Shares of Cameco Corp. (NYSE: CCJ) had been buying and selling decrease on Friday, slipping about 2.9% to $112.97 in noon New York buying and selling after the uranium producer reported fourth-quarter and full-year 2025 monetary outcomes. The inventory has traded in a 52-week vary of about $35 to $135.24 and has strengthened considerably over the previous yr amid rising uranium demand and tightening provide.
Cameco’s share value decline got here regardless of the corporate beating consensus expectations on income and earnings.
For the quarter ended Dec. 31, 2025, Cameco reported income of roughly $1.20 billion, up modestly from about $1.18 billion within the year-ago interval. Internet earnings attributable to fairness holders rose to $199 million from $135 million a yr earlier. On a per-share foundation, earnings had been about $0.46, in contrast with $0.31 within the fourth quarter of 2024.
Adjusted earnings per share of roughly $0.50 additionally exceeded analysts’ estimates, which had been close to $0.45, in accordance with market survey information.
Full-Yr Development
Cameco reported full-year 2025 income of about $3.48 billion, up from roughly $3.14 billion in 2024. Full-year web earnings climbed to $590 million from $172 million a yr earlier, whereas adjusted web earnings rose to about $627 million. Adjusted EBITDA expanded to roughly $1.93 billion, up from about $1.53 billion in 2024.
Administration highlighted contributions from all main enterprise segments, uranium, gas providers, and its Westinghouse funding, as key drivers of the annual enchancment. Money and short-term investments stood at $1.2 billion, with complete debt at about $1.0 billion as of year-end. The corporate additionally elevated its annual dividend to $0.24 per share.
Operational Context
Cameco produced about 21.0 million kilos of uranium in 2025, exceeding its personal revised steering. This compares with 23.4 million kilos produced in 2024. Gross sales volumes had been barely decrease year-over-year however supported by greater common realized costs.
The corporate’s Westinghouse section reported a notable enhance in adjusted EBITDA, and through 2025 the three way partnership returned vital money distributions tied to nuclear building tasks. Cameco administration reiterated {that a} disciplined provide technique and long-term contracting stay central to its working method.
Market and Sector Backdrop
Cameco’s outcomes come as nuclear power fundamentals stay optimistic, with renewed commitments to nuclear energy seen in a number of areas. Nevertheless, broader markets confirmed strain on useful resource and power shares on Friday, partially on account of macroeconomic considerations, together with rate of interest uncertainty and moderated danger urge for food in equities. This backdrop contrasts sharply with efficiency in software program and SaaS sectors, the place current earnings have been weighed down by slowing subscription progress and ongoing value management challenges.
Outlook
Cameco reaffirmed its long-term strategic concentrate on matching manufacturing with contracted deliveries, sustaining self-discipline in capital allocation, and leveraging its built-in capabilities to navigate market cycles. The corporate didn’t challenge particular 2026 monetary steering in its earnings launch.
