Cameco Corporation
CCJ · NYSE
Next quarter
Expected to report Feb 12, 2027 — estimated from last year’s reporting date.
Consensus is $0.31 EPS for Dec 2026 across 2 estimates, ranging $0.23 to $0.38.
CCJ Sep 2026
- 100.00%
- $0.23
- $0.00
- —
- —
Highlights
- Earnings and expectations: Cameco reported C$43 million of net earnings, or C$0.10 per diluted share, versus nil net earnings a year earlier and C$25 million in Q2. Adjusted net loss was C$2 million, compared with adjusted earnings of C$32 million a year ago and C$77 million last quarter. The supplied consensus snapshot lists EPS of C$0.23 and reported EPS of zero, a stated -100% surprise; that conflicts with the release’s C$0.10 IFRS EPS.
- Cash generation: Adjusted EBITDA was C$267 million, down 14% from C$310 million a year ago; cash from operations fell to C$3 million from C$156 million, mainly on higher taxes paid and working capital requirements.
- Uranium costs and guidance: Uranium unit cost of sales rose 21% year over year to C$72.17/lb as production costs and purchased material costs increased. Cameco narrowed 2026 production guidance to 19.5–20.5 million lb and delivery guidance to 29.5–30.5 million lb, while raising unit-cost guidance to C$67–70/lb.
- Key Lake outage: Uranium production fell 20% to 3.5 million lb in the quarter, mainly reflecting the extended planned Key Lake mill outage and infrastructure work. Full-year production guidance at McArthur River/Key Lake was narrowed to 10.0–10.5 million lb of Cameco’s share.
- Uranium market: Quarter-end spot and long-term uranium prices were US$89.63/lb and US$96.50/lb, respectively; the long-term indicator rose US$1.00 from Q2 and US$13.50 year over year. Long-term contracting through nine months was about 42 million lb, versus about 45 million lb a year earlier.
- Westinghouse: Cameco’s share of Westinghouse adjusted EBITDA increased 15% to C$143 million in Q3, but was C$427 million for nine months versus C$569 million in 2025, when the comparison included a major Dukovany-related revenue contribution.
- Capital and shareholder returns: Cameco reduced 2026 capital-spending guidance to C$440–490 million from C$490–540 million, declared an annual dividend of C$0.24 per share, and ended September with C$860 million cash, C$997 million debt and an undrawn C$1.0 billion revolving facility.
Analysis
Cameco’s Q3 was a lower-margin, cash-light quarter amid planned operating work, with a meaningful distinction between IFRS earnings and the adjusted result. Revenue was C$619 million, up 1% from C$615 million a year earlier but down from C$814 million in Q2. Net earnings were C$43 million versus nil in Q3 2025 and C$25 million in Q2; adjusted net loss was C$2 million, versus adjusted earnings of C$32 million and C$77 million, respectively. Adjusted EBITDA declined 14% year over year to C$267 million, while operating cash flow dropped to C$3 million from C$156 million. The provided consensus data says reported EPS was zero against C$0.23 expected, a -100% surprise, although the release reports C$0.10 of basic and diluted IFRS EPS.
The operating story was lower uranium output and sharply higher unit costs as the extended Key Lake maintenance shutdown and inflation weighed on production economics. Cameco narrowed production and delivery ranges as year-end visibility improved, but raised unit-cost guidance. Against that, uranium prices continued to strengthen and management described utility interest as improving, while maintaining disciplined contracting. Westinghouse’s quarterly adjusted EBITDA improved, though its nine-month contribution remained well below last year’s Dukovany-inflated comparison. The company also lowered capital-spending guidance and maintained its C$0.24 annual dividend.
Quarterly earnings
The C$619 million of revenue was broadly flat year over year, but lower gross profit and weaker cash conversion defined the quarter. Gross profit fell to C$122 million from C$170 million, and adjusted EBITDA declined to C$267 million from C$310 million. Net earnings attributable to shareholders were C$43 million, compared with nil a year earlier; adjusted net earnings instead showed a C$2 million loss. Sequentially, revenue declined from C$814 million and adjusted earnings moved from C$77 million in Q2 to a loss. The company cited lower sales volumes and higher average unit costs, partly offset by higher realized prices, as key year-over-year pressures. Cash from operations was C$3 million, down from C$156 million a year earlier and C$131 million in Q2, primarily reflecting higher taxes paid and working-capital needs. The supplied EPS snapshot reports zero against C$0.23 consensus, but the release gives IFRS EPS of C$0.10 per share.
