Cameco (CCJ) Q3 2026 Earnings
Adjusted diluted EPS reported as nil ($— per share) on an adjusted net loss of $2 million. IFRS diluted EPS was $0.10, which includes a $25.7 million bargain purchase gain on the increased Cigar Lake Joint Venture interest and $31.0 million of other operating income ($28 million reclamation-related adjustment excluded from adjusted results).
How Did CCJ Stock React to Q3 2026 Earnings?
Did CCJ Beat Earnings? Q3 2026 Results
No. Cameco reported Q3 2026 earnings of $0.00 a share on Oct 30, 2026, missing the $0.27 consensus estimate by 100.0%. Revenue was $443.2M against a $753.9M estimate.
Cameco delivered a sharp disappointment in the third quarter of 2026, posting adjusted EPS of $0.00 against a consensus estimate of $0.27 for a 100% miss, while revenue of $443.23 million fell 41.21% short of the $753.87 million analysts had expected, even as the top line edged just 0.7% higher year over year. The culprit was a planned but extended maintenance shutdown at the Key Lake mill, which slashed McArthur River/Key Lake output to 1.1 million pounds from 2.2 million pounds and pushed the average cash cost of production up 62% to $29.16 per pound, compressing uranium segment gross profit to $79.23 million from $112.99 million a year earlier. Adjusted net loss came in at $1.43 million, a stark reversal from $22.91 million in adjusted earnings a year ago, and operating cash flow collapsed to $2.35 million from $111.49 million. With shares already trading well below their 52-week high amid mounting execution concerns, Cameco narrowed its 2026 production guidance to 19.5 to 20.5 million pounds and raised its uranium unit cost of sales outlook to $67.00 to $70.00 per pound, framing a recovery-dependent second half ahead.
- Planned extended Key Lake mill maintenance shutdown reduced Q3 production 20% to 3.5 million lb and raised costs
- Uranium average unit cost of sales up 21% to $72.17/lb; cash cost of production up 62% to $40.73/lb
- Cash cost per pound for produced and purchased uranium rose to $55.36 from $39.03; total cost per pound rose to $66.36 from $47.50
- Canadian-dollar uranium average realized price up 8% to $91.76/lb on market-priced contracts
- Uranium sales volume down 8% to 5.6 million lb on delivery timing and contracting discipline
- Fuel services sales volume up 16%, offset by a 13% lower realized price from product mix
- Westinghouse adjusted EBITDA (our share) up 15% to $143 million on higher fuel volume
- JV Inkai adjusted EBITDA contribution up to $29 million from $19 million
- $25.7 million bargain purchase gain on the Cigar Lake interest increase boosted IFRS earnings
- Income taxes paid rose to $48.0 million from $8.8 million, weighing on operating cash flow
- Direct administration costs up $17 million on labour, strategic initiatives, technology and office renovations
“Results for the quarter and the first nine months of 2026 were lower than the comparable period last year, largely due to a few significant items that affected year-over-year comparisons. We planned a longer maintenance outage at the Key Lake mill this year to undertake projects that are intended to ensure flexibility and sustainable operations, and as we expected, that outage, which began during the third quarter, resulted in lower production volume and higher costs this quarter.”
Cameco CEO, on the earnings call
What Is Cameco's Outlook?
Cameco narrowed its 2026 guidance as year-end visibility improved. - Uranium production: 19.5–20.5 million lb (previously 19.5–21.5 million lb). McArthur River/Key Lake is 10.0–10.5 million lb (our share) and Cigar Lake is 9.5–10.0 million lb. - Uranium sales/deliveries: 29.5–30.5 million lb (previously 29–32 million lb). - Uranium average unit cost of sales: raised to $67.00–$70.00/lb (previously $63.00–$67.50/lb) due to narrowed production and inflation. - Direct administration costs: raised to $260–$280 million. - Capital expenditures: cut to $440–$490 million due to timing of mine development and deferred fuel services work. - Consolidated revenue: $3,320–$3,570 million (uranium $2,700–$2,910 million; fuel services $610–$650 million). - Uranium average realized price: $91.00–$96.00/lb. - Fuel services production: 13–14 million kgU. - Cameco's share of Westinghouse adjusted EBITDA: US$370–$430 million, with Westinghouse capex of US$160–$200 million. Management expects strong 2026 cash flow, depending on sourcing material for deliveries. It also expects to keep layering in long-term contract volumes using market-related pricing.
CCJ YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $443.2M | $440.0M | +0.7% |
| Gross Profit | $87.5M | $164.2M | −46.7% |
| Operating Income | $47.9M | $66.6M | −28.0% |
| Net Income | $30.6M | $100,290 | +30,395.7% |
CCJ Revenue by Segment
CCJ Revenue by Geography
When Does Cameco Report Next?
Figures from SEC filings and company reports. Not investment advice.