CAMECO CORP (CCJ): Financial results for Q2 2026
CAMECO CORP (CCJ) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 NEWS RELEASE www.cameco.com Saskatoon Saskatchewan All amounts in Canadian dollars Canada unless specified otherwise Cameco reports second quarter results: year-to-date performance on track; production outlook unchanged; strategically positioned across the nuclear fu
How this was made
The 30-second read
Why it matters
The earnings release provides fresh financial metrics and confirms unchanged annual production guidance, influencing uranium market sentiment.
Market read
The report offers new data for traders tracking uranium exposure and mining equities, with implications for sector positioning.
What to watch
Potential upside from upcoming Cigar Lake ownership increase and US DOE support for AP1000 reactors.
Cameco reports second quarter results: year-to-date performance on track; production outlook unchanged; strategically positioned across the nuclear fuel cycle; significant support for nuclear energy reinforces stronger long-term uranium prices
Second-quarter consolidated revenue, earnings, adjusted EBITDA and operating cash flow declined from 2025, led primarily by lower Westinghouse equity earnings and lower planned sales deliveries. Uranium first-half earnings before income taxes and adjusted EBITDA increased, average realized prices improved in uranium and fuel services, and 2026 production outlook remained unchanged.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Consolidated revenueother | $814 million | – | (7)% |
| Consolidated gross profitother | $190 million | – | (26)% |
| Net earnings attributable to equity holdersother | $25 million | – | (92)% |
| Net earnings per common share, basicother | $0.06 | – | (92)% |
| Net earnings per common share, dilutedother | $0.06 | – | (92)% |
| Adjusted net earningsnon-GAAP | $77 million | – | (75)% |
| Adjusted net earnings per common share, adjusted and dilutednon-GAAP | $0.18 | – | (75)% |
| Adjusted EBITDAnon-GAAP | $391 million | – | (42)% |
| Cash provided by operationsother | $131 million | – | (72)% |
| Six-month consolidated revenueother | $1,659 million | – | — |
| Six-month consolidated gross profitother | $492 million | – | (7)% |
| Six-month net earnings attributable to equity holdersother | $156 million | – | (60)% |
| Six-month net earnings per common share, basicother | $0.36 | – | (60)% |
| Six-month net earnings per common share, dilutedother | $0.36 | – | (60)% |
| Six-month adjusted net earningsnon-GAAP | $281 million | – | (26)% |
| Six-month adjusted net earnings per common share, adjusted and dilutednon-GAAP | $0.65 | – | (25)% |
| Six-month adjusted EBITDAnon-GAAP | $899 million | – | (13)% |
| Six-month cash provided by operationsother | $109 million | – | (81)% |
| Uranium production volumeother | 3.9 million lb | – | (15)% |
| Uranium sales volumeother | 7.1 million lb | – | (18)% |
| Uranium average realized priceother | US$67.79/lb | – | 18% |
| Uranium average realized priceother | $93.13/lb | – | 15% |
| Uranium gross profitother | $158 million | – | (27)% |
| Uranium earnings before income taxesother | $170 million | – | (40)% |
| Uranium adjusted EBITDAnon-GAAP | $252 million | – | (28)% |
| Fuel services production volumeother | 3.0 million kgU | – | (6)% |
| Fuel services sales volumeother | 3.6 million kgU | – | (18)% |
| Fuel services average realized priceother | $41.67/kgU | – | 13% |
| Fuel services earnings before income taxesother | $30 million | – | (32)% |
| Fuel services adjusted EBITDAnon-GAAP | $42 million | – | (26)% |
| Fuel services adjusted EBITDA marginnon-GAAP | 28% | – | (20)% |
| Westinghouse adjusted free cash flow, our sharenon-GAAP | $109 million | – | (64)% |
| Westinghouse net loss, our shareother | $10 million | – | >(100)% |
| Westinghouse adjusted EBITDA, our sharenon-GAAP | $163 million | – | (54)% |
| Produced uranium cash costnon-GAAP | $30.30 | – | 16% |
| Produced uranium non-cash costnon-GAAP | $10.96 | – | (6)% |
| Produced uranium total production costnon-GAAP | $41.26 | – | 9% |
| Purchased uranium cash costnon-GAAP | $91.40 | – | (6)% |
