Capital management |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Capital management [abstract] | |
| Capital management | 26. Cameco’s management considers its capital structure to consist of bank overdrafts, long-term debt, short-term debt (net of cash and cash equivalents and short-term investments), non-controlling interest and shareholders’ equity. Cameco’s capital structure reflects its strategy and the environment in which it operates. Delivering returns to long-term shareholders is a top priority. The Company’s objective is to maximize cash flow while maintaining its investment grade rating through close capital management of our balance sheet metrics. Capital resources are managed to allow it to support achievement of its goals while managing financial risks such as weakness in the market, litigation risk and refinancing risk. The overall objectives for managing capital in 2025 reflect the environment that the Company is operating in, similar to the prior comparative period. The capital structure at December 31 was as follows: 2025 2024 Current portion of long-term debt [note 13] $ - $ 285,707 Long-term debt [note 13] 996,348 995,583 Cash and cash equivalents (1,114,860) (600,462) Short-term investments (99,603) - Net debt (218,115) 680,828 Non-controlling interest 15 26 Shareholders' equity 6,903,363 6,364,307 Total 6,903,378 6,364,333 Total capital $ 6,685,263 $ 7,045,161 Cameco is bound by certain covenants in its general credit facilities. The financial covenants place restrictions on total debt, including guarantees and other financial assurances. As of December 31, 2025, Cameco met these requirements. |