Q3 FY2026
Filed Oct 30, 2026Cameco reports third quarter results: year-to-date performance as expected; nuclear industry fundamentals continue to strengthen; disciplined strategy and integrated nuclear exposure support long-term value creation; annual dividend declared
Third-quarter revenue increased 1% to $619 million and uranium earnings before income taxes increased 2% to $175 million, but gross profit declined 28%, adjusted EBITDA declined 14%, cash provided by operations declined 98%, and results reflected higher uranium costs, lower sales volumes and lower Westinghouse equity earnings for the first nine months.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 revenueother | $619M | – | 1% |
| Q3 2026 gross profitother | $122M | – | (28)% |
| Q3 2026 net earnings attributable to equity holdersother | $43M | – | >100% |
| Q3 2026 basic earnings per common shareother | $0.10 per common share | – | >100% |
| Q3 2026 diluted earnings per common shareother | $0.10 per common share | – | >100% |
| Q3 2026 adjusted net earnings (loss)non-GAAP | −$2M | – | >(100)% |
| Q3 2026 adjusted and diluted earnings per common sharenon-GAAP | — | – | (100)% |
| Q3 2026 adjusted EBITDAnon-GAAP | $267M | – | (14)% |
| Q3 2026 cash provided by operationsother | $3M | – | (98)% |
| Nine months ended September 30, 2026 revenueother | $2.28B | – | — |
| Nine months ended September 30, 2026 gross profitother | $614M | – | (12)% |
| Nine months ended September 30, 2026 net earnings attributable to equity holdersother | $199M | – | (49)% |
| Nine months ended September 30, 2026 basic earnings per common shareother | $0.46 per common share | – | (49)% |
| Nine months ended September 30, 2026 diluted earnings per common shareother | $0.46 per common share | – | (49)% |
| Nine months ended September 30, 2026 adjusted net earningsnon-GAAP | $279M | – | (32)% |
| Nine months ended September 30, 2026 adjusted and diluted earnings per common sharenon-GAAP | $0.64 per common share | – | (32)% |
| Nine months ended September 30, 2026 adjusted EBITDAnon-GAAP | $1.17B | – | (13)% |
| Nine months ended September 30, 2026 cash provided by operationsother | $112M | – | (85)% |
| Q3 2026 uranium production volumeother | 3.5 million lb | – | (20)% |
| Q3 2026 uranium sales volumeother | 5.6 million lb | – | (8)% |
| Q3 2026 uranium average realized priceother | US$65.78/lb | – | 6% |
| Q3 2026 uranium average realized priceother | $91.76/lb | – | 8% |
| Q3 2026 uranium gross profitother | $111M | – | (30)% |
| Q3 2026 uranium earnings before income taxesother | $175M | – | 2% |
| Q3 2026 uranium adjusted EBITDAnon-GAAP | $179M | – | (19)% |
| Nine months ended September 30, 2026 uranium production volumeother | 13.6 million lb | – | (9)% |
| Nine months ended September 30, 2026 uranium sales volumeother | 20.5 million lb | – | (6)% |
| Nine months ended September 30, 2026 uranium average realized priceother | US$66.64/lb | – | 10% |
| Nine months ended September 30, 2026 uranium average realized priceother | $92.05/lb | – | 9% |
| Nine months ended September 30, 2026 uranium gross profitother | $527M | – | (9)% |
| Nine months ended September 30, 2026 uranium earnings before income taxesother | $703M | – | 3% |
| Nine months ended September 30, 2026 uranium adjusted EBITDAnon-GAAP | $855M | – | (1)% |
| Q3 2026 fuel services production volumeother | 3.2 million kgU | – | 3% |
| Q3 2026 fuel services sales volumeother | 2.2 million kgU | – | 16% |
| Q3 2026 fuel services average realized priceother | $42.90/kgU | – | (13)% |
| Q3 2026 fuel services earnings before income taxesother | $13M | – | (24)% |
| Q3 2026 fuel services adjusted EBITDAnon-GAAP | $24M | – | (4)% |
| Q3 2026 fuel services adjusted EBITDA marginnon-GAAP | 25% | – | (7)% |
| Nine months ended September 30, 2026 fuel services production volumeother | 9.5 million kgU | – | (7)% |
| Nine months ended September 30, 2026 fuel services sales volumeother | 8.6 million kgU | – | >100% |
| Nine months ended September 30, 2026 fuel services average realized priceother | $44.18/kgU | – | (2)% |
