Q1 26 EPS
$1.09
BEAT +2.62%
Est. $1.06
Q1 26 Revenue
$1.15B
MISS 5.17%
Est. $1.22B
Did PAAS Beat Earnings? Q1 2026 Results
Pan American Silver Corp. Delivered a standout first quarter for 2026, posting adjusted earnings per share of $1.09 and revenue of $1.15 billion, compared to $0.42 and $773 million in the year-ago period, as a dramatic surge in metal prices transform… Read more Pan American Silver Corp. Delivered a standout first quarter for 2026, posting adjusted earnings per share of $1.09 and revenue of $1.15 billion, compared to $0.42 and $773 million in the year-ago period, as a dramatic surge in metal prices transformed the company's financial profile. Average realized silver prices nearly tripled to $89.43 per ounce from $31.25, while gold fetched $4,859 per ounce versus $2,868 a year earlier, lifting mine operating earnings to $608 million from $251 million and driving attributable free cash flow to $488 million. The September 2025 acquisition of MAG Silver added further momentum, with Juanicipio contributing $88 million in equity-method income and helping push Silver Segment all-in sustaining costs down sharply to $6.63 per ounce from $13.88. Looking ahead, management reaffirmed its 2026 production and AISC outlook while raising full-year project capital expenditure guidance to $240 to $255 million, reflecting a $265 million, five-year commitment to the La Colorada Skarn 588 Decline Project.
Key Takeaways
- • Significantly higher metal prices driving $560 million revenue increase while production costs remained flat
- • Average realized silver price of $89.43/oz vs $31.25/oz in Q1 2025; gold at $4,859/oz vs $2,868/oz
- • Contribution from Juanicipio investment following MAG Silver acquisition, generating $88 million in equity-method income and $79 million attributable cash flow from operations
- • Attributable silver production increased 29% to 6.44 million ounces driven by Juanicipio contribution
- • Silver Segment AISC fell to $6.63/oz from $13.88/oz aided by Juanicipio's negative $3.05/oz AISC and Cerro Moro's negative $70.40/oz AISC
- • Strong operating cash flow of $505 million versus $177 million in Q1 2025
- • Attributable free cash flow surged to $488 million from $114 million in Q1 2025
PAAS Forward Guidance & Outlook
The company reaffirms its 2026 Operating Outlook for silver and gold production, base metal production, Silver Segment and Gold Segment AISC, and sustaining capital expenditures. Full-year consolidated project capital expenditures guidance has been increased to $240–$255 million from the original $195–$210 million, driven by the La Colorada Skarn Project spending increase to $92–$95 million from $47–$50 million following the revised Preliminary Economic Assessment and Board approval of the $265 million 588 Decline Project. Management expects gold production to be more heavily weighted to Q4 2026, with some Q2 production deferred to Q4. Silver Segment AISC came in lower than expected in Q1 2026. The Expanded La Colorada Mine is anticipated to average 19.1 million silver ounces annually during peak five years following construction and ramp-up.
PAAS YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
PAAS Revenue by Segment
With YoY comparisons, source: SEC Filings
PAAS Revenue by Geography
With YoY comparisons, source: SEC Filings
PAAS Earnings Trends
PAAS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PAAS EPS Trend
Earnings per share: estimate vs actual
PAAS Revenue Trend
Quarterly revenue: estimate vs actual
PAAS Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $1.06 | $1.09 | +2.62% | $1.15B | -5.17% |
| Q4 25 BEAT FY | $0.89 | $1.11 | +24.45% | $1.18B | +5.55% |
| FY Full Year | — | $2.54 | — | $3.62B | — |
| Q3 25 MISS | $0.50 | $0.48 | -4.13% | $854.6M | +0.92% |
| Q2 25 BEAT | $0.40 | $0.52 | +30.26% | $811.9M | +5.12% |
| Q1 25 BEAT | $0.21 | $0.42 | +103.29% | $773.2M | +10.50% |