Cameco
CCJ · NYSEMiscellaneous Metal Ores · Fiscal year ends Dec 31 · Reports in CAD
Cameco reported revenue of CAD 3.5B in the fiscal year ended Dec 2025, up 11.0% from the year before. Operating income was CAD 618M, an operating margin of 17.8%, and net income was CAD 590M. Operating cash flow of CAD 1.4B less capital expenditure of CAD 333M left free cash flow of CAD 1.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | CAD 1.5B | CAD 1.9B | CAD 2.6B | CAD 3.1B | CAD 3.5B |
| Cost of revenue | CAD 1.5B | CAD 1.6B | CAD 2B | CAD 2.4B | CAD 2.5B |
| Gross profit | CAD 2M | CAD 233M | CAD 562M | CAD 783M | CAD 970M |
| Research & development | CAD 7M | CAD 12M | CAD 21M | CAD 37M | CAD 38M |
| Operating income | −CAD 136M | CAD 15M | CAD 283M | CAD 510M | CAD 618M |
| Interest expense | CAD 39M | CAD 39M | CAD 51M | CAD 85M | CAD 52M |
| Pre-tax income | −CAD 104M | CAD 85M | CAD 487M | CAD 257M | CAD 777M |
| Income tax | −CAD 1M | −CAD 4M | CAD 126M | CAD 85M | CAD 188M |
| Net income | −CAD 103M | CAD 89M | CAD 361M | CAD 172M | CAD 590M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | CAD 1.2B | CAD 1.1B | CAD 567M | CAD 600M | CAD 1.1B |
| Receivables | CAD 276M | CAD 184M | CAD 422M | CAD 347M | CAD 360M |
| Inventory | CAD 410M | CAD 665M | CAD 692M | CAD 827M | CAD 844M |
| Current assets | CAD 2.1B | CAD 3.3B | CAD 1.8B | CAD 1.9B | CAD 2.6B |
| Net PP&E | CAD 3.6B | CAD 3.5B | CAD 3.4B | CAD 3.3B | CAD 3.3B |
| Total assets | CAD 7.5B | CAD 8.6B | CAD 9.9B | CAD 9.9B | CAD 10.3B |
| Payables | CAD 340M | CAD 375M | CAD 578M | CAD 619M | CAD 871M |
| Current liabilities | CAD 414M | CAD 561M | CAD 1.2B | CAD 1.2B | CAD 1.1B |
| Shareholders' equity | CAD 4.8B | CAD 5.8B | CAD 6.1B | CAD 6.4B | CAD 6.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | CAD 458M | CAD 305M | CAD 688M | CAD 905M | CAD 1.4B |
| Capital expenditure | CAD 99M | CAD 143M | CAD 154M | CAD 212M | CAD 333M |
| Free cash flow | CAD 360M | CAD 161M | CAD 535M | CAD 694M | CAD 1.1B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 26.6% | 38.5% | 21.2% | 11.0% |
| Operating income growth (YoY) | – | – | 1779.4% | 80.3% | 21.2% |
| Gross margin | 0.1% | 12.5% | 21.7% | 25.0% | 27.9% |
| Operating margin | −9.2% | 0.8% | 10.9% | 16.3% | 17.8% |
| Net margin | −7.0% | 4.8% | 13.9% | 5.5% | 16.9% |
| Return on equityBlank when equity is negative | −2.1% | 1.5% | 5.9% | 2.7% | 8.5% |
| ROCEEBIT ÷ (assets − current liabilities) | −1.9% | 0.2% | 3.2% | 5.8% | 6.7% |
| Free cash flow margin | 24.4% | 8.6% | 20.7% | 22.1% | 30.9% |
| Cash conversion (CFO ÷ net income) | −4.46x | 3.41x | 1.91x | 5.27x | 2.39x |
| Receivable days | 68 | 36 | 60 | 40 | 38 |
| Inventory days | 101 | 148 | 125 | 128 | 123 |
| Payable days | 84 | 84 | 104 | 96 | 127 |
| Interest cover | −3.53x | 0.38x | 5.54x | 6.03x | 11.8x |
| Current ratio | 5.18x | 5.92x | 1.55x | 1.62x | 2.47x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.