NYSE$CCJ
Cameco Corp · Q1 2025 earnings
Q1 2025 earnings · · Before market open · Investor relations
Briefing
Cameco Q1 2025: $789M revenue (+24%), $70M net earnings as long-term pricing offsets spot weakness
Cameco reported Q1 2025 consolidated revenue of $789 million, up 24% year-over-year, with gross profit rising 44% to $270 million. Net earnings attributable to equity holders were $70 million, or $0.16 diluted EPS, versus a $7 million net loss and $(0.02) per share a year ago; adjusted net earnings were also $70 million ($0.16 adjusted diluted EPS). Adjusted EBITDA was $353 million, up 5% from Q1 2024 and in line with unchanged 2025 outlook. Uranium segment results were pressured by JV Inkai sales timing despite higher average realized prices from fixed-price contracts and a stronger U.S. dollar; fuel services net earnings and adjusted EBITDA more than doubled on higher volumes, a 17% rise in average realized price, and lower unit costs. Westinghouse reported a $62 million net loss (Cameco's share), improving from a $123 million loss, with adjusted EBITDA of $92 million versus $77 million prior year. Cameco ended the quarter with $361 million in cash and $1.0 billion in undrawn credit capacity after repaying the final $200 million Westinghouse acquisition term loan.
- Consolidated revenue rose 24% to $789M; gross profit up 44% to $270M; net earnings $70M ($0.16 EPS).
- Adjusted net earnings and adjusted EBITDA were $70M and $353M, respectively, tracking unchanged 2025 outlook.
- Uranium earnings fell 10% on JV Inkai sales timing; fuel services earnings more than doubled on pricing and volume.
- Westinghouse net loss improved to $62M (Cameco share); segment adjusted EBITDA rose to $92M from $77M.
- Balance sheet strengthened with $361M cash, final $200M acquisition debt repaid, and $49M Westinghouse distribution received.
Headline financials
Revenue & EPS history
Cameco · Revenue · Quarterly
$789M
Revenue by segment
Cameco · $614M total across 2 segments · Q3 2025
- Uranium$523M—85.2%
- Fuel Services$91M—14.8%
Forward guidance
Management maintained its unchanged 2025 consolidated outlook; Westinghouse adjusted EBITDA is expected at $355–405 million (US) for the full year with weaker first-half results and stronger Q4 cash flows.
Tailwinds
- Average realized uranium price rose year-over-year even as spot prices fell 30%, validating long-term contracting strategy
- Production on track at McArthur River/Key Lake and Cigar Lake; strong fuel services momentum
Headwinds
- Uranium segment EBITDA pressured by JV Inkai sales timing and 11% higher unit cost of sales
- Westinghouse continues to report net losses due to acquisition-related intangible amortization
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2025
+0.4%
Avg return
Earnings day
+0.6%
Avg return
5 days after
+3.3%
Avg return
30 days after
55%
34 / 62 earnings
Positive
+12.9%
Q4 2021
Best reaction
-14.4%
Q2 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | -3.0% | +0.1% | -7.3% | |
| Q3 2025 | -1.8% | -2.8% | -5.9% | |
| Q2 2025 | -3.7% | +0.2% | +13.7% | |
| Q1 2025 | +0.8% | +6.6% | +29.6% | |
| Q4 2024 | -0.0% | -6.4% | -4.3% | |
| Q2 2024 | -7.4% | -16.7% | -7.8% | |
| Q4 2023 | -8.3% | -12.9% | -14.2% | |
| Q3 2023 | +8.4% | +10.8% | +21.3% | |
| Q2 2023 | -2.4% | -1.8% | +8.1% | |
| Q1 2023 | +4.2% | +0.8% | +2.8% | |
| Q4 2022 | +6.9% | +6.7% | -6.8% | |
| Q3 2022 | -3.0% | -5.4% | -3.1% | |
| Q2 2022 | +10.5% | +7.4% | +15.3% | |
| Q1 2022 | -9.6% | -18.4% | -5.2% | |
| Q4 2021 | +12.9% | +9.5% | +36.6% | |
| Q3 2021 | -1.3% | +6.8% | -5.5% | |
| Q2 2021 | +5.9% | +2.3% | +4.5% | |
| Q1 2021 | +8.2% | +6.0% | +18.0% | |
| Q4 2020 | +3.4% | +4.2% | +13.9% | |
| Q3 2020 | -4.8% | -2.1% | +13.9% | |
| Q2 2020 | -14.4% | -14.6% | -2.4% | |
| Q1 2020 | +9.2% | +6.6% | +9.1% | |
| Q4 2019 | +1.7% | +9.8% | -2.0% | |
| Q3 2019 | +12.0% | +6.9% | +3.6% | |
| Q2 2019 | -7.2% | -7.5% | -15.2% | |
| Q1 2019 | -4.2% | -2.5% | -8.6% | |
| Q4 2018 | -2.9% | -4.2% | -8.1% | |
| Q3 2018 | +9.4% | +12.8% | +7.4% | |
| Q2 2018 | +3.9% | -2.1% | -5.2% | |
| Q1 2018 | +4.6% | +13.2% | +5.5% | |
| Q4 2017 | -1.7% | +4.3% | +2.7% | |
| Q3 2017 | -8.7% | -4.9% | +12.0% | |
| Q2 2017 | +4.5% | +1.7% | -1.2% | |
| Q1 2017 | -7.9% | -6.8% | -9.2% | |
| Q4 2016 | +2.2% | +13.5% | +1.6% | |
| Q3 2016 | +10.3% | +10.6% | +26.3% | |
| Q2 2016 | -10.1% | -11.1% | -12.6% | |
| Q1 2016 | -5.9% | — | — | |
| Q4 2015 | -7.5% | — | — | |
| Q3 2015 | -2.7% | — | — | |
| Q2 2015 | +0.8% | — | — | |
| Q1 2015 | +0.6% | — | — | |
| Q4 2014 | +0.7% | — | — | |
| Q3 2014 | -2.1% | — | — | |
| Q2 2014 | +5.6% | — | — | |
| Q1 2014 | -2.0% | — | — | |
| Q4 2013 | -2.0% | — | — | |
| Q3 2013 | +4.6% | — | — | |
| Q2 2013 | +3.8% | — | — | |
| Q1 2013 | +0.4% | — | — | |
| Q4 2012 | +0.4% | — | — | |
| Q3 2012 | +3.0% | — | — | |
| Q2 2012 | -1.3% | — | — | |
| Q1 2012 | +5.9% | — | — | |
| Q4 2011 | +0.2% | — | — | |
| Q3 2011 | +0.9% | — | — | |
| Q2 2011 | +1.2% | — | — | |
| Q1 2011 | +1.7% | — | — | |
| Q4 2010 | +1.7% | — | — | |
| Q3 2010 | -3.5% | — | — | |
| Q2 2010 | +5.6% | — | — | |
| Q1 2010 | -2.7% | — | — |
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