Pan American Silver Corp. (PAAS) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 505M | 610.05M | 308.7M | 293.4M | 174.8M | 274.1M | 226.2M | 162.7M | 61.1M | 167.3M | 114.6M | 118.78M | 51.3M | -112.1M | 54.4M | 20.8M | 68.8M | 118.1M | 157.02M | 87.14M |
| Operating CF Margin % | 43.76% | 50.95% | 36.12% | 36.14% | 22.61% | 33.63% | 31.59% | 23.71% | 10.16% | 24.99% | 18.59% | 18.56% | 13.14% | -29.86% | 16.05% | 6.11% | 15.64% | 27.97% | 34.11% | 22.8% |
| Operating CF Growth % | 188.9% | 122.56% | 36.47% | 80.33% | 186.09% | 63.84% | 97.38% | 36.98% | 19.1% | 249.24% | 110.66% | 471.06% | -25.44% | -194.92% | -65.35% | -76.13% | 130.49% | -30.76% | 36.6% | 38.87% |
| Net Income | 456M | 458.44M | 169.2M | 189.6M | 169.3M | 107.8M | 57.1M | -21.4M | -30.8M | -51.3M | -20.6M | -33M | 16.5M | -172.06M | -71.2M | -173.6M | 76.8M | 14.66M | 20.22M | 71.24M |
| Depreciation & Amortization | 113M | 143.17M | 120.5M | 122.4M | 119.4M | 188.7M | 130.2M | 128.4M | 124.4M | 121.3M | 137.3M | 130.7M | 73.1M | 79.28M | 77.9M | 74.3M | 84.5M | 76.14M | 83.18M | 68.54M |
| Stock-Based Compensation | 0 | 0 | 600K | 200K | 1M | -4.4M | 1.6M | 1.6M | 1.6M | 1.8M | 1.2M | 1.3M | 1.2M | 19K | 1.3M | 1.3M | 1.3M | 2.1M | 895K | 1.25M |
| Deferred Taxes | 185M | -48.99M | 79.9M | 44.8M | 44.6M | 118.2M | 73.3M | 93.1M | 34.4M | 25.5M | 28.9M | -11.3M | 8.7M | 18.89M | 1.9M | 6.9M | 11.4M | 28.47M | 50.38M | 29.6M |
| Other Non-Cash Items | -220M | 21.67M | -57.2M | -69.1M | -94.2M | -130.6M | -26.4M | -4.8M | -2.5M | 14.4M | -26.9M | 20.88M | -56.2M | -9.16M | 22.9M | 131.6M | -90.4M | 6.38M | -20.67M | -46.47M |
| Working Capital Changes | -29M | 35.76M | -4.3M | 5.5M | -65.3M | -5.6M | -9.6M | -34.2M | -66M | 55.6M | -5.3M | 10.2M | 8M | -29.07M | 21.6M | -19.7M | -14.8M | -9.66M | 23.01M | -37.02M |
| Change in Receivables | 22M | -15.21M | -53.5M | 800K | -14.3M | -43.1M | -8.1M | 1M | -10.9M | 3.2M | 600K | 5.5M | 36.6M | -23.72M | 19.6M | 3.8M | -12.4M | -251K | 5.95M | -9.79M |
| Change in Inventory | -63M | 3.27M | -1M | -13.2M | 1M | 14.3M | -23.4M | -19.4M | -39.3M | 18.7M | 2.7M | -3.6M | 20.3M | -23.43M | -10.5M | -26.4M | 10.3M | -17.08M | 12.56M | -38.43M |
| Change in Payables | 0 | 44.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -95M | -169.91M | -462M | -52.7M | -67.9M | 201.8M | -75.2M | -72.7M | -86.5M | -70.6M | 191.86M | -55.17M | 327.9M | -68.24M | -67.7M | -68.4M | -51.1M | -66.33M | -29.95M | -45.93M |
| Capital Expenditures | -105M | -96M | -91.1M | -60.3M | -68.1M | -85.4M | -75.1M | -75.9M | -86.9M | -118.8M | -108.7M | -113M | -38.5M | -72.36M | -69.1M | -71.8M | -61.5M | -70.15M | -62.19M | -63.17M |
