Revenue growth remains volatile, oscillating between a 1.4% increase in 2025Q4 and a 14.7% contraction in 2025Q3, while gross margins have compressed to 22.2% due to reliance on spot-market uranium.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 3.48B | 3.14B | 2.59B | 1.87B | 1.47B | 1.8B | 1.86B | 2.09B | 2.16B | 2.43B | 2.75B | 2.4B | 2.44B | 2.32B | 2.38B | 2.12B | 2.31B | 2.86B | 2.31B | 1.83B | 1.31B | 1.05B | 826.95M | 748.33M | 700.84M | 688.94M | 741.6M | 718.9M | 642.9M | 590.9M |
| Revenue Growth % | 10.95% | 21.18% | 38.53% | 26.65% | -18.06% | -3.37% | -10.94% | -3.02% | -11.29% | -11.73% | 14.88% | -1.69% | 5.05% | -2.64% | 12.28% | -8.26% | -19.03% | 23.79% | 26.1% | 39.54% | 25.2% | 26.79% | 10.51% | 6.78% | 1.73% | -7.1% | 3.16% | 11.82% | 8.8% | 49.48% |
| Cost of Goods Sold | 2.55B | 2.07B | 1.81B | 1.63B | 1.47B | 1.43B | 1.62B | 1.8B | 1.72B | 1.97B | 2.06B | 1.76B | 1.83B | 1.6B | 1.61B | 1.13B | 1.32B | 1.52B | 1.21B | 1.13B | 814.03M | 623.12M | 538.82M | 486.16M | 422.07M | 413.88M | 428.9M | 400.6M | 316.1M | 298.2M |
| COGS % of Revenue | 73.27% | 66.09% | 69.78% | 87.51% | 99.87% | 79.44% | 87.03% | 85.86% | 79.77% | 80.94% | 74.69% | 73.4% | 75.12% | 68.84% | 67.45% | 53.11% | 57.2% | 53.08% | 52.46% | 61.57% | 62.01% | 59.43% | 65.16% | 64.97% | 60.22% | 60.07% | 57.83% | 55.72% | 49.17% | 50.47% |
| Gross Profit | 929.85M | 1.06B | 781.99M | 233.29M | 1.93M | 370.09M | 241.63M | 295.75M | 436.27M | 463.48M | 697.04M | 637.78M | 606.73M | 723.26M | 776.12M | 995.78M | 990.71M | 1.34B | 1.1B | 703.92M | 498.62M | 425.36M | 288.12M | 262.18M | 278.77M | 275.06M | 312.7M | 318.3M | 326.8M | 292.7M |
| Gross Margin % | 26.73% | 33.91% | 30.22% | 12.49% | 0.13% | 20.56% | 12.97% | 14.14% | 20.23% | 19.06% | 25.31% | 26.6% | 24.88% | 31.16% | 32.55% | 46.89% | 42.8% | 46.92% | 47.54% | 38.43% | 37.99% | 40.57% | 34.84% | 35.03% | 39.78% | 39.93% | 42.17% | 44.28% | 50.83% | 49.53% |
| Gross Profit Growth % | -12.55% | 35.97% | 235.2% | 11962.62% | -99.48% | 53.17% | -18.3% | -32.21% | -5.87% | -33.51% | 9.29% | 5.12% | -16.11% | -6.81% | -22.06% | 0.51% | -26.14% | 22.16% | 55.99% | 41.17% | 17.22% | 47.63% | 9.9% | -5.95% | 1.35% | -12.04% | -1.76% | -2.6% | 11.65% | 42.71% |
| Operating Expenses | 349.43M | 553.17M | 499.13M | 218.24M | 138.15M | 448.82M | 149.21M | 223.21M | 198.73M | 220.11M | 233.66M | 227.99M | 265.11M | 287.72M | 262.28M | 450.82M | 397.18M | 800.03M | 510.07M | 368.54M | 365.42M | 287.68M | 195.14M | 178.24M | 186.33M | 178.49M | 197.5M | 199.5M | 183.8M | 150.8M |
| OpEx % of Revenue | 10.04% | 17.64% | 19.29% | 11.68% | 9.37% | 24.93% | 8.01% | 10.67% | 9.21% | 9.05% | 8.48% | 9.51% | 10.87% | 12.39% | 11% | 21.23% | 17.16% | 27.98% | 22.08% | 20.12% | 27.84% | 27.44% | 23.6% | 23.82% | 26.59% | 25.91% | 26.63% | 27.75% | 28.59% | 25.52% |
| Selling, General & Admin | 311M | 272.57M | 245.54M | 172.03M | 127.57M | 156.22M | 124.87M | 141.55M | 163.09M | 206.65M | 186.81M | 176.38M | 184.98M | 181.25M | 161.84M | 155.81M | 135.56M | 120.79M | 130.84M | 166.25M | 110.43M | 71.48M | 48.73M | 43.95M | 38.74M | 40.68M | 38M | 42.2M | 29.1M | 26.6M |
