving pieces: the volume of ounces delivered and the average realized prices for gold and silver. The last reported gross margin of 86.71% and net margin of 64.56% provide a reference point for the company’s earnings power when top-line conditions are favorable; while the current-quarter margin forecasts are not specified, the guidance for high EPS and EBIT growth implicitly assumes that price and volume remain constructive. Timing effects tied to shipment schedules can also shift volumes between quarters, though such effects typically even out across multi-quarter periods.

The market’s current projection for EBIT of 663.75 million US dollars, up 130.70% year over year, suggests high incremental margins on expected revenue growth. Given the streaming model’s structure, incremental revenue from higher commodity prices tends to fall through to operating profit more efficiently than in traditional mining models. As long as realized price strength persists through the quarter and delivery schedules remain on track, the company has a pathway to land close to or above the midpoint of these revenue and EBIT expectations.

Most promising business: Gold stream

Gold is the largest revenue contributor in the company’s mix and the most impactful lever for quarterly earnings variance. The latest breakdown shows gold at 1.44 billion US dollars, which dwarfs the other segments and means even modest improvements in realized gold price or delivered volumes can materially affect the P&L. In the current setup, the market’s revenue forecast of 887.84 million US dollars and EPS forecast of 1.23 are consistent with a quarter where the gold stream carries the majority of incremental contribution.

The gold stream’s attractiveness in the current quarter stems from two features. First, it offers substantial exposure to spot pricing within the quarter, translating price strength into revenue with limited unit cost friction. Second, the delivery schedule across counterparties tends to stabilize quarterly volumes within a band, reducing the risk of abrupt shortfalls unless there are unanticipated scheduling or operational interruptions at partner sites. Together, these factors support the market’s expectation for strong year-over-year uplift in both revenue and earnings. While we do not have a discrete gross margin forecast for this quarter, the prior quarter’s 86.71% gross margin underscores how price-led top-line expansion can rapidly translate to stronger gross profit in this structure.

Given the scale of gold in the revenue base, management’s qualitative commentary around delivery timing and any updates to expected annualized volumes will be a focal point for investors. Signals on broader throughput and the cadence of deliveries can change the intra-year shape of earnings even if full-year volume expectations remain intact. Clarity on these operational elements could reinforce or temper the current consensus path, but with the base case already implying a 98.87% year-over-year revenue increase, the hurdle for a meaningful upside surprise is higher than in recent quarters.

Key stock-price drivers this quarter

- Realized commodity prices within the quarter: The sensitivity of revenue and EBIT to quarter-to-date realized prices is the dominant driver for the P&L. Forecasts for revenue and EPS growth—98.87% and 136.82% year over year, respectively—signal that the market’s working assumption is for supportive commodity prices versus the prior-year quarter. Updates on realized pricing relative to average benchmarks will help investors reconcile reported results with the embedded growth rates.

- Delivery volumes and shipment timing: Streaming deliveries are governed by counterparties’ production and offtake schedules. The prior quarter’s net income rose 52.02% sequentially, reflecting both favorable price realizations and throughput. Any shifts in the timing of deliveries between months in the current quarter could affect reported volumes. Management’s commentary on delivery cadence versus plan will be key for interpreting any revenue deviations relative to the 887.84 million US dollars baseline estimate.

- Margin translation and operating leverage: With a recent gross margin of 86.71% and net margin of 64.56%, incremental price-led revenue tends to convert to profit efficiently. The EBIT estimate of 663.75 million US dollars suggests that the market expects high incremental margins to persist. Investors will watch for confirmation that operating expense trends, cost-of-sales payments under streaming agreements, and other below-the-line items remain aligned with maintaining elevated margins.

- Financial items and other effects: Absent explicit margin guidance for the current quarter, items such as interest income or expense, tax rates, and non-cash adjustments can affect EPS relative to EBIT trends. Given the prior quarter’s adjusted EPS of 1.22 and the current quarter EPS estimate of 1.23, small movements in non-operating items could be the difference between a modest beat or miss relative to consensus.

