Cameco (NYSE:CCJ) reported a surge in fourth-quarter and full-year profit, capitalizing on a robust uranium market and a lucrative payout from its strategic stake in Westinghouse Electric that allowed the Canadian miner to hike its dividend ahead of schedule.
The Saskatoon-based company posted a $418 million increase in net earnings for the year ended Dec. 31, 2025, compared to the previous year.
Fourth-quarter net earnings rose by $64 million, capping a year defined by the dual tailwinds of rising commodity prices and the successful integration of its downstream nuclear services assets.
Full-year adjusted EBITDA jumped approximately $398 million to reach $1.9 billion, a performance the company attributed to an improving price environment for nuclear fuel and a significant revenue boost from Westinghouse’s participation in the Dukovany construction project.
Cameco’s results underscore the broader resurgence of the nuclear sector as governments prioritize energy security and decarbonization.
The company’s financial discipline effectively extinguished its term loan obligations during the year, following the repayment of the remaining $200 million (US) balance.
The miner ended 2025 with a fortified balance sheet, holding $1.2 billion in cash and short-term investments against $1.0 billion in total debt.
The improved liquidity position was bolstered by substantial cash inflows from joint ventures and subsidiaries.
Cameco received a $87 million (US) cash dividend from JV Inkai in April.
Furthermore, the Westinghouse acquisition began paying immediate dividends, returning $49 million (US) in February as a first distribution.
This was followed by a substantial $171.5 million (US) distribution in October tied specifically to the Dukovany project.
The momentum continued into early 2026 with an additional $49 million (US) distribution from Westinghouse.
In November, citing improved financial performance and the additional Westinghouse distributions, Cameco raised its annual dividend to $0.24 per common share.
Meanwhile, adjusted net earnings followed the broader positive trend, rising $60 million for the quarter and $335 million for the year relative to 2024.