Uranium operations and costs
- Production: Cameco’s share of uranium production was 3.5 million lb, down 20% year over year; nine-month production was 13.6 million lb, down 9%. Key Lake’s longer-than-usual maintenance outage began in Q3 and continued into Q4 as the company installed new infrastructure and repaired existing systems.
- Unit economics: Uranium average unit cost of sales, including depreciation and amortization, increased 21% to C$72.17/lb. Cameco attributed the increase to higher purchase and production costs, fixed-cost absorption on lower production and inflation. Its average realized price rose 8% to C$91.76/lb, but uranium gross profit still fell to C$111 million from C$158 million.
- 2026 ranges: Production guidance was narrowed to 19.5–20.5 million lb from 19.5–21.5 million lb, and uranium sales/deliveries to 29.5–30.5 million lb from 29–32 million lb. McArthur River/Key Lake guidance narrowed to 10.0–10.5 million lb of Cameco’s share. Average unit-cost guidance increased to C$67–70/lb from C$63–67.50/lb.
- Capital and administration: Consolidated capital-spending guidance decreased to C$440–490 million from C$490–540 million, largely because some mine-development and fuel-services work was deferred. Direct administration-cost guidance increased to C$260–280 million from C$245–260 million.
Uranium contracting
The quarter’s market backdrop was constructive, but Cameco emphasized that stronger indicators have not yet translated into replacement-rate contracting. The reported spot price ended Q3 at US$89.63/lb and the long-term price at US$96.50/lb; the latter was up US$1.00 sequentially and US$13.50 over 12 months. UxC-reported long-term contracting through September was about 42 million lb, slightly below roughly 45 million lb in the comparable 2025 period. Cameco had commitments for average deliveries of about 28 million lb annually from 2026 through 2030, weighted toward higher volumes in 2026–28 and lower volumes in 2029–30. On the call, management said it was seeing escalated floors in the mid-to-high US$70s and ceilings reaching US$160, while base-escalated offers were at three-digit prices. The company said it would add volumes selectively, favor market-related pricing and step back when terms did not meet its requirements.
Westinghouse contribution
Cameco’s 49% share of Westinghouse adjusted EBITDA increased to C$143 million from C$124 million in Q3 2025, supported by higher fuel volumes in the operating business; lower AP1000 project volume and higher overhead partly offset the increase. Westinghouse nevertheless recorded a C$24 million share-of-net-loss for Cameco, versus a C$32 million loss a year earlier. For the first nine months, Cameco’s share of adjusted EBITDA was C$427 million, down from C$569 million, with the prior-year comparison benefiting from an approximately US$170 million increase in Cameco’s share of Q2 revenue related to the Dukovany construction project. Cameco maintained its 2026 Westinghouse adjusted EBITDA outlook at US$370–430 million. A US–Korea non-binding framework anticipates up to US$120 billion of investment toward as many as eight US reactors, including six AP1000s, subject to definitive agreements and other conditions.
Liquidity and dividend
- Balance sheet: At September 30, Cameco held C$860 million in cash and cash equivalents, had C$997 million of debt and approximately C$137 million of net debt. Its C$1.0 billion revolving credit facility was undrawn; the maturity was extended to October 2030.
- Dividend: The board declared an annual dividend of C$0.24 per common share, payable December 15 to shareholders of record November 30. Management said the amount aligns with the 2024 dividend-growth plan and is reviewed in light of cash flow, financial position and the cyclical nature of earnings.
- Other fuel-cycle results: Fuel Services revenue was C$95 million, up 4% year over year on 16% higher sales volume, while adjusted EBITDA was C$24 million versus C$25 million. Nine-month adjusted EBITDA declined to C$120 million from C$158 million, largely reflecting product mix and input costs.