| SG&A % of Revenue | 8.94% | 8.69% | 9.49% | 9.21% | 8.65% | 8.68% | 6.7% | 6.77% | 7.56% | 8.5% | 6.78% | 7.36% | 7.58% | 7.81% | 6.79% | 7.34% | 5.86% | 4.22% | 5.66% | 9.08% | 8.41% | 6.82% | 5.89% | 5.87% | 5.53% | 5.91% | 5.12% | 5.87% | 4.53% | 4.5% |
| Research & Development | 38.44M | 36.54M | 21.04M | 12.18M | 7.17M | 3.96M | 6.06M | 1.76M | 5.66M | 4.95M | 6.59M | 5.04M | 7.3M | 9.3M | 100.44M | 4.79M | 630K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | 1.1% | 1.17% | 0.81% | 0.65% | 0.49% | 0.22% | 0.33% | 0.08% | 0.26% | 0.2% | 0.24% | 0.21% | 0.3% | 0.4% | 4.21% | 0.23% | 0.03% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 244.06M | 232.55M | 34.04M | 3.41M | 288.63M | 18.29M | 2.16M | -1.32M | 59.57M | -4.6M | 50.59M | -3.37M | -24.75M | 0 | 412.21M | 396.55M | 800.03M | 510.07M | 368.54M | 365.42M | 287.68M | 195.14M | 178.24M | 186.33M | 178.49M | 197.5M | 199.5M | 183.8M | 150.8M |
| Operating Income | 580.42M | 510.11M | 282.86M | 15.05M | -136.21M | -78.73M | 92.41M | 70.24M | -127.73M | -141.78M | 245.57M | 38.33M | 264.69M | 269.21M | 506.24M | 542.8M | 2.13B | 524.17M | 475.01M | 335.38M | 39.66M | 260.63M | 92.98M | 83.94M | 92.44M | -51.39M | 69.7M | 102.8M | 143M | 141.9M |
| Operating Margin % | 16.68% | 16.27% | 10.93% | 0.81% | -9.23% | -4.37% | 4.96% | 3.36% | -5.92% | -5.83% | 8.92% | 1.6% | 10.85% | 11.6% | 21.23% | 25.56% | 91.92% | 18.33% | 20.57% | 18.31% | 3.02% | 24.86% | 11.24% | 11.22% | 13.19% | -7.46% | 9.4% | 14.3% | 22.24% | 24.01% |
| Operating Income Growth % | 13.78% | 80.34% | 1779.35% | 111.05% | -73.02% | -185.19% | 31.57% | 154.99% | 9.91% | -157.74% | 540.65% | -85.52% | -1.68% | -46.82% | -6.73% | -74.49% | 305.98% | 10.35% | 41.63% | 745.65% | -84.78% | 180.3% | 10.77% | -9.2% | 279.89% | -173.73% | -32.2% | -28.11% | 0.78% | 42.76% |
| EBITDA | 885.3M | 824.54M | 503.19M | 192.43M | 54.2M | 142.56M | 368.16M | 481.34M | 224.52M | 250.54M | 558.09M | 377.31M | 547.45M | 562.63M | 781.08M | 794.35M | 2.37B | 817.48M | 700.55M | 535.04M | 237.18M | 440.86M | 217.47M | 196.7M | 221.83M | 65.62M | 206.6M | 229.5M | 265.7M | 236.9M |
| EBITDA Margin % | 25.45% | 26.29% | 19.44% | 10.3% | 3.67% | 7.92% | 19.76% | 23.01% | 10.41% | 10.3% | 20.26% | 15.74% | 22.45% | 24.24% | 32.76% | 37.4% | 102.32% | 28.59% | 30.33% | 29.21% | 18.07% | 42.05% | 26.3% | 26.28% | 31.65% | 9.52% | 27.86% | 31.92% | 41.33% | 40.09% |
| EBITDA Growth % | 7.37% | 63.87% | 161.49% | 255.01% | -61.98% | -61.28% | -23.51% | 114.38% | -10.39% | -55.11% | 47.91% | -31.08% | -2.7% | -27.97% | -1.67% | -66.46% | 189.75% | 16.69% | 30.93% | 125.59% | -46.2% | 102.72% | 10.56% | -11.33% | 238.07% | -68.24% | -9.98% | -13.63% | 12.16% | 41.94% |
| D&A (Non-Cash Add-back) | 304.88M | 314.43M | 220.32M | 177.38M | 190.41M | 221.29M | 275.75M | 411.1M | 352.25M | 392.32M | 312.52M | 338.98M | 282.76M | 293.43M | 274.83M | 251.55M | 240.64M | 293.31M | 225.54M | 199.66M | 197.52M | 180.23M | 124.49M | 112.76M | 129.39M | 117.01M | 136.9M | 126.7M | 122.7M | 95M |
