Cameco (CCJ) Q2 2026 Earnings
Adjusted EPS excludes a $58 million derivatives adjustment, $10 million share-based compensation, $10 million other operating expense (reclamation) and a $13 million unrealized FX gain; IFRS diluted EPS was $0.06.
How Did CCJ Stock React to Q2 2026 Earnings?
S&P 500 over the same 30 days: +1.97%.
Did CCJ Beat Earnings? Q2 2026 Results
No. Cameco reported Q2 2026 earnings of $0.13 a share on Jul 31, 2026, missing the $0.38 consensus estimate by 65.8%. Revenue was $580.6M against a $813.6M estimate.
Cameco delivered a sharply disappointing second quarter, with adjusted EPS of $0.13 missing the $0.38 consensus by 65.83% and revenue of $580.56 million falling 28.64% short of the $813.61 million estimate while sliding 7.2% from a year earlier. The central culprit was Westinghouse, where a one-time $170 million contribution from Czech Dukovany reactor work had inflated the year-ago quarter; without that tailwind, Cameco's share of Westinghouse earnings swung to a loss of $7.13 million from earnings of $89.89 million. Uranium revenue also contracted to $470.15 million as volumes dropped 18% to 7.1 million pounds, even as the average realized price climbed 15% to $66.44 per pound, a combination that reflected deliberate delivery timing rather than demand weakness. Despite the miss, shares rose roughly 7% as investors focused on the longer-term picture, and Cameco reinforced that view by raising its 2026 consolidated revenue outlook to $3.32 billion to $3.57 billion while leaving uranium production guidance of 19.5 to 21.5 million pounds intact.
- Lower Westinghouse equity earnings versus Q2 2025, which included about US$170 million from the Dukovany project
- Uranium sales volume down 18% to 7.1 million lb on delivery timing and lower planned 2026 deliveries
- Uranium average realized price up 15% to $93.13/lb from market-related contracts
- Uranium average unit cost of sales up 26% to $70.81/lb on higher purchases, product loan revaluation and Cigar Lake shutdown timing
- Cash cost per pound for produced and purchased uranium of $55.84 versus $35.55
- Care and maintenance costs of $46.2 million versus $27.8 million
- Fuel services sales volume down 18%, partially offset by a 13% higher realized price
- JV Inkai adjusted EBITDA of $43 million versus $70 million on sales timing and higher costs
- Loss on derivatives of $54.3 million versus a $147.7 million gain a year earlier
- Adjusted EBITDA of $391 million versus $673 million
“Our year-to-date financial and operational performance reflects the value of aligning our marketing, operational and financial decisions with strengthening industry fundamentals. Our second quarter financial results reflect normal quarterly variability, and while uranium production was impacted by challenging spring road conditions along our northern Saskatchewan supply routes, our annual production outlook remains unchanged.”
Cameco CEO, on the earnings call
What Was Cameco's Outlook in Q2 2026?
**2026 operating outlook (unchanged)** - Uranium production of 19.5–21.5 million lb (Cameco's share). - Fuel services production of 13–14 million kgU. - Uranium sales/deliveries of 29–32 million lb. - Market purchases of up to 3 million lb and committed purchases of 8 million lb. **Revised financial guidance** - Consolidated revenue raised to $3,320–3,570 million (from $3,130–3,370 million). - Uranium revenue raised to $2,700–2,910 million. - Fuel services revenue raised to $610–650 million. - Uranium average realized price raised to $91.00–96.00/lb. - Uranium unit cost of sales raised to $63.00–67.50/lb. - Fuel services unit cost of sales raised to $33.50–35.80/kgU. - The revisions reflect higher uranium prices and a 1.35 USDCAD exchange rate assumption. **Costs and capital** - Capital expenditures of $490–540 million. - Direct administration of $245–260 million. - Care and maintenance costs of $62–67 million. **Westinghouse** - Cameco's share of adjusted EBITDA is expected at US$370–430 million, with a weaker first half and a stronger fourth quarter. - Cameco's share of Westinghouse capital expenditures is US$160–200 million. Cameco expects strong 2026 cash flow, depending on sourcing material for deliveries. Final Cigar Lake acquisition closing adjustments are expected in Q3 2026.
CCJ YoY Financials
| Metric | Q2 2026 | Q2 2025 | Year over year |
|---|---|---|---|
| Revenue | $580.6M | $625.7M | −7.2% |
| Gross Profit | $135.6M | $183.4M | −26.0% |
| Operating Income | $60.0M | $118.4M | −49.3% |
| Net Income | $18.0M | $228.9M | −92.1% |
CCJ Revenue by Segment
CCJ Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.