Cameco Corp
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.89%.
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 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.
- 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)
“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.”
Cameco CEO, on the earnings call
Forward Guidance & Outlook
Cameco expects strong financial performance for full-year 2025 with consolidated revenue of $3.3–$3.55 billion (CAD). Uranium segment revenue is guided at $2.8–$3.0 billion with sales/delivery volumes of 32–34 million pounds and an average realized price of ~$87/lb (CAD). Fuel services revenue is expected at $500–$550 million with 13–14 million kgU in sales. Uranium production (Cameco's share) is expected to be up to 20 million pounds, reflecting the McArthur River/Key Lake production shortfall (14–15 million pounds on 100% basis, down from 18 million). Market purchases reduced to up to 1 million pounds. Cameco's share of Westinghouse adjusted EBITDA is expected at $525–$580 million (US), with a 6%–10% compound annual growth rate over the next five years (excluding Dukovany revenue). Capital expenditures are guided at $360–$400 million consolidated. The recently announced $80 billion (US) US Government partnership to deploy Westinghouse reactors is expected to accelerate growth in Westinghouse's energy systems and fuel fabrication businesses. Q4 2025 and annual results planned for release February 13, 2026.
CCJ YoY Financials
CCJ Revenue by Segment
CCJ Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.