| EBIT | 580.42M | 474.91M | 579.2M | 153.83M | -43.14M | -37.08M | 218.94M | 136.65M | -112.01M | -59.19M | 17.25M | 389.12M | 198.35M | 262.34M | 533.77M | 595.64M | 807.6M | 394.87M | 588.01M | 335.38M | 214.22M | 135.41M | 91.61M | 78.37M | 92.44M | 96.57M | 115.2M | 118.8M | 143M | 141.9M |
| Net Interest Income | -51.3M | -89.64M | 35.42M | -19.08M | -48.73M | -71.06M | -49.38M | -65.82M | -84.54M | -87.43M | -76.57M | -80.08M | -62.8M | -53.25M | -47.52M | -37.66M | -8.62M | -12.89M | 5M | 15.51M | -628.58K | -14.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 23.15M | 21.21M | 111.68M | 37.17M | 6.86M | 10.86M | 30.57M | 22M | 5.34M | 4.41M | 5.4M | 7.08M | 6.61M | 13.97M | 24.5M | 21.01M | 6.62M | 10.41M | 25.86M | 32.33M | 10.49M | 4.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 74.46M | 110.85M | 76.26M | 56.25M | 55.59M | 81.91M | 79.96M | 87.82M | 89.88M | 91.85M | 81.98M | 87.16M | 69.41M | 67.22M | 72.02M | 58.66M | 15.24M | 23.3M | 20.85M | 16.82M | 11.12M | 19.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 196.21M | -253.4M | 204.29M | 69.74M | 32.36M | 39.2M | 42.61M | -30.31M | -79.5M | -12.45M | -324.84M | -157.43M | -149.56M | -68.09M | -44.64M | -11.15M | -36.91M | -182.62M | -9.08M | 10.05M | 151.79M | 118.89M | 91.7M | 9.95M | 15.12M | 7.55M | 7.6M | -9.9M | 4.1M | 900.37K |
| Pretax Income | 776.63M | 256.72M | 487.15M | 84.8M | -103.86M | -39.53M | 135.02M | 39.93M | -207.24M | -154.23M | -79.27M | -119.1M | 227.93M | 218.21M | 450.39M | 531.65M | 766.86M | 484.9M | 465.93M | 345.43M | 274.63M | 379.52M | 196.6M | 104.33M | 107.56M | -43.84M | 77.3M | 92.9M | 147.1M | 142.8M |
| Pretax Margin % | 22.32% | 8.19% | 18.83% | 4.54% | -7.04% | -2.2% | 7.25% | 1.91% | -9.61% | -6.34% | -2.88% | -4.97% | 9.35% | 9.4% | 18.89% | 25.03% | 33.13% | 16.96% | 20.17% | 18.86% | 20.92% | 36.2% | 23.77% | 13.94% | 15.35% | -6.36% | 10.42% | 12.92% | 22.88% | 24.17% |
| Income Tax | 187.57M | 84.87M | 126.34M | -4.47M | -1.2M | 13.67M | 61.08M | -126.31M | -2.52M | -94.36M | -142.63M | -175.27M | -89.76M | -46.38M | -24K | 27.25M | 52.9M | -24.75M | 29.47M | -68.84M | 30.26M | 73.29M | -15.99M | 48.87M | 42.34M | 34.5M | -2.7M | 47.3M | 65.1M | 5.3M |
| Effective Tax Rate % | 24.15% | 33.06% | 25.93% | -5.27% | 1.16% | -34.57% | 45.24% | -316.33% | 1.22% | 61.18% | 179.93% | 147.16% | -39.38% | -21.25% | -0.01% | 5.13% | 6.9% | -5.11% | 6.32% | -19.93% | 11.02% | 19.31% | -8.14% | 46.84% | 39.37% | -78.7% | -3.49% | 50.91% | 44.26% | 3.71% |
| Net Income | 589.1M | 171.85M | 360.85M | 89.38M | -102.58M | -53.17M | 74M | 166.32M | -204.94M | -61.61M | 65.29M | 185.23M | 318.5M | 266.14M | 450.4M | 514.75M | 1.1B | 450.12M | 416.11M | 375.72M | 217.63M | 278.78M | 216.01M | 55.46M | 65.22M | -78.34M | 80M | 45.6M | 82M | 137.5M |
