Gross margins expanded from 11.8% in 2024Q1 to 52.7% in 2026Q1, reflecting successful operational leverage and the realization of synergies from the diversified polymetallic asset base.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 4.02B | 3.68B | 2.82B | 2.32B | 1.49B | 1.63B | 1.34B | 1.35B | 784.5M | 816.83M | 774.77M | 674.69M | 751.94M | 824.5M | 928.59M | 855.27M | 646.55M | 454.81M | 338.6M | 301.06M | 255.45M | 122.4M | 94.83M | 45.12M | 45.09M | 37.3M | 29.93M | 26.82M | 30.17M | 27.77M | 27.73M |
| Revenue Growth % | 34.35% | 30.63% | 21.71% | 54.95% | -8.46% | 21.96% | -0.88% | 72.18% | -3.96% | 5.43% | 14.83% | -10.27% | -8.8% | -11.21% | 8.57% | 32.28% | 42.16% | 34.32% | 12.47% | 17.86% | 108.7% | 29.08% | 110.15% | 0.06% | 20.91% | 24.61% | 11.6% | -11.1% | 8.64% | 0.15% | - |
| Cost of Goods Sold | 2.26B | 2.3B | 2.27B | 2.02B | 1.45B | 1.26B | 1.08B | 1.15B | 683.6M | 648.07M | 575.9M | 706.78M | 743.87M | 692.99M | 624.65M | 446.15M | 405.44M | 338.74M | 250.88M | 171.16M | 132.65M | 91.34M | 73M | 42.32M | 44.37M | 41.48M | 28.36M | 28.89M | 31.72M | 28.05M | 28.17M |
| COGS % of Revenue | - | 62.34% | 80.54% | 87.19% | 96.76% | 77.47% | 80.72% | 84.78% | 87.14% | 79.34% | 74.33% | 104.76% | 98.93% | 84.05% | 67.27% | 52.16% | 62.71% | 74.48% | 74.09% | 56.85% | 51.93% | 74.63% | 76.98% | 93.79% | 98.39% | 111.23% | 94.75% | 107.73% | 105.14% | 101.01% | 101.58% |
| Gross Profit | 1.76B | 1.39B | 548.5M | 296.8M | 48.4M | 367.94M | 258.07M | 205.63M | 100.9M | 168.76M | 198.88M | -32.09M | 8.07M | 131.52M | 303.94M | 409.13M | 241.12M | 126.01M | 87.72M | 129.91M | 122.8M | 31.06M | 21.82M | 2.8M | 726K | -4.19M | 1.57M | -2.07M | -1.55M | -281K | -437K |
| Gross Margin % | 43.79% | 37.66% | 19.46% | 12.81% | 3.24% | 22.53% | 19.28% | 15.22% | 12.86% | 20.66% | 25.67% | -4.76% | 1.07% | 15.95% | 32.73% | 47.84% | 37.29% | 27.71% | 25.91% | 43.15% | 48.07% | 25.37% | 23.02% | 6.21% | 1.61% | -11.23% | 5.25% | -7.73% | -5.14% | -1.01% | -1.58% |
| Gross Profit Growth % | - | 152.85% | 84.8% | 513.22% | -86.85% | 42.57% | 25.51% | 103.8% | -40.21% | -15.14% | 719.77% | -497.49% | -93.86% | -56.73% | -25.71% | 69.68% | 91.35% | 43.64% | -32.47% | 5.79% | 295.41% | 42.3% | 679.19% | 285.81% | 117.34% | -366.69% | 175.74% | -33.66% | -451.96% | 35.7% | - |
| Operating Expenses | 236.96M | 198.41M | 17.8M | 258.7M | 310.7M | 47.03M | 48.09M | 78.52M | 58.21M | -19.57M | 14.41M | 197.95M | 640.84M | 570.13M | 152.69M | 36.55M | 39.76M | 20.14M | 28.24M | 41.37M | 26.69M | 49.7M | 19.57M | 8.95M | 34.65M | 6.45M | 47.89M | 4.49M | 5.81M | 3.57M | 2.85M |
| OpEx % of Revenue | - | 5.39% | 0.63% | 11.17% | 20.79% | 2.88% | 3.59% | 5.81% | 7.42% | -2.4% | 1.86% | 29.34% | 85.22% | 69.15% | 16.44% | 4.27% | 6.15% | 4.43% | 8.34% | 13.74% | 10.45% | 40.6% | 20.64% | 19.84% | 76.84% | 17.29% | 160.01% | 16.75% | 19.27% | 12.85% | 10.26% |
| Selling, General & Admin | 131.09M | 118.03M | 69.8M | 61.4M | 29M | 34.85M | 36.38M | 31.75M | 22.65M | 21.4M | 23.66M | 18.03M | 17.91M | 17.6M | 20.79M | 18.29M | 17.11M | 15.77M | 13.12M | 12.38M | 9.17M | 6.94M | 6.24M | 5.63M | 2.56M | 2.14M | 2.64M | 2.21M | 2.58M | 1.61M | 1.09M |
