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Jun 30, 2025
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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).
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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