Cameco Raises 2026 Revenue Forecast to C$3.57 Billion
Key Facts
Cameco raised its 2026 consolidated revenue forecast to C$3.32 billion to C$3.57 billion, from its previous range of C$3.13 billion to C$3.37 billion, according to a filing with the U.S. Securities and Exchange Commission. The company attributed the revision to higher uranium prices since the start of the year and continued strength in the U.S. dollar. In response, it adjusted its exchange-rate assumption for the rest of the year to US$1.35 per Canadian dollar, from US$1.33 previously. The new forecast shows an improvement in estimated revenue, while the annual production outlook remained unchanged and the cost of uranium sales rose. The company’s shares closed at US$82.41 on October 27, according to EL7 data.
The uranium segment accounts for most of the forecast revision, with Cameco raising its estimate for the average realized price to C$91–C$96 per pound, from C$85–C$89. The company said, "The changes reflect higher uranium prices since the start of the year, alongside continued strength in the U.S. dollar." It estimated uranium segment revenue at C$2.70 billion to C$2.91 billion, compared with C$2.54 billion to C$2.73 billion in the previous forecast. It also projected fuel services revenue of C$610 million to C$650 million. The figures link expected revenue growth to an improved realized price, while unit costs remain a parallel factor in the segment’s outlook.
The company also raised its forecast for the cost of uranium sales to C$63–C$67.50 per pound, from C$61.50–C$65. It said the exchange-rate assumption affects costs because some production inputs are denominated in U.S. dollars. Revenue and realized-price forecasts therefore rose alongside a higher cost estimate, making operating results and costs important areas to watch in upcoming disclosures. Cameco kept its attributable production forecast for the uranium segment at 19.5–21.5 million pounds of U3O8 in 2026. It said it still expects to reach that range despite temporary operating disruptions at its sites.
Cameco said May flooding in northern Saskatchewan disrupted the main supply route for its McArthur River and Key Lake mines. This led to a temporary suspension of production at Key Lake and a roughly two-week reduction in mining activity at McArthur River. Cigar Lake also faced a temporary operating disruption after the quarter ended, according to the second-quarter results statement. The company’s attributable production was 3.9 million pounds in the second quarter, while it purchased 2.8 million pounds at an average cost of C$91.40 per pound. These figures show the supply mix the company relied on during the quarter, alongside its unchanged annual production target.
The annual forecast increase followed a quarter in which revenue and earnings fell from a year earlier. Cameco’s second-quarter revenue was C$814 million, compared with C$877 million in the same period of 2025, while net earnings attributable to shareholders fell to C$25 million from C$321 million. The company attributed the declines in quarterly and first-half results mainly to lower earnings from its investment in Westinghouse. Cameco’s share of Westinghouse’s adjusted earnings before interest, taxes, depreciation and amortization fell to C$284 million in the first half, from C$445 million in the same period. It expects stronger performance and higher cash flows from Westinghouse in the fourth quarter.
In the uranium segment, the average realized price in the second quarter rose to US$67.79 per pound, from US$57.35 a year earlier, while sales fell to 7.1 million pounds from 8.7 million. The comparison provides context for Cameco’s forecast of a higher average realized price for the year, despite lower quarterly sales volumes. The company’s annual revenue was C$3.482 billion in 2025, up 11% from C$3.136 billion in 2024. Uranium’s average realized price in 2025 also rose to C$87 per pound, from C$79.70 in 2024. The company has contracts to deliver an average of more than 28 million pounds annually over the next five years, with above-average deliveries in 2026–2028 and below-average deliveries in 2029–2030.
Markets are awaiting Cameco’s third-quarter results before the market opens on October 30, 2026, with the conference call scheduled to begin at 8:00 a.m. Eastern time. The results will come two days after the shares closed at C$82.41 on October 27. The quarterly results are expected to offer a fresh indication of operating performance following the disruptions during the quarter and of the cost trajectory the company raised in its annual forecast. Cameco also expects stronger performance and cash flows from Westinghouse in the fourth quarter. Its annual production forecast of 19.5–21.5 million pounds remains the framework it has set for 2026.