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Dec 31, 2025
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Cameco Q4 2025 Earnings Report
Cameco reported strong fourth quarter 2025 results with higher net earnings driven by improved uranium pricing and Westinghouse contributions.
Key Takeaways
Cameco delivered solid Q4 2025 results as higher realized uranium prices and strong Westinghouse performance supported profitability. Net income rose significantly year over year, while adjusted earnings and EBITDA improved, reflecting disciplined supply strategy and favorable market conditions.
Revenue increased to 1201000000 in Q4 2025, supported by stronger pricing.
Net income rose to 199000000, reflecting improved segment performance.
Uranium average realized price increased year over year to 65.53 USD per pound.
Westinghouse adjusted EBITDA contribution strengthened significantly in the quarter.
Revenue by Segment
Forward Guidance
Management expects continued strength in nuclear market fundamentals, disciplined supply alignment, and sustained contributions from Westinghouse, though variability in new build timing may impact results.
Positive Outlook
- Strong long-term uranium contracting activity continues.
- Approximately 230000000 pounds committed under long-term contracts.
- Improving uranium price environment.
- Strategic partnership with US government to accelerate reactor deployment.
- Westinghouse core business expected to maintain healthy margins.
Challenges Ahead
- Potential variability in timing of new build projects.
- Geopolitical and inflationary pressures may affect supply.
- Finite secondary uranium supplies.
- Market volatility impacting derivative and FX results.
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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