Cameco's Record Profits Herald New Era for Nuclear Power

SASKATOON, Saskatchewan – February 13, 2026 – Cameco Corporation reported a landmark year for 2025, posting a staggering surge in profits that underscores a dramatic global shift back towards nuclear energy. The Canadian uranium giant saw its net earnings skyrocket to $590 million, more than tripling the $172 million earned in 2024, as utilities and governments worldwide scramble to secure clean and reliable power.

The robust results were powered by strong performance across all business segments, higher uranium prices, and a significant contribution from its strategic investment in Westinghouse Electric Company. The company's adjusted EBITDA, a key measure of operational profitability, climbed to $1.9 billion, a substantial increase from $1.5 billion the previous year. This performance reflects a deliberate strategy that is now paying massive dividends in a market hungry for nuclear fuel.

“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,” said Tim Gitzel, Cameco’s CEO, in a statement. He noted that the fundamentals underpinning the industry gained significant traction in 2025 and are expected to continue strengthening.

Riding the Nuclear Renaissance Wave

Cameco's banner year is not an isolated event but a clear indicator of a broader resurgence in the nuclear industry. Often termed a 'nuclear renaissance,' this revival is driven by the urgent global priorities of decarbonization and energy security. As nations race to meet net-zero emissions targets, nuclear power's ability to provide massive amounts of carbon-free, baseload electricity has brought it back to the forefront of energy policy.

This renewed enthusiasm is translating into concrete demand. With 66 new nuclear reactors currently under construction globally, the long-term need for uranium fuel is locked in for decades. Cameco has strategically positioned itself to capture this demand through a disciplined long-term contracting approach. The company has already secured commitments to deliver approximately 230 million pounds of uranium and 83 million kgU of UF6 conversion services, providing a stable revenue foundation while retaining exposure to rising prices.

This disciplined strategy, which avoids chasing short-term spot prices in favor of building a robust long-term contract portfolio, is proving prescient. “We do not manage the business to satisfy short‑term themes in the market, nor do we chase volume for volume’s sake,” Gitzel affirmed, highlighting a focus on unlocking the value of the company's premier assets in a strengthening market.

Westinghouse: The Strategic Power Play

Perhaps the most significant element of Cameco's modern strategy is its 49% ownership stake in Westinghouse, a move that has transformed the company from a pure-play uranium miner into an integrated nuclear energy powerhouse. The investment is already outperforming expectations, contributing significantly to the 2025 bottom line.

Westinghouse's adjusted EBITDA grew by 30% over 2024, and its contribution accounted for roughly a third of Cameco's overall profits. A major highlight was a US$171.5 million cash distribution to Cameco related to Westinghouse's participation in the construction of two new AP1000 reactors at the Dukovany power plant in the Czech Republic. While the company noted that a comparable one-time distribution is not expected in 2026, the underlying performance of Westinghouse's core business remains strong.

The long-term growth story for Westinghouse is even more compelling. In late 2025, Cameco, alongside Brookfield and Westinghouse, entered into a landmark strategic partnership with the US Government. This collaboration aims to accelerate the deployment of Westinghouse reactors in the US and abroad, backed by a potential aggregate investment of at least US$80 billion in government financing and support. This partnership signals a powerful endorsement of nuclear technology as a critical component of future energy infrastructure and positions Westinghouse for significant growth in its new-build reactor business.

Financial Health and Shareholder Rewards

The stellar operational performance has translated directly into a fortified balance sheet and increased returns for shareholders. Cameco ended 2025 with $1.2 billion in cash and short-term investments against $1.0 billion in total debt, demonstrating remarkable financial health. During the year, the company fully paid off a US$200 million term loan, further deleveraging its balance sheet.

The flood of cash from operations, which rose to $1.4 billion from $905 million in 2024, gave management the confidence to reward investors. The company increased its annual dividend to $0.24 per common share, advancing its planned dividend growth by a full year—a clear signal of its positive outlook on future financial performance.

This financial discipline ensures Cameco has the flexibility to navigate market cycles and continue investing in its tier-one assets, such as the McArthur River/Key Lake and Cigar Lake mines, which are among the world's largest and highest-grade uranium operations.

An Integrated Fuel Cycle Dominates

Cameco's success is ultimately a story of strategic integration. By controlling key steps across the nuclear fuel cycle, the company has built a resilient and synergistic business model. Its core uranium segment exceeded production guidance in 2025, producing 21 million pounds (Cameco's share) while benefiting from higher realized prices.

Simultaneously, the fuel services division, which converts uranium into the material needed for fuel fabrication, had a record year. The Port Hope conversion facility achieved a production record, and the division successfully locked in new long-term contracts at historically high prices, securing its operational future for years to come.

This integrated structure—combining world-class mining assets, essential fuel processing capabilities, and a major stake in a leading reactor technology provider—gives Cameco a formidable competitive advantage. It can offer utilities a comprehensive and secure suite of nuclear fuel solutions, a critical consideration in today's geopolitically charged world. As the global push for clean, secure energy intensifies, Cameco's integrated approach positions it not just to participate in the nuclear renaissance, but to lead it.