Cameco (TSX: CCO) posted a quarterly revenue jump to $877 million in Q2 2025, 47% above $598 million a year earlier. The surge lifted gross profit an identical 47% to $257 million from last year’s $175 million.
As a result, net earnings rocketed to $321 million (or $0.74 per share) from just $36 million (or $0.08 per share) in Q2 2024. Adjusted net earnings rose nearly five-fold to $308 million from $65 million a year ago, while adjusted EBITDA almost doubled to $673 million from last year’s $343 million, pushing margins to 77% from 57%.
Cash flow from operations climbed 79% to $465 million, closing the quarter with $716 million in cash and $1.0 billion of debt.
On production, quarterly uranium sales volumes rose 40% to 8.7 million pounds, but production slid 35% to 4.6 million pounds owing to a planned Key Lake mill shutdown. Average realized price improved 5% to $81.03 per pound, yet total production cost per produced pound jumped 45% to $37.85, and blended produced-plus-purchased cost crept 8% higher to $45.66 per pound.
Fuel services revenue grew 37% to $162 million as sales volumes surged 52%. Average realised price, however, slipped 8% to $36.79 per kgU.
Cameco’s 49% stake in Westinghouse swung to a $126 million profit from a $47 million loss a year ago, with adjusted EBITDA of $352 million (up 191%). The subsidiary’s Czech reactor contract boosted Cameco’s full-year share-of-EBITDA outlook to $525-$580 million, from $355-$405 million previously—now the single biggest earnings lever in 2025.
Average realized uranium price guidance also rises to $87 per pound (from $84 per pound), but the firm still targets 18 million pounds output at both McArthur River/Key Lake and Cigar Lake despite ground-freezing and labour risks. Unit cost guidance of $59.50-$63.00 per pound is reiterated and already sits 36-40% above Q2 realized prices.
Cameco last traded at $107.55 on the TSX.
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