CCJ's 2025 Revenues Rise: Can It Hold Up Amid Uranium Volume Declines?

Cameco Corporation CCJ reported a 11% year-over-year increase in revenues to CAD 3.48 billion ($2.54 billion) in 2025. This was driven by improved results in both its segments - the uranium segment and fuel services segment. A closer look, however, shows that the 7% growth in uranium segment revenues for the year was price-driven, offsetting a decline in sales volumes. In contrast, the fuel services segment delivered a robust 22% increase, benefiting from both higher prices and improved volumes.

Uranium production totaled 21 million pounds for the year, reflecting a 10% decline compared with 2024. Cameco’s share from the Cigar Lake mine rose 13% year over year to 10.4 million pounds. However, this was more than offset by a 26% drop at the McArthur River/Key Lake operations, where output fell to 10.5 million pounds. This decline was anticipated, as the company had previously flagged challenges related to slower-than-expected ground freezing and development delays tied to transitioning into new mining zones at McArthur River.

Cameco sold 33 million pounds of uranium in 2025, down slightly 2% from 2024 levels. A 9% increase in the average realized price to CAD 87 per pound lifted uranium segment revenues by 7% to CAD 2.87 billion ($2.10 billion).

Fuel Services segment revenues rose 22% to CAD 562 million ($410 million) on 8% higher sales volumes and 14% increase in average realized prices.
For 2026, CCJ is expected to have a combined production of 19.5-21.5 million pounds compared with the 21 million pounds of uranium in 2025. It is targeting uranium deliveries of 29–32 million pounds in 2026, below the 33 million pounds delivered in 2025.

Uranium revenues are projected at CAD 2.54–2.73 billion for 2026, based on an average realized price of CAD 85.00-89.00 per pound. This suggests a potential 7% year-over-year decline, primarily reflecting lower expected sales volumes.

In the fuel services segment, Cameco guides uranium hexafluoride production between 13 million and 14 million kgU in 2026. Fuel services revenues are projected at CAD 590-630 million for 2026, with the midpoint suggesting a 9% increase from 2025 levels.

Overall, Cameco’s total revenue guidance for 2026 stands at CAD 3.13–3.37 billion. At the midpoint, this represents a 7% decline from 2025 levels, largely due to softer expectations in the uranium segment.

Revenue Performances of Peers in 2025

Energy Fuels UUUU reported a 16% decline in revenues to $65.9 million for 2025, primarily due to a 60% decline in Heavy Mineral Sands following the completion of mining activities at Kwale.

Energy Fuels’ uranium revenues increased 31% year over year to $50.1 million. Uranium sales were 650,000 pounds at an average realized price of $74.21 per pound. In 2024, Energy Fuels had sold 450,000 pounds of uranium at a weighted average price of $84.23 per pound. The gains from the increase in sales volume in 2025 were somewhat offset by a decline in average realized price.

Ur-Energy URG reported a 19% year-over-year decline in revenues to $27 million in 2025. Ur-Energy sold 440,000 pounds of uranium in 2025, at an average price of $61.77 per pound. The company had sold 570,000 pounds of uranium in 2024 at $58.15 per pound. Lower volumes, somewhat offset by higher prices, led to the overall decline in Ur-Energy’s revenues.

CCJ’s Price Performance, Valuation & Estimates

In the past three months, Cameco shares have gained 24% compared with the industry’s 12.7% growth.

Image Source: Zacks Investment Research

CCJ stock is trading at a forward price-to-sales ratio of 18.52 compared with the industry’s 5.42.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Cameco’s earnings for fiscal 2026 indicates year-over-year growth of 52%. The same for 2026 implies growth of 13.6%. The consensus estimate for Cameco’s earnings for both fiscal 2026 and 2027 has moved up over the past 60 days, as shown in the chart below.

Image Source: Zacks Investment Research

The company currently carries a Zacks Rank #3 (Hold).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Free Report: Profiting from the 2nd Wave of AI Explosion

The next phase of the AI explosion is poised to create significant wealth for investors, especially those who get in early. It will add literally trillion of dollars to the economy and revolutionize nearly every part of our lives.

Investors who bought shares like Nvidia at the right time have had a shot at huge gains.

But the rocket ride in the "first wave" of AI stocks may soon come to an end. The sharp upward trajectory of these stocks will begin to level off, leaving exponential growth to a new wave of cutting-edge companies.

Zacks' AI Boom 2.0: The Second Wave report reveals 4 under-the-radar companies that may soon be shining stars of AI’s next leap forward.

Access AI Boom 2.0 now, absolutely free >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Cameco Corporation (CCJ): Free Stock Analysis Report

Ur Energy Inc (URG): Free Stock Analysis Report

Energy Fuels Inc (UUUU): Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research