| CapEx % of Revenue | 9.1% | 8.02% | 10.66% | 7.43% | 8.81% | 10.48% | 10.49% | 11.06% | 14.45% | 17.74% | 17.64% | 17.66% | 9.86% | 19.27% | 20.39% | 21.09% | 13.98% | 16.62% | 13.51% | 16.53% |
| Acquisitions | 0 | -30.26M | -409.3M | 0 | 0 | 290.4M | 0 | 0 | 0 | 45.5M | 304.5M | 0 | 259.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 10M | 10.28M | 34.2M | 4.3M | 200K | 2.1M | 400K | 800K | 500K | 900K | 561.86K | 3.33M | 100K | 504K | 500K | 100K | 7.7M | 3.82M | 29.93M | 14.03M |
| Cash from Financing | -130M | -91.13M | -57.1M | -61.3M | -69.9M | -49.7M | -49.6M | -53.2M | -72.7M | -45.5M | -333.41M | -97.55M | -73.7M | 137.25M | -26.4M | -28.7M | -29.2M | -25.06M | -25.28M | -17.6M |
| Debt Issued (Net) | -17M | -1.93M | -14.5M | -14.9M | -13.5M | -13.9M | -13.9M | -14.4M | -14.8M | -8.7M | -307.2M | -64.2M | -52.4M | 158.45M | -3.4M | -3.8M | -4.2M | -4.27M | -4M | -2.85M |
| Equity Issued (Net) | -25M | -14.63M | 800K | -10.3M | -19.04M | 292.19K | 601.18K | -2.64M | -21.4M | 0 | 0 | 0 | 0 | 104.87K | 152.97K | 357.77K | 326.97K | 281.31K | 2K | 297.44K |
| Dividends Paid | -76M | -60.15M | -43.4M | -36.2M | -36.2M | -36.3M | -36.3M | -36.3M | -36.5M | -36.4M | -36.5M | -36.4M | -21.1M | -21.03M | -23.2M | -25.3M | -25.3M | -21.03M | -21.03M | -14.72M |
| Share Repurchases | -25M | -15.14M | 0 | -11.11M | -19.94M | -190.87K | -1.3K | -2.94M | -21.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -12M | -14.42M | 0 | 100.8K | -1.1M | 0 | 0 | 0 | 100K | -400K | 10.29M | 3.05M | -200K | -269K | 0 | 0 | 0 | -43K | -255K | -322K |
| Net Change in Cash | 280M | 343.44M | -210.7M | 180.8M | 37.3M | 423.8M | 101.8M | 36.1M | -98.5M | 52.1M | -20M | -44.71M | 304.3M | -46.07M | -41.7M | -77.1M | -11.7M | 26.04M | 100.38M | 23.63M |
| Free Cash Flow | 400M | 514.05M | 217.6M | 233.1M | 106.7M | 188.7M | 151.1M | 86.8M | -25.8M | 48.5M | 5.9M | 4.02M | 12.8M | -184.46M | -14.7M | -51M | 7.3M | 47.95M | 94.83M | 23.97M |
| FCF Margin % | 34.66% | 42.93% | 25.46% | 28.71% | 13.8% | 23.15% | 21.1% | 12.65% | -4.29% | 7.24% | 0.96% | 0.63% | 3.28% | -49.13% | -4.34% | -14.98% | 1.66% | 11.36% | 20.6% | 6.27% |
| FCF Growth % | 274.88% | 172.42% | 44.01% | 168.55% | 513.57% | 289.07% | 2461.02% | 2058.51% | -301.56% | 126.29% | 140.14% | 107.88% | 75.34% | -484.69% | -115.5% | -312.74% | 140.28% | -58.99% | 24.59% | -26.04% |
| FCF per Share | 0.95 | 1.22 | 0.57 | 0.64 | 0.29 | 0.52 | 0.42 | 0.24 | -0.07 | 0.14 | 0.02 | 0.01 | 0.06 | -0.88 | -0.07 | -0.24 | 0.03 | 0.23 | 0.45 | 0.11 |
| FCF Conversion (FCF/Net Income) | 1.11x | 1.33x | 1.83x | 1.55x | 1.04x | 2.55x | 3.96x | -7.43x | -1.98x | -3.25x | -5.82x | -3.67x | 3.13x | 0.65x | -0.76x | -0.12x | 0.90x | 8.41x | 7.75x | 1.23x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |