Segmented information |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Segmented information [Abstract] | |
| Segmented information | 27. Cameco has three reportable segments: uranium, fuel services and Westinghouse. Cameco's reportable segments are strategic business units with different products, processes and marketing strategies. exploration for, mining, milling, purchase and sale of uranium concentrate. The fuel services segment involves the refining, conversion and fabrication of uranium concentrate and the purchase and sale of conversion services. The Westinghouse segment reflects our earnings from this equity-accounted investment (see note 11). Westinghouse is a nuclear reactor technology original equipment manufacturer and a global provider of products and services to commercial utilities and government agencies. It provides outage and maintenance services, engineering support, instrumentation and controls equipment, plant modification, and components and parts to nuclear reactors. Cost of sales in the uranium segment includes care and maintenance costs for our operations that have had production suspensions, including annual maintenance and other temporary shutdowns. Cameco expensed $ 98,714,000 maintenance costs during the year (2024 - $ 77,436,000 ). Accounting policies used in each segment are consistent with the policies outlined in the summary of material accounting policies. A. Consistent with the presentation of financial information for internal management purposes, Cameco’s share of Westinghouse’s financial results have been presented as a separate segment. In accordance with IFRS, this investment is accounted for by the equity method of accounting in these consolidated financial statements and the associated revenue and expenses are eliminated in the “Adjustments” column. For the year ended December 31, 2025 Uranium Fuel services WEC Adjustments Other Total Revenue $ 2,873,950 $ 562,421 $ 3,457,633 $ (3,457,633) $ 45,562 $ 3,481,933 Expenses Cost of products and services sold 1,824,516 348,800 2,274,065 (2,274,065) 45,250 2,218,566 Depreciation and amortization 246,326 39,813 383,235 (383,235) 6,955 293,094 Cost of sales 2,070,842 388,613 2,657,300 (2,657,300) 52,205 2,511,660 Gross profit (loss) 803,108 173,808 800,333 (800,333) (6,643) 970,273 Administration - - 416,007 (416,007) 311,250 311,250 Exploration 27,630 - - - - 27,630 Research and development - - - - 38,467 38,467 Other operating income (22,221) (6,112) - - - (28,333) Loss on disposal of assets 2,292 825 - - - 3,117 Finance costs - - 213,051 (213,051) 115,175 115,175 Gains on derivatives - - - - (95,017) (95,017) Finance income - - (2,522) 2,522 (23,172) (23,172) Share of earnings from (158,862) - - (57,524) - (216,386) Foreign exchange losses - - - - 61,740 61,740 Other expense (income) - - 120,036 (120,036) (1,459) (1,459) Earnings (loss) before income taxes 954,269 179,095 53,761 3,763 (413,627) 777,261 Income tax expense 187,719 Net earnings 589,542 Capital expenditures for the year $ 268,209 $ 57,370 $ 205,535 $ (205,535) $ 7,446 $ 333,025 For the year ended December 31, 2024 Uranium Fuel services WEC Adjustments Other Total Revenue $ 2,676,620 $ 459,152 $ 2,892,467 $ (2,892,467) $ - $ 3,135,772 Expenses Cost of products and services sold 1,757,155 316,040 2,075,189 (2,075,189) (707) 2,072,488 Depreciation and amortization 238,726 37,236 356,864 (356,864) 4,740 280,702 Cost of sales 1,995,881 353,276 2,432,053 (2,432,053) 4,033 2,353,190 Gross profit (loss) 680,739 105,876 460,414 (460,414) (4,033) 782,582 Administration - - 402,448 (402,448) 253,150 253,150 Exploration 19,419 - - - - 19,419 Research and development - - - - 36,540 36,540 Other operating income (35,090) (2,593) - - - (37,683) (Gain) loss on disposal of assets 253 791 - - (2) 1,042 Finance costs - - 225,188 (225,188) 147,171 147,171 Losses on derivatives - - - - 183,103 183,103 Finance income - - (4,381) 4,381 (21,228) (21,228) Share of loss (earnings) from (207,583) - - 218,427 - 10,844 Foreign exchange gains - - - - (65,517) (65,517) Other expense (income) - - 116,697 (116,697) (975) (975) Earnings (loss) before income taxes 903,740 107,678 (279,538) 61,111 (536,275) 256,716 Income tax expense 84,874 Net earnings 171,842 Capital expenditures for the year $ 132,827 $ 48,667 $ 176,229 $ (176,229) $ 30,141 $ 211,635 B. Revenue is attributed to the geographic location based on the location of the entity providing the services. The Company’s revenue from external customers is as follows: 2025 2024 Canada $ 3,034,652 $ 2,495,748 United States 424,123 640,024 Switzerland 23,158 - $ 3,481,933 $ 3,135,772 The Company’s non-current assets, excluding deferred tax assets and financial instruments, by geographic location are as follows: 2025 2024 Canada $ 2,884,969 $ 2,859,401 United States 2,753,805 3,015,292 Australia 394,276 383,338 Kazakhstan 315,314 286,759 Other 1 3 $ 6,348,365 $ 6,544,793 C. Cameco relies on a small number of customers to purchase a significant portion of its uranium concentrates and uranium conversion services. During 2025, revenues from three customers of Cameco’s uranium and fuel services segments represented approximately $ 702,363,000 1,062,733,000 ), approximately 20 % (2024 - 34 %) of Cameco’s total revenues from these segments. As customers are relatively few in number, accounts receivable from any individual customer may periodically exceed 10% of accounts receivable depending on delivery schedule. |