Filing Flows › PAN American Silver (PAAS) › FY2025
PAN American Silver (PAAS) FY2025 earnings results (fiscal 2025)
40-F filed Feb 18, 2026
PAN American Silver (PAAS) reported revenue of $3.6B for the fiscal 2025 (FY2025), +28% from a year earlier. Operating margin was 34.1%, net earnings $980M (27.1% of revenue).
PAN American Silver, FY2025: revenue $3.6B (+28% year over year), operating margin 34.1%, net earnings $980M, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.
| FY2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.6B | — | +28% |
| Gross profit | $1.4B | — | +156% |
| Operating profit | $1.2B | — | +132% |
| Net earnings | $980M | — | +767% |
| Operating cash flow | $1.3B | — | +84% |
| Free cash flow | $1.0B | — | +154% |
What changed
Revenue was $3.6B in FY2025, up 28% year over year.
Gross margin was 38.8%, up 19.3 points from FY2024. Operating profit was $1.2B, a 34.1% margin (up 15.2 points year over year). Of the extra revenue versus FY2024, 88% reached operating profit, above the 19% margin then. Operating expenses grew 856% against revenue growth of 28%. Net earnings were $1.0B, up 773% year over year. The effective tax rate was 20.8%.
Operating cash flow was $1.3B (up 84% year over year), 136% of net earnings. Non-cash charges added back $0.50B of depreciation and amortization and $2.0M of share-based compensation. Working capital and other items used $0.15B. Capital expenditures of $0.31B left free cash flow of $1.0B.
Questions
What was PAN American Silver's revenue in the fiscal 2025?
PAN American Silver (PAAS) reported revenue of $3.6B for the fiscal 2025 (FY2025), +28% from a year earlier.
Was PAN American Silver profitable in the fiscal 2025?
Operating profit was $1.2B (34.1% of revenue) and net earnings $980M.