| SG&A % of Revenue | - | 3.21% | 2.48% | 2.65% | 1.94% | 2.13% | 2.72% | 2.35% | 2.89% | 2.62% | 3.05% | 2.67% | 2.38% | 2.13% | 2.24% | 2.14% | 2.65% | 3.47% | 3.88% | 4.11% | 3.59% | 5.67% | 6.58% | 12.47% | 5.67% | 5.73% | 8.81% | 8.25% | 8.57% | 5.79% | 3.95% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 80.38M | -52M | 197.3M | 281.7M | 12.18M | 11.72M | 46.77M | 35.56M | -40.97M | -9.26M | 179.93M | 622.93M | 552.54M | 131.9M | 18.25M | 22.65M | 4.38M | 15.12M | 28.99M | 17.52M | 42.76M | 13.33M | 3.33M | 32.09M | 4.31M | 45.26M | 2.28M | 3.23M | 1.96M | 1.75M |
| Operating Income | 1.52B | 1.19B | 530.7M | 38.1M | -262.3M | 320.91M | 209.98M | 127.1M | 42.69M | 188.33M | 184.47M | -230.04M | -632.77M | -438.61M | 151.26M | 372.58M | 201.35M | 95.93M | 59.49M | 88.53M | 96.11M | -18.64M | 2.25M | -6.15M | -33.92M | -10.64M | -46.32M | -6.57M | -7.37M | -3.85M | -3.28M |
| Operating Margin % | 37.9% | 32.27% | 18.83% | 1.65% | -17.55% | 19.65% | 15.68% | 9.41% | 5.44% | 23.06% | 23.81% | -34.1% | -84.15% | -53.2% | 16.29% | 43.56% | 31.14% | 21.09% | 17.57% | 29.41% | 37.62% | -15.23% | 2.38% | -13.63% | -75.23% | -28.52% | -154.77% | -24.48% | -24.41% | -13.86% | -11.84% |
| Operating Income Growth % | - | 123.94% | 1292.91% | 114.53% | -181.74% | 52.83% | 65.2% | 197.74% | -77.33% | 2.09% | 180.19% | 63.64% | -44.27% | -389.98% | -59.4% | 85.04% | 109.89% | 61.26% | -32.81% | -7.88% | 615.57% | -926.65% | 136.67% | 81.87% | -218.91% | 77.04% | -605.51% | 10.85% | -91.35% | -17.24% | - |
| EBITDA | 2.02B | 1.72B | 1.1B | 522.3M | 53.7M | 623.87M | 482.42M | 380.56M | 189.98M | 311.22M | 300.43M | -79.2M | -485.06M | -302.7M | 255.67M | 455.34M | 284.44M | 179.1M | 105.83M | 117.52M | 113.63M | -5.55M | 13.12M | -2.82M | -29.05M | -6.33M | -43.81M | -4.29M | -5.36M | -1.89M | -2.04M |
| EBITDA Margin % | 50.32% | 46.73% | 39.11% | 22.55% | 3.59% | 38.21% | 36.03% | 28.17% | 24.22% | 38.1% | 38.78% | -11.74% | -64.51% | -36.71% | 27.53% | 53.24% | 43.99% | 39.38% | 31.26% | 39.04% | 44.48% | -4.53% | 13.84% | -6.26% | -64.42% | -16.96% | -146.39% | -15.98% | -17.77% | -6.81% | -7.37% |
| EBITDA Growth % | 56.62% | 56.08% | 111.07% | 872.63% | -91.39% | 29.32% | 26.77% | 100.32% | -38.96% | 3.59% | 479.34% | 83.67% | -60.24% | -218.4% | -43.85% | 60.08% | 58.81% | 69.22% | -9.95% | 3.43% | 2148.81% | -142.26% | 564.73% | 90.28% | -359.29% | 85.56% | -922.52% | 20.09% | -183.7% | 7.49% | - |
| D&A (Non-Cash Add-back) | 499.07M | 532.16M | 571.7M | 484.2M | 316M | 302.96M | 272.44M | 253.45M | 147.29M | 122.89M | 115.95M | 150.84M | 147.71M | 135.91M | 104.41M | 82.76M | 83.08M | 83.17M | 46.35M | 28.99M | 17.52M | 13.1M | 10.87M | 3.33M | 4.87M | 4.31M | 2.51M | 2.28M | 2M | 1.96M | 1.24M |
| EBIT | 1.64B | 1.19B | 479.3M | -7.4M | -295.7M | 248.65M | 261.23M | 199.39M | 56.93M | 116.13M | 178.39M | -232.12M | -632.25M | -422.43M | 175.46M | 477.46M | 111.65M | 94.05M | 50.75M | 88.53M | 96.11M | 11.03M | 4.71M | -6.15M | -6.7M | -10.64M | -3.58M | -6.57M | -6.14M | -3.85M | -2.77M |
