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Jun 30
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Cameco Q2 2025 Earnings Report
Cameco posted strong Q2 2025 results driven by higher uranium and fuel services sales volumes and a significant boost from Westinghouse earnings.
Key Takeaways
Cameco delivered a robust quarter, with net income surging due to strong uranium segment performance and a $170M (USD) boost from Westinghouse tied to the Dukovany reactor project.
Net income reached $321M, driven by uranium and fuel services performance and Westinghouse equity earnings.
Adjusted EPS was $0.71, showing significant year-over-year growth.
Uranium sales volume increased to 8.7M lbs, benefiting from higher realized prices and strong demand.
Westinghouse contribution surged due to a Czech reactor project, boosting Q2 adjusted EBITDA to $352M (USD).
Cameco
Cameco
Cameco Revenue by Segment
Revenue by Segment
Uranium Revenue
CapyFin.comFuel Services Revenue
CapyFin.com Forward Guidance
Cameco raised its outlook for Westinghouse adjusted EBITDA and expects higher average uranium realized prices due to market strength.
Positive Outlook
- Increased 2025 uranium average realized price guidance to $87/lb from $84/lb.
- Raised Westinghouse adjusted EBITDA guidance to $525M–$580M USD.
- Supportive government policies and energy demand boost nuclear outlook.
- JV Inkai continues to target 2025 production of 8.3M lbs (100% basis).
- Long-term uranium contracting expected to accelerate in H2 2025.
Challenges Ahead
- Maintenance at Key Lake mill caused higher unit costs and lower uranium production in Q2.
- McArthur River/Key Lake faces development and equipment risks.
- Fuel services pricing was slightly weaker YoY.
- Global macroeconomic uncertainty slowed uranium contracting in H1.
- No Q2 purchases from JV Inkai, leading to lower purchased volumes.
Revenue & Expenses
Visualization of income flow from segment revenue to net income