Filing Flows › PAN American Silver (PAAS) › Q2 2025
PAN American Silver (PAAS) Q2 2025 earnings results (second quarter 2025)
6-K filed Aug 6, 2025
PAN American Silver (PAAS) reported revenue of $812M for the second quarter 2025 (Q2 2025), +18% from a year earlier. Operating margin was 23.4%, net earnings $190M (23.4% of revenue).
PAN American Silver, Q2 2025: revenue $812M (+18% year over year), operating margin 23.4%, net earnings $190M, operating cash flow $293M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $812M | — | +18% |
| Operating profit | $190M | — | — |
| Net earnings | $190M | — | — |
| Operating cash flow | $293M | — | +80% |
What changed
Revenue was $811.9M in Q2 2025, up 18% year over year.
Operating profit was $189.6M, a 23.4% margin (up 26.5 points year over year). Total costs fell 12% while revenue rose 18%. Net earnings were $189.6M. The effective tax rate was 0.0%.
Operating cash flow was $293.4M (up 80% year over year), 155% of net earnings. Working capital and other items added $103.8M.
Questions
What was PAN American Silver's revenue in the second quarter 2025?
PAN American Silver (PAAS) reported revenue of $812M for the second quarter 2025 (Q2 2025), +18% from a year earlier.
Was PAN American Silver profitable in the second quarter 2025?
Operating profit was $190M (23.4% of revenue) and net earnings $190M.
Source: PAN American Silver 6-K on SEC EDGAR.