Cameco Corporation (CCJ) Earnings
Cameco Corporation is expected to report next earnings on July 31, 2026 (in NaN days), with a consensus EPS estimate of $0.27. CCJ has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise +16.1% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $0.29 | $0.34 | +17.2% | $607M | +1.5% |
| Feb 13, 2026 | $0.29 | $0.36 | +24.1% | $874M | +44.5% |
| Nov 5, 2025 | $0.14 | $0.05 | -64.6% | $441M | +13.2% |
| Jul 31, 2025 | $0.27 | $0.51 | +87.6% | $644M | +50.5% |
| May 1, 2025 | $0.09 | $0.11 | +18.0% | $554M | +39.9% |
| Feb 20, 2025 | $0.16 | $0.26 | +59.7% | $822M | +54.2% |
| Nov 7, 2024 | $0.14 | $-0.01 | -107.3% | $531M | +29.3% |
| Jul 31, 2024 | $0.13 | $0.10 | -23.1% | $438M | +10.8% |
| Apr 30, 2024 | $0.19 | $0.10 | -46.8% | $467M | +9.5% |
| Feb 8, 2024 | $0.21 | $0.15 | -28.6% | $635M | +4.0% |
| Oct 31, 2023 | $0.11 | $0.24 | +118.2% | $425M | -13.1% |
| Aug 2, 2023 | $0.16 | $-0.01 | -106.3% | $364M | +2.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q3 FY2025 · November 5, 2025
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Tim Gitzel highlighted the recent transformative partnership between Cameco, Brookfield, and the U.S. government regarding Westinghouse reactors, which is expected to accelerate the global deployment of Westinghouse technology. He discussed Cameco's operational performance across segments, including adjustments in supply levers to offset production changes. The company's financial results were strong, with a solid first 9 months and a strong finish anticipated in the fourth quarter. There were also changes in the executive team, with David Doerksen retiring and Lisa Aitken appointed as Senior Vice President and Chief Marketing Officer.
Guidance
Cameco reduced its 2025 consolidated production outlook, expecting share of production up to 20 million pounds of uranium. JV Inkai production is expected to be 8.3 million pounds with a 3.7 million pound purchase allocation. The Fuel Services division's annual production outlook is between 13 million and 14 million kgU. The fourth quarter is expected to have higher deliveries, and Westinghouse's performance contributed to Cameco's positive financial position.
Segment performance
In 2025, Cameco's consolidated production outlook was adjusted. The McArthur/Key Lake operations saw a decrease in annual production forecast, with packaged production expected to be between 14 million and 15 million pounds on a 100% basis instead of the prior 18 million pounds. JV Inkai's production is going well, with an expected 8.3 million pounds of production, and Cameco's purchase allocation is 3.7 million pounds. The Fuel Services division's annual production outlook remains on track, totaling between 13 million and 14 million kgU of combined fuel services products. Quarterly uranium and fuel services sales volumes were lower overall, but there was continued improvement in average realized prices in both segments.
Risks & headwinds
There are risks associated with production delays, such as the development delays in McArthur River and Key Lake operations in 2025. Market dynamics and uncertainty in uranium pricing and supply-demand balance also pose risks. Additionally, managing supply levers and counterparty-specific arrangements involves certain risks.
Analyst Q&A
Q: On the issue of the standby product loan facilities, are those discussions as flexible? And is that material as accessible as in the past? And what can you tell us about the timing of when those pounds need to be repaid?
A: Grant Isaac said they are flexible, availability continues to be strong, and repayment differs by counterparty.
Q: The U.S. seems to be taking a much more of a leadership role when we think about the demand outlook. And do you think that we're close to a market where chemicals production decisions may be viewed differently on pricing dynamics?
A: Grant Isaac said the market already recognizes the value of incumbent producers, and the long-term price of uranium is around USD 84 per pound.
Q: On the Westinghouse partnership, how is Westinghouse set up in terms of capacity for new build projects?
A: Grant Isaac said key is standardized, sequence, and simplify, and Westinghouse has capacity to start reactors if long lead items flow and sequenced properly.
Q: On conversion, is timing right to restart conversion capacity at Springfields?
A: Grant Isaac said price is there but tenor is not yet, but feeling constructive.
Q: On the U.S. government partnership, is there a scenario where the U.S. government supports more reactors?
A: Timothy Gitzel said they're just getting warmed up and there's potential for more reactors.
Q: On enrichment, what are the next steps for GLE achieving TRL-6?
A: Grant Isaac said TRL-6 is important, removed technology risk, and can engage more meaningfully with utilities.
Q: On Westinghouse's contracting framework, is it stale?
A: Grant Isaac said framework remains useful subject to finalizing agreements and financing.
Q: On the U.S. government partnership and reactors ownership, are they owned longer term?
A: Grant Isaac said there are various structures possible, including financing and ownership options.
Q: On revisiting the deal with the U.S. government, when will the market see signs of serious contracting from utilities?
A: Grant Isaac said market responds to reality of contracting environment, and some utilities are taking certain actions.
Q: On McArthur River and Cigar Lake, how do development delays impact production?
A: Grant Isaac said Cameco is in supply discipline, not front running, and it's too early to tell impact on 2026 production