Filing Flows › PAN American Silver (PAAS) › Operating margin
PAN American Silver (PAAS) operating margin by quarter
PAN American Silver's operating margin was 43.4% in Q4 2025 (fourth quarter 2025), +20.1 pts from Q2 2025. Over the last 4 quarters it ranged from 21.9% (Q1 2025) to 43.4% (Q4 2025).
| Quarter | Operating margin | Q/Q | Y/Y |
|---|---|---|---|
| Q4 2025 | 43.4% | +20.1 pts | +15.7 pts |
| Q2 2025 | 23.4% | +1.5 pts | — |
| Q1 2025 | 21.9% | -5.8 pts | — |
| Q4 2024 | 27.7% | — | — |
Q4 2025 at a glance
PAN American Silver, Q4 2025: revenue $1.2B (+45% year over year), operating margin 43.4%, net earnings $452M, operating cash flow $554M. The chart follows the revenue to costs, profit and cash.
Questions
What is PAN American Silver's operating margin?
PAN American Silver's operating margin was 43.4% in Q4 2025 (fourth quarter 2025), +20.1 pts from Q2 2025.
How has PAN American Silver's operating margin changed?
Over the last 4 quarters it ranged from 21.9% (Q1 2025) to 43.4% (Q4 2025).