| Net Interest Income | -16.69M | 31.54M | -50.84M | -41.96M | -2.16M | -8.65M | 53.88M | 66.84M | -331.2K | -1.26M | -5.13M | -4.8M | -2.54M | -4.04M | 1.5M | -6.2M | -5.73M | -4.29M | -951K | 5.12M | 5.32M | 2.24M | 1.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 52.39M | 90.56M | 0 | 16.29M | 5.16M | 0 | 66.35M | 86.67M | 1.84M | 1.22M | 0 | 0 | 2.71M | 2.99M | 6.2M | 0 | 0 | 0 | 0 | 5.84M | 5.88M | 2.75M | 2.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 69.08M | 59.02M | 50.84M | 58.25M | 7.32M | 8.65M | 12.47M | 19.83M | 2.18M | 2.48M | 5.13M | 4.8M | 5.25M | 7.03M | 4.7M | 6.2M | 5.73M | 4.29M | 951K | 717.8K | 558.45K | 512.42K | 975.34K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 150.81M | 71.23M | -99M | -96.9M | -38.7M | -75.92M | 42.03M | 55.41M | -9.5M | -5.84M | -8.2M | -5.71M | -4.55M | 9.52M | 22.66M | 98.68M | -95.43M | -6.18M | -9.69M | 23.04M | -8.64M | -5.81M | 15.89M | -645K | 33.92M | 10.64M | 46.32M | 6.57M | 7.37M | 3.85M | 3.28M |
| Pretax Income | 1.67B | 1.26B | 431.7M | -58.8M | -301M | 244.99M | 252.01M | 182.51M | 33.19M | 182.49M | 176.27M | -235.75M | -637.32M | -429.09M | 173.92M | 471.26M | 105.92M | 89.75M | 49.8M | 111.57M | 87.47M | -24.45M | 18.15M | -6.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | 41.65% | 34.21% | 15.31% | -2.54% | -20.14% | 15% | 18.82% | 13.51% | 4.23% | 22.34% | 22.75% | -34.94% | -84.76% | -52.04% | 18.73% | 55.1% | 16.38% | 19.73% | 14.71% | 37.06% | 34.24% | -19.98% | 19.14% | -15.06% | - | - | - | - | - | - | - |
| Income Tax | 399.76M | 262.52M | 319M | 46.1M | 39.1M | 146.43M | 75.56M | 71.27M | 21.15M | 59.03M | 74.45M | -4.2M | -92.49M | 16.76M | 95.56M | 117.12M | 90.22M | 27.76M | 24.43M | 19.61M | 25.48M | 3.29M | 2.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 23.89% | 20.84% | 73.89% | -78.4% | -12.99% | 59.77% | 29.98% | 39.05% | 63.72% | 32.35% | 42.23% | 1.78% | 14.51% | -3.91% | 54.95% | 24.85% | 85.17% | 30.92% | 49.06% | 17.57% | 29.14% | -13.43% | 15.17% | 0% | - | - | - | - | - | - | - |
| Net Income | 1.27B | 995.12M | 111.5M | -103.7M | -340.06M | 97.43M | 177.88M | 110.74M | 10.29M | 120.99M | 100.08M | -226.65M | -545.59M | -445.85M | 87.36M | 352.49M | 112.57M | 62M | 24.6M | 88.86M | 58.21M | -28.59M | 19.9M | -6.79M | -33.66M | -8.08M | -45.88M | -5.81M | -6.01M | -909K | -1.9M |
| Net Margin % | 31.69% | 27.02% | 3.96% | -4.48% | -22.75% | 5.97% | 13.29% | 8.2% | 1.31% | 14.81% | 12.92% | -33.59% | -72.56% | -54.08% | 9.41% | 41.21% | 17.41% | 13.63% | 7.27% | 29.52% | 22.79% | -23.36% | 20.99% | -15.06% | -74.64% | -21.66% | -153.28% | -21.65% | -19.92% | -3.27% | -6.84% |
| Net Income Growth % | 308.67% | 792.48% | 207.52% | 69.51% | -449.04% | -45.23% | 60.63% | 975.75% | -91.49% | 20.89% | 144.16% | 58.46% | -22.37% | -610.37% | -75.22% | 213.12% | 81.58% | 152% | -72.31% | 52.66% | 303.56% | -243.67% | 392.93% | 79.81% | -316.71% | 82.39% | -690.18% | 3.36% | -560.95% | 52.08% | - |
