Cameco (CCJ) financial statements
Cameco reported revenue of 3.5B CAD in fiscal 2025, up 4.1% a year over 9 years.
Net income was 590M CAD and the operating margin 17.8%, against -5.8% in 2016.
Free cash flow was 1.1B CAD, and the company returned 104M CAD in dividends.
The diluted share count rose 10% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions (CAD).
Income statement
Fiscal years, in CAD, from Cameco's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2.4B CAD | 2.2B CAD | 2.1B CAD | 1.9B CAD | 1.8B CAD | 1.5B CAD | 1.9B CAD | 2.6B CAD | 3.1B CAD | 3.5B CAD |
| Cost of revenue | 1.6B CAD | 1.7B CAD | 1.8B CAD | 1.6B CAD | 1.7B CAD | 1.5B CAD | 1.6B CAD | 2.0B CAD | 2.4B CAD | 2.5B CAD |
| Gross profit | 463M CAD | 436M CAD | 296M CAD | 242M CAD | 106M CAD | 2M CAD | 233M CAD | 562M CAD | 783M CAD | 970M CAD |
| Research and development | 5M CAD | 6M CAD | 2M CAD | 6M CAD | 4M CAD | 7M CAD | 12M CAD | 21M CAD | 37M CAD | 38M CAD |
| Selling, general and admin | 207M CAD | 163M CAD | 142M CAD | 125M CAD | 145M CAD | 128M CAD | 172M CAD | 246M CAD | 253M CAD | 311M CAD |
| Operating income | -142M CAD | -128M CAD | 70M CAD | 92M CAD | -79M CAD | -136M CAD | 15M CAD | 283M CAD | 510M CAD | 618M CAD |
| Interest expense | 112M CAD | 72M CAD | 72M CAD | 62M CAD | 66M CAD | 39M CAD | 39M CAD | 51M CAD | 85M CAD | 52M CAD |
| Pre-tax income | -154M CAD | -207M CAD | 40M CAD | 135M CAD | -40M CAD | -104M CAD | 85M CAD | 487M CAD | 257M CAD | 777M CAD |
| Income tax | -94M CAD | -3M CAD | -126M CAD | 61M CAD | 14M CAD | -1M CAD | -4M CAD | 126M CAD | 85M CAD | 188M CAD |
| Net income | -62M CAD | -205M CAD | 166M CAD | 74M CAD | -53M CAD | -103M CAD | 89M CAD | 361M CAD | 172M CAD | 590M CAD |
| EPS (diluted) | -0.16 CAD | -0.52 CAD | 0.42 CAD | 0.19 CAD | -0.13 CAD | -0.26 CAD | 0.22 CAD | 0.83 CAD | 0.39 CAD | 1.35 CAD |
| Diluted shares | 396M | 396M | 396M | 396M | 396M | 398M | 407M | 435M | 436M | 436M |
| Gross margin | 19.1% | 20.2% | 14.1% | 13.0% | 5.9% | 0.1% | 12.5% | 21.7% | 25.0% | 27.9% |
| Operating margin | -5.8% | -5.9% | 3.4% | 5.0% | -4.4% | -9.2% | 0.8% | 10.9% | 16.3% | 17.8% |
| Net margin | -2.5% | -9.5% | 8.0% | 4.0% | -3.0% | -7.0% | 4.8% | 13.9% | 5.5% | 16.9% |
Balance sheet
Fiscal years, in CAD, from Cameco's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | 320M CAD | 592M CAD | 712M CAD | 1.1B CAD | 918M CAD | 1.2B CAD | 1.1B CAD | 567M CAD | 600M CAD | 1.1B CAD |
| Receivables | 242M CAD | 397M CAD | 402M CAD | 328M CAD | 205M CAD | 276M CAD | 184M CAD | 422M CAD | 347M CAD | 360M CAD |
