Q2 25 EPS
$0.52
BEAT +30.26%
Est. $0.40
Q2 25 Revenue
$811.9M
BEAT +5.12%
Est. $772.4M
vs S&P Since Q2 25
+32.2%
BEATING MARKET
PAAS +51.1% vs S&P +18.9%
Market Reaction
Did PAAS Beat Earnings? Q2 2025 Results
Pan American Silver delivered a standout second quarter, posting earnings per share of $0.52 against a consensus estimate of $0.40, a beat of 30.26%, while revenue of $811.90 million topped expectations by 5.12% and grew 18.3% year over year. The pri… Read more Pan American Silver delivered a standout second quarter, posting earnings per share of $0.52 against a consensus estimate of $0.40, a beat of 30.26%, while revenue of $811.90 million topped expectations by 5.12% and grew 18.3% year over year. The primary engine behind the quarter was a significant lift in realized metal prices, which added $198.70 million to the top line and helped fuel a swing to GAAP net income of $189.60 million from a net loss of $21.40 million a year ago. Operating cash flow climbed to $293.40 million from $162.70 million, leaving the company with a cash balance of $1.08 billion and its $750.00 million credit facility fully undrawn. Silver production rose to 5.09 million ounces, supported by an 80% output increase at La Colorada following ventilation improvements. Looking ahead, management reaffirmed its full-year 2025 guidance and raised its quarterly dividend 20% to $0.12 per share, while the pending acquisition of MAG Silver Corp. For $500.00 million in cash plus shares remains on track to close in the second half of 2025.
Key Takeaways
- • Higher realized silver and gold prices drove $198.7 million revenue increase year-over-year
- • La Colorada silver production up 80% QoQ due to significant ventilation improvements
- • El Peñon silver production up 14% from higher tonnes mined and reduced stockpile contribution
- • Operating cash flow increased 80% to $293.4 million from $162.7 million in Q2 2024
- • Derivative gains of $12.9 million vs losses of $0.8 million in prior year quarter
- • Income tax expense decreased $48.3 million QoQ due to favorable foreign exchange impacts on deferred tax
PAAS YoY Financials
Q2 2025 vs Q2 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% |