Cameco (CCJ) Q1 2026 Earnings
Reported May 5, 2026 at 7:45 AM ET · SEC Source
Q1 26 EPS
$0.34
MISS 0.97%
Est. $0.34
Q1 26 Revenue
$606.3M
MISS 25.62%
Est. $815.1M
vs S&P Since Q1 26
-21.3%
TRAILING MARKET
CCJ -17.6% vs S&P +3.7%
Market Reaction
Did CCJ Beat Earnings? Q1 2026 Results
Cameco delivered a mixed first quarter for fiscal 2026, falling short of Wall Street expectations on both the top and bottom lines as revenue of $606.30 million trailed the $815.13 million consensus by 25.62% and earnings per share of $0.34 came in j… Read more Cameco delivered a mixed first quarter for fiscal 2026, falling short of Wall Street expectations on both the top and bottom lines as revenue of $606.30 million trailed the $815.13 million consensus by 25.62% and earnings per share of $0.34 came in just below the $0.34 estimate. Despite the misses, consolidated revenue still climbed 7.1% year-over-year, anchored by a 13% rise in uranium sales volumes to 7.8 million pounds and a stronger realized price of $65.45 per pound in the uranium segment, which generated $510.65 million in revenue and saw pre-tax earnings jump 58%. Adjusted net earnings nearly tripled to $145.59 million from $50.20 million, reflecting improved uranium margins and growing contributions from Westinghouse. Operations faced a notable logistics disruption after a bridge collapse temporarily halted production at Key Lake, adding uncertainty to near-term supply chain execution. Management nonetheless held full-year 2026 guidance unchanged, targeting consolidated revenue of $3.13 billion to $3.37 billion and uranium deliveries of 29 to 32 million pounds at an average realized price of $85.00 to $89.00 per pound.
Key Takeaways
- • 13% increase in uranium sales volume to 7.8 million pounds
- • Higher average realized uranium price in US dollars (US$66.21/lb vs US$62.55/lb, up 6%)
- • Improved equity earnings from Westinghouse (adjusted EBITDA up 33% to $122 million)
- • JV Inkai equity earnings increased to $101 million from $35 million due to favorable timing of sales
- • Lower uranium unit cost of sales (down 3%) driven by fewer purchased pounds and lower carrying cost of inventory
- • Average uranium spot price increased 34% year-over-year to US$88.49/lb
- • Shift in contract mix toward market-related pricing (69% of revenue vs 51% a year ago)
CCJ Forward Guidance & Outlook
Cameco maintained its full-year 2026 guidance unchanged. Consolidated revenue is expected at $3,130 million to $3,370 million. Uranium production is targeted at 19.5 to 21.5 million pounds (Cameco's share), with sales/delivery volume of 29 to 32 million pounds and an average realized price of $85.00 to $89.00/lb. Fuel services production is expected at 13 to 14 million kgU with revenue of $590 to $630 million. Cameco's share of Westinghouse adjusted EBITDA is guided at US$370 to US$430 million. Capital expenditures are expected at $490 to $540 million consolidated. Direct administration costs are estimated at $245 to $260 million. The company expects strong financial performance and cash flow generation in 2026, dependent on achieving production plans. An extended third-quarter maintenance shutdown at Key Lake mill will install new infrastructure. Westinghouse performance is expected to be weakest in the first half of 2026 with stronger results and higher cash flows in Q4. Tariffs are not currently expected to materially impact 2026 financial results, though uncertainty remains. The company plans to announce Q2 2026 results on July 31, 2026.
CCJ YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
CCJ Revenue by Segment
With YoY comparisons, source: SEC Filings
CCJ Revenue by Geography
With YoY comparisons, source: SEC Filings
“Our results for the first quarter of 2026 remained consistent with our annual expectations across the business. We are on track in our uranium, fuel services and Westinghouse segments, reinforcing the value of our disciplined contracting and operating strategy that aligns marketing, production and capital decisions with strengthening industry fundamentals.”
— Tim Gitzel, Q1 2026 Earnings Press Release
CCJ Earnings Trends
CCJ vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CCJ EPS Trend
Earnings per share: estimate vs actual
CCJ Revenue Trend
Quarterly revenue: estimate vs actual
CCJ Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.34 | $0.34 | -0.97% | $606.3M | -25.62% |
| Q4 25 MISS FY | $0.44 | $0.36 | -19.02% | $861.4M | -21.59% |
| FY Full Year | — | $1.03 | — | $2.50B | — |
| Q3 25 MISS | $0.28 | $0.05 | -81.86% | $440.8M | -41.20% |
| Q2 25 MISS | $0.52 | $0.51 | -1.32% | $629.0M | -21.63% |