Q3 25 EPS
$0.48
MISS 4.13%
Est. $0.50
Q3 25 Revenue
$854.6M
BEAT +0.92%
Est. $846.8M
vs S&P Since Q3 25
+5.1%
BEATING MARKET
PAAS +17.0% vs S&P +11.9%
Market Reaction
Did PAAS Beat Earnings? Q3 2025 Results
Pan American Silver delivered a mixed third quarter for fiscal 2025, posting adjusted earnings of $0.48 per share, falling short of the $0.50 consensus estimate by 4.13%, while revenue of $854.60 million edged past expectations by 0.92% and climbed 1… Read more Pan American Silver delivered a mixed third quarter for fiscal 2025, posting adjusted earnings of $0.48 per share, falling short of the $0.50 consensus estimate by 4.13%, while revenue of $854.60 million edged past expectations by 0.92% and climbed 19.3% year-over-year. The standout catalyst behind the quarter was the September 4 completion of the $2.04 billion MAG Silver acquisition, which brought Pan American a 44% stake in the high-grade Juanicipio mine in Mexico; even in its brief post-acquisition window, Juanicipio contributed at a negative AISC of $7.34 per silver ounce, helping drive Silver Segment AISC down sharply to $15.43 per ounce from $20.90 a year ago. Operating cash flow strengthened to $308.70 million versus $226.20 million in Q3 2024, and the company ended the period with $910.80 million in cash. Looking ahead, management raised 2025 silver production guidance to 22.0 to 22.5 million attributable ounces and lowered Silver Segment AISC guidance to $14.50 to $16.00 per ounce, signaling continued confidence in Juanicipio's accretive role.
Key Takeaways
- • Higher realized metal prices: silver at $39.08/oz vs $29.52/oz and gold at $3,479/oz vs $2,475/oz year-over-year
- • MAG Silver acquisition adding 44% Juanicipio interest with negative AISC contribution
- • Improved ventilation at La Colorada driving 13% higher silver production and lower AISC
- • Higher gold by-product credits at Cerro Moro reducing Silver Segment AISC
PAAS YoY Financials
Q3 2025 vs Q3 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% |