Cameco Shares Fall After Reporting Strong Q4 Profits and Strong Full-Year Growth
Shares of Cameco Corp. (NYSE: CCJ ) traded lower on Friday, down about 2.9% to $112.97 in New York trading after the uranium producer reported financial results for the fourth quarter and full year 2025. The stock has traded in a 52-week range of $35 to $135.24 and has strengthened significantly over the past year amid rising uranium demand and tightening supply.
The decline in Cameco’s share price comes despite the company beating consensus expectations on profit and earnings.
For the quarter ended December 31, 2025, Cameco reported revenue of about $1.20 billion, up slightly from about $1.18 billion in the year-ago period. Net income to shareholders increased to $199 million from $135 million last year. On a per-share basis, earnings would have been $0.46, compared to $0.31 in the fourth quarter of 2024.
Adjusted earnings per share of about $0.50 also beat analysts’ estimates, which were closer to $0.45, according to market research data.
Grows Full Year
Cameco reported full-year 2025 revenue of about $3.48 billion, up from about $3.14 billion in 2024. Full-year profit rose to $590 million from $172 million a year earlier, while adjusted earnings rose to about $627 million. Adjusted EBITDA expanded to approximately $1.93 billion, from approximately $1.53 billion in 2024.
Management highlighted contributions from all major business segments, uranium, fuel services, and its Westinghouse investment, as key to year-over-year growth. Cash and short-term investments stood at $1.2 billion, and total debt was approximately $1.0 billion at the end of the year. The company also increased its annual dividend to $0.24 per share.
Context of Operation
Cameco produced approximately 21.0 million pounds of uranium in 2025, exceeding its revised guidance. This compares to 23.4 million pounds produced in 2024. Sales volumes were slightly lower year-on-year but were supported by average realized prices.
The Westinghouse division reported a significant increase in adjusted EBITDA, and in 2025 the joint venture returned cash distributions related to nuclear construction projects. Cameco’s management reiterated that a structured supply strategy and long-term contract remain central to its approach.
Market and Sector Background
Cameco’s results come as nuclear power fundamentals remain positive, with renewed commitments to nuclear power seen in many regions. However, broader markets showed pressure on utilities and energy stocks on Friday, partly due to macroeconomic concerns, including interest rate uncertainty and limited risk appetite for stocks. This background is in stark contrast to operations in the software and SaaS sectors, where recent revenue has been measured by slowing subscription growth and ongoing cost control challenges.
Outlook
Cameco reaffirmed its long-term strategic focus on matching product and contracted delivery, maintaining discipline in capital allocation, and leveraging its combined capabilities to navigate market cycles. The company did not release specific financial guidance for 2026 in its earnings release.
