Pan American Silver Corp. (PAAS) Cash Flow Statement
Where PAAS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.40B +93.5% vs 2024
- Capital expenditures
- $319.5M 8.7% of revenue
- Free cash flow
- $1.08B 29.4% margin
- Returned to shareholders
- $224.9M 21% of free cash flow
- Change in cash
- $350.5M cash at year-end $1.21B
Drawn to scale: where the cash came from and how it was used. Hover for values.
PAAS operating cash flow, capex and free cash flow
PAAS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $214.8M2016 | $1.40B2025 | +23.2%/yr | |
| Capital expenditures | $202.7M2016 | $319.5M2025 | +5.2%/yr | |
| Free cash flow | $12.1M2016 | $1.08B2025 | +64.7%/yr | |
| Free cash flow margin | 1.6%2016 | 29.4%2025 | +27.8 pts | |
| Operating cash flow / net income | 2.112016 | 1.412025 | −0.70 | |
| Stock-based compensation | $3.8M2016 | $2.0M2025 | −7.0%/yr | |
| Dividends paid | $7.6M2016 | $178.1M2025 | +42.0%/yr | |
| Share buybacks (net) | $02016 | $46.8M2025 | — | |
| Capex / revenue | 26.2%2016 | 8.7%2025 | −17.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PAAS cash flow by activity
PAAS net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
PAAS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $995.1M | $112.7M | −$104.9M | −$340.1M | $98.6M | $176.5M | $111.2M | $12.0M | $123.5M | $101.8M |
| Depreciation & amortization | $532.2M | $571.7M | $484.2M | $316.0M | $303.0M | $272.4M | $253.5M | $147.3M | $122.9M | $116.0M |
| Stock-based compensation | $2.0M | $400,000 | $5.5M | $3.9M | $5.1M | $3.0M | $4.4M | $3.0M | $3.1M | $3.8M |
| Change in working capital | −$29.5M | −$127.8M | $53.2M | −$42.0M | −$71.1M | $97.0M | −$27.9M | −$4.3M | $11.7M | −$5.5M |
| Other non-cash items | −$98.7M | $167.1M | $12.2M | $94.0M | $56.5M | −$86.6M | −$59.2M | −$3.0M | −$36.6M | −$1.3M |
| Cash from operating activities | $1.40B | $724.1M | $450.2M | $31.8M | $392.1M | $462.3M | $282.0M | $155.0M | $224.6M | $214.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$319.5M | −$323.3M | −$379.0M | −$274.7M | −$243.5M | −$178.6M | −$207.4M | −$151.8M | −$162.5M | −$202.7M |
| Investments (net) | −$19.0M | −$32.6M | $400.3M | −$255.4M | $1.9M | −$83.9M | $39.7M | −$25.6M | −$16.7M | −$139.9M |
| Acquisitions & other investing | −$424.6M | $323.3M | $376.6M | $274.7M | $55.0M | $178.6M | −$234.5M | $18.2M | $1.4M | $202.7M |
| Cash from investing activities | −$763.1M | −$32.6M | $397.9M | −$255.4M | −$186.7M | −$83.9M | −$402.2M | −$159.2M | −$177.8M | −$139.9M |
| Financing activities | ||||||||||
| Dividends paid | −$178.1M | −$145.4M | −$130.4M | −$94.7M | −$71.5M | −$46.2M | −$29.3M | −$21.3M | −$15.3M | −$7.6M |
| Share repurchases & issuance (net) | −$46.8M | −$23.1M | $0 | — | — | — | $335.0M | −$3.0M | $3.0M | $2.4M |
| Net borrowing (repayment) | −$59.0M | −$57.0M | −$432.5M | $147.0M | −$14.1M | −$288.1M | $130.7M | −$10.9M | −$37.7M | −$22.6M |
