Cameco sees 11 per cent increase in annual revenue, strong Q4 performance tops off the year

Cameco’s CEO is ‘very pleased’ with the company’s performance in 2025.

During a webcast Friday morning, Tim Gitzel shared that ‘discipline’ was the overarching theme of 2025, a practice that shaped and will continue to shape the way Cameco operates and conducts business.

“We remained anchored to our long-term strategy. We’ve learned to look past the distractions of near-term volatility and shifting market themes, and I believe the execution shows up clearly in our business today.”

He says last year, the company saw an 11 per cent year-over-year increase in annual revenue to $3.5 billion. Gitzel called it a strong finish, ending the year with $1.2 billion in cash and $1 billion in total debt.

In the uranium segment, Cameco produced 21 million pounds and delivered 33 million pounds, a third of which was contributed in Q4.

He explains that demand saw an inflection, as governments, utilities, industry, and the public recognized nuclear energy’s role in delivering reliable and carbon free power.

“On supply, however, were not yet seeing a comparable inflection. Long-term contracting volumes in 2025 remain below replacement levels, reinforcing the need for continued discipline.”

Looking ahead to 2026, Cameco expects to produce between 19.5 million and 21.5 million pounds of uranium. Also, starting in 2026, Gitzel says Cameco has committed to deliver an average 28 million pounds of uranium annually over the next five years.

Work will also get underway on establishing 8-10 reactors in the United States, following a deal between the U.S. government, Westinghouse, and Brookfield.

“Backed by at least $80 billion U.S. and planned investment from the U.S. government, this initiative underscores the growing alignment between policy, energy security and the only proven nuclear technology that is ready to deploy today.”

Gitzel is on his way to Washington to continue discussions on this matter over the weekend.