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Dec 31, 2025
Pan American Silver Q4 2025 Earnings Report
Pan American Silver reported record fourth quarter 2025 results with record revenue, net earnings, adjusted earnings and operating cash flow.
Key Takeaways
Pan American generated Q4 2025 revenue of 1179000000, net earnings of 452000000 and adjusted earnings of 470000000, supported by 7278000 ounces of silver production and strong margins, delivering record operating cash flow of 554000000.
Revenue reached 1179000000 compared to 815000000 in Q4 2024.
Net earnings increased to 452000000 with basic EPS of 1.07.
Adjusted earnings totaled 470000000 or 1.11 per share.
Operating cash flow reached a record 554000000 with 553000000 of free cash flow.
Forward Guidance
For 2026, Pan American expects attributable silver production of 25000000 to 27000000 ounces and gold production of 700000 to 750000 ounces, with Silver Segment AISC of 15.75 to 18.25 and Gold Segment AISC of 1700 to 1850.
Positive Outlook
- Attributable silver production guidance of 25000000 to 27000000 ounces.
- Attributable gold production guidance of 700000 to 750000 ounces.
- Strong liquidity position of 1319000000 in cash and short-term investments.
- Silver Segment AISC guidance between 15.75 and 18.25.
- Project capital expenditures planned between 195000000 and 210000000.
Challenges Ahead
- Higher Silver Segment AISC expected in 2026 compared to Q4 2025 levels.
- Gold Segment AISC guidance range of 1700 to 1850 per ounce.
- Sustaining capital expenditures expected between 320000000 and 340000000.
- Exposure to metal price volatility assumptions in guidance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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