| Shares issued | $3.0M | $1.4M | $140,000 | $940,000 | $619,000 | $4.7M | $2.8M | $1.1M | $0 | $0 |
| Other financing | −$2.0M | −$1.1M | $11.0M | −$268,000 | −$933,000 | $0 | −$335.9M | $980,000 | −$1.4M | −$428,000 |
| Cash from financing activities | −$282.9M | −$225.2M | −$551.8M | $53.0M | −$85.9M | −$329.6M | $103.3M | −$33.1M | −$51.5M | −$28.2M |
| Summary | ||||||||||
| Net change in cash | $350.5M | $463.2M | $292.6M | −$176.6M | $116.4M | $46.5M | −$17.9M | −$37.4M | −$4.9M | $46.9M |
| Cash at end of period | $1.21B | $862.8M | $399.6M | $107.0M | $283.6M | $167.1M | $120.6M | $138.5M | $176.0M | $180.9M |
| Free cash flow | $1.08B | $400.8M | $71.2M | −$242.9M | $148.6M | $283.8M | $74.7M | $3.1M | $62.1M | $12.1M |
| Free cash flow margin | 29.4% | 14.2% | 3.1% | −16.3% | 9.1% | 21.2% | 5.5% | 0.4% | 7.6% | 1.6% |
| Capex / revenue | 8.7% | 11.5% | 16.4% | 18.4% | 14.9% | 13.3% | 15.4% | 19.4% | 19.9% | 26.2% |
| Operating cash flow / net income | 1.41 | 6.43 | — | — | 3.98 | 2.62 | 2.54 | 12.87 | 1.82 | 2.11 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $296.3M | $456.0M | $458.4M | $169.2M | $189.6M | $169.3M | $107.8M | $57.1M | −$21.4M | −$30.8M | −$51.3M | −$20.6M |
| Depreciation & amortization | $125.7M | $113.0M | $143.2M | $120.5M | $122.4M | $119.4M | $188.7M | $130.2M | $128.4M | $124.4M | $121.3M | $137.3M |
| Stock-based compensation | $1.0M | $0 | $200,000 | $600,000 | $200,000 | $1.0M | −$4.4M | $1.6M | $1.6M | $1.6M | $1.8M | $1.2M |
| Change in working capital | −$16.6M | −$29.0M | $35.8M | −$4.3M | $5.5M | −$65.3M | −$5.6M | −$9.6M | −$34.2M | −$66.0M | $55.6M | −$5.3M |
| Other non-cash items | $93.5M | −$35.0M | −$27.5M | $22.7M | −$24.3M | −$49.6M | −$12.4M | $46.9M | $88.3M | $31.9M | $39.9M | $2.0M |
| Cash from operating activities | $499.9M | $505.0M | $610.0M | $308.7M | $293.4M | $174.8M | $274.1M | $226.2M | $162.7M | $61.1M | $167.3M | $114.6M |
| Investing activities | ||||||||||||
| Capital expenditures | −$96.5M | −$105.0M | −$96.0M | −$91.1M | −$60.3M | −$68.1M | −$85.4M | −$75.1M | −$75.9M | −$86.9M | −$118.8M | −$108.7M |
| Investments (net) | −$33.0M | $0 | −$26.7M | −$462.0M | −$52.7M | −$67.9M | $201.8M | −$75.2M | −$72.7M | −$86.5M | −$70.6M | $193.7M |
| Acquisitions & other investing | $2.9M | $10.0M | −$47.2M | $91.1M | $60.3M | $68.1M | $85.4M | $75.1M | $75.9M | $86.9M | $118.8M | $106.9M |
| Cash from investing activities | −$126.6M | −$95.0M | −$169.9M | −$462.0M | −$52.7M | −$67.9M | $201.8M | −$75.2M | −$72.7M | −$86.5M | −$70.6M | $191.9M |
| Financing activities | ||||||||||||
| Dividends paid | −$74.1M | −$76.0M | −$60.2M | −$43.4M | −$36.2M | −$36.2M | −$36.3M | −$36.3M | −$36.3M | −$36.5M | −$36.4M | −$36.5M |
| Share repurchases & issuance (net) | −$217.4M | −$25.0M | −$15.1M | $0 | −$11.1M | −$19.9M | −$190,870 | −$1,304 | −$2.9M | −$21.4M | — | $0 |
