CAMECO (CCJ) Company Report

Analyst Coverage

Research analysts who have asked questions during CAMECO earnings calls.

Alexander Pearce

BMO Capital Markets

6 questions for CCJ

Lawson Winder

Bank of America

6 questions for CCJ

Also covers: AA, AEM, CGAU +22 more

Orest Wowkodaw

Scotiabank

5 questions for CCJ

Also covers: ERO, FCX, HBM +2 more

Andrew Wong

RBC Capital Markets

4 questions for CCJ

Also covers: CF, LGO, LXU +3 more

Craig Hutchison

TD Securities

4 questions for CCJ

Also covers: ERO, EXK, NXE +2 more

Ralph Profiti

8 Capital

4 questions for CCJ

Also covers: AEM, BTG, ERO +6 more

Brian Lee

Goldman Sachs Group, Inc.

3 questions for CCJ

Also covers: ARRY, AYI, CSIQ +20 more

Mohamed Sidibe

Desjardins Securities

3 questions for CCJ

Also covers: AAUCF, FSM, IAG +2 more

Brian MacArthur

Raymond James Financial, Inc.

2 questions for CCJ

Also covers: CDE, CGAU, FCX +9 more

Gordon Johnson

GLJ Research

2 questions for CCJ

Also covers: DQ, ENPH

Adam Alexander Wijaya

Goldman Sachs

1 question for CCJ

Also covers: CLMT, CVI, IMO +1 more

Adam Wijaya

Goldman Sachs

1 question for CCJ

Anita Soni

CIBC Capital Markets

1 question for CCJ

Also covers: AEM, BTG, CGAU +8 more

Bob Brackett

Bernstein Research

1 question for CCJ

Also covers: APA, COP, CVX +8 more

Bryce Adams

CIBC Capital Markets

1 question for CCJ

Also covers: ERO, HBM, ORLA +2 more

Mohammed Sidibe

National Bank Financial Inc.

1 question for CCJ

Latest news

Recent press releases and 8-K filings for CCJ.

Cameco reports Q4 2025 results, announces Westinghouse partnership, and provides 2026 outlook

CCJ

Earnings

Guidance Update

New Projects/Investments

Cameco reported strong financial performance for Q4 and annual 2025, concluding the year with $1.2 billion in cash and short-term investments and $1.0 billion in debt, and declared an annual 2025 dividend of $0.24 per common share.
In Q4 2025, the uranium segment delivered 11.2 million lb. U3O8 and produced 6.0 million lb. U3O8 (our share), while the fuel services segment delivered 4.4 million kgU and produced 3.8 million kgU.
A significant strategic partnership was announced for Westinghouse (49% owned by Cameco) with Brookfield and the US government, involving a US-government-backed US$80 billion initiative to accelerate the deployment of new Westinghouse reactors in the US.
For 2026, the company projects uranium production (our share) between 19.5 million to 21.5 million pounds U3O8, fuel services between 13 million to 14 million kgU, and sales/deliveries between 29 million to 32 million pounds, with an expected average realized price of CA$85 to $89 per pound.

4 days ago

Presentation

Cameco Reports Strong Q4 2025 Results and Provides 2026 Guidance

CCJ

Earnings

Guidance Update

New Projects/Investments

Cameco reported strong annual financial results for 2025, with revenue increasing to approximately CAD 3.5 billion (up 11%), Adjusted EBITDA reaching about CAD 1.9 billion (up 26%), and Adjusted net earnings of just under CAD 630 million (a 115% improvement) compared to 2024.
For 2026, the company expects to produce between 19.5 million and 21.5 million pounds of uranium and deliver between 29 and 32 million pounds at an average realized price of CAD 85 to CAD 89. Additionally, its share of Adjusted EBITDA from Westinghouse is projected to be approximately $370 million-$430 million.
Cameco announced a strategic partnership with Brookfield, Westinghouse, and the U.S. government, supported by at least $80 billion in planned investment, to accelerate the deployment of Westinghouse reactor technology. The company ended 2025 with approximately 230 million pounds committed under long-term contracts and anticipates continued growth across the nuclear fuel cycle.

