Revenue |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Revenue [Abstract] | |
| Revenue | 17. Cameco’s sales contracts with customers contain both fixed and market-related pricing. Fixed-price contracts are typically based on a term-price indicator at the time the contract is accepted and escalated over the term of the contract. Market-related contracts are based on either the spot price or long-term price, and the price is quoted at the time of delivery rather than at the time the contract is accepted. These contracts often include a floor and/or ceiling prices, which are usually escalated over the term of the contract. Escalation is generally based on a consumer price index. The Company’s contracts contain either one of these pricing mechanisms or a combination of the two. There is no variable consideration in the contracts and therefore no revenue is considered constrained at the time of delivery. Cameco expenses the incremental costs of obtaining a contract as incurred as the amortization period is less than a year. The following table summarizes Cameco’s sales disaggregated by geographical region and contract type and includes a reconciliation to the Company’s reportable segments (note 27): For the year ended December 31, 2025 Uranium Fuel services Other Total Customer geographical region Americas $ 1,388,760 $ 380,548 $ 45,562 $ 1,814,870 Europe 733,057 156,860 - 889,917 Asia 752,133 25,013 - 777,146 $ 2,873,950 $ 562,421 $ 45,562 $ 3,481,933 Contract type Fixed-price $ 724,107 $ 513,830 $ 45,562 $ 1,283,499 Market-related 2,149,843 48,591 - 2,198,434 $ 2,873,950 $ 562,421 $ 45,562 $ 3,481,933 For the year ended December 31, 2024 Uranium Fuel services Other Total Customer geographical region Americas $ 1,401,742 $ 334,936 $ - $ 1,736,678 Europe 488,718 75,055 - 563,773 Asia 786,160 49,161 - 835,321 $ 2,676,620 $ 459,152 $ - $ 3,135,772 Contract type Fixed-price $ 791,701 $ 413,148 $ - $ 1,204,849 Market-related 1,884,919 46,004 - 1,930,923 $ 2,676,620 $ 459,152 $ - $ 3,135,772 Deferred sales The following table provides information about contract liabilities (note 14) from contracts with customers: 2025 2024 Beginning of year $ 106,569 $ 45,372 Additions 144,893 159,712 Recognized in revenue (169,640) (98,532) Effect of movements in exchange rates (9) 17 End of year $ 81,813 $ 106,569 Deferred sales primarily relate to advance consideration received from customers for future uranium and conversion deliveries as well as revenue related to the storage of uranium and converted uranium held at Cameco facilities. The revenue related to storage is recognized over time while the revenue related to future uranium and conversion deliveries is expected to be recognized between 2026 and 2033 as deliveries occur. Cameco recognized an increase of revenue of $ 4,040,000 42,000 ) from performance obligations satisfied (or partially satisfied) in previous periods. This is due to the difference between actual pricing indices and the estimates at the time of invoicing. Future sales commitments Cameco’s sales portfolio consists of short and long-term sales commitments. The contracts can be executed well in advance of a delivery and include both fixed and market-related pricing. by segment, related to only fixed-price contracts with remaining future deliveries as follows: 2026 2027 2028 2029 2030 Thereafter Total Uranium $ 481,854 $ 492,426 $ 553,687 $ 498,133 $ 411,968 $ 855,275 $ 3,293,343 Fuel services 458,646 444,353 458,012 421,582 394,806 1,858,824 4,036,223 Total $ 940,500 $ 936,779 $ 1,011,699 $ 919,715 $ 806,774 $ 2,714,099 $ 7,329,566 The sales contracts are denominated largely in US dollars and converted from US dollars to Canadian dollars at the rate of $ 1.33 . The amounts in the table represent the consideration the Company will be entitled to receive when it satisfies the remaining performance obligations in the contracts. The amounts include assumptions about volumes for contracts that have volume flexibility. Cameco’s total revenue that will be earned will also include revenue from contracts with market-related pricing. The Company has elected to exclude these amounts from the table as the transaction price will not be known until the time of delivery. Contracts with an original duration of one year or less have been included in the table. |