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Cameco

Cameco (CCJ) Q4 2025 Earnings

Reported Feb 13, 2026 at 7:20 AM ET · SEC Source

Q4 25 EPS

$0.36

MISS 19.02%

Est. $0.44

Q4 25 Revenue

$861.4M

MISS 21.59%

Est. $1.10B

vs S&P Since Q4 25

-24.7%

TRAILING MARKET

CCJ -14.6% vs S&P +10.2%

Full Year 2025 Results

FY 25 EPS

$1.03

FY 25 Revenue

$2.50B

Market Reaction

Did CCJ Beat Earnings? Q4 2025 Results

Cameco fell short of Wall Street expectations in Q4 2025, posting earnings per share of $0.36 against a consensus estimate of $0.44, a miss of 19.02%, while revenue of $861.36 million trailed the $1.10 billion consensus by 21.59%, despite edging up 1… Read more Cameco fell short of Wall Street expectations in Q4 2025, posting earnings per share of $0.36 against a consensus estimate of $0.44, a miss of 19.02%, while revenue of $861.36 million trailed the $1.10 billion consensus by 21.59%, despite edging up 1.5% year-over-year. The primary culprit was a 12% decline in uranium sales volume to 11.2 million pounds, as production at McArthur River was hampered by delays in accessing new mining zones and equipment availability issues, triggering a six-week unplanned Key Lake mill shutdown. Beneath the quarterly stumble, however, full-year net earnings attributable to equity holders climbed to $423.15 million from $123.36 million in 2024, and Westinghouse delivered a standout performance, with Cameco's 49% share generating adjusted EBITDA of $559.42 million, a 61% increase. Looking ahead, Cameco guided 2026 consolidated revenue of $3.13 to $3.37 billion, with uranium's average realized price expected to reach $85 to $89 per pound, and institutional investors have continued building positions, reflecting confidence in the company's long-term nuclear fuel thesis.

Key Takeaways

  • • Higher uranium realized prices — average US$65.53/lb in Q4, up 12% year-over-year; full year US$62.11/lb, up 6%
  • • Improved fuel services pricing from contracts entered in stronger price environment — Q4 average realized price C$39.39/kgU, up 11%; full year C$43.04/kgU, up 14%
  • • Westinghouse outperformance including Dukovany project contribution of approximately US$170 million to Cameco's share of Q2 revenue
  • • Cash distributions from Westinghouse totaling US$220.5 million during 2025
  • • Uranium production of 21.0 million pounds exceeding revised guidance of up to 20 million pounds
  • • Port Hope conversion facility UF6 production record of 11.2 million kgU
  • • Gains on derivatives of $95 million versus losses of $183 million in 2024 due to stronger Canadian dollar
  • • Operating cash flow increased 56% to $1,408 million from $905 million in 2024
  • • Cigar Lake production of 19.1 million pounds (100% basis) exceeded forecast of 18 million pounds due to higher productivity
  • • Weakening Canadian dollar positively impacted US dollar-priced contracts
24/7 Wall St

CCJ YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

CCJ Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26
24/7 Wall St

CCJ Revenue by Geography

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“Our fourth quarter and year-end results reflect another year of disciplined execution across our uranium, fuel services, and Westinghouse segments, demonstrating the strength of our strategy in a market that continues to evolve in support of long-term value creation. We delivered solid performance with strong contributions from our core assets and improved financial results tied to our disciplined long-term supply strategy in a constructive demand environment.”

— Tim Gitzel, Q4 2025 Earnings Press Release

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