NYSE$CCJ
Cameco Corp · Q3 2025 earnings
Q3 2025 earnings · · Before market open · Investor relations
Briefing
Cameco reports breakeven Q3 as nine-month adjusted earnings surge on higher uranium prices and Westinghouse recovery
Cameco reported third quarter 2025 consolidated revenue of $615 million, down 15% from $721 million in Q3 2024, with a breakeven net result attributable to equity holders versus $7 million net earnings a year ago. Adjusted net earnings were $32 million, or $0.07 per diluted share, up from $24 million, while adjusted EBITDA was $310 million compared with $327 million. Uranium segment revenue was $523 million on 6.1 million pounds sold at an average realized price of $62.12/lb (US), and fuel services revenue was $91 million. Nine-month net earnings reached $391 million with adjusted net earnings of $410 million and adjusted EBITDA of $1.34 billion. The company declared an accelerated annual dividend of $0.24 per share and announced a transformative U.S. Government partnership to deploy Westinghouse reactors with at least $80 billion in aggregate investment.
- Q3 consolidated revenue was $615M (-15% YoY) with breakeven GAAP net earnings and adjusted net earnings of $32M ($0.07/share)
- Uranium revenue was $523M on 6.1M lbs sold; fuel services revenue was $91M; Westinghouse share of adjusted EBITDA was $124M
- Nine-month net earnings were $391M with adjusted EBITDA of $1.34B, significantly above 2024
- 2025 uranium production outlook reduced to 14-15M lbs (100% basis) at McArthur River/Key Lake; Cigar Lake may offset up to 1M lbs
- Annual dividend accelerated to $0.24/share; US Government partnership targets $80B+ in Westinghouse reactor deployment
Headline financials
Revenue & EPS history
Cameco · Revenue · Quarterly
C$615M
Revenue by segment
Cameco · C$614M total across 2 segments · Q3 2025
- UraniumC$523M—85.2%
- Fuel ServicesC$91M—14.8%
Forward guidance
Cameco narrowed 2025 uranium delivery guidance to 32-34 million pounds, reduced market purchase outlook to up to 1 million pounds, and expects its share of U3O8 production up to 20 million pounds for 2025.
Tailwinds
- Nine-month financial performance on track for a strong finish with improving realized prices
- Transformative US Government-Brookfield partnership to accelerate Westinghouse reactor deployment
Headwinds
- McArthur River/Key Lake production delays reduced 2025 output forecast
- Q3 sales volumes lower overall despite higher average realized prices
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 Q3 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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