| Net Margin % | 16.93% | 5.48% | 13.94% | 4.78% | -6.95% | -2.95% | 3.97% | 7.95% | -9.5% | -2.53% | 2.37% | 7.73% | 13.06% | 11.46% | 18.89% | 24.24% | 47.49% | 15.74% | 18.02% | 20.51% | 16.58% | 26.59% | 26.12% | 7.41% | 9.31% | -11.37% | 10.79% | 6.34% | 12.75% | 23.27% |
| Net Income Growth % | 242.79% | -52.38% | 303.71% | 187.14% | -92.93% | -171.85% | -55.51% | 181.16% | -232.64% | -194.37% | -64.75% | -41.84% | 19.67% | -40.91% | -12.5% | -53.18% | 144.25% | 8.17% | 10.75% | 72.64% | -21.94% | 29.06% | 289.48% | -14.97% | 183.26% | -197.92% | 75.44% | -44.39% | -40.36% | 34.67% |
| Net Income (Continuing) | 589.06M | 171.84M | 360.82M | 89.26M | -102.65M | -53.2M | 73.94M | 166.24M | -204.72M | -59.88M | 63.36M | 56.17M | 232.37M | 251.76M | 449.84M | 506.04M | 713.96M | 366.15M | 416.11M | 375.72M | 215.47M | 276.51M | 208.16M | 47.24M | 65.22M | -78.34M | 80M | 45.6M | 82M | 137.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 127.24M | 85.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 14.99K | 26K | 4K | 11K | 127K | 206K | 183.53K | 310K | 371K | 157K | -1.74M | 160K | 1.13M | 580K | 185.94M | 178.14M | 164.04M | 779.2M | 435.81M | 400.07M | 360.7M | 345.61M | 14.69M | 18.08M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.35 | 0.39 | 0.83 | 0.22 | -0.26 | -0.13 | 0.19 | 0.42 | -0.52 | -0.16 | 0.16 | 0.47 | 0.81 | 0.64 | 1.14 | 1.30 | 2.82 | 1.28 | 1.13 | 1.02 | 0.60 | 0.78 | 1.22 | 0.13 | 0.17 | -0.26 | -0.14 | -0.08 | 0.25 | 0.43 |
| EPS Growth % | 246.15% | -53.01% | 277.27% | 184.62% | -100% | -168.42% | -54.76% | 180.77% | -225% | -200% | -65.96% | -41.98% | 26.56% | -43.86% | -12.31% | -53.9% | 120.31% | 13.27% | 10.78% | 70% | -23.08% | -36.07% | 838.46% | -23.53% | 165.38% | -85.71% | -69.7% | -133% | -41.86% | 34.38% |
| EPS (Basic) | 1.35 | 0.40 | 0.83 | 0.22 | -0.26 | -0.13 | 0.19 | 0.42 | -0.52 | -0.16 | 0.16 | 0.47 | 0.81 | 0.64 | 1.14 | 1.31 | 2.83 | 1.29 | 1.18 | 1.07 | 0.62 | 0.81 | 1.24 | 0.13 | 0.17 | -0.26 | -0.14 | -0.08 | 0.25 | 0.43 |
| Diluted Shares Outstanding | 435.58M | 435.96M | 435.36M | 407.13M | 397.63M | 395.83M | 396.06M | 396.05M | 395.79M | 395.79M | 395.79M | 396.06M | 395.55M | 395.84M | 395.48M | 395.02M | 389.93M | 352.11M | 368.24M | 368.35M | 359.12M | 354.49M | 340.92M | 291.51M | 332.06M | 299.38M | 388.21M | 343.91M | 326.15M | 317.63M |
| Basic Shares Outstanding | 435.36M | 434.87M | 433.38M | 405.49M | 397.63M | 395.83M | 395.8M | 395.79M | 394.12M | 385.07M | 395.79M | 395.74M | 395.43M | 395.23M | 394.66M | 393.17M | 387.96M | 350.13M | 352.64M | 351.14M | 347.53M | 341.37M | 336.38M | 291.51M | 332.06M | 299.38M | 388.21M | 343.91M | 326.15M | 317.63M |
| Dividend Payout Ratio | 17.72% | 40.52% | 14.43% | 58.06% | - | - | 32.94% | 42.82% | - | - | 242.49% | 85.41% | 49.66% | 59.39% | 32.42% | 20.62% | 8.42% | 17.88% | 16.08% | 14.02% | 18.37% | 12.29% | 14.94% | 50.39% | 68.98% | - | 35.87% | 63.38% | 32.93% | 19.2% |
Operational ramp-up execution risk
As indicated by the most recent quarterly filings, Cameco's revenue growth remains highly volatile, oscillating between a 1.4% increase in 2025Q4 and a 14.7% contraction in 2025Q3, reflecting the inherent lumpiness of long-term utility delivery schedules rather than a consistent underlying demand trend.
