EarningsQ2 2026 Earnings Report
MX:CCJN Q2 2026 EPS Results
Actual EPS$2.29
Consensus EPS$4.64
Beat/MissMissed by -$2.35
One Year Ago EPS$9.05
MX:CCJN Q2 2026 Revenue Results
Actual Revenue$10.37B
Expected Revenue$10.49B
Beat/MissMissed by -$121.39M
YoY Revenue Growth-7.21%
Earnings Announcement Details
QuarterQ2 2026
Date07/31/2026
TimeBefore Open
Conference CallFriday, July 31, 2026
MX:CCJN Upcoming Earnings
Cameco's next earnings date is estimated for October 30, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:CCJN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong market fundamentals (strengthening long-term uranium prices, improving realized prices, large secured contracting base >28M lb/yr), clear strategic positioning (Tier 1 assets, increased Cigar Lake ownership, Westinghouse pipeline) and constructive momentum on AP1000 financing. These positive drivers were tempered by temporary operational disruptions in Northern Saskatchewan, a YoY comparison drag from a 2025 Westinghouse payment, and modest cost guidance adjustments driven by FX. Overall, management maintained its 2026 production outlook and highlighted disciplined contracting and balance sheet strength.Company Guidance
Strong Strategic Positioning Across the Nuclear Fuel Cycle
Cameco is positioned with Tier 1 uranium assets, fuel services capabilities, strategic investments in Westinghouse and global laser enrichment, and long-term customer relationships—supporting long-term value creation and exposure across the full nuclear fuel cycle.
Robust Contracting Base — >28M lb/yr
Cameco has contracts in place for average annual deliveries of more than 28 million pounds of uranium per year over the next 5 years, demonstrating secured demand visibility and layering strategy.
2026 Production Outlook Unchanged (19.5–21.5M lb)
Company reiterated 2026 share of production guidance of 19.5 million to 21.5 million pounds of U3O8, indicating operational plan intact despite temporary disruptions.
Uranium Market Strength — Long-Term Price Momentum
Long-term uranium price strengthened to the mid-90s (USD) and management expects a move toward triple digits, with average realized prices improving in both the uranium and fuel services segments.
Westinghouse: Large AP1000 Pipeline and Financing Momentum
Westinghouse disclosed a 91-reactor AP1000 pipeline; U.S. DOE conditional commitment of USD 17.5 billion for AP1000 long-lead items (announced June 2026) could accelerate deployment. Management expects to progress to definitive agreements for DOE-related financing.
Westinghouse Project Economics and Revenue Profile
Management cited an expected Westinghouse share of project value of ~40%–45%; twin-pack (2-unit) total spend estimated at USD 20–26 billion per pair; Westinghouse-level normalized adjusted EBITDA ~20%; initial projects capture ~50% of revenue in first 5 years with faster recognition at end-of-a-kind.
Increase in Ownership of Cigar Lake
Cameco closed an agreement during the quarter to increase its ownership interest in the high-grade Cigar Lake mine, reinforcing commitment to Tier 1 assets.
Improved Contracting Dynamics (Floors & Ceilings)
Market-related contract collars are moving up: examples cited where floors are in the high-$70s (escalated) and ceilings around $160 (escalated), reflecting improved term pricing dynamics.
MX:CCJN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed