Analyst Consensus ?
ConsensusBuy19 ratings
Bullish1578.9%
Neutral421.1%
Bearish00.0%
Wheaton Precious Metals Corp. · WPM · FY2026 Q1 · Calendar Q2 2026
Wheaton reports record Q1 as Antamina expands silver exposure
Wheaton's record Q1 execution, newly completed Antamina stream and pipeline of ramp-ups support a constructive operating outlook, but the case depends on production delivery, permitting and disciplined financing.
Reported After market closeNYSEBasic Materials
$64.90B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.28
Consensus $1.24
EPS surprise
+3.2%
Reported versus consensus
Reported revenue
$901.5M
Consensus $868.4M
Revenue surprise
+3.8%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+5.5%
Event window
SPY move
+0.8%
Same window
Abnormal move
+4.7%
Stock minus SPY
Volume
1.3×
Versus trailing sessions
Subsequent drift
-17.3%
Up to 20 sessions
WPMSPY benchmark
Ask FN2 about WPM FY2026 Q1
Transcript, numbers and history already loaded
Why did WPM rise 5.5% after beating EPS estimates in FY2026 Q1?What changed in WPM's guidance and outlook in FY2026 Q1?Give me the bull and bear case for WPM after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Since the prior quarter, Wheaton completed the Antamina silver stream with BHP, announced the Jervois stream and Spanish Mountain royalty, and reported record Q1 results. The growth guidance and leverage outlook were maintained, while analyst focus shifted toward Salobo permitting, financing costs and PBND dynamics.
Guidance delta
2026 production guidance was maintained at 860,000–940,000 GEOs, with an unchanged roughly 50% organic growth target by 2030.
Key takeaways
- Record Q1 revenue, earnings and operating cash flow reflected strong production and higher realized prices.
- The $4.3 billion Antamina silver stream with BHP was completed and materially expands silver exposure.
- New Jervois and Spanish Mountain agreements broaden the streaming and royalty pipeline.
- Phoenix, Goose and Platreef ramp-ups are key to the unchanged 2026 and longer-term growth outlook.
Management priorities
- Ramp Phoenix, Goose and Platreef production during 2026.
- Increase Antamina silver shipments beginning in Q2.
- Execute the Jervois stream and develop the Spanish Mountain royalty.
- Maintain disciplined capital allocation while evaluating additional low-risk streaming opportunities.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$136.17Current
$41Low
$99.9Average
$180High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 28, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| RBC Capital | Outperform | Outperform | Maintain | Sep 16, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Jul 14, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 9, 2026 |
| Jefferies | Buy | Buy | Maintain | Jul 6, 2026 |
| UBS | Buy | Buy | Maintain | Jun 30, 2026 |
| TD Securities | Buy | Buy | Maintain | Mar 16, 2026 |
| TD Cowen | Buy | Buy | Maintain | Mar 16, 2026 |
| Raymond James | Outperform | Outperform | Maintain | Oct 10, 2025 |
| CIBC | Outperform | Outperform | Maintain | Oct 10, 2025 |
| National Bank Financial Inc | Outperform | Sector Perform | Upgrade | Oct 10, 2024 |
| BMO Capital | Outperform | Outperform | Maintain | Nov 10, 2023 |
| Berenberg | Buy | Buy | Maintain | Sep 11, 2023 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 7, 2023 |
| Keybanc | Overweight | Overweight | Maintain | Jul 18, 2022 |
| JP Morgan | Overweight | Overweight | Maintain | Mar 4, 2021 |
| Deutsche Bank | Hold | Hold | Maintain | Jun 17, 2020 |
| Bank of America | Buy | Buy | Maintain | Sep 26, 2019 |
| Credit Suisse | Neutral | Neutral | Maintain | Aug 9, 2019 |