| Net Income (Continuing) | 1.27B | 997.16M | 112.7M | -104.9M | -340.1M | 98.56M | 176.46M | 111.24M | 12.04M | 123.45M | 101.83M | -231.56M | -544.82M | -445.85M | 78.36M | 354.15M | 15.71M | 90.85M | 25.37M | 88.86M | 58.21M | -28.59M | 15.21M | -6.79M | -33.66M | -8.08M | -45.88M | -5.81M | -6.01M | -909K | -1.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1M | 3.99M | 13.1M | 11.8M | 6.1M | 4.45M | 3.32M | 4.75M | 5.14M | 4.2M | 2.71M | 1.39M | 6.84M | 6.46M | 7.33M | 8.25M | 8.65M | 15.26M | 5.75M | 5.49M | 9.68M | 3.8M | 1.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.02 | 2.61 | 0.31 | -0.32 | -1.62 | 0.46 | 0.85 | 0.55 | 0.07 | 0.79 | 0.66 | -1.49 | -3.60 | -2.91 | 0.55 | 3.29 | 1.05 | 0.71 | 0.30 | 1.12 | 0.76 | -0.43 | 0.06 | -0.13 | -0.81 | -0.22 | -1.35 | -0.20 | -0.24 | -0.04 | -0.09 |
| EPS Growth % | 264.08% | 741.94% | 196.88% | 80.25% | -452.17% | -45.88% | 54.55% | 719.67% | -91.51% | 19.7% | 144.3% | 58.61% | -23.71% | -629.09% | -83.28% | 213.33% | 47.89% | 136.67% | -73.21% | 47.37% | 276.74% | -816.67% | 146.15% | 83.95% | -268.18% | 83.7% | -575% | 16.67% | -471.43% | 52.05% | - |
| EPS (Basic) | - | 2.61 | 0.31 | -0.32 | -1.62 | 0.46 | 0.85 | 0.55 | 0.07 | 0.79 | 0.66 | -1.49 | -3.60 | -2.94 | 0.62 | 3.31 | 1.05 | 0.71 | 0.31 | 1.16 | 0.79 | -0.43 | 0.06 | -0.13 | -0.81 | -0.22 | -1.35 | -0.20 | -0.24 | -0.04 | -0.09 |
| Diluted Shares Outstanding | 421.93M | 381.58M | 363.4M | 326.54M | 210.52M | 210.44M | 210.29M | 201.57M | 153.52M | 153.35M | 152.5M | 151.66M | 151.51M | 153.43M | 142.44M | 106.66M | 107.58M | 87.75M | 80.77M | 79.17M | 76.15M | 67.04M | 65.27M | 51.06M | 41.55M | 36.16M | 33.99M | 29.25M | 25.29M | 21.66M | 21.66M |
| Basic Shares Outstanding | 421.85M | 381.48M | 363.36M | 326.54M | 210.52M | 210.3M | 210.1M | 201.4M | 153.31M | 153.07M | 152.12M | 151.66M | 151.51M | 151.5M | 140.88M | 106.43M | 106.97M | 87.58M | 80.24M | 76.45M | 73.63M | 67.04M | 63.17M | 51.06M | 41.55M | 36.16M | 33.99M | 29.25M | 24.57M | 21.66M | 21.66M |
| Dividend Payout Ratio | - | 17.89% | 130.4% | - | - | 73.39% | 25.99% | 26.49% | 206.76% | 12.66% | 7.6% | - | - | - | 28.52% | 3.04% | 7.13% | - | 10.67% | 2.64% | - | - | - | - | - | - | - | - | - | - | - |
Jurisdictional and commodity volatility
As reported in recent financial statements, PAAS achieved a significant revenue acceleration to $1.2 billion in 2026Q1, representing a 49.2% year-over-year growth rate that underscores the successful integration of acquired assets and a favorable shift in the company's broader precious and base metal production mix.
The sharp revenue trajectory suggests that the company has successfully transitioned from organic growth to a more aggressive, acquisition-led model. Investors should monitor whether this growth remains sustainable as the company moves past the initial integration phase of the Yamana assets and faces potential depletion at legacy sites.
Based on the provided income statement data, gross margins expanded significantly from 11.8% in 2024Q1 to 52.7% by 2026Q1, indicating a substantial improvement in operational efficiency and the potential realization of synergies from the company's diversified polymetallic asset base and optimized by-product credit accounting.
