Cameco Corp
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.30%.
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 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.
- 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
“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.”
Cameco CEO, on the earnings call
Forward Guidance & Outlook
Cameco's full-year 2025 consolidated revenue guidance is maintained at CAD $3.3 billion to $3.55 billion. Uranium production is expected at 22.4 million pounds (Cameco's share) from McArthur River/Key Lake and Cigar Lake combined, with uranium sales/delivery volume of 31-34 million pounds. The expected uranium average realized price was increased to approximately $87.00/lb (from $84.00/lb). Fuel services production is expected at 13-14 million kgU. The most notable change is the Westinghouse outlook: Cameco's 49% share of Westinghouse adjusted EBITDA is now expected at US$525-580 million (previously US$355-405 million), with net earnings of US$30-80 million (previously a net loss of US$20-70 million), driven by the Dukovany project revenue. Over the next five years, Westinghouse's share of adjusted EBITDA (excluding the Q2 2025 Dukovany boost) is expected to grow at a 6-10% CAGR. Potential risks include McArthur River development delays, labor availability, and JV Inkai transportation/production risks.
CCJ YoY Financials
CCJ Revenue by Segment
CCJ Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.