Fortuna Silver Mines Inc. (FSM) Income Statement
FSM 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsFSM revenue and net income
Where FSM's revenue goes
2025Each bar shows an amount and its share of revenue. FSM kept 31.5% of revenue as net income.
FSM profit margins
FSM growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −9.6% | +12.1% | +28.0% | +20.0% |
| Gross profit | +36.2% | +47.2% | +33.5% | +26.8% |
| Operating income | +62.2% | — | +45.2% | — |
| Net income | +134.7% | — | +69.6% | — |
| EPS (diluted) | +49.0% | +69.5% | +37.2% | +19.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
FSM quarterly EPS vs estimates
Fortuna Silver Mines beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 4, 2026 (estimate $0.24).
FSM income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $960.1M | $1.06B | $842.4M | $681.5M | $599.9M | $279.0M | $257.2M | $263.3M | $268.1M | $210.3M |
| Cost of revenue | $492.1M | $718.4M | $652.4M | $534.7M | $394.4M | $168.7M | $172.6M | $166.7M | $158.6M | $129.6M |
| Gross profit | $468.0M | $343.6M | $190.0M | $146.8M | $205.5M | $110.2M | $84.6M | $96.6M | $109.6M | $80.6M |
| Sales, general & admin | $97.7M | $77.8M | $66.4M | $61.5M | $45.4M | $35.1M | $29.8M | $26.2M | $24.9M | $31.1M |
| Total operating expenses | $98.2M | $115.6M | $190.4M | $260.3M | $68.6M | $53.0M | $50.4M | $27.6M | $26.2M | $32.0M |
| Operating income | $369.8M | $228.0M | −$407,000 | −$113.6M | $136.9M | $57.2M | $34.2M | $61.6M | $110.3M | $48.5M |
| Interest income | $14.5M | $4.5M | $3.7M | $1.9M | $1.8M | $1.2M | $10.8M | $7.7M | $4.7M | $766,000 |
| Interest expense | $25.1M | $24.3M | $22.2M | $11.1M | $10.2M | $2.0M | $1.3M | $1.9M | $1.7M | $2.1M |
| Income before taxes | $407.2M | $212.2M | −$11.1M | −$125.1M | $107.2M | $59.0M | $44.0M | $67.3M | $105.0M | $47.1M |
| Income taxes | $113.3M | $70.3M | $32.6M | $10.8M | $47.8M | $37.4M | $20.2M | $33.4M | $38.6M | $29.3M |
| Net income | $302.1M | $128.7M | −$50.8M | −$128.1M | $57.9M | $21.6M | $23.8M | $34.0M | $66.3M | $17.9M |
| EBITDA | $628.8M | $411.8M | $230.8M | $59.1M | $242.0M | $106.6M | $93.1M | $112.5M | $152.0M | $81.9M |
| EPS (diluted) | $0.73 | $0.49 | $0.23 | $0.15 | $0.48 | $0.15 | $0.11 | $0.20 | $0.30 | $0.14 |
| Gross margin | 48.7% | 32.4% | 22.6% | 21.5% | 34.3% | 39.5% | 32.9% | 36.7% | 40.9% | 38.3% |
| Operating margin | 38.5% | 21.5% | −0.0% | −16.7% | 22.8% | 20.5% | 13.3% | 23.4% | 41.1% | 23.1% |
| Net margin | 31.5% | 12.1% | −6.0% | −18.8% | 9.6% | 7.7% | 9.3% | 12.9% | 24.7% | 8.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $318.4M | $342.5M | $272.0M | $251.4M | $230.4M | $290.1M | $302.2M | $274.9M | $156.3M | $200.9M | $265.3M | $243.1M |
| Cost of revenue | $134.9M | $130.6M | $124.0M | $118.2M | $125.4M | $174.3M | $195.4M | $188.0M | $103.7M | $131.3M | $213.5M | $177.2M |
| Gross profit | $183.5M | $211.8M | $148.1M | $133.1M | $105.0M | $115.9M | $106.8M | $86.9M | $52.6M | $69.6M | $51.9M | $65.9M |
| Sales, general & admin | $18.7M | $27.8M | $26.0M | $26.3M | $21.6M | $25.3M | $21.1M | $16.0M | $21.8M | $17.3M | $22.4M | $14.6M |
| Total operating expenses | $20.3M | $29.7M | $26.7M | −$21.5M | $21.3M | $24.0M | $54.0M | $14.3M | $21.9M | $21.3M | $129.2M | $20.5M |
