Cameco Q4 Revenues Rise 1.5% to CAD 1.2 B, EPS Beats Estimate
Cameco reported fourth-quarter 2025 revenues of CAD 1.201 billion ($862 million), up 1.5% year over year on sales of 11.2 million pounds of uranium, down 12.8% from a year earlier. Adjusted EPS rose 38% to $0.36, topping the consensus estimate of $0.29 per share.
1. Revenue Growth Despite Lower Volumes
Cameco’s total revenues for Q4 2025 reached CAD 1.201 billion ($862 million), reflecting a 1.5% increase from CAD 1.183 billion a year ago. This growth was achieved despite a 12.8% decline in uranium sales volumes to 11.2 million pounds.
2. Price Realization and Currency Effects
Higher average realized prices, driven by fixed-price contracts that boosted the Canadian dollar price by 13%, offset the volume decline. Favorable exchange rates contributed to stronger reported revenues when converted to U.S. dollars.
3. Segment Performance and Earnings
In the FUEL Services segment, revenues jumped 18% to CAD 174 million ($127 million) on increased sales volumes and higher realized prices. Overall adjusted earnings per share climbed 38% to $0.36, surpassing the $0.29 consensus estimate.
4. Near-Term Outlook and Competitive Context
While uranium volumes remain under pressure, fixed-price contracts and stronger fuel services demand provide margin support. Comparatively, Energy Fuels is expected to report a Q4 loss, highlighting Cameco’s relative earnings strength.