Centrus Energy Corp - Class A
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −3.31%.
Did LEU Beat Earnings? Q4 2025 Results
Centrus Energy delivered a mixed fourth quarter, with revenue nudging past expectations but earnings falling well short in a result that sent shares lower. The nuclear fuel supplier posted Q4 2025 revenue of $146.20 million, edging above the $143.47 million consensus by 1.90%, yet revenue still slipped 3.6% from the year-ago period. The bigger disappointment came on the bottom line, where diluted EPS of $0.79 missed the $1.36 consensus by 41.91%, a shortfall driven largely by a dramatic expansion in the company's diluted share count, which swelled to 22.5 million from 16.8 million a year ago following convertible note issuances, compressing per-share results even as net income held at $17.80 million. Analysts have flagged shareholder dilution as a key uncertainty when assessing the quality of reported profits. Looking ahead, management guided 2026 revenue of $425 million to $475 million and capital deployment of $350 million to $500 million, backed by a $3.80 billion backlog and a $900 million DOE HALEU production task order, signaling confidence in its long-term enrichment buildout despite the near-term quarterly turbulence.
- 23% increase in volume of SWU sold drove LEU segment revenue
- 13% decrease in average unit cost of SWU sold improved margins
- HALEU Operation Contract revenue increased $10.5 million year-over-year
- SWU revenue increased 21% partially offset by 54% decrease in uranium revenue
“2025 was a milestone year for Centrus marked by continuous improvements to both our existing LEU segment as well as our planned future enrichment business, punctuated by our fourth quarter announcement officially launching our centrifuge build out and the government's selection of Centrus for a $900 million HALEU enrichment award.”
Centrus Energy CEO, on the earnings call
Forward Guidance & Outlook
For full-year 2026, Centrus expects total revenue in the range of $425 million to $475 million and total capital deployment of $350 million to $500 million, driven by increased investment in the company's industrial buildout related to centrifuge manufacturing. Operationally, the company plans to finalize contracts with all critical partners for its industrial buildout, hire at least 100 net new employees at Oak Ridge, Tennessee and at least 50 at Piketon, Ohio, and release a Certified for Construction package. Guidance assumes no significant changes to restrictions on Russian LEU imports/sales, no significant economic disruptions, successful implementation of expansion projects including finalization and funding of the DOE $900 million task order, and continuation of current business operations.
LEU YoY Financials
LEU Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.