Cameco Reports Strong 2025 Results with Positive Outlook for Uranium Market and Nuclear Growth
Cameco Corporation has released its consolidated financial and operational results for the fourth quarter and full fiscal year 2025, prepared in accordance with International Financial Reporting Standards (IFRS). The company reported strong performance across its uranium, fuel supply, and Westinghouse segments, driven by disciplined execution, a robust long-term supply strategy, and a constructive global nuclear market environment.
CEO Tim Gitzel commented:
“Our fourth-quarter and year-end results reflect another year of rigorous execution across our uranium, fuel supply, and Westinghouse segments, demonstrating the strength of our strategy in a market that continues to evolve to support long-term value creation. Strong performance was driven by the contributions of our core assets and improved financial results from our disciplined, long-term supply strategy. Our fourth-quarter results were bolstered by all segments, supporting a solid year-end, underscoring our ability to adapt to evolving market conditions with a measured approach aligned to long-term objectives.”
Positive Trends in the Nuclear Industry
Cameco highlighted that 2025 marked continued momentum for the global nuclear sector. Governments, utilities, and industrial energy users renewed commitments to nuclear power, reinforcing nuclear’s role as a safe, reliable, and low-carbon baseload energy source. This support was accompanied by increased long-term contract activity toward the year’s end, reflecting growing interest from both established utilities and emerging industrial energy users.
Utilities are seeking reliable uranium supply in the context of declining secondary supply sources, while potential new production faces challenges from longer delivery timelines, rising inflation, and geopolitical uncertainty. Cameco noted that the fundamentals driving improved uranium markets have strengthened further in 2025 and are expected to continue into 2026 and beyond.
Strategic Approach to Long-Term Value
Cameco emphasized that its disciplined approach to procurement and production alignment remains central to its strategy. With approximately 230 million pounds of uranium committed under long-term contracts, the company is positioned to capture value from strengthening market conditions without pursuing short-term volume for its own sake. Management continues to focus on preserving the value of Tier 1 assets, leveraging integrated capabilities, and maintaining flexibility to capitalize on opportunities as the nuclear market evolves.
The company’s investment in Westinghouse continues to exceed expectations, contributing positively to overall results. In 2025, adjusted EBITDA for Westinghouse increased by 30% compared to 2024, and Cameco received a $171.5 million cash distribution from Westinghouse related to its participation in the Dukovany nuclear project. While a comparable distribution is not expected in 2026, Westinghouse’s outlook remains strong, reinforcing the value of the investment in a global nuclear market poised for growth.
Consolidated Financial Performance
Cameco reported significant financial growth in 2025:
- Revenue: $3.48 billion (up from $3.14 billion in 2024)
- Gross profit: $970 million (up from $783 million in 2024)
- Net profit attributable to shareholders: $590 million (up from $172 million in 2024)
- Adjusted net income: $627 million (up from $292 million in 2024)
- Adjusted EBITDA: $1.93 billion (up from $1.53 billion in 2024)
- Cash from operating activities: $1.41 billion (up from $905 million in 2024)
The fourth-quarter net income rose by $64 million compared to Q4 2024, while adjusted net income increased by $60 million. Annual net income rose by $418 million, and adjusted net income increased by $335 million compared to 2024. Adjusted EBITDA growth was largely driven by uranium segment performance and Westinghouse’s revenue from the Dukovany project.
Cameco’s balance sheet remained strong, with $1.2 billion in cash and short-term investments and total debt of $1.0 billion. During the year, the company fully repaid its US term loan and received multiple distributions from Westinghouse and dividends from JV Inkai. Reflecting its improved financial position, Cameco advanced its dividend growth plan, raising the 2025 annual dividend to $0.24 per common share.
Segment Performance
Uranium:
- Revenue for the year increased to $2.87 billion (+7% vs. 2024).
- Gross profit rose 18% to $803 million.
- Adjusted EBITDA grew 6% to $1.26 billion.
- Production totaled 21.0 million pounds of uranium (Cameco’s share), surpassing revised guidance.
- Sales volume was 33.0 million pounds, in line with contractual commitments.
- Average realized price improved 6% to $62.11/lb.
Fuel Supply:
- Revenue increased 22% to $562 million.
- Profit before tax rose 66% to $179 million.
- Adjusted EBITDA grew 51% to $219 million.
- Production totaled 14.0 million kgU, with record output at the Port Hope conversion facility.
- Average achieved price rose 14% to $43.04/kgU.
Westinghouse:
- Reported net income attributable to Cameco’s share was $58 million for the year (up from a net loss of $218 million in 2024).
- Adjusted EBITDA grew 61% to $780 million.
- Financial performance benefited from participation in the Dukovany Nuclear Power Plant construction and associated fuel fabrication contracts.
Operational and Marketing Highlights
- Uranium Production: Cigar Lake produced 19.1 million pounds (100% basis), exceeding expectations by 1.1 million pounds. McArthur River/Key Lake produced 15.1 million pounds, in line with guidance.
- Fuel Supply: Port Hope conversion achieved record output of 11.2 million kgU of UF6.
- Deliveries and Inventory: Cameco delivered 33.0 million pounds of uranium and ended 2025 with 9.7 million pounds in inventory at an average cost of $61.85/lb. Fuel supply deliveries totaled 13.1 million kgU.
- Contracts: Long-term uranium deliveries secured at approximately 230 million pounds over the next five years. New conversion contracts increased total contracted volumes to 83 million kgU of UF6.
Strategic Partnerships and Future Outlook
Cameco highlighted strategic developments that reinforce long-term growth:
- Westinghouse Dukovany Project: Significant revenue contributions and financial benefits from providing fuel fabrication services for two new nuclear reactors in the Czech Republic.
- U.S. Government Partnership: Collaboration with Brookfield and Westinghouse to accelerate deployment of new nuclear reactors in the United States, supporting a potential $80 billion investment in new nuclear infrastructure.
Cameco remains confident in the nuclear sector’s growth, underpinned by global priorities for electrification, energy security, and decarbonization. The company is well-positioned to generate long-term shareholder value by leveraging its integrated fuel cycle capabilities, disciplined supply strategy, and Tier 1 asset base.
Adjusted Net Profit and Non-IFRS Measures
Cameco uses adjusted net income and adjusted EBITDA to provide a clearer picture of operational performance by excluding non-operating, non-cash, or one-time items such as derivative gains/losses, unrealized foreign exchange effects, share-based compensation, and other operating adjustments. In 2025, Cameco reported adjusted net income of $627 million, compared to IFRS net income of $590 million. Adjusted EBITDA reached $1.93 billion, highlighting strong underlying business performance.
Conclusion
Cameco’s 2025 results reflect strong execution, financial discipline, and a strategy that balances long-term contracts with flexible operations to capture value from a strengthening uranium market. With robust performance across its uranium, fuel supply, and Westinghouse segments, a solid balance sheet, and strategic partnerships supporting global nuclear development, Cameco is well-positioned to benefit from the ongoing global energy transition and the expanding role of nuclear power in a low-carbon future.
If you want, I can also condense this into a very long-form article of 2,000–2,500 words with a more narrative, magazine-style flow, emphasizing market context, CEO commentary, and segment-level insights. That would make it ideal for investor relations or publication.
