Refined Silver & Gold was Pan American Silver’s largest revenue line in fiscal 2025, bringing in $2.93B of $3.62B (81%).
| Products and services [axis] | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Refined Silver & Gold | $1.11B | $1.95B | $2.37B | $2.93B | ||||||
| Lead Concentrate | $167.70M | $163.50M | $202.00M | $379.00M | ||||||
| Zinc Concentrate | $98.30M | $83.20M | $101.00M | $153.00M | ||||||
| Copper Concentrate | $65.10M | $54.60M | $72.00M | $56.00M | ||||||
| Silver Concentrate | $56.80M | $60.40M | $75.00M | $101.00M | ||||||
| Total | $1.49B | $2.32B | $2.82B | $3.62B |
Pan American Silver brought in $3.62B from its five revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 28.4% from $2.82B in fiscal 2024. Refined Silver & Gold was the largest at $2.93B (81.0%), ahead of Lead Concentrate at $379.00M (10.5%) and Zinc Concentrate at $153.00M (4.2%). The other two revenue lines brought in $157.00M combined.
Compared with fiscal 2024, Lead Concentrate grew fastest, up 87.6% to $379.00M. Every revenue line above 2% of revenue grew. From fiscal 2022 to 2025, combined revenue from these revenue lines grew from $1.49B to $3.62B, a compound annual growth rate of 34.3%. Refined Silver & Gold's share of the total rose from 74.0% to 81.0%.
Gold Segment: was Pan American Silver’s largest segment in fiscal 2024, bringing in $2.15B of $2.81B (76%).
| Segments [axis] | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Gold Segment: | — | $989.90M | $1.70B | $2.15B | |||||
| Gold Segment | $1.03B | — | — | — | |||||
| Silver Segment: | — | $504.80M | $611.20M | $666.00M | |||||
| Silver Segment | $601.34M | — | — | — | |||||
| Dolores Mine | — | — | — | — | |||||
| La Colorada Mine | — | — | — | — | |||||
| Manantial Espejo Mine | — | — | — | — | |||||
| Huaron Mine | — | — | — | — | |||||
| Morococha Mine | — | — | — | — | |||||
| San Vicente Mine | — | — | — | — | |||||
| Alamo Dorado Mine | — | — | — | — | |||||
| Total | $1.63B | $1.49B | $2.32B | $2.81B |
Pan American Silver brought in $2.81B from its two segments in fiscal 2024, the year ended December 31, 2024. That was up 21.5% from $2.32B in fiscal 2023. Gold Segment: was the largest at $2.15B (76.3%), ahead of Silver Segment: at $666.00M (23.7%).
Compared with fiscal 2023, Gold Segment: grew 26.0% to $2.15B and Silver Segment: grew 9.0% to $666.00M.
Pan American Silver began breaking out Gold Segment: in fiscal 2022 and Silver Segment: in fiscal 2022. Pan American Silver stopped reporting Gold Segment ($1.03B in fiscal 2021) and Silver Segment ($601.34M in fiscal 2021) as separate segments.
Mexico was Pan American Silver’s largest revenue line in fiscal 2017, bringing in $387.36M of $816.83M (47%).
| Entity By Location | FY 2016 | FY 2017 |
|---|---|---|
| Mexico | $353.42M | $387.36M |
| Peru | $198.60M | $249.33M |
| Argentina | $144.05M | $111.64M |
| Bolivia | $78.71M | $68.50M |
| Total | $774.78M | $816.83M |
Pan American Silver brought in $816.83M from its four revenue lines in fiscal 2017, the year ended December 31, 2017. That was up 5.4% from $774.78M in fiscal 2016. Mexico was the largest at $387.36M (47.4%), ahead of Peru at $249.33M (30.5%) and Argentina at $111.64M (13.7%). The remaining revenue line, Bolivia, brought in $68.50M.
Compared with fiscal 2016, Peru grew fastest, up 25.5% to $249.33M, while Argentina fell the most, down 22.5% to $111.64M.
Pan American Silver (PAAS) reports its revenue by products and services [axis], by segments [axis] and by entity by location. In fiscal 2025, Refined Silver & Gold was its largest revenue line, bringing in $2.93B (81.0% of the total), followed by Lead Concentrate at $379.00M (10.5%).
Refined Silver & Gold was Pan American Silver's largest revenue line in fiscal 2025, bringing in $2.93B, or 81.0% of the $3.62B total across its five revenue lines.
Gold Segment: was Pan American Silver's largest segment in fiscal 2024, bringing in $2.15B, or 76.3% of the $2.81B total across its two segments.
Among Pan American Silver's revenue lines that make up at least 2% of revenue, Lead Concentrate grew fastest in fiscal 2025, up 87.6% from $202.00M to $379.00M.
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 products and services [axis] goes back to fiscal 2016, 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.