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Highlights

  • Q2 revenue rose 46.7% YoY to CAD 877mn, supported by uranium volumes and pricing.
  • Net earnings increased to CAD 321mn versus CAD 36m a year earlier.
  • Operating cash flow advanced 78.8% YoY to CAD 465mn aided by contract deliveries.

Cameco Corp. (TSX: CCO) is among the largest uranium producers globally, with its McArthur River mine in Saskatchewan contributing nearly half of the output under normal conditions. .

In the second quarter of 2025, the company reported revenue of CAD 877 million, reflecting a 46.7% increase compared to CAD 598 million in the same period last year. The growth was supported by higher uranium sales volumes and improved realized prices across segments. Gross profit rose to CAD 257 million from CAD 175 million, an increase of 46.9%, mainly due to stable uranium and fuel services margins, which helped balance the impact of planned maintenance costs.

Net earnings stood at CAD 321 million, significantly higher than CAD 36 million in the prior year, supported by contributions from Westinghouse equity earnings and steady performance in the core business segments. Cash provided by operations increased to CAD 465 million from CAD 260 million, up 78.8% year-on-year, reflecting higher profitability and favorable contract deliveries that supported operating cash flow.

Business Update

In recent updates, Cameco announced on 28 August 2025 that it has lowered its 2025 production forecast at the McArthur River/Key Lake operation to 14–15 million pounds U₃O₈ (100% basis) from the earlier estimate of 18 million pounds. This revision reflects development delays and slower progress in ground freezing, reducing Cameco’s attributable share to 9.8–10.5 million pounds compared with the previously planned 12.6 million pounds.

On 31 July 2025, the company noted that it has long-term commitments averaging 28 million pounds annually through 2029, with relatively higher deliveries scheduled between 2025 and 2027. Although contracting activity was slower in the first half of the year amid geopolitical uncertainty, Cameco reported that it continues to maintain a pipeline of potential business opportunities.

Company Outlook

Cameco’s outlook for 2025 includes targeted production of 18 million pounds of uranium from McArthur River/Key Lake and Cigar Lake, along with 13–14 million kilograms of uranium in Fuel Services. Uranium prices are projected to average around CAD 87 per pound. Ongoing reliability projects at Key Lake and McArthur River are expected to provide operational flexibility over the longer term, although output from the Inkai joint venture remains uncertain following its suspension in January 2025. Guidance for Westinghouse has been revised upward, with EBITDA now anticipated in the range of USD 525–580 million, which is expected to support both earnings and cash flow.

Top 10 Shareholders

The top 10 shareholders of CCO collectively account for around 22.72% of the company’s total shareholding. Among them, The Vanguard Group, Inc. and Fidelity Management & Research Company LLC hold the largest stakes at approximately 3.99% and 3.29%, respectively.

Stock Information 
The stock declined by about 2.42% over the past week but gained approximately 28.57% over the last three months. It is currently trading above the 52-week average range, with a high of CAD 114.25 and a low of CAD 48.71.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels Is 4 September 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.