Pan American Silver Corp. (PAAS) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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PAAS Revenue Growth
Revenue Breakdown (FY 2025)
PAAS's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
PAAS Revenue Analysis (2014–2025)
As of May 8, 2026, Pan American Silver Corp. (PAAS) generated trailing twelve-month (TTM) revenue of $4.02 billion, reflecting explosive growth of +49.2% year-over-year. The most recent quarter (Q1 2026) recorded $1.15 billion in revenue, down 3.6% sequentially.
Looking at the longer-term picture, PAAS's 5-year compound annual growth rate (CAGR) stands at +22.4%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $3.68 billion in 2025, representing a new all-time high.
Revenue diversification analysis shows PAAS's business is primarily driven by Refined Silver and Gold (81%), Lead Concentrate (10%), and Zinc Concentrate (4%). With over half of revenue concentrated in Refined Silver and Gold, the company maintains significant focus in this area while developing other growth vectors.
When compared to Basic Materials sector peers including AG (+125.1% YoY), HL (+57.0% YoY), and CDE (+113.7% YoY), PAAS has underperformed the peer group in terms of revenue growth. Compare PAAS vs AG →
PAAS Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| PAASCurrent | $4.0B | +49.2% | +22.4% | 32.3% | |
 AG | $1.3B | +125.1% | +28.4% | 27.8% | |
 HL | $1.4B | +57.0% | +15.5% | 37.5% | |
 CDE | $2.1B | +113.7% | +21.4% | 36.3% | |
 EXK | $218M | +46.1% | +12.3% | 3.8% | |
 NEM | $22.1B | -11.7% | +14.1% | 46.9% |
PAAS Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $3.68B | +30.6% | $1.39B | 37.7% | $1.19B | 32.3% |
| 2024 | $2.82B | +21.7% | $548.5M | 19.5% | $530.7M | 18.8% |
| 2023 | $2.32B | +55.0% | $296.8M | 12.8% | $38.1M | 1.6% |
| 2022 | $1.49B | -8.5% | $48.4M | 3.2% | $-262,300,000 | -17.5% |
| 2021 | $1.63B | +22.0% | $367.9M | 22.5% | $320.9M | 19.7% |
| 2020 | $1.34B | -0.9% | $258.1M | 19.3% | $210.0M | 15.7% |
| 2019 | $1.35B | +72.2% | $205.6M | 15.2% | $127.1M | 9.4% |
| 2018 | $784.5M | -4.0% | $100.9M | 12.9% | $42.7M | 5.4% |
| 2017 | $816.8M | +5.4% | $168.8M | 20.7% | $188.3M | 23.1% |
| 2016 | $774.8M | +14.8% | $198.9M | 25.7% | $184.5M | 23.8% |
Full PAAS Stock Analysis
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Start ComparisonPAAS — Frequently Asked Questions
Quick answers to the most common questions about buying PAAS stock.
Is PAAS's revenue growth accelerating or slowing?
PAAS revenue is accelerating at +49.2% year-over-year, exceeding the 5-year CAGR of +22.4%. TTM revenue reached $4.0B. Growth momentum has increased versus prior periods.
What is PAAS's long-term revenue growth rate?
Pan American Silver Corp.'s 5-year revenue CAGR of +22.4% reflects the sustained expansion pattern. Current YoY growth of +49.2% is above this long-term average.
How is PAAS's revenue distributed by segment?
PAAS reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.