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Pan American Silver
Pan American Silver (PAAS) investor relations material
Pan American Silver Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved record financial results in Q4 and FY 2025, with strong operating margins, production and costs in line or better than guidance, and higher realized metal prices.
Net earnings reached $452 million in Q4 and $980 million for the year, both all-time highs.
Attributable free cash flow was $553 million in Q4 and $1.2 billion for the year, with cash and short-term investments totaling $1.3 billion at year-end.
Declared a $0.18 per share dividend for Q4 2025, marking the third consecutive increase.
Returned $221 million to shareholders in 2025 through dividends and share buybacks.
Financial highlights
Q4 2025 revenue was $1.2–$1.309 billion; FY 2025 revenue was $3.6–$3.776 billion.
Adjusted Q4 earnings were $470 million ($1.11/share); full year adjusted earnings were $959 million ($2.54/share).
Attributable silver production in 2025 was 22.8 million ounces, exceeding guidance; gold production was 742,200 ounces, within guidance.
Silver segment AISC was $9.51/oz in Q4 and $13.88/oz for the year, below guidance; gold segment AISC was $1,699/oz in Q4 and $1,621/oz for the year, within guidance.
Q4 included $61 million income from Juanicipio investment.
Outlook and guidance
2026 silver production guidance: 25–27 million ounces, a 14% increase over 2025; gold production: 700,000–750,000 ounces.
Silver segment AISC: $15.75–$18.25/oz; gold segment AISC: $1,700–$1,850/oz for 2026.
Sustaining capital expenditures for 2026 are expected at $320–$340 million, with project capital at $195–$210 million.
Production expected to be weighted to the second half of 2026, with higher output from El Peñon, Juanicipio, La Colorada, and San Vicente.
Updated La Colorada Skarn PEA to be released in Q2 2026.
La Colorada Skarn phased approach rationale
Escobal mine: What's the path to restart?
Capital allocation strategy: returns vs. growth
What factors drove Juanicipio's FY25 outperformance?
What drives the divergent 2026 AISC trends?
Prioritize 2026 project capital for future growth
La Colorada Skarn: Phase 1 tonnage and grade
Juanicipio: long-term metal zonation impact?
Senior notes 2027: early repayment considerations?
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Next Pan American Silver earnings date
35th BMO Global Metals, Mining & Critical Minerals Conference23 Feb, 2026
Pan American Silver
Next Pan American Silver earnings date
35th BMO Global Metals, Mining & Critical Minerals Conference23 Feb, 2026
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Frequently asked questions
Pan American Silver Corp, engages in the exploration, mine development, extraction, processing, refining, and reclamation of silver, gold, zinc, lead, and copper mines. The company operates four mines in Peru; three mines in Mexico; five mines in Argentina; and one mine each in Bolivia and Chile. It also holds interests in eight silver-gold projects located in Nevada, USA; Peru; and British Columbia, Canada through its subsidiary Coeur Mining Inc.; and 40 percent interest in a silver-copper-gold project located in Mexico. Silver Corp. is based in Vancouver, Canada.
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