Short answer
CENTRUS ENERGY CORP (LEU) filed its fiscal 2025 10-K annual report with the SEC on Feb 11, 2026. It reported revenue of $449M (+1.5% year over year) and net income of $78M.
- Top risk flagged: Regulatory risk: U.S. Executive Order 14272 and Proclamation 11001, potential tariffs on critical mineral imports including uranium, threaten to increase costs materially
FY2025 key financial metrics · XBRL
- Revenue
- $449M
- +1.5% YoY
- Net income
- $78M
- +6.3% YoY
- Operating margin
- 11.2%
- +0.3 pp YoY
- Gross margin
- 26.2%
- +1.0 pp YoY
- EPS (diluted)
- $3.90
- −12.8% YoY
- ROE
- 10.2%
- −35.2 pp YoY
- Operating cash flow
- $51M
- +37.8% YoY
Source: XBRL data from the CENTRUS ENERGY CORP (LEU) FY2025 10-K on SEC EDGAR. USD.
CENTRUS ENERGY CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Provider of enriched uranium products and services supporting global nuclear power generation
- Strategic emphasis: Continued reliance on TENEX Supply Contract for Russian-origin LEU shipments through 2028 despite geopolitical risks
- Regulatory impact: U.S. Import Ban Act (Aug 2024) restricts Russian LEU imports, mitigated by DOE waivers for 2024–2027 deliveries
- Geopolitical risk: Russian Decree (Nov 2024) rescinding TENEX’s general export license, requiring specific licenses for LEU shipments through 2027
- Market outlook: Global nuclear generation projected to grow 70% by 2035 under Net Zero scenario, with 70 reactors under construction worldwide (half in China)
Management Discussion & Analysis
- Revenue $448.7M, up 2% YoY driven by LEU segment flat (-1%) and Technical Solutions growth +11% ($10.4M)
- Operating income $50.2M, up 5% YoY; gross margin 26.2% vs 25.2% (117.5/448.7 vs 111.5/442.0)
- Best segment LEU: gross profit $111.5M, up 19%; worst segment Technical Solutions: gross profit $6.0M, down 66%
- Operating cash flow $51.0M vs $37.0M; capex $19.7M vs $4.1M; $782.4M net proceeds from 0% Convertible Notes; $523.7M from equity ATM offerings; redeemed $74.3M 8.25% Notes
- Management expects strong liquidity supporting multi-hundred million capex for Ohio and Oak Ridge expansions; risks include government funding, import bans, and contract negotiations
Risk Factors
- Regulatory risk: U.S. Executive Order 14272 and Proclamation 11001, potential tariffs on critical mineral imports including uranium, threaten to increase costs materially
- Geopolitical risk: U.S. and foreign sanctions on Russia’s energy sector impact TENEX Supply Contract payments and LEU importation, with Russian enrichment at 43% global capacity
- Operational risk: Dependence on TENEX exports from Russia under Russian Decree, with risk of disrupted shipments and delayed payments due to sanctions and licensing hurdles
- Market risk: Import Ban Act restricting Russian LEU imports through 2027 threatens supply, with 33% of LEU segment revenue derived from international sales and $2.9B LEU backlog exposed
- Financial risk: Backlog includes $2.3B contingent LEU contracts dependent on securing substantial public/private funding for new U.S. LEU production capacity at Piketon, Ohio facility
Generated from the filing text; verify against the original. How to read a 10-K
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