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Cameco Corporation (CCJ - Free Report) reported a 11% year-over-year increase in revenues to CAD 3.48 billion ($2.54 billion) in 2025. This was driven by improved results in both its segments - the uranium segment and fuel services segment. A closer look, however, shows that the 7% growth in uranium segment revenues for the year was price-driven, offsetting a decline in sales volumes. In contrast, the fuel services segment delivered a robust 22% increase, benefiting from both higher prices and improved volumes.
Uranium production totaled 21 million pounds for the year, reflecting a 10% decline compared with 2024. Cameco’s share from the Cigar Lake mine rose 13% year over year to 10.4 million pounds. However, this was more than offset by a 26% drop at the McArthur River/Key Lake operations, where output fell to 10.5 million pounds. This decline was anticipated, as the company had previously flagged challenges related to slower-than-expected ground freezing and development delays tied to transitioning into new mining zones at McArthur River.
Cameco sold 33 million pounds of uranium in 2025, down slightly 2% from 2024 levels. A 9% increase in the average realized price to CAD 87 per pound lifted uranium segment revenues by 7% to CAD 2.87 billion ($2.10 billion).
Fuel Services segment revenues rose 22% to CAD 562 million ($410 million) on 8% higher sales volumes and 14% increase in average realized prices. For 2026, CCJ is expected to have a combined production of 19.5-21.5 million pounds compared with the 21 million pounds of uranium in 2025. It is targeting uranium deliveries of 29–32 million pounds in 2026, below the 33 million pounds delivered in 2025.
Uranium revenues are projected at CAD 2.54–2.73 billion for 2026, based on an average realized price of CAD 85.00-89.00 per pound. This suggests a potential 7% year-over-year decline, primarily reflecting lower expected sales volumes.
In the fuel services segment, Cameco guides uranium hexafluoride production between 13 million and 14 million kgU in 2026. Fuel services revenues are projected at CAD 590-630 million for 2026, with the midpoint suggesting a 9% increase from 2025 levels.
Overall, Cameco’s total revenue guidance for 2026 stands at CAD 3.13–3.37 billion. At the midpoint, this represents a 7% decline from 2025 levels, largely due to softer expectations in the uranium segment.
Revenue Performances of Peers in 2025
Energy Fuels (UUUU - Free Report) reported a 16% decline in revenues to $65.9 million for 2025, primarily due to a 60% decline in Heavy Mineral Sands following the completion of mining activities at Kwale.
Energy Fuels’ uranium revenues increased 31% year over year to $50.1 million. Uranium sales were 650,000 pounds at an average realized price of $74.21 per pound. In 2024, Energy Fuels had sold 450,000 pounds of uranium at a weighted average price of $84.23 per pound. The gains from the increase in sales volume in 2025 were somewhat offset by a decline in average realized price.
Ur-Energy (URG - Free Report) reported a 19% year-over-year decline in revenues to $27 million in 2025. Ur-Energy sold 440,000 pounds of uranium in 2025, at an average price of $61.77 per pound. The company had sold 570,000 pounds of uranium in 2024 at $58.15 per pound. Lower volumes, somewhat offset by higher prices, led to the overall decline in Ur-Energy’s revenues.
CCJ’s Price Performance, Valuation & Estimates
In the past three months, Cameco shares have gained 24% compared with the industry’s 12.7% growth.
Image Source: Zacks Investment Research
CCJ stock is trading at a forward price-to-sales ratio of 18.52 compared with the industry’s 5.42.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Cameco’s earnings for fiscal 2026 indicates year-over-year growth of 52%. The same for 2026 implies growth of 13.6%. The consensus estimate for Cameco’s earnings for both fiscal 2026 and 2027 has moved up over the past 60 days, as shown in the chart below.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold).
View the Zacks #1 Rank List
Image: Bigstock
CCJ's 2025 Revenues Rise: Can It Hold Up Amid Uranium Volume Declines?
Key Takeaways
Cameco Corporation (CCJ - Free Report) reported a 11% year-over-year increase in revenues to CAD 3.48 billion ($2.54 billion) in 2025. This was driven by improved results in both its segments - the uranium segment and fuel services segment. A closer look, however, shows that the 7% growth in uranium segment revenues for the year was price-driven, offsetting a decline in sales volumes. In contrast, the fuel services segment delivered a robust 22% increase, benefiting from both higher prices and improved volumes.
Uranium production totaled 21 million pounds for the year, reflecting a 10% decline compared with 2024. Cameco’s share from the Cigar Lake mine rose 13% year over year to 10.4 million pounds. However, this was more than offset by a 26% drop at the McArthur River/Key Lake operations, where output fell to 10.5 million pounds. This decline was anticipated, as the company had previously flagged challenges related to slower-than-expected ground freezing and development delays tied to transitioning into new mining zones at McArthur River.
Cameco sold 33 million pounds of uranium in 2025, down slightly 2% from 2024 levels. A 9% increase in the average realized price to CAD 87 per pound lifted uranium segment revenues by 7% to CAD 2.87 billion ($2.10 billion).
Fuel Services segment revenues rose 22% to CAD 562 million ($410 million) on 8% higher sales volumes and 14% increase in average realized prices.
For 2026, CCJ is expected to have a combined production of 19.5-21.5 million pounds compared with the 21 million pounds of uranium in 2025. It is targeting uranium deliveries of 29–32 million pounds in 2026, below the 33 million pounds delivered in 2025.
Uranium revenues are projected at CAD 2.54–2.73 billion for 2026, based on an average realized price of CAD 85.00-89.00 per pound. This suggests a potential 7% year-over-year decline, primarily reflecting lower expected sales volumes.
In the fuel services segment, Cameco guides uranium hexafluoride production between 13 million and 14 million kgU in 2026. Fuel services revenues are projected at CAD 590-630 million for 2026, with the midpoint suggesting a 9% increase from 2025 levels.
Overall, Cameco’s total revenue guidance for 2026 stands at CAD 3.13–3.37 billion. At the midpoint, this represents a 7% decline from 2025 levels, largely due to softer expectations in the uranium segment.
Revenue Performances of Peers in 2025
Energy Fuels (UUUU - Free Report) reported a 16% decline in revenues to $65.9 million for 2025, primarily due to a 60% decline in Heavy Mineral Sands following the completion of mining activities at Kwale.
Energy Fuels’ uranium revenues increased 31% year over year to $50.1 million. Uranium sales were 650,000 pounds at an average realized price of $74.21 per pound. In 2024, Energy Fuels had sold 450,000 pounds of uranium at a weighted average price of $84.23 per pound. The gains from the increase in sales volume in 2025 were somewhat offset by a decline in average realized price.
Ur-Energy (URG - Free Report) reported a 19% year-over-year decline in revenues to $27 million in 2025. Ur-Energy sold 440,000 pounds of uranium in 2025, at an average price of $61.77 per pound. The company had sold 570,000 pounds of uranium in 2024 at $58.15 per pound. Lower volumes, somewhat offset by higher prices, led to the overall decline in Ur-Energy’s revenues.
CCJ’s Price Performance, Valuation & Estimates
In the past three months, Cameco shares have gained 24% compared with the industry’s 12.7% growth.
Image Source: Zacks Investment Research
CCJ stock is trading at a forward price-to-sales ratio of 18.52 compared with the industry’s 5.42.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Cameco’s earnings for fiscal 2026 indicates year-over-year growth of 52%. The same for 2026 implies growth of 13.6%. The consensus estimate for Cameco’s earnings for both fiscal 2026 and 2027 has moved up over the past 60 days, as shown in the chart below.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.