Cameco Corporation (TSX:CCO) reported its fourth quarter financial results, which exceeded analyst expectations on both revenue and earnings per share.
For the fourth quarter, Cameco posted revenue of C$1.2 billion, surpassing the consensus estimate of C$1.09 billion, representing roughly a 10% outperformance.
Adjusted earnings per share came in at C$0.50, above the analyst estimate of C$0.39 per share.
Net earnings attributable to equity holders reached C$199 million for the quarter, compared with C$135 million in the same period of 2024. Adjusted net earnings totaled C$217 million, up from C$157 million a year earlier.
For the full year 2025, Cameco generated revenue of C$3.48 billion, up from C$3.14 billion in 2024, while adjusted net earnings rose to C$627 million from C$292 million. Adjusted EPS for the year was C$1.44, compared with C$0.67 in 2024.
Cameco cited increasing long-term uranium market activity and its disciplined supply strategy as factors expected to support continued value creation as global demand grows.
“Our fourth quarter and year-end results reflect another year of disciplined execution across our uranium, fuel services, and Westinghouse segments, demonstrating the strength of our strategy in a market that continues to evolve in support of long‑term value creation,” Cameco CEO Tim Gitzel said in a statement. “We delivered solid performance with strong contributions from our core assets and improved financial results tied to our disciplined long-term supply strategy in a constructive demand environment.”
Despite the strong report, Cameco’s shares traded down 3.5% at about $153 on weak production guidance. The company guided 2026 production of 19.5 million to 21.5 million pounds, slightly lower than the 21 million pounds produced in 2025.