Companies /Basic Materials

Pan American Silver Corp

NYSE: PAAS Gold
$54.92
â–² $2.29 (+4.34%) today
Markets closed · 5:12pm ET

Q2 2025 Earnings

Reported Aug 6, 2025, 5:19pm ET · SEC source
$0.52
Beat +30.26%
EPS · est. $0.40
$811.9M
Beat +5.12%
Revenue · est. $772.4M
+9.7%
Beating market
PAAS vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−3%0+3%+6%Aug 6Aug 7report 5:19pm ETearnings+0.1%+6.3%
−3%0+3%+6%Aug 6Aug 7earnings+0.1%+6.3%
PAAS +6.3%S&P 500 +0.1%
−3%0+3%+6%Aug 6Aug 7report 5:19pm ETearnings+0.6%+6.3%
−3%0+3%+6%Aug 6Aug 7earnings+0.6%+6.3%
PAAS +6.3%NASDAQ +0.6%
0+4%+8%Aug 5Aug 14report 5:19pm ETearnings+2.0%+5.4%
0+4%+8%Aug 5Aug 14earnings+2.0%+5.4%
PAAS +5.4%S&P 500 +2.0%
0+4%+8%Aug 5Aug 14report 5:19pm ETearnings+2.0%+5.4%
0+4%+8%Aug 5Aug 14earnings+2.0%+5.4%
PAAS +5.4%NASDAQ +2.0%
+7.12%
Day of report
+1.62%
Next session
−0.10%
One week
+12.60%
30 days

S&P 500 over the same 30 days: +2.86%.

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 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

Forward Guidance & Outlook

Pan American reaffirmed its full-year 2025 Operating Outlook for silver and gold production, base metal production, Silver Segment and Gold Segment AISC, and sustaining and project capital expenditures. Management now expects gold production to be more heavily weighted to Q4 2025 than originally indicated, as some Q3 production is expected to be deferred. The MAG Silver acquisition is expected to close in H2 2025, subject to Mexican antitrust clearance and stock exchange listing approvals.

PAAS YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$300.0M$600.0M$686.3M$811.9MRevenue$89.4M$243.9MOperating Income$17.8M$189.6MNet Income
$0$300.0M$600.0MRevenueOperating IncomeNet Income

PAAS Revenue by Segment

Jacobina$156.9M
Juanicipio
El Peñon$133.7M
Cerro Moro$79.0M
Shahuindo$112.7M
La Colorada$58.9M
Timmins$87.1M
Minera Florida$69.3M

PAAS Revenue by Geography

Mexico$103.4M
Chile$203.0M
Peru$158.6M
Brazil$156.9M
Argentina$79.0M
Canada$87.1M
Bolivia$23.9M

Figures from SEC filings and company reports. Not investment advice.