Overview
Cameco Corp. is a Canadian nuclear-fuel-cycle company whose businesses span uranium mining and processing, nuclear fuel services, and a 49% interest in Westinghouse Electric Company. Its products and services include uranium, refining and conversion, CANDU fuel bundles and reactor components, and—through Westinghouse—nuclear fuel and reactor services.[1][2][3]
Cameco’s operations include uranium assets in Saskatchewan, Canada, and Kazakhstan, with fuel-services facilities in Ontario; its businesses and customer base extend internationally.[2][3][4] Its stated vision is “Powering a Secure Energy Future.” [5] For the year ended December 31, 2025, Cameco reported revenue of C$3.482 billion and 3,082 employees.[6][7] [1][2][3][4][5][6][7]
Products & services
Cameco’s products include uranium concentrate (U₃O₈), or yellowcake, produced from mined and milled uranium ore and sold as feed for further fuel-cycle processing. In 2025, the company produced 21.0 million pounds and sold 33.0 million pounds of uranium; uranium segment revenue was C$2,874 million.[6][8]
Fuel Services products and services include uranium refining and conversion. Cameco refines concentrate into UO₃ at Blind River, then converts UO₃ at Port Hope into UF₆ for use as light-water-reactor enrichment feed, or UO₂ for heavy-water-reactor fuel. Blind River’s stated refining capacity is 18 million kgU. Fuel Services produced 14.0 million kgU in 2025, including 11.2 million kgU of UF₆; segment revenue was C$562.42 million.[9][10][11]
Cameco also manufactures CANDU fuel bundles and in-core reactor components at its Port Hope and Cobourg facilities. Its fuel bundles use natural-uranium pellets in 28, 37 or 43 zirconium-alloy tubes, each about 50 cm long; a bundle is approximately 10 cm in diameter.[12][13]
Uranium and Fuel Services represented approximately 82.5% and 16.2%, respectively, of Cameco’s 2025 consolidated revenue of C$3,482 million; these are segment-level shares, not individual-product revenue percentages. Cameco’s cited product information describes UF₆ as enrichment feed, rather than identifying enrichment as a Cameco service.[14][15] [6][8][9][10][11][12][13][14][15][6][8][9][10][11][12][13][14][15]
Geographic presence
Cameco’s uranium operations are concentrated in Saskatchewan, Canada, including the Cigar Lake mine and the McArthur River mine and Key Lake mill. Its Ontario fuel-services facilities include the Blind River refinery, Port Hope conversion facility, and Cameco Fuel Manufacturing. The company also has a uranium operation at Inkai in Kazakhstan. Rabbit Lake in Saskatchewan is in care and maintenance; its Crow Butte and Smith Ranch-Highland operations are suspended.[16][17][18][19][20]
Cameco lists exploration and development interests in Canada, Australia, Kazakhstan, and the United States, including projects in Saskatchewan and Western Australia. Its head office is in Saskatoon, Saskatchewan; it reported 3,082 employees worldwide at December 31, 2025, without a geographic employee breakdown in the cited filing.[16][21][7] As of year-end 2025, contracted uranium volumes were distributed among customers in the Americas (38%), Europe (40%), and Asia (22%); these figures describe contracted volumes, not revenue.[22] [16][17][18][19][20][21][7][22]
Business segments
For the year ended December 31, 2025, Cameco reported three segments: Uranium, Fuel Services and Westinghouse. Uranium covers uranium exploration, mining, milling and product sales; its 2025 revenue was C$2,873.950 million, approximately 82.5% of Cameco’s consolidated revenue of C$3,481.933 million.[15][23][17]
Fuel Services includes uranium refining and conversion, and nuclear-fuel fabrication and related services. Its 2025 revenue was C$562.421 million, approximately 16.2% of consolidated revenue.[15][23][24]
Westinghouse focuses on nuclear-reactor technology, fuel and related products and services; Cameco holds a 49% interest. Westinghouse’s C$3,457.633 million in underlying 2025 revenue is shown in the segment disclosure but eliminated in consolidation under the equity method, so it is not part of Cameco’s consolidated revenue and is not directly comparable as a percentage of that total.[15][23][25]
Company history
Cameco was incorporated in 1987 and formed in 1988 through the combination of uranium assets from Saskatchewan Mining Development Corporation and Eldorado Nuclear Limited. It became publicly traded in 1991 and expanded its uranium business with the 1996 acquisition of Power Resources, Inc.[7][26][27]
In 2012–2013, Cameco acquired the Yeelirrie uranium project in Australia and nuclear-fuel trader NUKEM Energy; in 2014, it sold its interest in Bruce Power. After suspending production at McArthur River and Key Lake in 2017, it announced plans to restart the operations in 2022.[28][29][30][31][32]
In 2023, Cameco completed its acquisition of a 49% interest in Westinghouse with Brookfield, extending its business into nuclear reactor technology and services. In 2026, Cameco completed a deal to increase its interest in the Cigar Lake mine to 57.418%.[33][34] [7][26][27][28][29][30][31][32][33][34]
Sources
- CAMECO CORP — Presentation (2026 Q 1)
- www.cameco.com[4]
- www.cameco.com[5]
- www.cameco.com[6]
- www.cameco.com[7]
- www.cameco.com[8]
- www.cameco.com[9]
- www.cameco.com[10]
- www.cameco.com[11]
- www.cameco.com[12]
- www.cameco.com[13]
- www.cameco.com[14]
- www.cameco.com[15]
- www.cameco.com[17]
- www.cameco.com[18]
- www.cameco.com[19]
- www.cameco.com[20]
- www.cameco.com[21]
- www.cameco.com[22]
- www.sec.gov[23]
- www.cameco.com[24]
- www.cameco.com[25]
- www.cameco.com[26]
- www.cameco.com[27]
- www.cameco.com[28]
- www.cameco.com[29]
- www.cameco.com[30]
- www.cameco.com[31]
- www.cameco.com[32]
- www.cameco.com[33]
- www.cameco.com[34]
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