PAN American Silver Corp cash flow statement

In fiscal 2025, PAN American Silver Corp's operations generated $1.33bn of cash; it spent $314m on capital projects, leaving free cash flow of $1.02bn. It returned $175m in dividends and $46.0m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

PAN American Silver Corp: cash flow statement, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	215	225	155	282	462	392	32	450	724	1,333
Depreciation and amortisation	116	123	147	253	254	303	316	484	571	497
Capital spending	203	142	144	206	179	243	275	379	323	314
Free cash flow	12	82	11	76	284	149	−243	71	401	1,019
Dividends paid	8	15	21	29	46	72	95	130	145	175
Share buybacks	—	—	—	—	—	—	—	0	24	46

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from PAN American Silver Corp's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to PAN American Silver Corp.