Cameco Corporation reported its 2025 annual and fourth quarter financial results, highlighting a significant increase in net earnings to $590 million for the year and strong performance across its Uranium, Fuel Services, and Westinghouse segments. The company also announced an increase in its annual dividend to $0.24 per share and provided updates on its disciplined supply strategy and liquidity position.
Key takeaways
Net earnings attributable to equity holders for the year ended December 31, 2025 were $590 million, an increase from $172 million in 2024.
Annual dividend increased to $0.24 per common share for 2025, advancing the company's dividend growth plan by one year.
Westinghouse segment adjusted EBITDA increased by 61% to $780 million for the year, and Cameco received a total of US$220.5 million in distributions from Westinghouse in 2025.
Uranium segment produced 21.0 million pounds (our share) in 2025, exceeding the revised annual production guidance of up to 20 million pounds.
As of December 31, 2025, the company held $1.2 billion in cash and cash equivalents and short-term investments, with $1.0 billion in total debt.