Centrus Energy
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Centrus Energy (LEU) investor relations material

Centrus Energy Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary11 Feb, 2026

Executive summary

  • Achieved a milestone year with the launch of commercial centrifuge manufacturing, a $900 million HALEU Enrichment Award from the Department of Energy, and notification of intent for sole-source uranium enrichment activities by NNSA, positioning for domestic uranium enrichment and national security needs.

  • First new cascade of centrifuges expected online in 2029, with ongoing efforts to reduce lead time and unit costs.

  • Significant operational progress includes supply chain readiness, HALEU deliveries, backlog growth, workforce expansion, and facility upgrades, including major expansion at Piketon, Ohio.

  • Strengthened balance sheet with unrestricted cash rising to $2.0 billion by year-end 2025.

  • Backlog reached $3.8 billion as of December 31, 2025, with $2.9 billion in LEU and $0.9 billion in Technical Solutions.

Financial highlights

  • 2025 revenue reached $448.7 million, up 1.5% year-over-year; gross profit was $117.5 million, and net income $77.8 million.

  • LEU segment revenue was $346.2 million, flat year-over-year; uranium revenue fell 54% due to a prior one-time sale, while SWU revenue rose 21%.

  • Technical solutions segment revenue increased 11% to $102.5 million, driven by HALEU contract growth.

  • Operating income for 2025 was $50.2 million, up from $48.0 million in 2024.

  • Total assets grew to $2.45 billion at December 31, 2025, from $1.09 billion a year earlier.

Outlook and guidance

  • 2026 revenue guidance is $425–$475 million, with capital spend projected at $350–$500 million, focused on industrial build-out.

  • Operational goals include finalizing key contracts, hiring at least 150 net new employees, and releasing the first certified-for-construction work package.

  • HALEU production targeted to be online before 2030, with 12 metric tons per year capacity.

  • Guidance assumes no major disruptions in Russian LEU supply, successful DOE contract finalization, and stable economic conditions.

HALEU contract fee negotiation impact?
Status of LEU backlog investment funding?
Key external risks to 2026 guidance?
How will LEU capacity be allocated for HALEU feed?
What capacity achieves nth-of-a-kind cost?
Future CapEx linearity beyond 2026?
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Frequently asked questions

Centrus Energy Corp. provides nuclear fuel and services for the global nuclear power industry. The company's products include TRISO coated particle fuels and fuel components; Mechanical Alloying, a copper-zirconium hydride based alloy that is used to develop fuel pins; and an expanded range of TRISO particle core (TRICORE) fuels for use in boiling water reactors. The company is based in Bethesda, Maryland.

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