Jacobina was Pan American Silver’s largest segment in fiscal 2025, bringing in $658.00M of $2.82B (23%).
| Segments [axis] | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Jacobina | — | $287.50M | $478.00M | $658.00M | ||||
| El Peñon | — | $259.40M | $398.00M | — | ||||
| Shahuindo | $266.40M | $284.70M | $335.00M | $482.00M | ||||
| Shahuindo Mine | — | — | — | — | ||||
| Cerro Moro | — | $214.10M | $241.00M | $401.00M | ||||
| Dolores | $303.90M | $267.50M | $229.00M | $176.00M | ||||
| Dolores Mine | — | — | — | — | ||||
| Timmins | $243.70M | $260.60M | $293.00M | — | ||||
| Timmins Mine | — | — | — | — | ||||
| Minera Florida | — | $154.80M | $222.00M | $271.00M | ||||
| La Arena | $175.90M | $190.20M | $193.00M | — | ||||
| La Arena Mine | — | — | — | — | ||||
| La Colorada | $155.00M | $122.50M | $161.00M | $312.00M | ||||
| La Colorada Mine | — | — | — | — | ||||
| Juanicipio | — | — | — | $164.00M | ||||
| Huaron | $145.70M | $145.40M | $173.00M | $220.00M | ||||
| Huaron Mine | — | — | — | — | ||||
| Manantial Espejo | $105.10M | $37.70M | — | — | ||||
| Manantial Espejo Mine | — | — | — | — | ||||
| San Vicente | $76.90M | $91.50M | $91.00M | $134.00M | ||||
| San Vicente Mine | — | — | — | — | ||||
| Morococha | $22.10M | — | — | — | ||||
| Morococha Mine | — | — | — | — | ||||
| Corporate | — | $200.00K | — | — | ||||
| Total | $1.49B | $2.32B | $2.81B | $2.82B |
Pan American Silver brought in $2.82B from its nine segments in fiscal 2025, the year ended December 31, 2025. Pan American Silver regrouped these segments after fiscal 2024, so the total does not compare directly with that year's $2.81B. Jacobina was the largest at $658.00M (23.3%), ahead of Shahuindo at $482.00M (17.1%) and Cerro Moro at $401.00M (14.2%). The other six segments brought in $1.28B combined.
Compared with fiscal 2024, La Colorada grew fastest, up 93.8% to $312.00M, while Dolores fell the most, down 23.1% to $176.00M.
Pan American Silver began breaking out Jacobina in fiscal 2023, Cerro Moro in fiscal 2023, Minera Florida in fiscal 2023 and Juanicipio in fiscal 2025. Pan American Silver stopped reporting El Peñon ($398.00M in fiscal 2024), Timmins ($293.00M in fiscal 2024), La Arena ($193.00M in fiscal 2024) and three others as separate segments.
Brazil was Pan American Silver’s largest region in fiscal 2025, bringing in $658.00M of $2.26B (29%).
| Geography | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Brazil | — | $287.50M | $478.00M | $658.00M | ||||
| Mexico | $458.90M | $267.50M | $229.00M | $312.00M | ||||
| Chile | — | $259.40M | $398.00M | $271.00M | ||||
| Peru | $266.40M | $284.70M | $335.00M | $482.00M | ||||
| Canada | $243.70M | $260.60M | $293.00M | — | ||||
| Argentina | $105.10M | $214.10M | $241.00M | $401.00M | ||||
| Bolivia | $76.90M | $91.50M | $91.00M | $134.00M | ||||
| Total | $1.15B | $1.67B | $2.07B | $2.26B |
Pan American Silver brought in $2.26B from its six regions in fiscal 2025, the year ended December 31, 2025. That is less than the $2.82B it reports by segments [axis], so these regions do not cover all of its revenue. Brazil was the largest at $658.00M (29.1%), ahead of Peru at $482.00M (21.3%) and Argentina at $401.00M (17.8%). The other three regions brought in $717.00M combined.
Compared with fiscal 2024, Argentina grew fastest, up 66.4% to $401.00M, while Chile fell the most, down 31.9% to $271.00M. Some of that change comes from Pan American Silver regrouping its regions.
Pan American Silver began breaking out Brazil in fiscal 2023 and Chile in fiscal 2023. Pan American Silver stopped reporting Canada as a separate region after fiscal 2024, when it brought in $293.00M.
Gold Segment: was Pan American Silver’s largest segment in fiscal 2025, bringing in $658.00M of $1.06B (62%).
| Segment | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Gold Segment: | $570.30M | $478.00M | $658.00M | ||||||
| Gold Segment | — | — | — | ||||||
| Silver Segment: | $155.00M | $241.00M | $401.00M | ||||||
| Silver Segment | — | — | — | ||||||
| Dolores Mine | — | — | — | ||||||
| La Colorada Mine | — | — | — | ||||||
| Manantial Espejo Mine | — | — | — | ||||||
| Huaron Mine | — | — | — | ||||||
| Morococha Mine | — | — | — | ||||||
| San Vicente Mine | — | — | — | ||||||
| Alamo Dorado Mine | — | — | — | ||||||
| Total | $725.30M | $719.00M | $1.06B |
Pan American Silver brought in $1.06B from its two segments in fiscal 2025, the year ended December 31, 2025. That is less than the $2.82B it reports by segments [axis], so these segments do not cover all of its revenue. Gold Segment: was the largest at $658.00M (62.1%), ahead of Silver Segment: at $401.00M (37.9%).
Compared with fiscal 2024, Silver Segment: grew 66.4% to $401.00M and Gold Segment: grew 37.7% to $658.00M.
Pan American Silver (PAAS) reports its revenue by segments [axis], by geography and by segment. In fiscal 2025, Jacobina was its largest segment, bringing in $658.00M (23.3% of the total), followed by Shahuindo at $482.00M (17.1%).
Jacobina was Pan American Silver's largest segment in fiscal 2025, bringing in $658.00M, or 23.3% of the $2.82B total across its nine segments.
Brazil was Pan American Silver's largest region in fiscal 2025, bringing in $658.00M, or 29.1% of the $2.26B total across its six regions.
Silver Segment: grew faster than Gold Segment: in fiscal 2025, up 66.4% from $241.00M to $401.00M. Gold Segment: grew 37.7% to $658.00M.
Every figure comes from Pan American Silver's annual financial filings, as reported. Each line keeps the name Pan American Silver gives it, and years follow its fiscal calendar.
Pan American Silver's revenue by segments [axis] goes back to fiscal 2018, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.