Pan American Silver Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	978	112	-103.7	-341.7	97.43
Depreciation & Amortization	523	602	550.5	405	310.43
Loss (Gain) From Sale of Assets	29	-136	-7.9	2.4	-32.17
Asset Writedown & Restructuring Costs	-	-	46.5	24.9	-
Loss (Gain) From Sale of Investments	-89	14	5.5	16.2	59.72
Loss (Gain) on Equity Investments	-77	-	0.4	-45	-4.35
Stock-Based Compensation	2	-	5.5	3.9	5.13
Other Operating Activities	-4	235	-99.8	8.1	26.99
Change in Accounts Receivable	-82	-61	45.9	-12.6	-2.87
Change in Inventory	-10	-68	38.5	-49.9	-82.89
Change in Accounts Payable	49	48	-25.7	20.7	18.09
Change in Other Net Operating Assets	14	-22	-5.5	-0.2	-3.4
Operating Cash Flow	1,333	724	450.2	31.8	392.11
Operating Cash Flow Growth	84.12%	60.82%	1315.72%	-91.89%	-15.19%
Capital Expenditures	-314	-323	-379	-274.7	-243.48
Sale of Property, Plant & Equipment	5	3	3.8	8.7	45.8
Cash Acquisitions	-410	-	259.5	-	-
Divestitures	10	291	355	-	-
Investment in Securities	-53	2	144.8	0.7	1.86
Other Investing Activities	56	-6	13.8	9.9	9.16
Investing Cash Flow	-706	-33	397.9	-255.4	-186.66
Long-Term Debt Issued	-	-	315	167.1	-
Total Debt Issued	-	-	315	167.1	-
Long-Term Debt Repaid	-59	-57	-747.5	-20	-14.1
Total Debt Repaid	-59	-57	-747.5	-20	-14.1
Net Debt Issued (Repaid)	-59	-57	-432.5	147.1	-14.1
Issuance of Common Stock	3	1	-	0.9	0.62
Repurchase of Common Stock	-46	-24	-	-	-
Common Dividends Paid	-175	-145	-130.4	-94.7	-71.5
Other Financing Activities	-1	-	11.1	-0.3	-0.93
Financing Cash Flow	-278	-225	-551.8	53	-85.91
Foreign Exchange Rate Adjustments	3	-3	-3.7	-6	-3.1
Net Cash Flow	352	463	292.6	-176.6	116.44
Free Cash Flow	1,019	401	71.2	-242.9	148.63
Free Cash Flow Growth	154.12%	463.20%	-	-	-47.62%
Free Cash Flow Margin	28.16%	14.22%	3.07%	-16.25%	9.10%
Free Cash Flow Per Share	2.67	1.10	0.22	-1.15	0.71
Cash Interest Paid	38	37	45.1	6.6	5.23
Cash Income Tax Paid	318	164	149.4	137.8	129.21
Levered Free Cash Flow	1,020	671.3	112.3	28.26	186.59
Unlevered Free Cash Flow	1,054	701.3	144.43	31.57	188.88
Change in Working Capital	-29	-103	53.2	-42	-71.07

Source: S&P Global Market Intelligence. Standard template. Financial Sources.