Filing Flows › PAN American Silver (PAAS) › How it makes money
How PAN American Silver (PAAS) makes money
PAN American Silver (PAAS) made $3.6B of revenue in the fiscal 2025 (FY2025), +28% from a year earlier. Of every dollar of revenue, 39¢ was left as gross profit, 34¢ was left as operating profit, 27¢ was left as net earnings.
Drawing the Sankey…
Where each dollar of revenue goes
| Line | FY2025 | % of revenue |
|---|---|---|
| Revenue | $3.6B | 100.0% |
| Cost of revenue | $2.2B | 61.2% |
| Gross profit | $1.4B | 38.8% |
| Operating expenses | $172M | 4.8% |
| Operating profit | $1.2B | 34.1% |
| Income tax | $258M | 7.1% |
| Net earnings | $980M | 27.1% |
| Operating cash flow | $1.3B | 36.8% |
| Free cash flow | $1.0B | 28.2% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| FY2025 | $3.6B | +28% |
| FY2024 | $2.8B | +22% |
From PAN American Silver's 40-F filed Feb 18, 2026 (on EDGAR).
Questions
How does PAN American Silver make money?
PAN American Silver (PAAS) made $3.6B of revenue in the fiscal 2025 (FY2025), +28% from a year earlier. Of every dollar of revenue, 39¢ was left as gross profit, 34¢ was left as operating profit, 27¢ was left as net earnings.
What is PAN American Silver's profit margin?
Net earnings were $980M, 27.1% of revenue, in the fiscal 2025; the operating margin was 34.1%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.