Cameco (TSX: CCO) reported Q3 2025 revenue of $615 million, down 15% year over year from $721 million, as lower uranium and fuel services sales volumes outweighed higher realized prices.
Consolidated gross profit was $170 million, roughly flat versus $171 million a year ago. Management characterizes Q3 as a small net loss, posting net earnings of nil versus $7 million in Q3 2024, translating to EPS of $0.00 versus $0.02.
On an adjusted basis, net earnings improved to $32 million from $24 million, or $0.07 per share versus $0.06. Adjusted EBITDA slipped 5% to $310 million from $327 million last year.
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By segment, uranium revenue declined 13% to $523 million as sales volumes dropped 16% to 6.1 million pounds, partly offset by higher average realized prices of US$62.12 per pound. Fuel services revenue also fell 24% to $91 million on a 46% decline in sales volumes to 1.9 million kgU, but average realized price rose 42% to $49.11 per kgU.
Westinghouse, on Cameco’s share basis, posted a net loss of $32 million versus the prior loss of $57 million.
Cash provided by operations was $156 million, up from $52 million in Q3 2024. As of quarter-end, Cameco held $779 million in cash and cash equivalents.
The company announced an accelerated increase of its annual dividend to $0.24 per share, payable December 16, 2025.
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Uranium production for the quarter was 4.4 million pounds versus 4.3 million, but combined produced-and-purchased uranium fell 5% to 5.8 million pounds from 6.1 million. Blended total cost per pound across produced and purchased material decreased to $47.50 from $56.11, while overall cash cost per pound fell to $39.03 from $49.48.
In fuel services, production was 3.1 million kgU versus 3.2 million last year.
Cameco now expects its share of U3O8 production to be up to 20 million pounds in 2025. The company reduced expected market purchases to up to 1 million pounds from up to 3 million pounds, citing the use of standby product loan facilities to protect inventory.
Uranium sales and delivery guidance narrowed to 32 to 34 million pounds from 31 to 34 million pounds as year-end delivery timing becomes clearer.
“We adjusted a number of supply levers to help offset the impact of expected changes in our 2025 uranium production outlook,” said CEO Tim Gitzel. He added that the Westinghouse partnership “is expected to accelerate global reactor deployment” and create growth across the fuel cycle.
Cameco last traded at $134.73 on the TSX.
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