Filing Flows › PAN American Silver (PAAS) › Q4 2025 › vs Q4 2024
PAN American Silver (PAAS) Q4 2025 vs Q4 2024 (year over year)
PAN American Silver's revenue rose $364M (+45%) from $815M in Q4 2024 to $1.2B in Q4 2025. Operating margin 43.4% against 27.7% (+15.7 pts).
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 draws each line against Q4 2024, the increases inside each band.
Margins
| Q4 2025 | Q4 2024 | Change | |
|---|---|---|---|
| Operating margin | 43.4% | 27.7% | +15.7 pts |
| Net margin | 38.3% | 13.2% | +25.1 pts |
Every line
| Line | Q4 2025 | Q4 2024 | Change | % |
|---|---|---|---|---|
| Revenue | $1.2B | $815M | $364M | +45% |
| Other income, net | $29.0M | $0 | $29.0M | — |
| Operating profit | $512M | $226M | $286M | +127% |
| Costs & expenses | $667M | $589M | $77.9M | +13% |
| Pre-tax earnings | $541M | $226M | $315M | +139% |
| General & admin | $39.0M | $6.3M | $32.7M | +519% |
| Depreciation & amortization | $135M | $189M | −$53.7M | -28% |
| Other operating costs | $493M | $394M | $98.9M | +25% |
| Net earnings | $452M | $108M | $344M | +319% |
| Income tax | $89.0M | $118M | −$29.2M | -25% |
| Depreciation & amortization | $135M | $189M | −$53.7M | -28% |
Questions
How much did PAN American Silver's revenue grow year over year in Q4 2025?
PAN American Silver's revenue rose $364M (+45%) from $815M in Q4 2024 to $1.2B in Q4 2025. Operating margin 43.4% against 27.7% (+15.7 pts).