Cameco Corp
NYSE:CCJ
Cameco Corp
In the northern expanses of Canada, amid vast landscapes that hide treasures beneath their surface, Cameco Corp. stands as a beacon in the uranium industry. Since its inception in 1988, the company has evolved into one of the world's largest uranium producers, playing a crucial role in the global energy landscape. Cameco's operations are centered around mining and refining uranium ore, primarily in its lucrative Canadian mines like Cigar Lake and McArthur River, both renowned for their rich deposits. Beyond merely extracting this vital resource, Cameco also processes the ore into a more refined product ready for use in nuclear reactors.
Cameco monetizes its operations by selling this refined uranium, known as uranium concentrate, to nuclear power plants around the world. These power plants rely on Cameco's products to fuel reactors that generate electricity, underpinning the significant demand for uranium. Additionally, Cameco engages in uranium trading, adding an extra stream of revenue through these auxiliary market activities. Furthermore, the company provides nuclear fuel services ranging from conversion to advanced fuel cycle management. Balancing these complementary activities, Cameco navigates the often complex regulatory and geopolitical issues inherent in the nuclear energy industry, sustaining its position as a key player in the global energy supply chain.
In the northern expanses of Canada, amid vast landscapes that hide treasures beneath their surface, Cameco Corp. stands as a beacon in the uranium industry. Since its inception in 1988, the company has evolved into one of the world's largest uranium producers, playing a crucial role in the global energy landscape. Cameco's operations are centered around mining and refining uranium ore, primarily in its lucrative Canadian mines like Cigar Lake and McArthur River, both renowned for their rich deposits. Beyond merely extracting this vital resource, Cameco also processes the ore into a more refined product ready for use in nuclear reactors.
Cameco monetizes its operations by selling this refined uranium, known as uranium concentrate, to nuclear power plants around the world. These power plants rely on Cameco's products to fuel reactors that generate electricity, underpinning the significant demand for uranium. Additionally, Cameco engages in uranium trading, adding an extra stream of revenue through these auxiliary market activities. Furthermore, the company provides nuclear fuel services ranging from conversion to advanced fuel cycle management. Balancing these complementary activities, Cameco navigates the often complex regulatory and geopolitical issues inherent in the nuclear energy industry, sustaining its position as a key player in the global energy supply chain.
Strong Results: Cameco reported annual revenue of about $3.5 billion for 2025, up 11% from 2024, and adjusted EBITDA of $1.9 billion, up 26% year-over-year.
Profit Growth: Adjusted net earnings reached just under $630 million, a 115% increase from the previous year.
Production Beat: Uranium production was 21 million pounds in 2025, above revised guidance, with Cigar Lake exceeding expectations.
Westinghouse Performance: The Westinghouse investment continues to outperform, delivering strong adjusted EBITDA and cash distributions, but 2026 distributions are expected to be lower due to lumpiness in project timing.
Disciplined Contracting: Management emphasized a cautious approach to new contracts, prioritizing price and contract duration over volume to capture future value.
2026 Outlook: Cameco guides for uranium production between 19.5–21.5 million pounds, deliveries of 29–32 million pounds, and Fuel Services production and deliveries of 13–14 million kgU.
Strategic Partnerships: The partnership with Brookfield Westinghouse and the U.S. government to accelerate reactor deployment is progressing, with 2026 potentially bringing significant new orders.
Market Conditions: Management highlighted growing nuclear demand but noted supply discipline and under-contracting industry-wide, keeping future supply tight.
