Analyst Consensus ?
ConsensusBuy19 ratings
Bullish1578.9%
Neutral421.1%
Bearish00.0%
Wheaton Precious Metals Corp. · WPM · FY2026 Q3 · Calendar Q4 2026
Wheaton Precious Metals posts record Q3 production; guidance unchanged
Wheaton’s record production and reported project progress support its growth trajectory, while unchanged 2026 guidance and risks around grades, silver output and project timing temper the outlook. The quarter’s revenue and EPS were below estimates, so operating records did not translate into an estimate beat.
Why did WPM rise 2.2% after missing EPS estimates in FY2026 Q3?
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Reported After market closeNYSEBasic Materials
$60.16B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.90
Consensus $0.91
EPS surprise
-1.1%
Reported versus consensus
Reported revenue
$771.7M
Consensus $787.1M
Revenue surprise
-2.0%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+2.2%
Event window
SPY move
+0.5%
Same window
Abnormal move
+1.7%
Stock minus SPY
Volume
0.4×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
WPMSPY benchmark
Ask FN2 about WPM FY2026 Q3
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Why did WPM rise 2.2% after missing EPS estimates in FY2026 Q3?What changed in WPM's guidance and outlook in FY2026 Q3?Give me the bull and bear case for WPM after FY2026 Q3 earnings.
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Transcript intelligence
What changed
Compared with Q2’s record first-half performance and unchanged guidance, Q3 analysis highlights record production for the quarter and further contributions from new assets. Management cited first gold pour at Koné, production starting at Kurmuk, and final investment decisions for Jervois and Copper World. Full-year 2026 production guidance remained unchanged.
Guidance delta
Management maintained 2026 production guidance and its long-term target of 1.2 million GEOs by 2030; no increase or reduction was reported.
Key takeaways
- Record Q3 production of 231,000 GEOs, up 13% year over year, with Antamina and new assets cited as drivers.
- Revenue was $772 million, up 62% year over year; adjusted earnings increased 46%.
- EPS of $0.90 and revenue of about $772 million were below estimates of $0.91 and about $787 million, respectively.
- Management cited roughly $3 billion of liquidity and continued evaluation of streaming opportunities.
Management priorities
- Advance the Salobo coarse particle flotation upgrade and development projects, including Koné and Kurmuk.
- Continue evaluating streaming opportunities while emphasizing accretive transactions.
- Ramp Phoenix, Platreef and Mineral Park toward commercial production in Q4 2026, as outlined in the analysis.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$135.03Current
$41Low
$99.9Average
$180High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 6, 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 |
|---|---|---|---|---|
| UBS | Buy | Buy | Maintain | Oct 8, 2026 |
| 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 |
| 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 $135.03. 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 | +16.3% | Jul 28, 2026 |
| RBC Capital | Analyst unavailable | $160 | $110.45 | +18.5% | Jul 9, 2026 |
| Jefferies | Fahad Tariq | $177 | $115.73 | +31.1% | Jul 6, 2026 |
| UBS | Daniel Major | $150 | $109.85 | +11.1% | Jun 30, 2026 |
| Scotiabank | Analyst unavailable | $180 | $139.03 | +33.3% | May 14, 2026 |
| UBS | Daniel Major | $160 | $124.7 | +18.5% | Mar 27, 2026 |
| UBS | Daniel Major | $158 | $139.56 | +17.0% | Jan 30, 2026 |
| Scotiabank | Analyst unavailable | $175 | $153 | +29.6% | Jan 26, 2026 |
| RBC Capital | Analyst unavailable | $130 | $109.25 | -3.7% | Dec 10, 2025 |
| Jefferies | Fahad Tariq | $145 | $108.09 | +7.4% | Dec 7, 2025 |