| Operating income | $163.2M | $182.2M | $121.4M | $154.6M | $83.7M | $91.9M | $52.8M | $72.7M | $30.8M | $48.3M | −$77.4M | $45.4M |
| Interest income | $4.5M | $4.6M | $4.3M | $4.1M | $3.1M | $3.4M | $1.6M | $1.4M | $773,000 | $850,000 | — | $970,000 |
| Interest expense | $6.0M | $6.6M | $6.5M | $4.7M | $6.1M | $5.7M | $7.4M | $7.3M | $6.3M | $6.0M | $7.9M | $6.0M |
| Income before taxes | $154.8M | $178.3M | $113.2M | $153.0M | $81.4M | $90.2M | $48.1M | $69.5M | $26.7M | $45.0M | −$72.8M | $37.5M |
| Income taxes | $71.0M | $58.4M | $38.1M | $24.8M | $33.7M | $22.2M | $33.0M | $15.1M | $4.5M | $15.4M | $17.0M | $6.6M |
| Net income | $75.5M | $111.0M | $69.1M | $123.6M | $37.3M | $58.5M | $11.3M | $50.5M | $40.6M | $26.2M | −$92.3M | $27.5M |
| EBITDA | $204.8M | $230.8M | $165.9M | $210.8M | $136.0M | $139.1M | $108.7M | $122.6M | $76.6M | $101.1M | $6.4M | $111.7M |
| EPS (diluted) | $0.24 | $0.35 | $0.22 | $0.15 | $0.16 | $0.20 | $0.12 | $0.16 | $0.11 | $0.10 | $0.07 | $0.10 |
| Gross margin | 57.6% | 61.9% | 54.4% | 53.0% | 45.6% | 39.9% | 35.4% | 31.6% | 33.7% | 34.6% | 19.5% | 27.1% |
| Operating margin | 51.3% | 53.2% | 44.6% | 61.5% | 36.3% | 31.7% | 17.5% | 26.4% | 19.7% | 24.1% | −29.2% | 18.7% |
| Net margin | 23.7% | 32.4% | 25.4% | 49.2% | 16.2% | 20.2% | 3.8% | 18.4% | 26.0% | 13.1% | −34.8% | 11.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in FSM's financial statements (latest annual report filed March 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
FSM financial results
In fiscal year 2025 (ended December 31, 2025), Fortuna Silver Mines reported revenue of $960.1 million, down 9.6% from the year before. It had net income of $302.1 million (up 134.7%), a net profit margin of 31.5%. Diluted earnings per share came to $0.73. Over five years revenue grew at an average rate of 28.0% a year.
See the FSM stock overview for the latest quote and news, or the FSM chart for price history and technical indicators.
FSM income statement FAQ
What is Fortuna Silver Mines's annual revenue?
Fortuna Silver Mines reported total revenue of $960.1 million for fiscal year 2025, which ended on December 31, 2025. That was down 9.6% from $1.1 billion the previous year.
Is Fortuna Silver Mines profitable?
Yes. Fortuna Silver Mines reported net income of $302.1 million in fiscal 2025, a net profit margin of 31.5%; its operating margin was 38.5%.
What is Fortuna Silver Mines's gross margin?
Fortuna Silver Mines's gross margin was 48.7% in fiscal 2025: for every $100 of revenue, Fortuna Silver Mines kept $49 after the direct cost of its products and services.
How fast is Fortuna Silver Mines growing?
Revenue grew 28.0% a year on average over the last five fiscal years, from $279.0 million to $960.1 million.
What are Fortuna Silver Mines's earnings per share?
Fortuna Silver Mines earned $0.73 per diluted share in fiscal 2025, compared with $0.49 a year earlier.
When will Fortuna Silver Mines report its next earnings?
Fortuna Silver Mines is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does Fortuna Silver Mines's fiscal year end?
Fortuna Silver Mines's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 26, 2026.