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Pan American Silver Corp. (PAAS) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

BASIC MATERIALS · GOLD · DATA UPDATED 2026-07-24

Pan American Silver Corp. (PAAS) operates in the GOLD industry and is headquartered in Vancouver, Canada with about 9,348 employees. Its market capitalization is roughly $19 billion. In the fiscal year ended 2025-12-31, PAAS reported $3.7B in revenue and $995M in net income.

Pan American Silver Corp. engages in the exploration, mine development, extraction, processing, refining, and reclamation of mines in Chile, Peru, Brazil, Mexico, Canada, Argentina, Bolivia, and Guatemala. The Silver segment includes the La Colorada, Juanicipio, Cerro Moro, Huaron, and San Vicente mines.

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PAAS Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$4.0B	$3.7B	$2.8B	$2.3B	$1.5B	$1.6B	$1.3B	$1.4B	$784M	$817M	$775M	$675M	$752M	$825M	$929M	$855M	$647M	$455M	$339M	$301M	$255M
Gross Profit	$1.8B	$1.4B	$548M	$297M	$48M	$368M	$258M	$206M	$101M	$169M	$199M	($32M)	$8M	$132M	$304M	$409M	$241M	$126M	$88M	$130M	$123M
Gross Margin %	43.8%	37.7%	19.5%	12.8%	3.2%	22.5%	19.3%	15.2%	12.9%	20.7%	25.7%	-4.8%	1.1%	16.0%	32.7%	47.8%	37.3%	27.7%	25.9%	43.1%	48.1%
Operating Income (EBIT)	$1.5B	$1.2B	$531M	$38M	($262M)	$321M	$210M	$127M	$43M	$188M	$184M	($230M)	($633M)	($439M)	$151M	$373M	$201M	$96M	$59M	$89M	$96M
Operating Margin %	37.9%	32.3%	18.8%	1.7%	-17.5%	19.7%	15.7%	9.4%	5.4%	23.1%	23.8%	-34.1%	-84.2%	-53.2%	16.3%	43.6%	31.1%	21.1%	17.6%	29.4%	37.6%
Net Income	$1.3B	$995M	$112M	($104M)	($340M)	$97M	$178M	$111M	$10M	$121M	$100M	($227M)	($546M)	($446M)	$87M	$352M	$113M	$62M	$25M	$89M	$58M
Net Margin %	31.7%	27.0%	4.0%	-4.5%	-22.8%	6.0%	13.3%	8.2%	1.3%	14.8%	12.9%	-33.6%	-72.6%	-54.1%	9.4%	41.2%	17.4%	13.6%	7.3%	29.5%	22.8%
EBITDA	$2.2B	$1.9B	$1.1B	$477M	$20M	$552M	$534M	$453M	$204M	$239M	$294M	($81M)	($485M)	($287M)	$280M	$560M	$195M	$177M	$97M	$118M	$114M
Earnings Per Share (EPS)	$3.14	$2.61	$0.31	$-0.32	$-1.62	$0.46	$0.85	$0.55	$0.07	$0.79	$0.66	$-1.49	$-3.60	$-2.91	$0.61	$3.30	$1.05	$0.71	$0.30	$1.12	$0.76
Shares Outstanding (M)	422M	382M	363M	327M	211M	210M	210M	202M	154M	153M	153M	152M	152M	153M	142M	107M	108M	88M	81M	79M	76M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

PAAS Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$1.2B	$1.2B	$855M	$812M	$773M	$815M	$716M	$686M
Gross Profit	$608M	$565M	$313M	$273M	$251M	$185M	$176M	$117M
Gross Margin %	52.7%	47.2%	36.6%	33.7%	32.4%	22.7%	24.5%	17.0%
Operating Income (EBIT)	$560M	$469M	$250M	$244M	$228M	$255M	$152M	$89M
Operating Margin %	48.5%	39.2%	29.2%	30.0%	29.5%	31.2%	21.2%	13.0%
Net Income	$457M	$458M	$169M	$189M	$169M	$108M	$57M	($22M)
Net Margin %	39.6%	38.3%	19.7%	23.3%	21.8%	13.2%	8.0%	-3.2%
EBITDA	$778M	$708M	$384M	$369M	$345M	$427M	$272M	$212M
Earnings Per Share (EPS)	$1.08	$1.09	$0.44	$0.52	$0.47	$0.30	$0.16	$-0.06
Shares Outstanding (M)	422M	422M	379M	362M	363M	363M	363M	363M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

