Cameco posts C$43 million net profit and narrows 2026 production and delivery guidance
Key Facts
Cameco reported on October 30 results for the third quarter ended September 30, 2026, posting net earnings of C$43 million and an adjusted net loss of C$2 million, alongside adjusted earnings before interest, taxes, depreciation and amortization of C$267 million. The company said results for the quarter and first nine months were generally below those in 2025. It attributed this mainly to lower earnings from its investment in Westinghouse, lower sales volumes and a higher average cost of sales. Higher average realized prices partly offset these factors. The result was a mixed picture between reported and adjusted profitability, and between the effect of higher prices and pressure from costs and sales.
In the uranium segment, earnings before taxes were C$175 million in the quarter, compared with C$172 million in the same period of 2025. But the segment's adjusted earnings before interest, taxes, depreciation and amortization fell to C$179 million from C$220 million. Chief Executive Tim Gitzel said planned annual maintenance at the Key Lake mill began during the quarter and took longer than usual. The shutdown work included installing new infrastructure and repairing existing infrastructure, and commissioning of the new infrastructure began. Gitzel said the shutdown reduced production volumes and increased costs during the quarter.
Cameco delivered 5.6 million pounds of U₃O₈ during the quarter, and held uranium inventory of 8.5 million pounds as of September 30. In fuel services, the company reported earnings before taxes of C$13 million and adjusted earnings before interest, taxes, depreciation and amortization of C$24 million. In the third quarter of 2025, earnings before taxes were C$17 million and adjusted earnings before interest, taxes, depreciation and amortization were C$25 million. Cameco's share of Westinghouse's net loss was C$24 million, compared with a loss of C$32 million in the corresponding period of 2025. The company's share of Westinghouse adjusted earnings before interest, taxes, depreciation and amortization rose to C$143 million from C$124 million.
At the consolidated level, adjusted earnings before interest, taxes, depreciation and amortization were C$267 million, down 14% from C$310 million in the third quarter of 2025. Quarterly revenue was C$619 million, up 1% from C$615 million a year earlier and above analysts' estimate of C$528.33 million. By contrast, adjusted earnings per share were C$0.10, below the consensus forecast of C$0.23. After the results were announced on October 30, Cameco shares fell 10.2%, according to an Investing.com report published the same day. On November 11, CCJ shares closed at $74.32, according to EL7 daily data.
Cameco narrowed its 2026 uranium production share guidance to 19.5–20.5 million pounds of U₃O₈, from a range of 19.5–21.5 million pounds. It also lowered the bounds of its expected delivery range to 29.5–30.5 million pounds, from 29–32 million. The company said narrowing both ranges reflected greater certainty about the timing of production and deliveries as the year draws to a close. On supply, it reported that a shipment of about 1.6 million pounds of its share of 2026 Inkai production arrived at Blind River after the quarter ended. It added that the final shipment of its remaining share was in transit, with arrival expected before the end of 2026.
Cameco said it has contracts to deliver an average of more than 28 million pounds of U₃O₈ annually over the next five years. Contracted commitments exceed this average in 2026 to 2028, then fall below it in 2029 and 2030. On shareholder returns, the board declared an annual 2026 dividend of C$0.24 per share. The dividend is payable on December 15 to shareholders of record on November 30, 2026. These dates put delivery commitments and the dividend among the key items the company reported for the coming period.