| Nine months ended September 30, 2026 fuel services earnings before income taxesother | $87M | – | (33)% |
| Nine months ended September 30, 2026 fuel services adjusted EBITDAnon-GAAP | $120M | – | (24)% |
| Nine months ended September 30, 2026 fuel services adjusted EBITDA marginnon-GAAP | 31% | – | (24)% |
| Q3 2026 Westinghouse net loss, Cameco shareother | −$24M | – | – |
| Q3 2026 Westinghouse adjusted EBITDA, Cameco sharenon-GAAP | $143M | – | 15% |
| Nine months ended September 30, 2026 Westinghouse net loss, Cameco shareother | −$80M | – | – |
| Nine months ended September 30, 2026 Westinghouse adjusted EBITDA, Cameco sharenon-GAAP | $427M | – | (25)% |
| Q3 2026 total uranium production costnon-GAAP | $57.40/lb | – | 58% |
| Q3 2026 produced and purchased uranium costsnon-GAAP | $66.36/lb | – | 40% |
| Nine months ended September 30, 2026 total uranium production costnon-GAAP | $42.17/lb | – | 19% |
| Nine months ended September 30, 2026 produced and purchased uranium costsnon-GAAP | $54.65/lb | – | 19% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Uranium, Q3 2026Lower planned 2026 sales delivery volumes resulting from contracting discipline and higher average unit cost of sales were partially offset by higher average realized prices. | $518M | – | (1)% |
| Uranium, nine months ended September 30, 2026Higher average realized prices supported revenue despite lower sales volumes and higher costs. | $1.89B | – | 2% |
| Fuel services, Q3 2026Results reflected normal variations in the mix of Fuel Services products sold. | $95M | – | 4% |
| Fuel services, nine months ended September 30, 2026Results reflected normal variations in the mix of Fuel Services products sold. | $381M | – | (2)% |
2026 outlook
- NoteExpected share of production of U3O8: between 19.5 million and 20.5 million pounds
- NoteUranium segment sales/delivery volumes: 29.5 to 30.5 million pounds
- NoteFuel Services annual production: between 13 million and 14 million kgU
- NoteJV Inkai production: 10.4 million pounds of U3O8 (100% basis)
- NoteJV Inkai purchase allocation: 4.2 million pounds of U3O8
Capital returns
- 2026 annual dividend of $0.24 per common share, payable on December 15, 2026, to shareholders of record on November 30, 2026.
What drove it
- The longer planned Key Lake mill maintenance shutdown began during the third quarter, reducing production volume and increasing costs.
- Q3 uranium deliveries of 5.6 million pounds of U3O8 were consistent with the sales plan and reflected normal quarterly delivery variations.
- Q3 uranium production totaled 3.5 million pounds, Cameco share, while uranium purchases totaled 1.8 million pounds at an average unit cost of $83.78 per pound (US$60.15 per pound).
- Higher uranium realized prices partly offset lower sales volumes and higher average unit cost of sales.
- Westinghouse's 2025 comparable period included a significant Dukovany project payment, including an approximate US$170 million increase in Cameco's share of Westinghouse's 2025 second quarter revenue.
- Fuel Services profitability reflected variations in the product mix sold.
Concerns
- Q3 gross profit declined 28% to $122 million.
- Q3 adjusted EBITDA declined 14% to $267 million and nine-month adjusted EBITDA declined 13% to $1,166 million.
- Q3 cash provided by operations declined 98% to $3 million.
- Q3 uranium total production cost increased 58% to $57.40/lb and produced and purchased uranium costs increased 40% to $66.36/lb.
- Westinghouse reported a net loss of $80 million, Cameco share, for the first nine months of 2026, compared with net earnings of $32 million in the comparable 2025 period.
- The company cited inflationary pressure and broader market volatility affecting sentiment.
What to watch
- Commissioning of new infrastructure at the Key Lake mill following the extended maintenance shutdown.
- Achievement of narrowed 2026 uranium production guidance of between 19.5 million and 20.5 million pounds of U3O8.
- Achievement of narrowed uranium sales/delivery guidance of 29.5 to 30.5 million pounds.
- Arrival at Blind River of the final shipment of Cameco's remaining share of JV Inkai's 2026 production before the end of 2026.