| Scotiabank | Tanya Jakusconek | $128 | $98.16 | -5.2% | Oct 23, 2025 |
| UBS | Analyst unavailable | $122 | $110.27 | -9.6% | Oct 16, 2025 |
| CIBC | Analyst unavailable | $160 | $105.45 | +18.5% | Oct 10, 2025 |
| Raymond James | Analyst unavailable | $127 | $103.38 | -5.9% | Oct 10, 2025 |
| UBS | Daniel Major | $118 | $106.21 | -12.6% | Sep 19, 2025 |
| UBS | Daniel Major | $106 | $97.23 | -21.5% | Aug 11, 2025 |
| BMO Capital | Matthew Murphy | $129 | $83.37 | -4.5% | Apr 15, 2025 |
| Raymond James | Brian MacArthur | $88 | $70.9 | -34.8% | Apr 4, 2025 |
| Scotiabank | Analyst unavailable | $79 | $76.02 | -41.5% | Mar 17, 2025 |
| Jefferies | Matthew Murphy | $77 | $60.07 | -43.0% | Oct 4, 2024 |
| TD Securities | Greg Barnes | $70 | $57.86 | -48.2% | Aug 15, 2024 |
| BMO Capital | Jackie Przybylowski | $59 | $55.65 | -56.3% | May 10, 2024 |
| TD Securities | Greg Barnes | $53 | $44.16 | -60.7% | Mar 18, 2024 |
| Barclays | Analyst unavailable | $41 | $33.87 | -69.6% | Jul 19, 2022 |
| RBC Capital | Josh Wolfson | $52 | $44.76 | -61.5% | May 4, 2022 |
| BMO Capital | Jackie Przybylowski | $51 | $40.93 | -62.2% | Feb 7, 2022 |
| National Bank | Shane Nagle | $51.72 | $38.44 | -61.7% | Jan 7, 2022 |
| Credit Suisse | Fahad Tariq | $45.36 | $42.18 | -66.4% | Dec 23, 2021 |
| KeyBanc | Adam Josephson | $46 | $41.74 | -65.9% | Dec 22, 2021 |
| Scotiabank | Trevor Turnbull | $65 | $39.03 | -51.9% | Sep 24, 2021 |
| Desjardins | John Sclodnick | $59.68 | $47.1 | -55.8% | May 20, 2021 |
| J.P. Morgan | Tyler Langton | $53 | $41.06 | -60.7% | Apr 27, 2021 |
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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 |
|---|---|---|---|---|
| IAG Iamgold Corporation | FY2026 Q3 · Calendar Q4 2026 | +16.7% | +4.6% | IAMGOLD keeps FY2026 guidance on track as Côté improvements support outlook |
| APD Air Products and Chemicals, Inc. | FY2026 Q4 · Calendar Q4 2026 | 0.0% | -2.9% | Air Products closes FY2026 with growth, larger backlog and FY2027 plans |
| ALB Albemarle Corporation | FY2026 Q3 · Calendar Q4 2026 | +2.0% | +3.6% | Albemarle’s Q3 gains reflect firmer lithium pricing and cost discipline |
| MT ArcelorMittal S.A. | FY2026 Q3 · Calendar Q4 2026 | +43.7% | -3.3% | ArcelorMittal sees stronger European shipments, with fuller TRQ benefits ahead |
| WMS Advanced Drainage Systems, Inc. | FY2027 Q2 · Calendar Q4 2026 | +3.9% | -14.9% | Advanced Drainage Systems lowers revenue outlook as growth moderates |
| JHX James Hardie Industries plc | FY2027 Q2 · Calendar Q4 2026 | +9.5% | -2.9% | James Hardie grows sales, expands margins, maintains FY2027 guidance |
Latest beats and misses
Who reports nextBeat on EPS
- EOGFY2026 Q3 · November 5, 2026+8.9% EPS+2.2% move
- PBAFY2026 Q3 · November 5, 2026+13.5% EPS+1.0% move
- FNFFY2026 Q3 · November 5, 20260.0% EPS+6.6% move
- MTDFY2026 Q3 · November 5, 2026+3.6% EPS+4.8% move
- IAGFY2026 Q3 · November 5, 2026+16.7% EPS+4.6% move
- GMABFY2026 Q3 · November 5, 2026+55.6% EPS-4.3% move
Missed on EPS
- REGCPFY2026 Q3 · November 5, 2026-32.6% EPS+0.6% move
- DKNGFY2026 Q3 · November 5, 2026-29.2% EPS-23.4% move
- CPTFY2026 Q3 · November 5, 2026-27.2% EPS-3.1% move
- VMRKFY2026 Q3 · November 4, 2026-425.6% EPS+2.4% move
- NTRAFY2026 Q3 · November 5, 2026-49.3% EPS-15.2% move
- TIGOFY2026 Q3 · November 5, 2026-40.8% EPS+2.6% move
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Sources
- Earnings call transcript and parsed analysis · 2026-11-06T18:12:55.489637+00:00
- FN2 earnings calendar · 2026-11-06T01:23:16.275024+00:00
- Polygon adjusted daily market bars · 2026-11-06T18:40:45.376739+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-06T18:40:45.373936+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 2026-11-06. For educational purposes only; not investment advice.