Pan American Silver (PAAS) financial statements
Pan American Silver reported revenue of $3.6B in fiscal 2025, up 18.7% a year over 9 years.
Net income was $980M and the operating margin 34.1%, against 23.8% in 2016.
Free cash flow was $1.0B, and the company returned $175M in dividends and $46M in net buybacks.
The diluted share count rose 150% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Pan American Silver's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $775M | $817M | $784M | $1.4B | $1.3B | $1.6B | $1.5B | $2.3B | $2.8B | $3.6B |
| Cost of revenue | $576M | $648M | $684M | $1.1B | $979M | $1.3B | $1.4B | $2.0B | $2.3B | $2.2B |
| Gross profit | $199M | $169M | $101M | $229M | $360M | $368M | $48M | $297M | $549M | $1.4B |
| Selling, general and admin | $24M | $21M | $23M | $32M | $36M | $35M | $29M | $61M | $70M | $116M |
| Operating income | $184M | $188M | $43M | $127M | $210M | $321M | -$262M | $38M | $531M | $1.2B |
| Interest expense | $3M | $2M | $2M | $17M | $9M | $4M | $5M | $51M | $48M | $55M |
| Pre-tax income | $176M | $182M | $33M | $183M | $252M | $245M | -$301M | -$59M | $432M | $1.2B |
| Income tax | $74M | $59M | $21M | $71M | $76M | $146M | $39M | $46M | $319M | $258M |
| Net income | $102M | $123M | $12M | $111M | $176M | $99M | -$340M | -$105M | $113M | $980M |
| EPS (diluted) | $0.66 | $0.79 | $0.07 | $0.55 | $0.85 | $0.46 | -$1.62 | -$0.32 | $0.31 | $2.56 |
| Diluted shares | 153M | 153M | 154M | 202M | 210M | 210M | 211M | 327M | 363M | 382M |
| Gross margin | 25.7% | 20.7% | 12.9% | 17.0% | 26.9% | 22.5% | 3.2% | 12.8% | 19.5% | 38.8% |
| Operating margin | 23.8% | 23.1% | 5.4% | 9.4% | 15.7% | 19.7% | -17.5% | 1.6% | 18.8% | 34.1% |
| Net margin | 13.1% | 15.1% | 1.5% | 8.2% | 13.2% | 6.0% | -22.8% | -4.5% | 4.0% | 27.1% |
Balance sheet
Fiscal years, from Pan American Silver's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $181M | $176M | $139M | $121M | $167M | $284M | $142M | $441M | $887M | $1.3B |
| Receivables | $130M | $110M | $96M | $169M | $128M | $128M | $137M | $138M | $165M | $232M |
| Inventory | $237M | $219M | $214M | $347M | $406M | $500M | $472M | $712M | $606M | $588M |
| Total current assets | $613M | $595M | $548M | $789M | $857M | $1.0B | $804M | $1.4B | $1.7B | $2.2B |
| Property, plant and equipment | $1.2B | $1.3B | $1.3B | $2.5B | $2.4B | $2.3B | $2.2B | $5.7B | $5.3B | $5.3B |
| Goodwill | $3M | $3M | $5M | $5M | $4M | $5M | $6M | — | — | — |
| Total assets | $1.9B | $2.0B | $1.9B | $3.5B | $3.4B | $3.5B | $3.2B | $7.2B | $7.2B | $9.7B |
| Total current liabilities | $184M | $185M | $151M | $272M | $362M | $388M | $381M | $624M | $687M | $817M |
| Long-term debt | $36M | $0 | $0 | $275M | $0 | $12M | $180M | $697M | $702M | $709M |
| Total liabilities | $499M | $472M | $424M | $994M | $828M | $883M | $1.0B | $2.4B | $2.5B | $2.7B |
| Shareholders' equity | $1.4B | $1.5B | $1.5B | $2.5B | $2.6B | $2.6B | $2.2B | $4.8B | $4.7B | $7.0B |
| Net debt | -$145M | -$173M | -$139M | $154M | -$167M | -$272M | $73M | $297M | -$161M | -$506M |
Cash flow
Fiscal years, from Pan American Silver's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $215M | $225M | $155M | $282M | $462M | $392M | $32M | $450M | $724M | $1.3B |
| Capital spending | $203M | $142M | $144M | $206M | $179M | $243M | $275M | $379M | $323M | $314M |
| Free cash flow | $12M | $82M | $11M | $76M | $284M | $149M | -$243M | $71M | $401M | $1.0B |
| Dividends paid | $8M | $15M | $21M | $29M | $46M | $72M | $95M | $130M | $145M | $175M |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | -$24M | -$46M |
| Net borrowing | — | — | — | — | — | $0 | $162M | -$388M | -$7M | -$7M |
| Free cash flow margin | 1.6% | 10.1% | 1.4% | 5.6% | 21.2% | 9.1% | -16.3% | 3.1% | 14.2% | 28.2% |
| Dividends per share | $0.05 | $0.10 | $0.14 | $0.15 | $0.22 | $0.34 | $0.45 | $0.40 | $0.40 | $0.46 |
Questions
What was Pan American Silver's revenue in 2025?
$3.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Pan American Silver generate?
$1.0B in fiscal 2025 (operating cash flow minus capital spending).
From Pan American Silver's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.