PAAS Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$1.7B	$1.4B	$724M	$450M	$32M	$392M	$462M	$282M	$155M	$225M	$215M	$89M	$124M	$120M	$193M	$359M	$242M	$116M	$93M	$67M	$66M
Capital Expenditures (CapEx)	$352M	$319M	$323M	$379M	$275M	$243M	$179M	$207M	$152M	$162M	$203M	$147M	$132M	$159M	$160M	$119M	$78M	$53M	$244M	$117M	$97M
Free Cash Flow (FCF)	$1.4B	$1.1B	$401M	$71M	($243M)	$149M	$284M	$75M	$3M	$62M	$12M	($58M)	($8M)	($40M)	$33M	$241M	$164M	$63M	($151M)	($50M)	($31M)
FCF Margin %	34.0%	29.4%	14.2%	3.1%	-16.2%	9.1%	21.2%	5.5%	0.4%	7.6%	1.6%	-8.6%	-1.0%	-4.8%	3.6%	28.1%	25.4%	13.9%	-44.5%	-16.5%	-12.2%
Dividends Paid	$216M	$178M	$145M	$130M	$95M	$72M	$46M	$29M	$21M	$15M	$8M	$42M	$76M	$76M	$25M	$11M	$8M	—	$3M	$2M	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

PAAS Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$505M	$610M	$309M	$293M	$175M	$274M	$226M	$163M
Capital Expenditures (CapEx)	$105M	$96M	$91M	$60M	$68M	$85M	$75M	$76M
Free Cash Flow (FCF)	$400M	$514M	$218M	$233M	$107M	$189M	$151M	$87M
FCF Margin %	34.7%	42.9%	25.5%	28.7%	13.8%	23.2%	21.1%	12.7%
Dividends Paid	$76M	$60M	$43M	$36M	$36M	$36M	$36M	$36M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

PAAS Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$10.1B	$9.7B	$7.2B	$7.2B	$3.2B	$3.5B	$3.4B	$3.5B	$1.9B	$2.0B	$1.9B	$1.7B	$2.0B	$2.8B	$3.4B	$2.0B	$1.7B	$1.8B	$873M	$763M	$680M
Cash & Cash Equivalents	$1.5B	$1.2B	$863M	$400M	$107M	$284M	$167M	$121M	$139M	$176M	$181M	$134M	$146M	$250M	$346M	$263M	$180M	$100M	$27M	$52M	$80M
Total Liabilities	$2.8B	$2.7B	$2.5B	$2.4B	$1.0B	$883M	$828M	$994M	$424M	$472M	$499M	$416M	$448M	$579M	$677M	$350M	$389M	$490M	$182M	$158M	$158M
Total Debt (Short + Long-Term)	$767M	$767M	$749M	$749M	$207M	$23M	$13M	$289M	$26M	$30M	$40M	$58M	$60M	$65M	$78M	$32M	$21M	$21M	$2M	$2M	$0M
Total Shareholders' Equity	$7.4B	$7.0B	$4.7B	$4.8B	$2.2B	$2.6B	$2.6B	$2.5B	$1.5B	$1.5B	$1.4B	$1.3B	$1.6B	$2.2B	$2.7B	$1.6B	$1.3B	$1.3B	$686M	$600M	$512M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive PAAS viewer.

Other Companies in GOLD

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FNV · Franco-Nevada Corporation — $41 billion
AU · AngloGold Ashanti plc — $40 billion
KGC · Kinross Gold Corporation — $28 billion
RGLD · Royal Gold Inc — $17 billion
CDE · Coeur Mining Inc — $16 billion
AGI · Alamos Gold Inc — $12 billion
AEM · Agnico Eagle Mines Limited — $73 billion

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