Companies /Basic Materials

Pan American Silver Corp

NYSE: PAAS Gold
$47.56
▼ $0.86 (−1.78%) today
Markets closed · 12:01am ET

Q1 2026 Earnings

Reported May 5, 2026, 5:56pm ET · SEC source
$1.09
Beat +2.62%
EPS · est. $1.06
$1.2B
Miss −5.17%
Revenue · est. $1.2B
−17.2%
Trailing market
PAAS vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
0+4%+8%+12%May 5May 6report 5:56pm ETearnings+1.1%+11.7%
0+4%+8%+12%May 5May 6earnings+1.1%+11.7%
PAAS +11.7%S&P 500 +1.1%
0+4%+8%+12%May 5May 6report 5:56pm ETearnings+1.5%+11.7%
0+4%+8%+12%May 5May 6earnings+1.5%+11.7%
PAAS +11.7%NASDAQ +1.5%
0+9%+18%+27%May 4May 13report 5:56pm ETearnings+2.5%+26.0%
0+9%+18%+27%May 4May 13earnings+2.5%+26.0%
PAAS +26.0%S&P 500 +2.5%
0+9%+18%+27%May 4May 13report 5:56pm ETearnings+4.6%+26.0%
0+9%+18%+27%May 4May 13earnings+4.6%+26.0%
PAAS +26.0%NASDAQ +4.6%
+12.02%
Day of report
+2.16%
Next session
+12.49%
One week
−16.45%
30 days

S&P 500 over the same 30 days: +0.73%.

Did PAAS Beat Earnings? Q1 2026 Results

Pan American Silver Corp. delivered a standout first quarter for 2026, posting adjusted earnings per share of $1.09 and revenue of $1.15 billion, compared to $0.42 and $773 million in the year-ago period, as a dramatic surge in metal prices transformed the company's financial profile. Average realized silver prices nearly tripled to $89.43 per ounce from $31.25, while gold fetched $4,859 per ounce versus $2,868 a year earlier, lifting mine operating earnings to $608 million from $251 million and driving attributable free cash flow to $488 million. The September 2025 acquisition of MAG Silver added further momentum, with Juanicipio contributing $88 million in equity-method income and helping push Silver Segment all-in sustaining costs down sharply to $6.63 per ounce from $13.88. Looking ahead, management reaffirmed its 2026 production and AISC outlook while raising full-year project capital expenditure guidance to $240 to $255 million, reflecting a $265 million, five-year commitment to the La Colorada Skarn 588 Decline Project.

Key Takeaways
  • Significantly higher metal prices driving $560 million revenue increase while production costs remained flat
  • Average realized silver price of $89.43/oz vs $31.25/oz in Q1 2025; gold at $4,859/oz vs $2,868/oz
  • Contribution from Juanicipio investment following MAG Silver acquisition, generating $88 million in equity-method income and $79 million attributable cash flow from operations
  • Attributable silver production increased 29% to 6.44 million ounces driven by Juanicipio contribution
  • Silver Segment AISC fell to $6.63/oz from $13.88/oz aided by Juanicipio's negative $3.05/oz AISC and Cerro Moro's negative $70.40/oz AISC
  • Strong operating cash flow of $505 million versus $177 million in Q1 2025
  • Attributable free cash flow surged to $488 million from $114 million in Q1 2025

Forward Guidance & Outlook

The company reaffirms its 2026 Operating Outlook for silver and gold production, base metal production, Silver Segment and Gold Segment AISC, and sustaining capital expenditures. Full-year consolidated project capital expenditures guidance has been increased to $240–$255 million from the original $195–$210 million, driven by the La Colorada Skarn Project spending increase to $92–$95 million from $47–$50 million following the revised Preliminary Economic Assessment and Board approval of the $265 million 588 Decline Project. Management expects gold production to be more heavily weighted to Q4 2026, with some Q2 production deferred to Q4. Silver Segment AISC came in lower than expected in Q1 2026. The Expanded La Colorada Mine is anticipated to average 19.1 million silver ounces annually during peak five years following construction and ramp-up.

PAAS YoY Financials

Revenue$1.2B
Gross Profit$608.0M
Operating Income$643.0M
Net Income$456.0M

PAAS Revenue by Segment

Jacobina$206.0M+56.8%
Juanicipio$181.0M
El Peñon$173.0M+43.8%
Cerro Moro$167.0M+108.8%
Shahuindo$141.0M+44.2%
La Colorada$80.0M+49.5%
Timmins$128.0M+44.1%
Minera Florida$84.0M+56.4%

PAAS Revenue by Geography

Mexico$298.0M+173.4%
Chile$257.0M+47.7%
Peru$221.0M+43.7%
Brazil$206.0M+56.8%
Argentina$167.0M+108.8%
Canada$128.0M+44.1%
Bolivia$55.0M+51.9%

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