July 31, 2026

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Cameco Corporation (NYSE: CCJ; TSX: CCO) reported second-quarter 2026 results with revenue above expectations, stronger long-term uranium market support, unchanged production guidance, and higher realized uranium prices, but earnings came in below analyst estimates.
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Cameco is one of the largest global providers of uranium fuel for nuclear power. The company owns high-grade uranium assets, fuel services operations, and strategic investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment.
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The dashboard showed EPS of $0.13, below estimates of $0.26, representing a 50.0% earnings miss. Revenue came in at $588.01 million, above estimates of $534.36 million, though revenue declined 7.2%.

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Revenue Beat but Earnings Missed

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Cameco reported second-quarter revenue of C$814 million, down 7% from the prior-year quarter.
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Net earnings attributable to equity holders were C$25 million, compared with C$321 million in the prior-year quarter.
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Diluted EPS was C$0.06, down from C$0.74 a year earlier.
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Adjusted net earnings were C$77 million, compared with C$308 million in the prior-year quarter.
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Adjusted diluted EPS was C$0.18, down from C$0.71.
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Adjusted EBITDA was C$391 million, compared with C$673 million in the prior-year quarter.
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Cash provided by operations was C$131 million, down from C$465 million.

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Westinghouse Comparison Weighed on Results

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Cameco said the year-over-year decline was mainly due to lower equity earnings from its investment in Westinghouse.
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In the second quarter of 2025, Westinghouse benefited from its participation in the Dukovany nuclear reactor construction project in the Czech Republic.
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That project added about US$170 million to Cameco’s share of Westinghouse’s second-quarter 2025 revenue and adjusted EBITDA.
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In the second quarter of 2026, Cameco’s share of Westinghouse showed a net loss of C$10 million, compared with earnings of C$126 million a year earlier.
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Cameco’s share of Westinghouse adjusted EBITDA was C$163 million, down from C$352 million in the prior-year quarter.

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Uranium Segment Remained Profitable

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The uranium segment reported earnings before taxes of C$170 million.
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That compared with C$281 million in the prior-year quarter.
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Uranium adjusted EBITDA was C$252 million, compared with C$352 million a year earlier.
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The decline reflected lower sales volumes tied to normal quarterly delivery timing and lower planned 2026 sales deliveries.
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Cameco said those lower deliveries were the result of its contracting discipline.

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Realized Uranium Prices Improved

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Uranium sales volume declined 18% year-over-year to 7.1 million pounds.
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Production volume declined 15% to 3.9 million pounds.
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Average realized uranium price increased 18% in U.S. dollars to US$67.79 per pound.
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In Canadian dollars, the average realized price increased 15% to C$93.13 per pound.
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The price improvement helped offset part of the lower volume impact.

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Fuel Services Also Declined

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Fuel Services revenue declined 6% year-over-year to C$152 million.
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Fuel Services earnings before taxes were C$30 million, compared with C$44 million in the prior-year quarter.
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Adjusted EBITDA declined to C$42 million from C$57 million.
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Production volume declined 6% to 3.0 million kgU.
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Sales volume declined 18% to 3.6 million kgU.
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Average realized price increased 13% to C$41.67 per kgU.
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Production Outlook Stayed Unchanged

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Cameco said uranium production was affected by challenging spring road conditions along northern Saskatchewan supply routes.
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The company also noted temporary operational disruptions at Key Lake and McArthur River during the quarter, and at Cigar Lake after quarter-end.
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Even with those disruptions, Cameco maintained its 2026 uranium production outlook.
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The company still expects to produce 19.5 million to 21.5 million pounds of U3O8 on its share basis in 2026.
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Fuel Services annual production guidance also remained unchanged at 13 million to 14 million kgU.

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Balance Sheet Remained Strong

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Cameco ended the quarter with C$1.1 billion in cash and cash equivalents.
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Total debt was C$1.0 billion.
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The company also had a C$1.0 billion undrawn revolving credit facility.
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During the quarter, Cameco received US$124 million, net of withholdings, from JV Inkai as a dividend based on 2025 financial performance.

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Nuclear Market Support Remained the Long-Term Focus

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Cameco said market conditions across the nuclear fuel cycle continued to improve during the first half of 2026.
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Management pointed to stronger long-term uranium prices, increased contracting activity, and growing customer focus on security of supply.
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The company also cited support for nuclear energy from governments, utilities, and energy-intensive industries due to energy security, national security, and decarbonization goals.
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Cameco said it continues to be patient and selective in committing supply, aiming to preserve exposure to improving market conditions.

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The Bigger Picture

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Cameco’s quarter was mixed.
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Revenue beat estimates, uranium realized prices improved, the balance sheet remained strong, and production guidance stayed unchanged despite operating disruptions. The company also remains well positioned for long-term nuclear demand through uranium mining, fuel services, Westinghouse, and other nuclear fuel cycle investments.
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The issue is that second-quarter earnings were much lower than last year, mainly due to lower Westinghouse equity earnings and lower sales volumes.
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The key question is whether stronger uranium prices, contracting discipline, and nuclear energy demand can offset quarterly delivery variability and Westinghouse comparisons over time.
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