Q1 25 EPS
$0.42
BEAT +103.29%
Est. $0.21
Q1 25 Revenue
$773.2M
BEAT +10.50%
Est. $699.7M
vs S&P Since Q1 25
+41.3%
BEATING MARKET
PAAS +74.9% vs S&P +33.6%
Market Reaction
Did PAAS Beat Earnings? Q1 2025 Results
Pan American Silver posted a blowout first quarter for 2025, with adjusted earnings of $0.42 per share more than doubling the $0.21 consensus estimate, a beat of over 103%, while revenue climbed 28.6% year-over-year to $773.20 million, topping expect… Read more Pan American Silver posted a blowout first quarter for 2025, with adjusted earnings of $0.42 per share more than doubling the $0.21 consensus estimate, a beat of over 103%, while revenue climbed 28.6% year-over-year to $773.20 million, topping expectations of $699.70 million by 10.50%. The standout driver was metal price appreciation, with gold realized at $2,868 per ounce versus $2,078 a year ago and silver at $31.25 per ounce versus $22.61, contributing $203.30 million in incremental revenue and powering a swing to $169.30 million in net earnings from a net loss of $30.80 million in Q1 2024. Operating cash flow of $174.80 million nearly tripled year-over-year, and the company ended the quarter with liquidity exceeding $1.65 billion. Cost discipline added to the strength, with Silver Segment all-in sustaining costs falling to $13.94 per ounce. Pan American reaffirmed its full-year 2025 production and cost outlook, noting that Q1 AISC came in below internal expectations for both segments.
Key Takeaways
- • Higher realized gold prices ($2,868/oz vs. $2,078/oz) and silver prices ($31.25/oz vs. $22.61/oz) drove $203.3 million revenue increase
- • La Colorada silver production up 25% from significantly improved ventilation conditions
- • Silver Segment AISC excluding NRV inventory adjustments decreased $2.69/oz to $13.94/oz
- • Gold Segment AISC excluding NRV inventory adjustments decreased $14/oz to $1,485/oz
- • Derivative gains of $15.8 million vs. losses of $10.6 million in prior year
- • Investment gains increased $16.1 million from mark-to-market adjustments and higher interest income
PAAS YoY Financials
Q1 2025 vs Q1 2024, 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% |