4 days ago

Transcript

Cameco Reports Strong Q4 and Full Year 2025 Results, Provides 2026 Guidance, and Highlights Westinghouse Partnership

CCJ

Earnings

Guidance Update

New Projects/Investments

Cameco reported strong financial results for 2025, with annual revenue increasing to CAD 3.5 billion, adjusted EBITDA rising to CAD 1.9 billion, and adjusted net earnings reaching nearly CAD 630 million, representing significant year-over-year growth.
For 2026, the company expects to produce between 19.5 million and 21.5 million pounds of uranium and deliver between 29 and 32 million pounds at an average realized price of CAD 85 to CAD 89.
The company's investment in Westinghouse continues to perform strongly, with Cameco's share of adjusted EBITDA projected at approximately $370 million-$430 million for 2026, following a significant distribution in 2025 related to a Korean reactor project.
A strategic partnership was announced with Brookfield, Westinghouse, and the U.S. government to accelerate the deployment of Westinghouse reactor technology, supported by at least $80 billion in planned U.S. government investment.

4 days ago

Transcript

Cameco Reports Strong Q4 and Full-Year 2025 Results, Provides 2026 Guidance

CCJ

Earnings

Guidance Update

New Projects/Investments

Cameco reported strong full-year 2025 financial results, with annual revenue increasing to CAD 3.5 billion (up 11% from 2024), adjusted EBITDA reaching CAD 1.9 billion (up 26%), and adjusted net earnings of just under CAD 630 million (up 115%).
For 2026, the company expects uranium production between 19.5 million and 21.5 million pounds and uranium deliveries between 29 and 32 million pounds at an average realized price of CAD 85 to CAD 89.
Cameco's share of adjusted EBITDA from Westinghouse is projected to be $370 million-$430 million in 2026, lower than 2025 due to a significant $170 million payment in Q2 2025 related to a Korean reactor project. The company also anticipates potential for significant Long Lead Item orders for Westinghouse AP1000 reactors in 2026.
The company maintains a disciplined approach to production and contracting, having produced 21 million pounds of uranium in 2025, exceeding revised guidance, and ending the year with approximately 230 million pounds committed under long-term contracts. Management noted ongoing delays at McArthur River but emphasized no incentive to accelerate production given current market conditions.

4 days ago

Transcript

Cameco Reports Strong Q4 and Full-Year 2025 Results, Increases Dividend

CCJ

Earnings

Dividends

Guidance Update

Cameco reported strong consolidated financial results for the year ended December 31, 2025, with revenue increasing to $3,482 million from $3,136 million in 2024, and net earnings attributable to equity holders rising to $590 million from $172 million in 2024. Basic earnings per common share also significantly increased to $1.35 in 2025 from $0.40 in 2024.
The Westinghouse segment contributed significantly, with its adjusted EBITDA (Cameco's share) increasing 61% to $780 million for the full year 2025 compared to $483 million in 2024. Cameco also received US$171.5 million in cash distributions from Westinghouse in October 2025.
As of December 31, 2025, Cameco maintained a strong balance sheet with $1.2 billion in cash and cash equivalents and short-term investments, against $1.0 billion in total debt. The company also increased its annual dividend to $0.24 per common share in 2025.
For 2026, the company expects its share of Westinghouse's adjusted EBITDA to be between US$370 million and US$430 million. Cameco has eliminated its five-year growth outlook for Westinghouse due to potential variability in new build projects.

4 days ago

6-K

Cameco CEO Discusses Strong Uranium Market Fundamentals and Strategic Positioning

CCJ

New Projects/Investments

M&A

Revenue Acceleration/Inflection

Cameco's CEO highlights unprecedented strong fundamentals in the uranium industry, driven by increasing nuclear demand from new reactor builds, life extensions, and emerging sectors like AI, while supply remains constrained due to production curtailments and geopolitical factors.
Utilities face historically high "uncovered requirements" for uranium, as long-term contracting has not met consumption rates since 2012, leading to depleted inventories.
While the current long-term uranium price is $86 per pound, market-related contracts with floors of $75 escalated and ceilings of $150 escalated suggest a market-implied price of $115 per pound, indicating significant potential for future price formation.
Cameco maintains a disciplined strategy of not front-running demand with supply, focusing on off-market, long-term contracts to capture demand at favorable terms, and leveraging its vertical integration, including the Westinghouse acquisition, to participate in the entire nuclear fuel cycle and new reactor builds.

Jan 22, 2026, 6:30 PM

Transcript

Cameco Highlights Strong Uranium Market Fundamentals and Strategic Positioning

CCJ

New Projects/Investments

Revenue Acceleration/Inflection

The uranium industry is experiencing unprecedented strong fundamentals, driven by increasing nuclear demand from reactor extensions, restarts, and over 60 new gigawatt-scale reactors under construction globally.
Current industry consensus demand forecasts are understated, as they exclude significant potential demand from projects like the $80 billion U.S. government initiative for 10 reactors (65 million pounds over 10 years) and emerging uses like generative AI.
Uranium supply is overstated, with major producers like Cameco and Kazatomprom curtailing production and Russian secondary supply largely absent from Western markets, leading to a larger actual supply gap.
The long-term uranium price is currently $86 per pound, but 70% of 2025 contracts were market-related with floors at $75 escalated and ceilings at $150 escalated, indicating a market midpoint of $115 uranium.
Cameco is strategically positioned with a disciplined production approach and a diversified portfolio, including its Westinghouse acquisition, to capitalize on growing demand and higher prices through market-related contracts and reactor new builds.

Jan 22, 2026, 6:30 PM

Transcript

Cameco CEO Discusses Strong Uranium Market Fundamentals and Strategic Positioning

CCJ

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

Cameco's CEO, Tim Gitzel, stated that the fundamentals of the uranium industry have never been stronger, driven by increasing nuclear demand from new reactor builds, life extensions, and re-starts, while supply forecasts are considered overstated, indicating a significant supply gap.
The current long-term uranium price is $86 per pound, but market-related contracts in 2025 (70% of activity) suggest a future midpoint of $115 uranium, based on floors of $75 escalated and ceilings of $150 escalated.
Utilities have not met replacement rate contracting since 2012, leading to the largest-ever "uncovered requirements" (demand not yet covered by contracts), which points to an impending strong long-term contracting cycle.
Cameco maintains a strategically disciplined approach, avoiding front-running demand with supply and prioritizing off-market, market-related contracts to capture demand on favorable terms and influence pricing.
The Westinghouse acquisition provides Cameco with unique vertical integration across the nuclear fuel cycle, enabling earlier involvement in fuel discussions for new reactor projects and leveraging the AP1000 reactor's competitive advantages.

Jan 22, 2026, 6:30 PM

Transcript

Trident Resources Reports Strong Gold Intercepts at Contact Lake Project

CCJ

New Projects/Investments

Trident Resources Corp. announced significant gold mineralization results from the final six drill holes of its 2025 drill program at the Contact Lake Project, targeting the down-dip extension of gold mineralization below historical mining infrastructure.
Hole CL25017 returned 5.73 g/t gold (Au) over 15.0m, including 9.35 g/t Au over 7.0m and 15.05 g/t Au over 2.0m.
Hole CL25016 intersected 2.62 g/t Au over 37.44m, including 5.70 g/t gold over 9.0m and 11.53 g/t Au over 2.3m.
These results demonstrate the potential to significantly expand gold mineralization at depth, reinforcing the belief that Contact Lake is a large, robust orogenic gold system with world-class potential.
A fully-funded 10,000m winter 2026 drill program at Contact Lake is currently underway to further explore and extend gold zones.

Jan 20, 2026, 8:30 AM

Press Release

Trident Resources Announces Positive Drill Results and Forthcoming Winter Drill Program

CCJ

New Projects/Investments

Trident Resources Corp. reported additional positive diamond drill results from its autumn 2025 program at the Contact Lake Project.
Notable gold mineralization intercepts include 7.28 g/t gold over 15.0m (including 16.69 g/t Au over 6.0m) in hole CL25006 and 4.43 g/t Au over 39.5m (including 9.43 g/t Au over 6.0m) in hole CL25007.
The company is mobilizing for a fully-funded winter drill program at Contact Lake, supported by over $12 million in cash and marketable securities.
The Contact Lake target area, part of the 22,790-hectare Contact Lake Gold Project, was not included in the recent global resource estimate, indicating potential for future additions.