Cameco (CCJ) Q3 2025 Earnings
Reported Nov 5, 2025 at 7:02 AM ET · SEC Source
Q3 25 EPS
$0.05
MISS 81.86%
Est. $0.28
Q3 25 Revenue
$440.8M
MISS 41.20%
Est. $749.6M
vs S&P Since Q3 25
-12.3%
TRAILING MARKET
CCJ -0.3% vs S&P +12.1%
Market Reaction
Did CCJ Beat Earnings? Q3 2025 Results
Cameco delivered a sharply disappointing third quarter, with earnings per share of just $0.05 falling 81.86% short of the $0.28 consensus estimate, while revenue of $440.76 million missed expectations by 41.20% and declined 14.7% from the year-ago pe… Read more Cameco delivered a sharply disappointing third quarter, with earnings per share of just $0.05 falling 81.86% short of the $0.28 consensus estimate, while revenue of $440.76 million missed expectations by 41.20% and declined 14.7% from the year-ago period. The primary culprit was a meaningful pullback in uranium and fuel services delivery volumes, with uranium shipments dropping 16% to 6.1 million pounds and fuel services volumes plunging 46%, overwhelming the benefit of improved realized prices in both segments. Production challenges at McArthur River/Key Lake compounded the pressure, forcing Cameco to revise its 2025 output target down to 14 to 15 million pounds on a 100% basis from 18 million pounds previously. Despite the soft quarter, the company's stock decline drew interest from investors focused on longer-term catalysts, particularly the transformational partnership with Brookfield and the U.S. Government targeting at least $80 billion in Westinghouse reactor deployment. Looking ahead, Cameco guided full-year 2025 consolidated revenue of CAD $3.3 to $3.55 billion, with uranium deliveries of 32 to 34 million pounds at roughly CAD $87 per pound.
Key Takeaways
- • Higher Canadian dollar average realized uranium prices from fixed-price contracts
- • Strong performance at Cigar Lake mine offsetting McArthur River shortfall
- • Improving Westinghouse equity earnings year-over-year
- • Disciplined long-term contracting with market-related pricing mechanisms
- • Weakening Canadian dollar benefiting US-dollar denominated sales
- • Significantly lower uranium cash costs per pound ($39.03 vs $49.48 YoY)
CCJ YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
CCJ Revenue by Segment
With YoY comparisons, source: SEC Filings
CCJ Revenue by Geography
With YoY comparisons, source: SEC Filings
“Our year-to-date financial results demonstrate strong performance across our uranium, fuel services, and Westinghouse segments, underscoring the resilience of our strategy in a dynamic market that is being continually reinforced by tremendous positive momentum. Driven by disciplined long-term contracting and management of our supply sources, alongside strategic partnerships that can add significant future value, we are positioned at the forefront of the global nuclear resurgence.”
— Tim Gitzel, Q3 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% |