Cameco (CCO) Q4 2025 earnings summary

Executive summary

• Achieved strong Q4 and full-year 2025 results with disciplined execution across uranium, fuel services, and Westinghouse segments, reflecting a robust supply strategy and constructive demand environment.

• Advanced strategic partnerships, including an $80 billion US government and Brookfield collaboration to accelerate Westinghouse reactor deployment.

• Investments in the full nuclear fuel cycle, including mining, conversion, enrichment, and reactor technology, positioned the company for future growth.

• Westinghouse investment outperformed expectations, contributing significantly to financial results and providing substantial cash distributions.

• Benefited from increased long-term uranium market activity and renewed global commitments to nuclear energy, supporting a positive outlook.

Financial highlights

• Consolidated revenue for 2025 was approximately CAD 3.5 billion, up 11% year-over-year; adjusted EBITDA reached about CAD 1.93 billion, a 26% increase from 2024.

• Adjusted net earnings were just under CAD 630 million, up 115% compared to the prior year.

• Ended 2025 with CAD 1.2 billion in cash and short-term investments and CAD 1 billion in total debt.

• Annual dividend increased to $0.24 per share, advanced by one year due to improved performance and Westinghouse distributions.

• Delivered 33.0 million lbs of uranium and 13.1 million kgU of fuel services under contract in 2025.

Outlook and guidance

• 2026 uranium production is expected between 19.5 million and 21.5 million pounds; fuel services output forecast at 13–14 million kgU.

• Anticipated uranium deliveries of 29–32 million pounds in 2026, with average realized prices between CAD 85 and CAD 89.

• Westinghouse adjusted EBITDA guidance for 2026 is $370–$430 million, lower than 2025 due to non-recurring items and based on signed and expected contracts.

• JV Inkai plans to ramp up to full capacity, with the company’s share at 4.2 million pounds.

• Eliminated five-year growth outlook for Westinghouse due to variability in new build project timing; will provide annual guidance only.