NASDAQ$PAAS
Pan American Silver Corp · Q1 2025 earnings
Q1 2025 earnings · · Investor relations
Briefing
Pan American Silver reported strong Q1 2025 performance with record mine operating earnings and robust free cash flow, supported by higher metal prices and lower costs.
Pan American Silver posted $773.2 million in revenue and $169.3 million in net income for Q1 2025. The company delivered $250.8 million in mine operating earnings, produced 5.0 million ounces of silver and 182.2 thousand ounces of gold, and generated $240.1 million in operating cash flow before working capital changes. Adjusted earnings reached $153.0 million, with free cash flow of $112.6 million.
- Revenue reached $773.2 million, up from $601.4 million YoY
- Generated $112.6 million in free cash flow and $240.1 million in operating cash flow before working capital
- Silver and gold production totaled 5.0 million oz and 182.2 thousand oz, respectively
- Declared $0.10/share dividend and repurchased 909,012 shares for $20 million
Headline financials
Revenue & EPS history
Pan American Silver · Revenue · Quarterly
$773M
Forward guidance
Pan American reaffirmed its 2025 production, cost, and capital expenditure guidance with silver output expected at 20–21 million ounces and gold at 735–800 thousand ounces, supported by project development and strong operational execution.
Tailwinds
- Reaffirmed full-year silver production guidance of 20–21 million ounces
- Reaffirmed full-year gold production guidance of 735–800 thousand ounces
- Silver segment AISC expected to range $16.25–$18.25 per ounce
- Gold segment AISC expected to range $1,525–$1,625 per ounce
- Strong liquidity with $923 million in cash and $750 million undrawn credit
Headwinds
- La Colorada Skarn remains in development phase with no production timeline
- Escobal project remains inactive pending consultation process
- Project capital spending continues across multiple sites, reducing available cash
- Gold production down YoY (182.2k oz vs. 222.9k oz in Q1 2024)
- Inflation and FX risks remain in cost structure across operating geographies
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2025
+0.6%
Avg return
Earnings day
+0.5%
Avg return
5 days after
-1.5%
Avg return
30 days after
56%
28 / 50 earnings
Positive
+16.5%
Q3 2016
Best reaction
-14.6%
Q2 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2025 | +4.0% | +23.3% | -5.9% | |
| Q3 2024 | -1.2% | -0.4% | +0.1% | |
| Q1 2024 | +9.2% | +5.7% | +5.2% | |
| Q4 2023 | -2.5% | -2.7% | +6.9% | |
| Q3 2023 | -10.5% | -12.5% | +0.6% | |
| Q2 2023 | +1.9% | +3.0% | +0.7% | |
| Q1 2023 | -5.8% | -7.2% | -13.9% | |
| Q4 2022 | -2.6% | -6.3% | +14.9% | |
| Q3 2022 | -4.0% | +0.7% | +8.1% | |
| Q2 2022 | -14.6% | -14.8% | -24.0% | |
| Q1 2022 | -4.4% | -1.0% | +6.5% | |
| Q4 2021 | -0.0% | +0.6% | +20.3% | |
| Q3 2021 | +1.4% | +4.9% | -9.6% | |
| Q2 2021 | +4.0% | +4.0% | +0.6% | |
| Q1 2021 | -14.0% | -2.6% | -9.1% | |
| Q4 2020 | -2.1% | +5.9% | +1.8% | |
| Q3 2020 | +6.3% | -0.6% | -10.0% | |
| Q2 2020 | -1.0% | -6.6% | -11.2% | |
| Q1 2020 | +0.7% | -3.0% | +20.1% | |
| Q4 2019 | +4.0% | +5.8% | -50.9% | |
| Q3 2019 | +4.8% | +6.8% | +19.5% | |
| Q2 2019 | +3.8% | +2.0% | +6.5% | |
| Q1 2019 | -3.7% | -4.8% | -5.5% | |
| Q4 2018 | -5.8% | -7.1% | -11.4% | |
| Q3 2018 | -9.2% | -5.8% | -13.3% | |
| Q2 2018 | +8.9% | +3.1% | -6.1% | |
| Q1 2018 | +10.4% | +7.8% | +7.4% | |
| Q4 2017 | -6.4% | -3.4% | -2.4% | |
| Q3 2017 | -6.3% | -9.0% | -10.0% | |
| Q2 2017 | +11.9% | +12.1% | +19.0% | |
| Q1 2017 | +0.2% | +7.9% | +10.7% | |
| Q4 2016 | -6.6% | -6.8% | -16.8% | |
| Q3 2016 | +16.5% | +12.7% | +11.2% | |
| Q2 2016 | +3.2% | +5.0% | -10.8% | |
| Q1 2016 | +3.4% | — | — | |
| Q4 2015 | +4.5% | — | — | |
| Q3 2015 | +3.6% | — | — | |
| Q2 2015 | -5.1% | — | — | |
| Q1 2015 | +2.7% | — | — | |
| Q4 2014 | -5.0% | — | — | |
| Q1 2014 | +2.3% | — | — | |
| Q2 2012 | +6.4% | — | — | |
| Q1 2012 | +1.7% | — | — | |
| Q3 2011 | +8.9% | — | — | |
| Q2 2011 | -0.8% | — | — | |
| Q1 2011 | +8.2% | — | — | |
| Q4 2010 | +8.2% | — | — | |
| Q3 2010 | -6.2% | — | — | |
| Q1 2010 | +2.4% | — | — | |
| Q2 2010 | +2.4% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro