Cameco (NYSE:CCJ) Posts Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Cameco (NYSE:CCJ) (TSE:CCO) released its earnings results on Friday. The basic materials company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.07, Zacks reports. The business had revenue of $874.57 million for the quarter, compared to analyst estimates of $782.13 million. Cameco had a net margin of 15.24% and a return on equity of 8.58%. The business’s revenue was up 1.5% on a year-over-year basis. During the same period last year, the company posted $0.36 EPS.

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%

CCJ opened at $113.10 on Friday. The stock has a market cap of $49.25 billion, a PE ratio of 116.60 and a beta of 0.99. The stock’s fifty day simple moving average is $106.43 and its 200 day simple moving average is $91.94. The company has a current ratio of 2.99, a quick ratio of 1.85 and a debt-to-equity ratio of 0.15. Cameco has a 1-year low of $35.00 and a 1-year high of $135.24.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Marshall Wace LLP increased its position in Cameco by 7,481.3% in the 4th quarter. Marshall Wace LLP now owns 1,752,571 shares of the basic materials company’s stock valued at $160,343,000 after buying an additional 1,729,454 shares in the last quarter. Man Group plc boosted its stake in Cameco by 126.3% during the third quarter. Man Group plc now owns 1,698,728 shares of the basic materials company’s stock valued at $142,455,000 after buying an additional 948,068 shares during the period. Sourcerock Group LLC bought a new position in shares of Cameco in the second quarter worth approximately $43,242,000. Morgan Stanley grew its position in Cameco by 7.0% in the fourth quarter. Morgan Stanley now owns 4,978,333 shares of the basic materials company’s stock worth $455,468,000 after acquiring an additional 323,693 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its position in Cameco by 66.0% during the second quarter. CANADA LIFE ASSURANCE Co now owns 807,367 shares of the basic materials company’s stock valued at $59,956,000 after purchasing an additional 320,857 shares in the last quarter. 70.21% of the stock is currently owned by institutional investors.

Key Cameco News

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on CCJ shares. Wall Street Zen lowered Cameco from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. UBS Group started coverage on Cameco in a report on Monday, November 10th. They set a “neutral” rating and a $140.00 price objective for the company. The Goldman Sachs Group reissued a “buy” rating and issued a $131.00 price objective on shares of Cameco in a research report on Wednesday, February 4th. National Bank Financial restated an “outperform” rating on shares of Cameco in a research note on Thursday, November 6th. Finally, Raymond James Financial reiterated an “outperform” rating on shares of Cameco in a research report on Wednesday, January 14th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $131.39.

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.