Wheaton Precious Metals WPM is scheduled to report first-quarter 2026 results on May. 7, after market close.
The Zacks Consensus Estimate for Wheaton Precious Metals’ first-quarter sales is pegged at $767 million, indicating 63.1% growth from the prior-year quarter’s reported figure. The consensus mark for WPM’s earnings is pegged at $1.15 per share, indicating year-over-year growth of a whopping 109.1%. Earnings estimates have moved up 5.5% in the past 60 days.
WPM’s Earnings Surprise History
Wheaton Precious Metals’ earnings have outpaced the consensus estimate in the trailing four quarters, the average surprise being 13.7%.
What the Zacks Model Unveils for Wheaton Precious Metals
Our model predicts an earnings beat for Wheaton Precious Metals this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is precisely the case here.
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Earnings ESP: Wheaton Precious Metals has an Earnings ESP of +7.44%.
Zacks Rank: WPM currently carries a Zacks Rank of 3.
Factors Likely to Have Shaped WPM’s Q1 Performance
Wheaton Precious Metals projects an attributable production of 860,000-940,000 gold equivalent ounces (GEOs) for 2026. The mid-point of the range indicates a 30% year-over-year increase in production. This outlook reflects higher attributable production from Antamina, the start-up of several development projects (Blackwater, Goose, Mineral Park and Platreef) and a stable forecast for Salobo production.
Our model projects WPM’s total attributable production of 201,377 GEOs for the first quarter of 2026, indicating a 33.8% year-over-year increase. The production figure includes attributable gold production of 107,942 ounces of gold (an 16.5% year-over-year increase).
Our model projects a 5.5% year-over-year dip for the first quarter at Salobo, attributable to gold production at 67,455 ounces. Gold production at Sudbury is expected to be 0.8% higher year over year at 4,917 ounces. At Constancia, attributable gold production is projected to be 62.8% lower at 3,624 ounces due to decreased gold grades.
Our model projects WPM’s first-quarter gold sales volume of 92,428 ounces, indicating 17% year-over-year dip. Gold realized prices are expected to be $4,077 per ounce, suggesting a 42% year-over-year rise.
The company’s first-quarter 2026 total gold sales are projected at $377 million, implying a 17.9% year-over-year rise. Gold sales are expected to have contributed 61.8% to WPM’s total sales.
Our model projects 5.31 million ounces of total attributable silver production (up 13.4% year over year). A 22.3% year-over-year increase at Antamina and a 2.5% rise at Penasquito are expected to offset the 9.6% decline in Constancia.
Wheaton Precious Metals’ silver sales volume is expected to be 5.12 million ounces. Silver realized prices are expected to be $42.15 per ounce, suggesting 30.4% year-over-year growth. This is likely to lead to silver sales of $216 million, indicating a 49% year-over-year rise. Silver sales are expected to contribute 35.4% to the total sales.
Attributable production of palladium is projected at 2,663 ounces (up 0.1% year over year) while production for cobalt is expected at 725 thousand pounds (up 34.4%). Other metals’ production is projected at 4,966 GEOs for the first quarter.
Our model projects Wheaton Precious Metals to sell 156,429 GEOs in the first quarter, 5.4% lower than the prior-year quarter’s actual. Overall, the company’s first-quarter results are expected to reflect the gains of higher gold and silver prices.
Wheaton Precious Metals Stock’s Price Performance
WPM shares have soared 51.9% over the past year compared with the industry's 55.8% growth. During this time, the Basic Materials sector has jumped 45.1%, whereas the S&P 500 has grown 34.4%.
Other Stocks to Consider
Here are some other stocks with the right combination of elements to also post an earnings beat in their upcoming releases.
CF Industries Holdings, Inc. CF, scheduled to release first-quarter earnings on May 6, has an Earnings ESP of +1.07% and sports a Zacks Rank of 1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
CF Industries’ earnings estimates for the first quarter have moved up 11.4% over the past 60 days. The estimate is pegged at $2.35 cents per share, indicating an increase of 27% from the year-ago quarter’s actual. CF Industries has a trailing four-quarter average earnings surprise of 13.1%.
Albemarle Corporation ALB, scheduled to release first-quarter earnings on May 6, currently has an Earnings ESP of +20.12% and a Zacks Rank #2.
The Zacks Consensus Estimate for Albemarle’s earnings for the first quarter is pegged at $1.24, indicating a turnaround from the loss of 18 cents incurred in the year-ago quarter. Albemarle has a trailing four-quarter average earnings surprise of 57.8%.
Barrick Mining Corporation B, scheduled to release first-quarter 2026 earnings on May 11, has an Earnings ESP of +1.97% and a Zacks Rank of 3 at present.
The Zacks Consensus Estimate for Barrick Mining’s earnings for the first quarter of 2026 is pegged at 74 cents per share, indicating an upsurge of 111.4% from the year-ago quarter’s reported figure. Barrick Mining has a trailing four-quarter average earnings surprise of 11.2%.
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This article originally published on Zacks Investment Research (zacks.com).