Cameco (CCJ) earnings and revenue breakdown

Latest: FY2025 · 40-F filed Mar 19, 2026 · Cameco (CCJ) FY2025 earnings results →

FY2025 Revenue up 11% year over year to $3.5B · 17¢ of every $1 of revenue kept as net profit · operating margin 17.8%

Cameco made $3.5B in FY2025 (+11% Y/Y). Operating margin 17.8%, net earnings $590M. See where every dollar goes — costs, profit and cash — as a Sankey from the 40-F filed Mar 19, 2026.

Revenue$3.5B

Year over year+11%

Operating margin17.8%

Net earnings$590M

Operating cash flow$1.4B

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was C$3.5B in FY2025, up 11% year over year.

Gross margin was 27.9%, up 2.9 points from FY2024. Operating profit was C$0.62B, a 17.8% margin (up 1.5 points year over year). Of the extra revenue versus FY2024, 31% reached operating profit, above the 16% margin then. Operating expenses grew 29% against revenue growth of 11%. Net earnings were C$0.59B, up 243% year over year. The effective tax rate was 24.2%. Non-operating items added C$0.16B, 20% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was C$1.4B (up 56% year over year), 239% of net earnings. Non-cash charges added back C$0.29B of depreciation and amortization and C$0.01B of share-based compensation. Working capital and other items added C$0.52B. Capital expenditures of C$0.33B left free cash flow of C$1.1B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
FY2025	40-F	Mar 19, 2026	$3.5B	+11%	17.8%	$590M	$1.4B
FY2024	40-F	Mar 21, 2025	$3.1B	+21%	16.3%	$172M	$905M

Charts

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

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