Cameco (TSX: CCO) finished 2025 with Q4 revenue of $1.20 billion versus $1.18 billion a year earlier and net earnings of $199.0 million versus $135.0 million.
Management noted strength across uranium, fuel services, and Westinghouse, and said it remained focused on disciplined long-term supply rather than “chase volume for volume’s sake.” For the full year, revenue increased to $3.48 billion from $3.14 billion, with full-year net earnings rising to $590.0 million from $172.0 million.
Westinghouse (Cameco’s share) increased Q4 revenue to $958.0 million from $841.0 million, pushing the full-year revenue upwards and swinging its segment net earnings to a $58.0 million profit from a $218.0 million loss last year.
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Adjusted EBITDA for the quarter was $591.0 million versus $524.0 million, translating to diluted EPS of $0.50 versus $0.36 last year. For full year, adjusted EBITDA expanded to $1.93 billion from $1.53 billion.
Cash provided by operations rose to $677.0 million in Q4 from $530.0 million. The firm ended 2025 with $1.20 billion in cash and cash equivalents.
Uranium production was 21.0 million pounds versus 23.4 million, while uranium sales volume was 33.0 million pounds versus 33.6 million. The revenue jump benefited from rise in prices as average realized uranium price increased to $87.00 per pound from $79.70 for the year.
Fuel services produced 14.0 million kgU versus 13.5 million and delivered 13.1 million kgU versus 12.1 million, with average realized price also rising to $43.04 per kgU from $37.87.
Westinghouse 2026 guidance was described as strong, but Cameco also eliminated its prior five-year Westinghouse growth outlook due to timing and magnitude variability in new build projects.
This comes after a strategic partnership was inked in Q4 with the US government alongside Brookfield and Westinghouse tied to reactor deployment, with at least US$80.0 billion of aggregate investment value referenced for new builds.
Cameco last traded at $158.43 on the TSX.
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