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Cameco (CCJ) FY2025 earnings results (fiscal 2025)
40-F filed Mar 19, 2026
Cameco (CCJ) reported revenue of $3.5B for the fiscal 2025 (FY2025), +11% from a year earlier. Operating margin was 17.8%, net earnings $590M (16.9% of revenue).
Cameco, FY2025: revenue $3.5B (+11% year over year), operating margin 17.8%, net earnings $590M, operating cash flow $1.4B. The chart follows the revenue to costs, profit and cash.
| FY2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.5B | — | +11% |
| Gross profit | $970M | — | +24% |
| Operating profit | $618M | — | +21% |
| Net earnings | $590M | — | +243% |
| Operating cash flow | $1.4B | — | +56% |
| Free cash flow | $1.1B | — | +55% |
What changed
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.
Questions
What was Cameco's revenue in the fiscal 2025?
Cameco (CCJ) reported revenue of $3.5B for the fiscal 2025 (FY2025), +11% from a year earlier.
Was Cameco profitable in the fiscal 2025?
Operating profit was $618M (17.8% of revenue) and net earnings $590M.
Source: Cameco 40-F on SEC EDGAR.