Cameco (CCJ) Q2 2025 Earnings
Reported Jul 31, 2025 at 7:30 AM ET · SEC Source
Q2 25 EPS
$0.51
MISS 1.32%
Est. $0.52
Q2 25 Revenue
$629.0M
MISS 21.63%
Est. $802.6M
vs S&P Since Q2 25
+9.4%
BEATING MARKET
CCJ +28.2% vs S&P +18.8%
Market Reaction
Did CCJ Beat Earnings? Q2 2025 Results
Cameco posted a mixed second quarter for 2025, with results falling short of Wall Street expectations on both the top and bottom lines even as underlying business momentum accelerated sharply. Revenue came in at $629.00 million, missing the $802.65 m… Read more Cameco posted a mixed second quarter for 2025, with results falling short of Wall Street expectations on both the top and bottom lines even as underlying business momentum accelerated sharply. Revenue came in at $629.00 million, missing the $802.65 million consensus by 21.63%, while adjusted EPS of $0.51 trailed the $0.52 estimate by 1.32%; yet both figures reflected a powerful 46.5% year-over-year revenue surge, fueled in large part by a transformative contribution from Westinghouse. Cameco's 49% share of Westinghouse's adjusted EBITDA tripled to $252.45 million, driven by a $170.00 million revenue boost tied to the Dukovany nuclear power plant construction project in the Czech Republic, a new-build contract involving two KHNP APR-1000 reactors. That project prompted a dramatic upward revision to Westinghouse guidance, with Cameco now expecting its share of Westinghouse adjusted EBITDA at $525.00 to $580.00 million for 2025, up from a prior range of $355.00 to $405.00 million, reinforcing the bullish growth case analysts have been tracking around the stock.
Key Takeaways
- • Higher uranium sales volumes (8.7 million pounds vs. 6.2 million in Q2 2024)
- • Improved uranium average realized prices reflecting fixed-price contract portfolio and weaker Canadian dollar
- • Westinghouse Dukovany construction project adding approximately US$170 million in Cameco's share of Q2 revenue
- • Higher fuel services sales volumes up 52% year-over-year
- • Lower Westinghouse inventory purchase accounting costs versus prior year
- • CAD $148 million gain on foreign currency derivatives in Q2
- • CAD $188 million share of earnings from equity-accounted investees
CCJ YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
CCJ Revenue by Segment
With YoY comparisons, source: SEC Filings
CCJ Revenue by Geography
With YoY comparisons, source: SEC Filings
“The solid second quarter and first-half financial performance across our uranium, fuel services, and Westinghouse segments demonstrates the resilience of our strategy and the constructive outlook for nuclear power, significantly improving our overall 2025 expectations.”
— Tim Gitzel, Q2 2025 Earnings Press Release
CCJ Earnings Trends
CCJ vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CCJ EPS Trend
Earnings per share: estimate vs actual
CCJ Revenue Trend
Quarterly revenue: estimate vs actual
CCJ Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.34 | $0.34 | -0.97% | $606.3M | -25.62% |
| Q4 25 MISS FY | $0.44 | $0.36 | -19.02% | $861.4M | -21.59% |
| FY Full Year | — | $1.03 | — | $2.50B | — |
| Q3 25 MISS | $0.28 | $0.05 | -81.86% | $440.8M | -41.20% |
| Q2 25 MISS | $0.52 | $0.51 | -1.32% | $629.0M | -21.63% |