Cameco shares fall 10.2% after quarterly earnings and revenue miss estimates
Key Facts
Cameco reported results on October 30 for the third quarter ended September 30, 2026, recording net earnings of C$43 million and an adjusted net loss of C$2 million, alongside adjusted EBITDA of C$267 million, according to the company’s statement. Earnings per share came in at $0.07, below analysts’ estimate of $0.23, while revenue was $434.97 million against a consensus of $528.33 million, according to Reuters via Investing.com. The company’s shares fell 10.2% after the results were announced, Reuters reported. The figures highlighted the impact of lower sales and production volumes and higher costs, despite an increase in the average realized uranium price. Cameco said lower earnings from its interest in Westinghouse were also a key factor behind the decline in results compared with the same period.
In its uranium segment, Cameco delivered 5.6 million pounds during the quarter, compared with 6.1 million pounds in the third quarter of 2025, according to Reuters. The average realized price rose to $91.76 per pound from $85.22 a year earlier, but the price improvement did not offset lower delivery volumes. Uranium production was 3.5 million pounds, down 20% from 4.4 million pounds in the same period a year earlier. The company attributed the decline mainly to an extended planned maintenance shutdown at the Key Lake mill. The chief executive said the shutdown began in the third quarter and led to lower production and higher costs, while the maintenance work was intended to support operational resilience and sustainability.
Uranium-segment revenue was C$619 million, up 1% from C$615 million in the third quarter of 2025, according to Reuters. That figure exceeded the revenue consensus estimate of C$528.33 million cited in the report, although total revenue in the results report came in below the consensus estimate, at $434.97 million against $528.33 million. The figures cover different scopes: uranium-segment revenue in Canadian dollars in Reuters’ disclosure, and the revenue figure reported alongside analysts’ estimates in the results report. As a result, year-over-year growth in segment revenue coincided with total revenue and earnings per share falling short of estimates. In the broader year-over-year comparison, Cameco attributed the decline in results mainly to lower earnings from its interest in Westinghouse, lower sales volumes and a higher average unit cost, partly offset by higher realized prices.
Westinghouse’s results presented a mixed picture within Cameco’s investments. The company’s share of Westinghouse’s net loss was C$24 million in the third quarter, compared with a loss of C$32 million in the third quarter of 2025. By contrast, Cameco’s share of Westinghouse adjusted EBITDA rose to C$143 million from C$124 million in the same period. Cameco’s results for the first nine months of 2026 included net earnings of C$199 million and adjusted net earnings of C$279 million, with adjusted EBITDA of C$1.2 billion. These figures provide context for the quarterly result, as Westinghouse’s performance differed between its net loss and its contribution to adjusted EBITDA.
Cameco narrowed its 2026 guidance for its share of uranium production, sales and deliveries, according to a correction to its results statement. The Key Lake maintenance and lower production during the quarter provide operational context for the update, after the company said the shutdown led to lower production and higher costs. At the same time, Cameco said it has contracts for average annual deliveries of more than 28 million pounds of U₃O₈ over the next five years. Commitments are above that average in 2026 to 2028, then below it in 2029 and 2030. The contract schedule puts future delivery volumes in context across years when commitments are above average and years when they fall below it.
Cameco announced an annual dividend of $0.24 per share for 2026. The dividend is payable on December 15, 2026, to shareholders of record on November 30, 2026, according to the company’s statement. As for liquidity, cash and cash equivalents stood at C$860 million on September 30, against total debt of C$1 billion. The company also had an undrawn C$1 billion revolving credit facility. Developments cited by Cameco in its results statement included a nonbinding framework announced by the United States and South Korea in September, envisaging up to $120 billion in South Korean investment to support construction of up to eight large reactors in the United States, including six Westinghouse AP1000 units, subject to conditions and final agreements.
Cameco said Westinghouse announced in October conditional purchase orders with four Polish suppliers to support the first AP1000 unit project at the Lubiatowo-Kopalino site, and received authorization to begin procuring long-lead nuclear components. This was among the Westinghouse developments the company reported alongside its quarterly results. The orders remain conditional, while the next step is tied to the project to build the first unit at the Polish site. Cameco also said the U.S.-South Korea framework is subject to conditions and final agreements. The announced annual dividend is scheduled to be paid on December 15, 2026, to shareholders of record on November 30.