Quarterly Results

For the quarter ended Dec. 31, 2025, Cameco reported revenue of roughly $1.20 billion, up modestly from about $1.18 billion in the year-ago period. Net earnings attributable to equity holders rose to $199 million from $135 million a year earlier. On a per-share basis, earnings were about $0.46, compared with $0.31 in the fourth quarter of 2024.

Adjusted earnings per share of approximately $0.50 also exceeded analysts’ estimates, which were near $0.45, according to market survey data.

Full-Year Growth

Cameco reported full-year 2025 revenue of about $3.48 billion, up from approximately $3.14 billion in 2024. Full-year net earnings climbed to $590 million from $172 million a year earlier, while adjusted net earnings rose to about $627 million. Adjusted EBITDA expanded to approximately $1.93 billion, up from about $1.53 billion in 2024.

Management highlighted contributions from all major business segments, uranium, fuel services, and its Westinghouse investment, as key drivers of the annual improvement. Cash and short-term investments stood at $1.2 billion, with total debt at about $1.0 billion as of year-end. The company also increased its annual dividend to $0.24 per share.

Operational Context

Cameco produced about 21.0 million pounds of uranium in 2025, exceeding its own revised guidance. This compares with 23.4 million pounds produced in 2024. Sales volumes were slightly lower year-over-year but supported by higher average realized prices.

The company’s Westinghouse segment reported a notable increase in adjusted EBITDA, and during 2025 the joint venture returned significant cash distributions tied to nuclear construction projects. Cameco management reiterated that a disciplined supply strategy and long-term contracting remain central to its operating approach.

Market and Sector Backdrop

Cameco’s results come as nuclear energy fundamentals remain positive, with renewed commitments to nuclear power seen in multiple regions. However, broader markets showed pressure on resource and energy stocks on Friday, in part due to macroeconomic concerns, including interest rate uncertainty and moderated risk appetite in equities. This backdrop contrasts sharply with performance in software and SaaS sectors, where recent earnings have been weighed down by slowing subscription growth and ongoing cost control challenges.

Outlook

Cameco reaffirmed its long-term strategic focus on matching production with contracted deliveries, maintaining discipline in capital allocation, and leveraging its integrated capabilities to navigate market cycles. The company did not issue specific 2026 financial guidance in its earnings release.