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Sep 30, 2025
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Cameco Q3 2025 Earnings Report
Cameco reported a flat EPS and a small net loss in Q3 2025, with stable segment profitability despite lower sales volumes.
Key Takeaways
Cameco showed resilient performance in Q3 2025 with improved adjusted EPS and higher average realized prices in both uranium and fuel services. While net income was neutral and sales volumes declined, strategic flexibility and partnerships helped maintain profitability.
Revenue by Segment
Forward Guidance
Cameco revised production and sales outlook while maintaining strong market positioning through supply flexibility and strategic partnerships.
Positive Outlook
- Strategic US partnership to deploy Westinghouse reactors with $80B investment value.
- Strong Cigar Lake production may offset McArthur River/Key Lake shortfall.
- Adjusted EPS improved compared to prior year despite volume declines.
- Uranium and fuel services prices continue to rise.
- Dividend increased to $0.24 per share, payable in December.
Challenges Ahead
- Uranium production guidance lowered due to McArthur River/Key Lake delays.
- Revenue declined 15% year-over-year.
- Fuel services sales volume dropped 46%.
- Westinghouse reported a net loss of $32M (Cameco’s share).
Historical Earnings Impact
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Avg. Return Before/After Earnings
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