Pan American Silver Adjusted Earnings Rise to $287 Million in Q3
The precious metals miner reported attributable free cash flow of $377 million for the third quarter of 2026
Pan American Silver Corp. (PAAS) reported adjusted earnings of $287 million, or $0.69 a share, for the third quarter ended September 30, 2026, compared to adjusted earnings of $180 million, or $0.48 a share, in the same period in 2025. Revenue for the quarter rose to $1,006 million from $855 million.
Attributable free cash flow grew to $377 million in the third quarter of 2026 from $256 million in the third quarter of 2025. Attributable cash flow from operations reached $462 million, which included the company's 44% ownership share of cash flow from operations from Juanicipio.
Revenue growth was driven by a 63% increase in the average realized silver price and a 23% increase in the average realized gold price. These gains were partially offset by an 11% decrease in silver sales volume and a 10% decrease in gold sales volume. Mine operating earnings for the third quarter were $373 million, up from $313 million in the prior-year period.
Attributable silver production for the third quarter was 6.07 million ounces, compared to 5.46 million ounces in the third quarter of 2025. The increase was primarily due to a 0.92 million ounce increase at Juanicipio, reflecting three full months of ownership of a 44% interest. This was partially offset by a 0.12 million ounce reduction at Dolores and a 0.11 million ounce decrease at El Peñon.
Attributable gold production fell to 167.9 thousand ounces in the third quarter from 183.5 thousand ounces in the same period last year. The decline was primarily driven by a 7.1 thousand ounce decrease at El Peñon.
During the third quarter, the company returned $300 million to shareholders. This included $76 million in dividend payments at $0.184 a share and approximately $224 million used to repurchase 4,753 thousand common shares at an average price of $47.12 a share.
As of September 30, 2026, the company reported working capital of $1,630 million and total debt of $844 million. Net cash was $722 million, an increase of $331 million from December 31, 2025.
Pan American Silver revised its 2026 gold segment all-in sustaining cost (AISC) outlook to between $2,000 and $2,150 per gold ounce, up from the original range of $1,700 to $1,850. The company attributed this change to lower estimated production, higher labor and consumables costs, and weather impacts from a strong El Niño system.
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