Q4 25 EPS
$1.11
BEAT +24.45%
Est. $0.89
Q4 25 Revenue
$1.18B
BEAT +5.55%
Est. $1.12B
vs S&P Since Q4 25
-35.8%
TRAILING MARKET
PAAS -25.5% vs S&P +10.3%
Full Year 2025 Results
FY 25 EPS
$2.54
FY 25 Revenue
$3.62B
Market Reaction
Did PAAS Beat Earnings? Q4 2025 Results
Pan American Silver posted a blowout fourth quarter, with earnings per share of $1.11 beating the consensus estimate of $0.89 by 24.45%, while revenue of $1.18 billion topped expectations by 5.55% and surged 44.6% year over year. The driving force be… Read more Pan American Silver posted a blowout fourth quarter, with earnings per share of $1.11 beating the consensus estimate of $0.89 by 24.45%, while revenue of $1.18 billion topped expectations by 5.55% and surged 44.6% year over year. The driving force behind those figures was an extraordinary move in metal prices: realized silver averaged $58.16 per ounce in the quarter versus $30.87 a year ago, and gold fetched $4,186 per ounce compared to $2,666, turning mine operating earnings into $568 million from just $185 million in the prior-year period. Those tailwinds, which few anticipated holding, combined with disciplined cost management to push quarterly operating cash flow to a record $554 million. The company rewarded shareholders with a 29% dividend increase to $0.18 per share and renewed its buyback program. Looking ahead, Pan American guides 2026 silver production of 25 to 27 million ounces, roughly 14% above 2025, with gold output of 700 to 750 thousand ounces, assuming $70 per ounce silver and $4,200 gold.
Key Takeaways
- • Significantly higher realized silver prices ($58.16/oz in Q4 2025 vs $30.87/oz in Q4 2024)
- • Significantly higher realized gold prices ($4,186/oz in Q4 2025 vs $2,666/oz in Q4 2024)
- • Production and costs in line with or better than guidance
- • Strong operating margins across the portfolio
- • Contribution from Juanicipio mine investment ($61 million income in Q4 2025)
- • Silver Segment AISC of $9.51/oz in Q4 2025 significantly below prior year $19.88/oz
PAAS YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
PAAS Revenue by Segment
With YoY comparisons, source: SEC Filings
PAAS Revenue by Geography
With YoY comparisons, source: SEC Filings
“Pan American delivered record financial results across the board in 2025, reflecting strong operating margins with production and costs in line or better than guidance and higher realized silver and gold prices.”
— Michael Steinmann, Q4 2025 Earnings Press Release
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% |