Pan American Silver Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Pan American Silver Corp reported revenue of $3.6B (+28.4% year on year) and net income of $980.0M (+769.6% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenue | $3.6B | $2.8B | $2.3B | $1.5B |
| Production costs (Note 21) | ($1.6B) | ($1.6B) | ($1.5B) | ($1.1B) |
| Depreciation and amortization (Note 12) | ($497.0M) | ($571.7M) | ($484.2M) | ($316.0M) |
| Royalties | ($113.0M) | ($64.9M) | ($55.9M) | ($35.9M) |
| Cost of sales | ($2.2B) | ($2.3B) | ($2.0B) | ($1.4B) |
| Mine operating earnings (Note 26) | $1.4B | $548.5M | $296.8M | $48.4M |
| General and administrative | ($116.0M) | ($69.8M) | ($61.4M) | ($29.0M) |
| Income from investment in Juanicipio (Note 13) | $77.0M | — | — | — |
| Exploration and project development | ($16.0M) | ($10.1M) | ($14.6M) | ($18.3M) |
| Mine care and maintenance | ($30.0M) | ($32.3M) | ($82.2M) | ($45.1M) |
| Foreign exchange (losses) gains | ($8.0M) | $38.2M | $8.9M | ($9.6M) |
| Derivative gains (losses) | $29.0M | ($25.1M) | $8.3M | $7.3M |
| (Losses) gains from sale of subsidiaries (Note 12) | ($29.0M) | $137.4M | — | — |
| Change in asset retirement obligations (Note 16) | ($49.0M) | ($53.7M) | — | — |
| Other expense | ($30.0M) | ($1.0M) | ($21.3M) | ($2.1M) |
| Earnings from operations | $1.2B | $530.7M | $38.1M | ($262.3M) |
| Investment income (loss) | $89.0M | ($14.3M) | ($5.5M) | ($16.2M) |
| Interest and finance expense (Note 22) | ($84.0M) | ($84.7M) | ($91.4M) | ($22.5M) |
| Earnings before income taxes | $1.2B | $431.7M | ($58.8M) | ($300.9M) |
| Income tax expense (Note 23) | ($258.0M) | ($319.0M) | ($46.1M) | ($39.1M) |
| Net earnings | $980.0M | $112.7M | ($104.9M) | ($340.1M) |
| Equity holders of the Company | $978.0M | $111.5M | ($103.7M) | ($341.7M) |
| Remeasurement of retirement benefit plan | ($1.0M) | ($200.0K) | ($2.6M) | — |
| Loss on investments | $0 | ($400.0K) | ($24.2M) | $3.5M |
| Other comprehensive loss | ($1.0M) | ($600.0K) | ($27.3M) | ($3.0M) |
| Total comprehensive earnings | $979.0M | $112.1M | ($132.2M) | ($343.1M) |
| Equity holders of the Company | $977.0M | $110.9M | ($131.0M) | ($344.8M) |
| Non-controlling interests | $2.0M | $1.2M | ($1.2M) | $1.7M |
| Basic earnings (loss) per share (in USD per share) | $2.56 | $0.31 | -$0.32 | -$1.62 |
| Diluted earnings (loss) per share (in USD per share) | $2.56 | $0.31 | -$0.32 | -$1.62 |
| Weighted average shares outstanding Basic (shares) | 381.5M | 363.4M | 326.5M | 210.5M |
| Weighted average shares outstanding Diluted (shares) | 381.6M | 363.4M | 326.5M | 210.5M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents (Note 25) | $1.2B | $862.8M | $399.6M | $107.0M |
| Investments | $104.0M | $24.5M | $41.3M | — |
| Trade and other receivables | $232.0M | $165.2M | $138.0M | $136.6M |
| Income tax receivables | $24.0M | $30.6M | $62.9M | $40.0M |
| Inventories (Note 10) | $588.0M | $605.7M | $711.6M | $471.6M |
| Other assets (Note 11) | $33.0M | $31.6M | $36.6M | — |
| Total current assets | $2.2B | $1.7B | $1.4B | $804.4M |
| Mineral properties, plant and equipment (Note 12) | $5.3B | $5.3B | $5.7B | $2.2B |
| Investment in Juanicipio (Note 13) | $1.9B | — | — | — |
| Inventories (Note 10) | $52.0M | $29.4M | $27.8M | $26.3M |
| Income tax receivables | $33.0M | $11.1M | $14.7M | $8.5M |
| Deferred tax assets (Note 23) | $83.0M | $44.5M | $80.4M | $55.9M |
| Other assets (Note 14) | $119.0M | $72.2M | $25.1M | — |
| Total assets | $9.7B | $7.2B | $7.2B | $3.2B |
| Accounts payable and accrued liabilities (Note 15) | $549.0M | $489.4M | $498.0M | $308.1M |
| Derivative liabilities (Note 9) | $0 | $12.8M | — | $1.8M |
| Provisions (Note 16) | $46.0M | $35.3M | $41.6M | $17.9M |
| Lease obligations (Note 17) | $53.0M | $40.6M | $45.7M | $13.6M |
| Debt (Note 18) | $5.0M | $6.8M | $6.7M | $13.7M |
| Income tax payables | $164.0M | $102.1M | $32.1M | $25.8M |
| Total current liabilities | $817.0M | $687.0M | $624.2M | $380.8M |
| Provisions (Note 16) | $589.0M | $427.1M | $432.4M | $285.3M |
| Lease obligations (Note 17) | $85.0M | $53.9M | $52.2M | $19.5M |