This margin expansion appears to be a direct result of both higher metal prices and the integration of higher-margin gold assets. The sustainability of these margins warrants further investigation, as they remain highly sensitive to the volatility of base metal by-product credits and inflationary pressures on mining inputs.
According to the company's quarterly filings, operating income scaled from $34.8 million in 2024Q1 to $560.0 million in 2026Q1, demonstrating significant operating leverage as the company successfully managed its overhead costs while revenue expanded at a rapid pace during the same period.
The ability to grow operating income faster than revenue suggests that management has maintained disciplined control over SG&A expenses despite the increased complexity of the business. This trend implies that the company is effectively capturing economies of scale, though investors should remain cautious of potential future cost inflation.
Financial data indicates that 2025Q3 served as a critical operational inflection point, where net income surged to $168.6 million from $57.2 million in the prior quarter, marking the beginning of a sustained period of profitability following the integration of the Yamana Gold asset portfolio.
This period appears to represent the moment the company's new, larger-scale business model began to yield tangible bottom-line results. The lasting impact of this inflection is a fundamentally different earnings profile that is less reliant on silver price volatility alone and more anchored in diversified precious metal production.
While recent figures show strong profitability, the reliance on by-product credits and the potential for future cost inflation in Latin American operations suggest that the current 52.7% gross margin may be vulnerable to cyclical downturns in base metal prices or unexpected operational disruptions at key mines.
Short-term observers might argue that the current margin profile is inflated by favorable commodity price environments rather than permanent structural improvements. Investors should monitor the company's ability to maintain these margins if metal prices soften or if the Escobal mine remains indefinitely suspended, limiting production upside.
Quick answers to the most common questions about buying PAAS stock.
For fiscal year 2025, Pan American Silver Corp. (PAAS) reported total revenue of $3.68B. This represents a 13179.8% increase compared to $27.7M in 1996.
Pan American Silver Corp. (PAAS) is profitable, generating $995.1M in net income for the fiscal year ending 2025 with a net profit margin of 27.0%.
Pan American Silver Corp. (PAAS) reported an operating income of $1.19B, resulting in an operating profit margin of 32.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Pan American Silver Corp. (PAAS) generated $1.39B in gross profit for the year, representing a gross profit margin of 37.7%. This demonstrates the company's core pricing power and production efficiency.