Pan American Silver (PAAS) Q4 2025 earnings summary

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.