| Net borrowing (repayment) | −$14.0M | −$17.0M | −$16.1M | −$14.5M | −$14.9M | −$13.5M | −$13.9M | −$13.9M | — | — | — | −$307.2M |
| Shares issued | $1.0M | $0 | $500,000 | $800,000 | $800,000 | $900,000 | $500,000 | $600,000 | $300,000 | $0 | $0 | $0 |
| Other financing | $305,561 | −$12.0M | −$243,329 | $0 | $111,860 | −$1.2M | $190,870 | $1,304 | −$14.3M | −$14.8M | −$9.1M | $10.3M |
| Cash from financing activities | −$304.2M | −$130.0M | −$91.1M | −$57.1M | −$61.3M | −$69.9M | −$49.7M | −$49.6M | −$53.2M | −$72.7M | −$45.5M | −$333.4M |
| Summary | ||||||||||||
| Net change in cash | $64.2M | $280.0M | $343.4M | −$210.7M | $180.8M | $37.3M | $423.8M | $101.8M | $36.1M | −$98.5M | $52.1M | −$20.0M |
| Cash at end of period | $1.56B | $1.50B | $1.21B | $870.2M | $1.08B | $900.1M | $862.8M | $439.0M | $337.2M | $301.1M | $399.6M | $347.5M |
| Free cash flow | $403.4M | $400.0M | $514.1M | $217.6M | $233.1M | $106.7M | $188.7M | $151.1M | $86.8M | −$25.8M | $48.5M | $5.9M |
| Free cash flow margin | 36.8% | 34.7% | 42.9% | 25.5% | 28.7% | 13.8% | 23.2% | 21.1% | 12.6% | −4.3% | 7.2% | 1.0% |
| Capex / revenue | 8.8% | 9.1% | 8.0% | 10.7% | 7.4% | 8.8% | 10.5% | 10.5% | 11.1% | 14.4% | 17.7% | 17.6% |
| Operating cash flow / net income | 1.69 | 1.11 | 1.33 | 1.82 | 1.55 | 1.03 | 2.54 | 3.96 | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
PAAS cash generation
In fiscal 2025 (ended December 31, 2025), Pan American Silver generated $1.4 billion of cash from operations (up 93.5%) and spent $319.5 million on capital expenditures, leaving free cash flow of $1.1 billion, 29.4% of revenue. It returned $224.9 million to shareholders through dividends ($178.1 million) and net share buybacks ($46.8 million). Cash and equivalents rose by $350.5 million over the year.
Related: PAAS income statement, PAAS balance sheet, PAAS dividend history. See the PAAS stock overview for the latest quote and news.
PAAS cash flow FAQ
What is Pan American Silver's free cash flow?
Pan American Silver's free cash flow was $1.1 billion in fiscal 2025: $1.4 billion of operating cash flow minus $319.5 million of capital expenditures It was $400.8 million a year earlier..
How much cash does Pan American Silver generate from operations?
Pan American Silver generated $1.4 billion of cash from operating activities in fiscal 2025, 1.41 times its net income of $995.1 million.
How much does Pan American Silver spend on capital expenditures?
Pan American Silver spent $319.5 million on capital expenditures in fiscal 2025, 8.7% of revenue, compared with $323.3 million the year before.
How much stock does Pan American Silver buy back?
Pan American Silver spent $46.8 million on net share repurchases in fiscal 2025.
How much does Pan American Silver pay in dividends?
Pan American Silver paid $178.1 million in dividends in fiscal 2025, 16.5% of free cash flow.