Cameco (NYSE:CCJ) Announces Earnings Results

Cameco (NYSE:CCJ) (TSE:CCO) issued its quarterly earnings results on Friday. The basic materials company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.08, Zacks reports. The business had revenue of $874.57 million for the quarter, compared to analysts’ expectations of $782.13 million. Cameco had a net margin of 15.24% and a return on equity of 8.58%. The business’s quarterly revenue was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 earnings per share.

Here are the key takeaways from Cameco’s conference call:

• FY2025 results were strong — revenue ~CAD 3.5 billion (+11%), adjusted EBITDA ~CAD 1.9 billion (+26%) and adjusted net earnings ~CAD 630 million (+115%), with ~CAD 1.2 billion cash and CAD 1 billion debt underpinning a solid balance sheet.
• Westinghouse partnership and the U.S. government initiative (backed by at least US$80 billion) advances AP1000 deployments; Cameco expects its share of Westinghouse adjusted EBITDA of ~US$370–430M in 2026 and estimates roughly US$400–600M EBITDA per reactor (typically ordered in two‑packs).
• Cameco is executing a disciplined contracting strategy — ending 2025 with ~230 million pounds of long‑term commitments and ~28 million pounds/year committed over the next five years — deliberately preserving uncommitted supply to capture higher pricing as demand firming continues.
• Operationally, 2026 production guidance (19.5–21.5M lb consolidated; deliveries 29–32M lb) reflects paced ramps after McArthur River development delays, meaning near‑term output may remain below previous design peaks until market signals justify acceleration.
• Fuel services momentum and technology upside — record UF6 production at Port Hope and a tight conversion market support pricing, while GLE achieved TRL‑6 and is focused on DOE tails re‑enrichment as a near‑term commercial route.

Cameco Stock Down 2.8%

NYSE CCJ traded down $3.29 during trading on Friday, reaching $113.10. 5,941,589 shares of the company’s stock were exchanged, compared to its average volume of 4,875,080. The company has a 50 day moving average price of $105.99 and a two-hundred day moving average price of $91.62. The stock has a market cap of $49.25 billion, a P/E ratio of 131.52 and a beta of 0.99. Cameco has a 1 year low of $35.00 and a 1 year high of $135.24. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.85 and a current ratio of 2.99.

Cameco News Roundup

Here are the key news stories impacting Cameco this week:

• Positive Sentiment: Q4 revenue and EPS beat expectations — Cameco reported roughly C$1.2B in Q4 revenue (above consensus) and EPS that topped estimates, highlighting solid execution across uranium, fuel services and Westinghouse segments. Cameco Q4 2025 Earnings Call Highlights
• Positive Sentiment: Quarterly metrics improved vs. prior year — revenue was up year-over-year and net margin/ROE showed profitability gains, supporting the narrative of disciplined supply strategy and operational leverage. Cameco fourth quarter results top analyst estimates
• Positive Sentiment: Heavy call-option buying indicates bullish speculative positioning — unusually large volume (~384,705 calls) was traded, suggesting some investors are positioning for upside after the print. Options Flow Report
• Neutral Sentiment: Full release, slide deck and call available — management provided a slide deck and conference-call materials that detail segment performance and medium-term strategy; useful for investors wanting to dig into guidance assumptions. Press Release / Slide Deck
• Negative Sentiment: FY2026 revenue guidance came in slightly below consensus — the company issued FY2026 revenue guidance around $2.2B–$2.4B (with wording that markets interpreted as cautious), which likely weighed on near-term sentiment despite the quarter beat. Cameco Announces 2025 Results (Business Wire)
• Negative Sentiment: Stock is trading lower with above-average volume — intraday weakness reflects investor caution around guidance and near-term prospects despite strong Q4 execution. Market Data

Analyst Upgrades and Downgrades

Several brokerages have commented on CCJ. National Bank Financial reissued an “outperform” rating on shares of Cameco in a research report on Thursday, November 6th. Zacks Research upgraded Cameco from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 14th. The Goldman Sachs Group reissued a “buy” rating and set a $131.00 target price on shares of Cameco in a research note on Wednesday, February 4th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Cameco in a research report on Monday, December 29th. Finally, Sanford C. Bernstein reiterated an “outperform” rating and issued a $147.00 price objective on shares of Cameco in a research note on Thursday, February 5th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $131.39.

Institutional Investors Weigh In On Cameco

Several institutional investors have recently added to or reduced their stakes in the business. Bison Wealth LLC raised its holdings in Cameco by 16.1% during the fourth quarter. Bison Wealth LLC now owns 21,448 shares of the basic materials company’s stock worth $1,102,000 after purchasing an additional 2,975 shares in the last quarter. Boston Partners acquired a new position in shares of Cameco in the 3rd quarter valued at $220,000. NorthRock Partners LLC purchased a new position in shares of Cameco in the 3rd quarter valued at $218,000. Tiemann Investment Advisors LLC purchased a new position in shares of Cameco in the 4th quarter valued at $215,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Cameco during the 4th quarter worth $203,000. Hedge funds and other institutional investors own 70.21% of the company’s stock.

Cameco Company Profile

Cameco Corporation (NYSE: CCJ) is a leading producer of uranium and a supplier to the global nuclear power industry. Headquartered in Saskatoon, Saskatchewan, Canada, the company is engaged in the exploration, mining, milling and sale of uranium concentrate, commonly known as yellowcake, which is used as fuel for nuclear reactors. Cameco also participates in services and activities that support the front end of the nuclear fuel cycle, including processing and marketing of uranium to utilities under long‑term and spot contracts.

The company’s operations have historically centered in Canada and the United States, where it operates and develops uranium mining and processing properties.