| GMP Securities | Hold | Buy | Downgrade | Apr 23, 2019 |
Named analyst price targets
Upside is calculated against the persisted current price $136.17. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Berenberg Bank | Analyst unavailable | $157 | $112.01 | +15.3% | Jul 28, 2026 |
| RBC Capital | Analyst unavailable | $160 | $110.45 | +17.5% | Jul 9, 2026 |
| Jefferies | Fahad Tariq | $177 | $115.73 | +30.0% | Jul 6, 2026 |
| UBS | Daniel Major | $150 | $109.85 | +10.2% | Jun 30, 2026 |
| Scotiabank | Analyst unavailable | $180 | $139.03 | +32.2% | May 14, 2026 |
| UBS | Daniel Major | $160 | $124.7 | +17.5% | Mar 27, 2026 |
| UBS | Daniel Major | $158 | $139.56 | +16.0% | Jan 30, 2026 |
| Scotiabank | Analyst unavailable | $175 | $153 | +28.5% | Jan 26, 2026 |
| RBC Capital | Analyst unavailable | $130 | $109.25 | -4.5% | Dec 10, 2025 |
| Jefferies | Fahad Tariq | $145 | $108.09 | +6.5% | Dec 7, 2025 |
| Scotiabank | Tanya Jakusconek | $128 | $98.16 | -6.0% | Oct 23, 2025 |
| UBS | Analyst unavailable | $122 | $110.27 | -10.4% | Oct 16, 2025 |
| CIBC | Analyst unavailable | $160 | $105.45 | +17.5% | Oct 10, 2025 |
| Raymond James | Analyst unavailable | $127 | $103.38 | -6.7% | Oct 10, 2025 |
| UBS | Daniel Major | $118 | $106.21 | -13.3% | Sep 19, 2025 |
| UBS | Daniel Major | $106 | $97.23 | -22.2% | Aug 11, 2025 |
| BMO Capital | Matthew Murphy | $129 | $83.37 | -5.3% | Apr 15, 2025 |
| Raymond James | Brian MacArthur | $88 | $70.9 | -35.4% | Apr 4, 2025 |
| Scotiabank | Analyst unavailable | $79 | $76.02 | -42.0% | Mar 17, 2025 |
| Jefferies | Matthew Murphy | $77 | $60.07 | -43.5% | Oct 4, 2024 |
| TD Securities | Greg Barnes | $70 | $57.86 | -48.6% | Aug 15, 2024 |
| BMO Capital | Jackie Przybylowski | $59 | $55.65 | -56.7% | May 10, 2024 |
| TD Securities | Greg Barnes | $53 | $44.16 | -61.1% | Mar 18, 2024 |
| Barclays | Analyst unavailable | $41 | $33.87 | -69.9% | Jul 19, 2022 |
| RBC Capital | Josh Wolfson | $52 | $44.76 | -61.8% | May 4, 2022 |
| BMO Capital | Jackie Przybylowski | $51 | $40.93 | -62.5% | Feb 7, 2022 |
| National Bank | Shane Nagle | $51.72 | $38.44 | -62.0% | Jan 7, 2022 |
| Credit Suisse | Fahad Tariq | $45.36 | $42.18 | -66.7% | Dec 23, 2021 |
| KeyBanc | Adam Josephson | $46 | $41.74 | -66.2% | Dec 22, 2021 |
| Scotiabank | Trevor Turnbull | $65 | $39.03 | -52.3% | Sep 24, 2021 |
| Desjardins | John Sclodnick | $59.68 | $47.1 | -56.2% | May 20, 2021 |
| J.P. Morgan | Tyler Langton | $53 | $41.06 | -61.1% | Apr 27, 2021 |
Track every rating change on WPM the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationWheaton Precious Metals Corp. functions as a streaming enterprise, primarily engaged in the global distribution of valuable metals. Its offerings encompass deposits of gold, silver, palladium, and cobalt. The company maintains a substantial portfolio, holding stakes in 23 operational mines and an additional 13 development ventures. Founded in 2004, the firm's headquarters are located in Vancouver, Canada. It operated under the name Silver Wheaton Corp. until May 2017, when it rebranded to its current title.
Historical context
All WPM earningsBasic Materials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| HMY Harmony Gold Mining Company Limited | FY2026 Q4 · Calendar Q3 2026 | 0.0% | -6.2% | Harmony Gold posts record FY2026 while Eva Copper risks remain |
Latest beats and misses
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-28T16:50:59.789908+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-28T16:50:59.786871+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-28. For educational purposes only; not investment advice.