NYSE$CCJ
Cameco Corp · Q4 2025 earnings
Q4 2025 earnings · · Before market open · Investor relations
Briefing
Cameco reported strong fourth quarter 2025 results with higher net earnings driven by improved uranium pricing and Westinghouse contributions.
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.
Headline financials
Revenue & EPS history
Cameco · Revenue · Quarterly
$877M
Revenue by segment
Cameco · $614M total across 2 segments · Q3 2025
- Uranium$523M—85.2%
- Fuel Services$91M—14.8%
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.
Tailwinds
- 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.
Headwinds
- 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.
- Regulatory and permitting risks in nuclear deployments.
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 Q4 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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