- Guidance framing and full-year implications: Even if results land close to consensus on May 7, 2026, the qualitative outlook for the remainder of the year—particularly around delivery volumes and any changes to anticipated commodity price assumptions—will influence how the market extrapolates the current-quarter run rate. Commentary that aligns with the current double-digit growth trajectory would likely keep attention on top-line and EPS momentum, while any recalibration of volume expectations would be weighed against the strong price backdrop implied in the quarter’s forecasts.

Analyst Opinions

The balance of recent institutional commentary has been decisively bullish. Multiple well-known institutions have reiterated Buy stances into the upcoming results window, and no recent Sell or Underperform calls were identified in the same period. Based on the collected notes, Buy or equivalent positive ratings dominate, constituting the clear majority of opinions versus neutral-to-cautious narratives, which were largely absent.

- RBC Capital: The firm maintained a Buy rating with a price target of 200.00 US dollars in its latest note within the six-month window, and in a separate update earlier in March, reiterated a Buy with a 145.00 US dollars target. The progression in target prices from 145.00 US dollars to 200.00 US dollars reflects stronger market pricing for precious metals and confidence in high-margin cash flow translation. In the context of the current quarter, RBC’s stance implies comfort with the embedded consensus for a near-doubling of revenue year over year and the prospect of robust EBIT conversion.

- Scotiabank: The bank maintained a Buy rating with a 175.00 US dollars target, emphasizing the company’s earnings leverage to commodity prices and the resilience of the streaming structure. This view aligns with the market’s expectation for elevated gross and net margin levels relative to historical norms when pricing is favorable, consistent with the last quarter’s 86.71% gross margin and 64.56% net margin.

- National Bank: The institution reiterated a Buy rating with a target of 245.00 Canadian dollars. While denominated in Canadian dollars, the note’s implication is similar: a constructive stance on the earnings capacity given the setup for high year-over-year growth in revenue and EPS for the current quarter. With the consensus revenue estimate at 887.84 million US dollars and EPS at 1.23, the bank’s positioning suggests it views those figures as achievable under reasonable commodity price assumptions.

- BMO Capital: The bank reaffirmed a Buy with a 185.00 Canadian dollars target, citing the cash flow visibility supported by contracted deliveries and the prospect of continued price support through the quarter. In an earnings preview context, this aligns with the forecasted EBIT of 663.75 million US dollars, which implies a sizable year-over-year step-up in operating profitability.

- Berenberg: The firm maintained a Buy rating during the period as well, reinforcing the broader theme of positive institutional sentiment. While the specific numeric target from that note appears in a different currency convention, the directional takeaway is a constructive outlook into the print.

Across these institutions, the common threads include high operating leverage to realized commodity prices, favorable recent-margin performance, and confidence in delivery schedules under the streaming contracts. This constellation of factors underpins the market’s expectation for a 98.87% year-over-year revenue increase and a 136.82% rise in EPS in the current quarter. The bullish skew also suggests that investors will scrutinize realized price disclosures and delivery timing commentary to validate whether the quarter’s operational mechanics matched the assumptions embedded in consensus.

In interpreting this consensus, one practical lens is to juxtapose the prior quarter’s performance and beats with the present setup. Previously, revenue of 864.71 million US dollars exceeded estimates by 113.28 million US dollars, and EPS beat by 0.20, supported by a net-profit margin of 64.56% and a 52.02% sequential increase in net income. That track record strengthens the case for Buy-rated analysts expecting solid execution again, provided commodity prices and delivery schedules followed a similar trajectory through the current quarter. It also contextualizes the forecasted EBIT of 663.75 million US dollars, since prior-quarter operating results already demonstrated a capacity for meaningful incremental margin capture when the top line expands.

Overall, the majority institutional view is bullish, anchored in the interplay of strong year-over-year revenue and EPS growth expectations, elevated recent margin performance, and the visibility provided by contracted deliveries. The key validation points investors will seek on May 7, 2026, center on realized prices, delivery volumes, and the translation of those factors into EBIT and EPS consistent with the 887.84 million US dollars revenue and 1.23 EPS baselines. If those elements align with or exceed the embedded assumptions, the current consensus trajectory for high year-over-year growth looks attainable under the majority analysts’ framework.