| Inventory | 1.3B CAD | 950M CAD | 468M CAD | 321M CAD | 680M CAD | 410M CAD | 665M CAD | 692M CAD | 827M CAD | 844M CAD |
| Total current assets | 2.0B CAD | 2.1B CAD | 2.1B CAD | 1.8B CAD | 1.9B CAD | 2.1B CAD | 3.3B CAD | 1.8B CAD | 1.9B CAD | 2.6B CAD |
| Property, plant and equipment | 4.7B CAD | 4.2B CAD | 3.9B CAD | 3.7B CAD | 3.8B CAD | 3.6B CAD | 3.5B CAD | 3.4B CAD | 3.3B CAD | 3.3B CAD |
| Total assets | 8.2B CAD | 7.8B CAD | 8.0B CAD | 7.4B CAD | 7.6B CAD | 7.5B CAD | 8.6B CAD | 9.9B CAD | 9.9B CAD | 10.3B CAD |
| Total current liabilities | 469M CAD | 411M CAD | 876M CAD | 277M CAD | 304M CAD | 414M CAD | 561M CAD | 1.2B CAD | 1.2B CAD | 1.1B CAD |
| Long-term debt | 1.5B CAD | 1.5B CAD | 996M CAD | 997M CAD | 996M CAD | 996M CAD | 997M CAD | 1.3B CAD | 996M CAD | 996M CAD |
| Total liabilities | 3.0B CAD | 2.9B CAD | 3.0B CAD | 2.4B CAD | 2.6B CAD | 2.7B CAD | 2.8B CAD | 3.8B CAD | 3.5B CAD | 3.4B CAD |
| Shareholders' equity | 5.3B CAD | 4.9B CAD | 5.0B CAD | 5.0B CAD | 5.0B CAD | 4.8B CAD | 5.8B CAD | 6.1B CAD | 6.4B CAD | 6.9B CAD |
| Net debt | 1.2B CAD | 903M CAD | 285M CAD | -66M CAD | 77M CAD | -251M CAD | -147M CAD | 718M CAD | 395M CAD | -119M CAD |
Cash flow
Fiscal years, in CAD, from Cameco's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 312M CAD | 596M CAD | 668M CAD | 527M CAD | 57M CAD | 458M CAD | 305M CAD | 688M CAD | 905M CAD | 1.4B CAD |
| Capital spending | 217M CAD | 114M CAD | 55M CAD | 75M CAD | 77M CAD | 99M CAD | 143M CAD | 154M CAD | 212M CAD | 333M CAD |
| Free cash flow | 95M CAD | 482M CAD | 612M CAD | 452M CAD | -21M CAD | 360M CAD | 161M CAD | 535M CAD | 694M CAD | 1.1B CAD |
| Stock-based compensation | 14M CAD | 14M CAD | 15M CAD | 14M CAD | 7M CAD | 5M CAD | 3M CAD | 4M CAD | 7M CAD | 10M CAD |
| Dividends paid | 158M CAD | 158M CAD | 71M CAD | 32M CAD | 32M CAD | 32M CAD | 52M CAD | 52M CAD | 70M CAD | 104M CAD |
| Net borrowing | — | — | 0 CAD | -500M CAD | -2M CAD | 0 CAD | 0 CAD | 817M CAD | -1.0B CAD | -285M CAD |
| Free cash flow margin | 3.9% | 22.3% | 29.3% | 24.3% | -1.1% | 24.4% | 8.6% | 20.7% | 22.1% | 30.9% |
| Dividends per share | 0.40 CAD | 0.40 CAD | 0.18 CAD | 0.08 CAD | 0.08 CAD | 0.08 CAD | 0.13 CAD | 0.12 CAD | 0.16 CAD | 0.24 CAD |
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Open CCJ in InvestinglyQuestions
What was Cameco's revenue in 2025?
3.5B CAD in fiscal 2025, from its 10-K filing.
How much free cash flow does Cameco generate?
1.1B CAD in fiscal 2025 (operating cash flow minus capital spending).
From Cameco's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.