Cameco revenue rises 1% to C$619 million as adjusted profitability turns to a loss
Key Facts
Cameco recorded revenue of C$619 million in the third quarter of 2026, up 1% from C$615 million in the same period of 2025, according to the company’s results statement. Net earnings were C$43 million, while the adjusted net loss was C$2 million. Adjusted earnings before interest, taxes, depreciation and amortization were C$267 million, compared with C$310 million in the year-earlier quarter, a decline of 14%. The results showed revenue growth alongside declines in production and adjusted profitability measures. Cameco said results for the quarter and first nine months were generally below 2025 levels.
The company attributed the weaker results mainly to lower earnings from its investment in Westinghouse, lower sales volumes and a higher average cost of sales. A higher average realized uranium price partly offset those factors, reaching US$65.78 per pound, compared with US$62.12 in the third quarter of 2025, an increase of 6%. Cameco’s share of Westinghouse’s loss was C$24 million for the quarter, compared with a loss of C$32 million in the year-earlier period. The investment loss therefore improved year over year, but remained among the factors the company cited to explain the weaker results. Cameco said higher realized prices partly limited the impact of lower sales and their higher cost.
Uranium production fell to 3.5 million pounds in the third quarter from 4.4 million pounds a year earlier, a decline of 20%. Uranium sales also fell to 5.6 million pounds, compared with 6.1 million pounds in the same period of 2025, a decrease of 8%. Management attributed part of the production decline and higher costs to a longer-than-usual maintenance shutdown at the Key Lake mill that began during the quarter. The company said the planned shutdown was longer than in previous years and that commissioning of new infrastructure at the site was under way. It added that the shutdown contributed to lower production volumes and higher costs during the quarter.
The results follow Cameco’s adjusted net earnings of C$77 million in the second quarter of 2026 and adjusted EBITDA of C$391 million. The company said at the time that results for the quarter and first half were below 2025 levels mainly because of lower earnings from its Westinghouse investment. It also said planned uranium deliveries for 2026 were lower because of its contracting discipline and the natural variation in delivery timing between quarters. Packaged production from McArthur River and Key Lake in the second quarter was 3.3 million pounds of uranium oxide, of which 2.3 million pounds was Cameco’s share. These figures provide context for the declines in production and sales recorded in the third quarter.
Cameco said it has contracts for average annual deliveries exceeding 28 million pounds of uranium oxide over the next five years. Commitments are unevenly distributed, exceeding the average in 2026 to 2028 and falling below it in 2029 and 2030. In its updated 2026 outlook, the company lowered the range for its share of uranium production to 19.5–20.5 million pounds, from a previous range of 19.5 to 21.5 million pounds. At the same time, it narrowed its outlook for uranium sales and deliveries to 29.5–30.5 million pounds, from a previous range of 29 to 32 million. The revisions reflect a difference between production attributable to the company’s share and its sales and delivery outlook.
The company declared an annual dividend for 2026 of C$0.24 per share, payable on December 15 to shareholders of record on November 30. Cameco also scheduled its third-quarter results call for October 30 at 8:00 a.m. Eastern time. The company’s statement had set the release of quarterly results before the market opened that day. In an earlier comment on the company’s performance since the start of the year, the chief executive said financial and operating results reflected the value of aligning marketing, operating and financial decisions with improving sector fundamentals. The call gives management an opportunity to discuss the quarter’s results and the company’s business trends.