| Debt (Note 18) | $709.0M | $702.0M | $697.0M | $180.0M |
| Other liabilities (Note 19) | $106.0M | $94.4M | $93.2M | $27.0M |
| Deferred tax liabilities | $435.0M | $521.7M | $541.6M | $140.3M |
| Total liabilities | $2.7B | $2.5B | $2.4B | $1.0B |
| Issued capital | $7.4B | $5.9B | $6.0B | $3.1B |
| Share-based compensation reserve | $94.0M | $94.2M | $94.0M | $93.3M |
| Investment revaluation reserve | ($32.0M) | ($30.9M) | ($30.3M) | ($3.0M) |
| Deficit | ($513.0M) | ($1.3B) | ($1.3B) | ($1.0B) |
| Total equity attributable to Company shareholders | $7.0B | $4.7B | $4.8B | $2.2B |
| Non-controlling interests | $4.0M | $13.1M | $11.8M | $6.1M |
| Total equity | $7.0B | $4.7B | $4.8B | $2.2B |
| Total liabilities and equity | $9.7B | $7.2B | $7.2B | $3.2B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net earnings | $980.0M | $112.7M | ($104.9M) | ($340.1M) |
| Income tax expense (Note 23) | $258.0M | $319.0M | $46.1M | $39.1M |
| Depreciation and amortization (Note 12) | $497.0M | $571.7M | $484.2M | $316.0M |
| Income from investment in Juanicipio (Note 13) | ($77.0M) | — | — | — |
| Losses (gains) from sale of subsidiaries (Note 12) | $29.0M | ($137.4M) | — | — |
| Net realizable value inventory (recovery) charge (Note 10, 21) | ($20.0M) | $20.6M | ($31.8M) | $97.7M |
| Accretion on reclamation obligations (Notes 16, 22) | $26.0M | $31.3M | $34.2M | $14.8M |
| Change in mine reclamation obligations (Note 16) | $49.0M | $53.7M | — | — |
| Investment (income) loss | ($89.0M) | $14.3M | $5.5M | $16.2M |
| Interest expense (Note 22) | $55.0M | $47.6M | $51.4M | — |
| Other operating activities (Note 25) | ($4.0M) | $5.6M | ($5.1M) | $17.2M |
| Income taxes paid | ($318.0M) | ($163.8M) | ($149.4M) | ($137.8M) |
| Interest received | $29.0M | $13.9M | $17.2M | $3.2M |
| Interest paid | ($38.0M) | ($37.3M) | ($45.1M) | ($6.6M) |
| Reclamation paid (Note 16) | ($15.0M) | — | — | — |
| Net change in non-cash working capital items (Note 25) | ($29.0M) | ($127.8M) | $68.9M | ($42.0M) |
| Cash flows from (used in) operating activities | $1.3B | $724.1M | $450.2M | $31.9M |
| Payments for mineral properties, plant and equipment | ($314.0M) | ($323.3M) | ($379.0M) | ($274.7M) |
| Cash used for MAG Silver Corp. Acquisition (Note 8) | ($512.0M) | $0 | $259.5M | — |
| Cash acquired in MAG Silver Corp. Acquisition (Note 8) | $102.0M | — | — | — |
| Dividends received from Juanicipio (Note 13) | $44.0M | — | — | — |
| Cash disposed in sale of subsidiaries (Note 12) | ($31.0M) | ($16.2M) | ($194.1M) | — |
| Cash proceeds from sale of subsidiaries (Note 12) | $41.0M | $306.6M | $549.1M | — |
| (Purchase of) proceeds from investments | ($31.0M) | $2.0M | $144.8M | $694.0K |
| Cash used for investments in and loan to Galleon Gold (Note 9, 14) | ($22.0M) | — | — | — |
| Net proceeds (payments) from derivatives | $12.0M | ($5.5M) | $13.8M | $9.9M |
| Proceeds from dispositions of mineral property, plant and equipment | $5.0M | $3.8M | $3.8M | $8.7M |
| Cash flows from (used in) investing activities | ($706.0M) | ($32.6M) | $397.9M | ($255.4M) |
| Proceeds from common shares issued | 3.0M | 1.4M | 0 | 940.0K |
| Distributions to non-controlling interests | ($1.0M) | — | $11.1M | ($269.0K) |
| Dividends paid | ($175.0M) | ($145.4M) | ($130.4M) | ($94.7M) |
| Shares repurchased under Normal Course Issuer Bid (Note 20) | -46.0M | -24.3M | — | — |
| Repayment of debt (Note 18) | ($7.0M) | ($6.7M) | ($703.5M) | ($5.2M) |
| Payment of equipment leases | ($52.0M) | ($50.3M) | ($44.0M) | ($14.8M) |
| Cash flows from (used in) financing activities | ($278.0M) | ($225.2M) | ($551.8M) | $53.0M |
| Effects of exchange rate changes on cash and cash equivalents | $3.0M | ($3.1M) | ($3.7M) | ($6.0M) |
| Increase in cash and cash equivalents | $352.0M | $463.2M | $292.6M | ($176.5M) |
| Cash and cash equivalents at the beginning of the year | $863.0M | $399.6M | $107.0M | $283.6M |
| Cash and cash equivalents at the end of the year | $1.2B | $862.8M | $399.6M | $107.0M |
Pan American Silver Corp score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.