The revenue trajectory appears heavily influenced by the timing of contract deliveries rather than steady-state production output. Investors should monitor whether the company can smooth these fluctuations as it scales its tier-one mining assets to meet the tightening Western supply gap.
Based on reported financial statements, gross margins have experienced significant pressure, dropping to 22.2% in 2025Q4 from a peak of 37.3% in 2025Q3, largely due to the strategic necessity of purchasing spot-market uranium to fulfill long-term delivery obligations during production ramp-up phases.
This margin volatility suggests that the company's profitability is currently sensitive to the spread between spot market prices and contract realization. A sustained improvement in margins likely depends on the successful transition toward a higher proportion of self-produced pounds from the McArthur River and Cigar Lake mines.
According to quarterly data, operating income has struggled to scale proportionally with revenue, with operating margins fluctuating between 13.6% and 23.5% over the last ten quarters, indicating that fixed costs associated with deep-underground mining operations continue to exert significant drag on overall profitability.
The lack of consistent operating leverage implies that the company's cost structure remains heavily weighted toward fixed operational expenses. Future margin expansion appears contingent on achieving full-capacity production to dilute these fixed costs across a larger volume of uranium pounds.
As highlighted in recent SEC filings, the company's reliance on purchasing spot-market uranium to satisfy contractual commitments creates a structural risk, as evidenced by the 2025Q4 gross margin compression, which may suggest that the cost of securing supply is rising faster than realized contract prices.
Short-term margin volatility warrants further investigation into whether the company's long-term contracts are sufficiently indexed to current market prices. If the cost of purchased inventory continues to outpace contract price adjustments, the company may face persistent earnings headwinds despite the favorable long-term outlook for nuclear energy.
Quick answers to the most common questions about buying CCJ stock.
For fiscal year 2025, Cameco Corporation (CCJ) reported total revenue of $3.48B. This represents a 488.8% increase compared to $590.9M in 1996.
Cameco Corporation (CCJ) is profitable, generating $589.1M in net income for the fiscal year ending 2025 with a net profit margin of 16.9%.
Cameco Corporation (CCJ) reported an operating income of $580.4M, resulting in an operating profit margin of 16.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Cameco Corporation (CCJ) generated $929.9M in gross profit for the year, representing a gross profit margin of 26.7%. This demonstrates the company's core pricing power and production efficiency.