| Purchased uranium quantitynon-GAAP | 2.8 million lb | – | >100% |
| Produced and purchased uranium costsnon-GAAP | $62.21 | – | 36% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| UraniumRevenue, earnings before income taxes and adjusted EBITDA were lower due to normal quarterly variations in deliveries and lower planned 2026 sales delivery volumes resulting from contracting discipline. Average realized prices increased. | $659 million | – | (7)% |
| Fuel servicesEarnings before income taxes and adjusted EBITDA declined mainly as a result of lower sales volumes, while average realized price increased. | $152 million | – | (6)% |
2026 outlook
- NoteUranium segment production: between 19.5 to 21.5 million pounds of U3O8 (our share)
- NoteJV Inkai production: 10.4 million pounds of U3O8 (100% basis)
- NoteJV Inkai purchase allocation: 4.2 million pounds of U3O8
- NoteFuel Services annual production: between 13 million and 14 million kgU
- NoteUranium contracts over the next five years: average annual deliveries of over 28 million pounds of U3O8 per year
What drove it
- Lower quarterly and year-to-date sales volumes than in 2025 reflected normal quarterly delivery variations and lower planned 2026 sales deliveries resulting from contracting discipline.
- Uranium and fuel services average realized prices improved as prices from market-related contracts increased.
- The second quarter of 2025 included Westinghouse participation in the Dukovany construction project, contributing approximately US$170 million to Cameco's share of Westinghouse's 2025 second quarter revenue and adjusted EBITDA.
- Second-quarter uranium purchases were 2.8 million pounds at an average unit cost of $91.40 per pound (US$66.60 per pound).
- Second-quarter production from McArthur River and Key Lake was 3.3 million pounds of U3O8, or 2.3 million pounds Cameco's share, and Cigar Lake packaged production was 2.9 million pounds of U3O8, or 1.6 million pounds Cameco's share.
Concerns
- Temporary unplanned operational disruptions occurred at Key Lake and McArthur River during the quarter, and at Cigar Lake subsequent to the quarter.
- Challenging spring road conditions along northern Saskatchewan supply routes affected uranium production.
- Westinghouse reported a net loss of $10 million, Cameco's share, compared with earnings of $126 million in the second quarter of 2025.
- Produced and purchased uranium costs were $62.21, compared with $45.66 in 2025.
What to watch
- Execution against unchanged uranium production guidance of between 19.5 to 21.5 million pounds of U3O8 (our share).
- Delivery timing for JV Inkai, where the majority of Cameco's share of 2026 production is expected to be received before the end of 2026.
- Uranium deliveries under contracts for average annual deliveries of over 28 million pounds of U3O8 per year over the next five years.
- Westinghouse operating performance, including the pipeline of up to 91 AP1000 reactor opportunities.
- Cameco plans to announce 2026 third quarter results before markets open on Friday, October 30, 2026.
Balance sheet and cash flow
- As of June 30, 2026, cash and cash equivalents were $1.1 billion.
- As of June 30, 2026, total debt was $1.0 billion.
- As of June 30, 2026, the undrawn revolving credit facility was $1.0 billion.
- In the second quarter, Cameco received US$124 million, net of withholdings, from JV Inkai as a dividend based on 2025 financial performance.
- Uranium inventory was 8.7 million pounds on June 30, 2026, with an average inventory cost of $58.05 per pound.
Analysis
Cameco reported lower second-quarter financial results under IFRS. Revenue was $814 million, down (7)%, gross profit was $190 million, down (26)%, and net earnings attributable to equity holders were $25 million, down (92)%. Adjusted net earnings were $77 million, down (75)%, adjusted EBITDA was $391 million, down (42)%, and cash provided by operations was $131 million, down (72)%. For the first six months, revenue was $1,659 million compared with $1,666 million, while adjusted EBITDA was $899 million compared with $1,029 million.
