Cameco Corporation reported its third‑quarter 2025 financial results on November 5, 2025, showing revenue of $615 million—slightly below the $630.7 million reported by some analysts but above the $568 million consensus estimate. The company’s revenue decline of 4% from $641 million in Q3 2024 was driven by a 6% drop in uranium sales, offset by a modest 2% increase in fuel services revenue. The lower uranium volume reflects a temporary slowdown in U.S. nuclear plant construction, while the fuel services uptick was supported by higher average realized prices.
Operating income fell to $140 million from $155 million a year earlier, a 10% decline largely attributable to the revenue shortfall and a 3% increase in operating expenses. Gross profit was $170 million, down 1% from $171 million in Q3 2024, reflecting the mix shift toward lower‑margin fuel services. Adjusted earnings per share were $0.07 versus the consensus estimate of $0.23, a miss of 70%. The miss was driven by the revenue decline and a one‑time $0.1 million charge related to restructuring costs in the Westinghouse segment.
The company posted a net loss of $0.1 million for the quarter, compared with a net income of $7.4 million a year earlier. Adjusted net earnings, however, were $32 million, indicating that the loss was largely a result of non‑cash items. Management emphasized that the loss does not reflect underlying operating performance and that cash‑flow generation remains strong.
Cameco declared an annual dividend of $0.24 per common share, payable on December 16, 2025, up from $0.16 in 2024. The dividend increase signals confidence in the company’s cash‑flow outlook and its commitment to returning value to shareholders.
The earnings release also highlighted a strategic partnership announced on October 28, 2025, between Brookfield Asset Management, the U.S. government, and Cameco to accelerate deployment of Westinghouse nuclear reactors. The partnership, valued at roughly $80 billion, is expected to create a robust supply chain and expand Cameco’s footprint across the nuclear fuel cycle. CEO Tim Gitzel noted that the collaboration “strengthens our position in the nuclear renaissance and positions us to capture long‑term growth opportunities.”
Analysts reacted with mixed sentiment. While the EPS miss raised concerns about short‑term profitability, the strong revenue beat against the lower estimate and the high‑profile Westinghouse partnership were viewed as positive tailwinds. The company’s guidance for the remainder of 2025 remains unchanged, with management maintaining a focus on cost discipline and strategic investments in high‑margin segments.
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