- Westinghouse adjusted EBITDA and execution on reactor-related opportunities, including the Polish conditional purchase orders and Slovakia FEED study.
- Future uranium contracting activity, with average annual contracted deliveries of over 28 million pounds of U3O8 per year over the next five years.
Balance sheet and cash flow
- $860 million in cash and cash equivalents as of September 30, 2026.
- $1.0 billion in total debt as of September 30, 2026.
- $1.0 billion undrawn revolving credit facility as of September 30, 2026.
- Q3 2026 cash provided by operations was $3 million, compared to $156 million in 2025.
- Nine months ended September 30, 2026 cash provided by operations was $112 million, compared to $731 million in 2025.
- Uranium inventory was 8.5 million pounds on September 30, 2026, with an average inventory cost of $58.37 per pound.
Analysis
Cameco delivered broadly stable third-quarter revenue of $619 million, up 1%, but earnings quality and cash generation weakened. Gross profit declined 28% to $122 million, adjusted EBITDA declined 14% to $267 million, and cash provided by operations declined 98% to $3 million. Net earnings attributable to equity holders were $43 million, while adjusted net loss was $2 million. For the first nine months, revenue was essentially unchanged at $2,278 million, but net earnings attributable to equity holders declined 49% to $199 million and adjusted EBITDA declined 13% to $1,166 million.
The uranium business remained the principal earnings contributor. Third-quarter uranium revenue was $518 million, down 1%, as sales volume declined 8% to 5.6 million lb, while the Canadian-dollar average realized price increased 8% to $91.76/lb. Uranium earnings before income taxes increased 2% to $175 million, but uranium gross profit declined 30% to $111 million and adjusted EBITDA declined 19% to $179 million. The cost burden was substantial: total production cost rose 58% to $57.40/lb and produced and purchased uranium costs rose 40% to $66.36/lb. Management attributed the production and cost effect to the longer planned Key Lake maintenance outage.
Fuel Services delivered $95 million of third-quarter revenue, up 4%, but earnings before income taxes declined 24% to $13 million and adjusted EBITDA declined 4% to $24 million. Average realized price declined 13% to $42.90/kgU, and adjusted EBITDA margin declined to 25% from 27%. For the first nine months, Fuel Services adjusted EBITDA declined 24% to $120 million, with management citing normal variations in the mix of products sold.
Westinghouse remained a key source of year-over-year pressure. Cameco's share of Westinghouse's third-quarter net loss improved to $24 million from $32 million, and its share of adjusted EBITDA increased 15% to $143 million. However, first-nine-month net loss was $80 million versus net earnings of $32 million in 2025, while adjusted EBITDA declined 25% to $427 million. Management said the 2025 comparison benefited from the Dukovany project, which produced an approximate US$170 million increase in Cameco's share of Westinghouse's second-quarter 2025 revenue.
The company narrowed 2026 uranium production guidance to between 19.5 million and 20.5 million pounds of U3O8 from between 19.5 million and 21.5 million pounds, and narrowed uranium sales/delivery guidance to 29.5 to 30.5 million pounds from 29 to 32 million pounds. It maintained its expectation for Fuel Services annual production of between 13 million and 14 million kgU. The balance sheet carried $860 million of cash and cash equivalents, $1.0 billion of total debt and a $1.0 billion undrawn revolving credit facility. The board also declared a 2026 annual dividend of $0.24 per common share.
Management, verbatim
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.
Tim Gitzel, Cameco’s CEO
We are encouraged by the increasing level of engagement we are seeing with customers as utilities continue to assess security of supply, fuel availability and future procurement needs.
Tim Gitzel, Cameco’s CEO
We will not advance production, commit capital or pursue growth simply in response to headlines, short-term price movements or market enthusiasm surrounding any single theme.
Tim Gitzel, Cameco’s CEO
Not in the filing
stated, not guessed- Prior-quarter comparisons for all reported metrics.
- GAAP or IFRS operating income.
- GAAP or IFRS gross margin.
- Free cash flow.
- Share repurchases.
- Numeric 2026 guidance for average unit cost of sales, direct administration costs and capital expenditures.
- Revenue, gross margin, operating expenses and tax-rate guidance.
- A separately provided previous-release outlook section for formal actual-versus-prior-guidance comparisons.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.