The uranium segment reflected lower deliveries but better pricing. Second-quarter uranium sales volume was 7.1 million lb, down (18)%, while revenue was $659 million, down (7)%. Average realized price rose to US$67.79/lb from US$57.35/lb and to $93.13/lb from $81.03/lb. Uranium earnings before income taxes were $170 million and adjusted EBITDA was $252 million, compared with $281 million and $352 million. First-half uranium earnings before income taxes of $528 million and adjusted EBITDA of $676 million were above the 2025 figures of $509 million and $641 million.
Fuel services also had lower volume and earnings. Sales volume was 3.6 million kgU, down (18)%, revenue was $152 million, down (6)%, and adjusted EBITDA was $42 million, down (26)%. The average realized price increased to $41.67/kgU from $36.79/kgU, but adjusted EBITDA margin was 28% versus 35%. Westinghouse was the largest contributor to the consolidated year-over-year decline: Cameco's share of Westinghouse net results was a $10 million loss, compared with $126 million of earnings, and its share of adjusted EBITDA was $163 million compared with $352 million. The comparison included an approximate US$170 million 2025 Dukovany-related contribution to Cameco's share of Westinghouse revenue and adjusted EBITDA.
Production and supply conditions require attention. Temporary disruptions at Key Lake and McArthur River during the quarter, flooding-related disruptions to supply routes, and subsequent operational challenges at Cigar Lake affected operations. Nevertheless, Cameco maintained its uranium production outlook of between 19.5 to 21.5 million pounds of U3O8, its share, and Fuel Services annual production outlook of between 13 million and 14 million kgU. Second-quarter produced and purchased uranium costs were $62.21 compared with $45.66, while purchases totaled 2.8 million pounds at an average unit cost of $91.40 per pound.
The company reported a strong liquidity position, with $1.1 billion in cash and cash equivalents, $1.0 billion in total debt and a $1.0 billion undrawn revolving credit facility as of June 30, 2026. Cameco received US$124 million, net of withholdings, from JV Inkai during the quarter. The release says Cameco updated outlook for uranium and fuel services revenue and cost of sales, average realized price in uranium and consolidated revenue, but it does not provide the updated numerical outlook values. Its commercial position includes contracts for average annual deliveries of over 28 million pounds of U3O8 per year over the next five years, with commitments higher than that average in 2026 through 2028.
Management, verbatim
Our year-to-date financial and operational performance reflects the value of aligning our marketing, operational and financial decisions with strengthening industry fundamentals.
Tim Gitzel, Cameco’s CEO
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.
Tim Gitzel, Cameco’s CEO
Our contracting discipline remains a key competitive advantage.
Tim Gitzel, Cameco’s CEO
Not in the filing
stated, not guessed- Numerical 2026 revenue guidance
- Numerical 2026 consolidated revenue guidance
- Numerical 2026 uranium revenue, average realized price and cost of sales outlook
- Numerical 2026 Fuel Services revenue and cost of sales outlook
- Consolidated gross margin
- Consolidated operating income or loss
- Consolidated free cash flow
- Capital expenditure
- Dividends
- Share repurchases
- Quarter-over-quarter comparisons
- Prior outlook for comparison
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Cameco, a leading uranium producer listed on NYSE (CCJ) and TSX, released its Q2 2026 results via a Form 6‑K filing.
Ticker impact
Cameco reported Q2 2026 earnings with net earnings of $25M and adjusted EBITDA of $391M, a fresh disclosure via a Form 6‑K.
Potential slight upside if investors focus on strong balance sheet and uranium price outlook.
The numbers are new and the balance sheet remains solid, but earnings decline may limit upside.
Market effects
Uranium and nuclear fuel services sector may see modest support from Cameco's reaffirmed production outlook.
Canadian mining sector could benefit from Cameco's strong balance sheet and continued demand narrative.
Reinforces bullish long‑term uranium price thesis amid global nuclear energy expansion.
Counterpoint
Investors may view the earnings decline and lower Westinghouse contributions as a red flag for near‑term earnings momentum.
Key entities
- ExecutiveTim Gitzel
CEO of Cameco who commented on the results.
