Strong Financial Performance
2025 revenue ~CAD 3.5B (up 11% vs 2024); adjusted EBITDA ~CAD 1.9B (up 26%); adjusted net earnings ≈CAD 630M (up 115% vs 2024).
February 13th, 2026
Summary
- Earnings Call Date:
- 2026-02-13
- Change Since:
- -5.54%
- Next Earnings Date:
- 2026-07-31
Earnings Call Sentiment
PositiveThe call presents a predominantly positive outlook: Cameco reported strong 2025 financial results (revenue +11%, EBITDA +26%, adjusted net earnings +115%), solid operational delivery (21M lbs produced), a healthy balance sheet, and meaningful strategic upside from its Westinghouse investment and U.S. partnership. Management emphasized disciplined contracting and production pacing to capture long-term value. Key near-term risks include McArthur River development timing, industry-wide term contracting remaining below replacement rates (116M lbs in 2025), flat near-term realized uranium price guidance, conversion contracting nuances, and some inflationary cost pressure in Fuel Services. Overall, the positives (robust financial performance, strategic positioning, and operational execution) outweigh the operational and market headwinds described.
Company Guidance
Cameco’s 2026 guidance calls for uranium production of 19.5–21.5 million pounds, Fuel Services production and deliveries of 13–14 million kgU (with Fuel Services deliveries expected to match production), and total uranium deliveries of 29–32 million pounds at an average realized price of CAD 85–89/lb; JV Inkai is expected to ramp to 10.4 million lb (Cameco share 4.2 million lb), Cameco may purchase up to 3 million lb, and the company has committed to deliver roughly 28 million lb/year on average over the next five years with about 230 million lb already under long‑term contract; Cameco’s share of Westinghouse adjusted EBITDA is guided to ~USD 370–430 million in 2026.
Improved Balance Sheet and Liquidity
Year-end cash and short-term investments ≈CAD 1.2B and total debt ≈CAD 1.0B, providing strong liquidity and flexibility.
Operational Delivery and Production
Consolidated uranium production of 21 million pounds in 2025, exceeding revised annual guidance; Cigar Lake outperformed expectations; JV Inkai delivered Cameco share of 3.7M pounds plus 0.9M pounds from 2024.
Long-Term Contracting and Portfolio Positioning
Approximately 230 million pounds committed under long-term contracts at year-end; commitments to deliver ~28 million pounds annually on average over the next 5 years, supporting revenue visibility.
Westinghouse Investment Outperformance
Westinghouse delivered a significant increase in adjusted EBITDA in 2025 and produced cash distributions (including a large one-time USD 170M-linked payment in 2025). 2026 outlook for Cameco's share of Westinghouse adjusted EBITDA is USD 370M–430M; management estimates ~USD 400M–600M EBITDA per AP1000 reactor procurement project.
Strategic Partnership with U.S. Government
Announced strategic partnership (Cameco, Brookfield, Westinghouse, U.S. government) to accelerate deployment of Westinghouse reactors, backed by at least USD 80B in planned U.S. government investment; ongoing definitive agreement discussions and potential 2026 long-lead orders.
Fuel Services and Conversion Strength
Fuel Services delivered a strong year including record UF6 production at Port Hope; conversion pricing at historically high levels amid tight supply, supporting long-term contract opportunities.
Technology Progress — Global Laser Enrichment (GLE)
GLE achieved TRL6 (science derisked) and is focused on DOE tails re-enrichment as a near-term commercial pathway, representing potential access to additional supply and conversion solutions.
""\\"Operator
Thank you for standing by. This is the conference operator. Welcome to the Cameco Corporation Fourth Quarter 2025 Results Conference Call. [Operator Instructions] The conference is being recorded. [Operator Instructions] I would now like to turn the conference over to Cory Kos, Vice President, Investor Relations and Communications. Please go ahead.\\\
Cory Kos
Thank you, operator, and good morning, everyone. Welcome to Cameco's Fourth Quarter and Annual 2025 Conference Call. I would like to acknowledge that we are speaking from our corporate office in Saskatoon, Saskatchewan, Canada, which is on Treaty 6 territory, the traditional territory of the Cree people and the homeland of the Metis. With us today are Tim Gitzel, Chief Executive Officer; Grant Isaac, President and Chief Operating Officer; Heidi Shockey, Senior Vice President and Chief Financial Officer; and Rachelle Girard, Senior Vice President and Chief Corporate Officer. Tim will provide some commentary to start the call, and we will open it up for your questions. Today's call will be approximately 1 hour, concluding at 9:00 a.m. Eastern Time. Our goal is to be open and transparent with our communications.
So if we do not have time to get to your questions during this call or if you would like to get into detailed financial modeling questions about our quarterly and annual results, we'd be happy to respond to any follow-up inquiries. There are a few ways to contact us with additional questions. You can reach out to the contacts provided in our news release. You can submit a question through the send us a message link in the...
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