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Live Earnings Blog: Will Pan American Silver Soar After Earnings Tonight?

By Eric Bleeker Updated Feb 18, 5:18PM EST · Published Feb 18, 3:52PM EST

Quick Read

Pan American Silver (PAAS) shares surged 139% over the past year as silver prices broke through $80 per ounce. We expect the company to release earnings at about 5 p.m. ET and will be updating this live blog with news and analysis once results are released. Simply stay on this page and new updates will appear automatically.
Pan American Silver exceeded Q4 production guidance with 7.3 million silver ounces and 197,800 gold ounces.
The company holds $1.32B in cash and raised its dividend to $0.14 per share last quarter.
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Live Updates

Pan American Silver Shares Up 3.7% In Late Trading

Feb 18, 2026 at 7:51 PM EST

Pan American shares are rallying heading into earnings tonight. Shares up up 3.7% in late trading.

Shares are now up 136% across the past year after today’s earnings.

Pan American Gains Holding

Feb 18, 2026 at 5:18 PM EST

We’re now about 15 minutes since Pan American’s results came out and the gains are holding.

As of 5:18 p.m. ET, the company is up about 2.2% after-hours.

Results Are Out

Feb 18, 2026 at 5:12 PM EST

Here we go, we’ve got Pan American’s results.

Here are the highlights:

Record revenue of $1.2 billion and $3.6 billion in Q4 2025 and FY 2025, respectively. Attributable⁽¹⁾ revenue of $1.3 billion and $3.8 billion in Q4 2025 and FY 2025, respectively.
Record net earnings of $452 million, or $1.07 basic earnings per share in Q4 2025, including $61 million of income from investment in Juanicipio. Record FY 2025 net earnings of $980 million, or $2.56 basic earnings per share.
Record adjusted earnings of $470 million, or $1.11 adjusted earnings per share in Q4 2025. FY 2025 adjusted earnings of $959 million, or $2.54 adjusted earnings per share⁽²⁾.

All these figures appear to be safely beyond consensus estimates, which explains the initial share price movement.

Shares are now up 3% after hours.

Shares Are Now Moving

Feb 18, 2026 at 5:08 PM EST

We are still not seeing Pan American’s results, but shares appear to be moving.

They’re now up 2.74%.

It’s worth noting that Kinross just reported and results were generally positive.

We’ll update this blog as soon as we can find Pan American’s results.

What Will Move Pan American's Shares Tonight

Feb 18, 2026 at 4:51 PM EST

Wall Street’s focus tonight isn’t on what Pan American Silver delivered in Q4—it’s on what management says comes next. With shares up 11% the week after January’s production release, investors have priced in operational strength. Now they’re hunting for clues on 2026 margin expansion and whether the Juanicipio mine can sustain its outperformance.

Management issued 2026 guidance in January—25 to 27 million ounces of silver—but tomorrow’s call at 11:00 AM ET will reveal the assumptions behind those numbers. Key metrics to watch: all-in sustaining costs per ounce, capital allocation between La Colorada Skarn development and existing operations, and any update on Escobal’s ILO 169 consultation timeline.

Historically, Pan American guides conservatively—2025 silver production exceeded the top end of guidance. Bullish scenario: management raises the midpoint or tightens the range higher. Bearish: cost inflation warnings or Juanicipio underperformance in early 2026.

Pan American Silver (NYSE: PAAS) reports Q4 2025 results tonight after the bell, with the earnings call scheduled for February 19, 2026 at 11:00 AM ET.

Shares have surged 139% over the past year as silver prices broke through $80 per ounce and the metal joined the US Critical Minerals list. As one of the world’s largest primary silver producers, PAAS stands at the center of the precious metals bull market, but tonight’s report will test whether execution matches the rally.

What the Street Expects

Here are the big numbers Wall Street expects (in USD):

Normalized EPS: $.89
GAAP EPS: $.91
Revenue $1.12 billion

The comparable quarter last year saw EPS of $0.35 on revenue of $815 million. Production data already released shows PAAS delivered 7.3 million ounces of silver and 197,800 ounces of gold in Q4, exceeding updated annual guidance. The Juanicipio mine acquisition, closed in September, contributed 2.5 million silver ounces since joining the portfolio. Silver’s price surge should drive revenue higher, but the key question is whether AISC inflation eats into margins or if Juanicipio’s scale delivers the cost leverage management promised.

For 2026, the company guided to 25 to 27 million ounces of silver production and 700,000 to 750,000 ounces of gold, implying roughly 10% to 18% silver growth. CEO Michael Steinmann said “Our 2026 operating outlook and assumptions for 2026 metal prices point to further expansion of operating margins.”

Last Quarter’s Results

Q3 results showed revenue of $854.6 million, slightly topping estimates, though EPS of $0.48 was inline or slightly disappointing. Net income jumped 196% year over year to $168.6 million, and operating cash flow climbed 36% to $308.7 million.

Silver AISC came in at $15.43 per ounce, down from Q2 even with just one month of Juanicipio contribution. The stock rallied 11% in the week following the January production filing, then pulled back as some analysts flagged valuation concerns after the sector’s 300% run.

Tonight’s Key Questions

I’ll be watching three things.

First, AISC trajectory matters more than the revenue print. Juanicipio’s full quarter contribution should push costs lower, and management needs to show margin expansion is real, not just a metal price gift.

Second, 2026 production guidance gets stress tested tonight. The company’s Latin American mines faced technical issues at Cerro Moro, El Peñon, and Timmins in Q3, and Huaron is running lower grades through 2026 as part of a strategic development push. Specifics on whether those headwinds are fading or intensifying will be worth noting on the call.

Third, capital allocation will set the tone for shareholder expectations. PAAS raised its dividend to $0.14 per share last quarter and sits on $1.32 billion in cash. With La Colorada Skarn’s PEA due in Q2 2026 and partnership discussions underway, tonight’s call could clarify whether free cash flow funds buybacks, dividends, or accelerated project development. The 139% rally has reset the bar. Execution has to follow.

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About the Author Eric Bleeker →

Eric Bleeker has been investing for more than 20 years. He began his career working at Microsoft before joining Motley Fool, one of the largest publishers of financial research. In his 15 years at Motley Fool Eric served as the General Manager for Fool.com and led coverage in the Technology & Telecom sector. In addition, he was a featured columnist and has hosted dozens of investing seminars attended by more than a million total investors. Eric has more than 1,000 financial bylines to his name and has been featured in The Wall Street Journal, CNBC, Fox Business, and many other leading publications. He is currently focused on artificial intelligence investing and is a CFA Charterholoder.