Filing Flows › PAN American Silver (PAAS) › Q4 2025
PAN American Silver (PAAS) Q4 2025 earnings results (fourth quarter 2025)
6-K filed Feb 18, 2026
PAN American Silver (PAAS) reported revenue of $1.2B for the fourth quarter 2025 (Q4 2025). Operating margin was 43.4%, net earnings $452M (38.3% of revenue).
PAN American Silver, Q4 2025: revenue $1.2B, operating margin 43.4%, net earnings $452M, operating cash flow $554M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.2B | — | — |
| Operating profit | $512M | — | — |
| Net earnings | $452M | — | — |
| Operating cash flow | $554M | — | — |
What changed
Revenue was $1.2B in Q4 2025.
Operating profit was $0.51B, a 43.4% margin. Net earnings were $0.45B. The effective tax rate was 16.5%.
Operating cash flow was $0.55B, 123% of net earnings. Non-cash charges added back $0.14B of depreciation and amortization. Working capital and other items used $0.03B.
Questions
What was PAN American Silver's revenue in the fourth quarter 2025?
PAN American Silver (PAAS) reported revenue of $1.2B for the fourth quarter 2025 (Q4 2025).
Was PAN American Silver profitable in the fourth quarter 2025?
Operating profit was $512M (43.4% of revenue) and net earnings $452M.
Source: PAN American Silver 6-K on SEC EDGAR.