Cameco Q3 2026: Key Lake Outage Wipes Out EPS, Cuts Revenue Nearly in Half
As seen on the 24/7 Wall St. homepage on October 30, 2026.
An extended Key Lake mill outage halved McArthur River output to 1.1 million pounds, leaving adjusted EPS at nil and revenue missing expectations. Cameco also trimmed 2026 production guidance and raised its uranium unit cost of sales outlook to $67.00 to $70.00 per pound. Investors are repricing mining execution, not nuclear demand.
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An extended maintenance shutdown at the Key Lake mill drove adjusted EPS to nil, missing expectations, with revenue of $443.2 million. Anyone holding for the uranium cycle is now paying for a lost quarter of volume.
Costs climbed as volumes fell: the average cash cost of production rose 62% to $29.16 per pound, turning the uranium segment's profit sharply lower.
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Cameco narrowed full-year production guidance to 19.5 to 20.5 million pounds and raised its uranium unit cost of sales outlook, resetting the base case for the year.
CEO Tim Gitzel called the outage a step toward flexible, sustainable operations and said the fundamentals supporting nuclear energy remain stronger than ever. The market's verdict rests on how quickly the mill returns to normal rates.
Mentioned: CCJ