Cameco (CCJN) Q3 2026 Earnings Report
MX:CCJN Q3 2026 EPS Results
- Actual EPS
- -MXN 0.07
- Consensus EPS
- MXN 4.34
- Beat/Miss
- Missed by -MXN 4.41
- One Year Ago EPS
- MXN 0.94
MX:CCJN Q3 2026 Revenue Results
- Actual Revenue
- MXN 8.32B
- Expected Revenue
- MXN 10.18B
- Beat/Miss
- Missed by -MXN 1.85B
- YoY Revenue Growth
- +0.73%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/30/2026
- Time
- Before Open
- Conference Call
- Friday, October 30, 2026
Cameco's next earnings date is estimated for February 12, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was predominantly positive. Management acknowledged lower year-over-year results, the Key Lake outage, higher costs, tightened operating guidance, below-replacement uranium contracting, and execution risks across new supply and nuclear construction. However, these issues were presented as expected or manageable within a disciplined strategy, while management emphasized strong nuclear demand fundamentals, favorable uranium and conversion-market pricing, a diversified operating platform, substantial financial flexibility, and significant long-term nuclear new-build opportunities.
Cameco narrowed its 2026 guidance for its share of uranium production from Cigar Lake and McArthur River/Key Lake to between 19.5 million and 20.5 million pounds and tightened expected annual uranium deliveries to between 29.5 million and 30.5 million pounds; financial guidance included increased direct admin costs, higher average unit costs of sales, and lowered expected CapEx spend for the year due to certain mining and fuel services projects and work being pushed beyond the end of the 2026 calendar year. The Board declared a 2026 annual dividend of CAD 0.24 per common share, while management said the company is still about 30% below its full licensed permitted production levels if all of its assets were running at full production, does not have a plan yet to flex JV Inkai 20% above its subsoil use, and its Rabbit Lake mine and mill and U.S. mines remain in care and maintenance.
- Nuclear Demand Fundamentals Remain StrongManagement said the nuclear investment thesis is underpinned by the existing reactor fleet, long-term utility fuel requirements, tight Western fuel-cycle capacity, energy-security priorities, and the need to replace depleting and geopolitically constrained supply. Life extensions, restarts, uprates, and new reactors under construction are adding requirements to the established demand base.
- Diversified Nuclear Platform and Established Operating AssetsCameco highlighted its Tier 1, long-life uranium assets; refining, conversion, and fuel-fabrication capacity; long-term customer commitments; enrichment exposure through Global Laser Enrichment; and reactor services and new-build exposure through Westinghouse. Management emphasized that the company operates established businesses across the nuclear fuel cycle rather than a portfolio of undeveloped concepts.
- Strong Nuclear New-Build OpportunityManagement described itself as fully optimistic about nuclear new build and cited increased interest from the U.S., Korea, Canada, Japan, and other jurisdictions. A Korea framework agreement anticipates up to eight gigawatt-scale reactors, including six AP1000s and two APR1400s. Management also said the AP1000 is licensed, construction-ready, and operating today.
- Long-Lead-Item Program Could Accelerate Reactor ConstructionManagement said the U.S. Department of Energy long-lead-item program could allow reactor pressure vessels, steam generators, reactor coolant pumps, instrumentation and control modules, structural module plates, and steel work to be ordered before final investment decisions. The program could shrink supply-chain timeframes from a two to four year window to a one to three year window.
- Constructive Uranium Contracting MarketManagement said long-term uranium prices have reset significantly despite the market not yet reaching replacement-rate contracting. Current discussions include floors in the mid to high 70s escalated, ceilings touching $160 escalated, and three-digit U.S. dollar uranium prices for the base escalated portion that Cameco is willing to fix.
- Disciplined Contracting Strategy Supports PricingCameco said it remains disciplined on accepting contract terms and will step back from the market when terms do not make sense. Management said the company will not chase volume and will instead demand value, with sales reflecting the health of the market.
- Large Long-Term Customer CommitmentsManagement noted that Bruce Power buys 100% of its uranium requirements from Cameco under a contract lasting until 2040, with an evergreen structure. It also said long-term contracting in the market has reached 100 million pounds or close to 120 million pounds in recent years.
- Strong Financial Position and Capital FlexibilityManagement agreed that Cameco is in an incredibly strong financial position, with essentially zero net debt and a strong free-cash-flow profile. It said this position provides growth, investment, and return-of-capital options while supporting financial discipline.
- Dividend Doubled Ahead of PlanCameco achieved its planned doubling of the dividend from CAD 0.12 per share in 2023 to CAD 0.24 per share a year early, paying CAD 0.24 per share in 2025. The Board declared a 2026 annual dividend of CAD 0.24 per common share.
- Key Lake Mill Modernization and Long-Term Asset InvestmentThe longer planned Key Lake outage included larger projects intended to support asset flexibility and sustainable long-term operations. Management described revitalizing Key Lake as a countercyclical investment and said the mill should be viewed as an in-perpetuity asset that can support McArthur River and future replacement resources.
- Significant Production Capacity Remains AvailableManagement said Cameco is operating about 30% below its full licensed and permitted production levels if all assets were running at full production, supporting its stated ability to retain production and supply flexibility.
- Supply Scarcity Supports Future PricingManagement said depletion is occurring in large uranium assets, projects returning to the market are struggling with budgets and timeframes, and secondary supplies that historically served as a stopgap are no longer available to the same extent. It said higher prices are needed to convert resources into reserves, expand brownfield production, and incentivize greenfield projects.
- Conversion Market Expected to Remain StrongManagement expects conversion prices to remain strong because of market constraints. It said conversion investment decisions are driven by policy and market-access certainty, long-term utility contracts, and contract-supported production decisions rather than forecasts alone.
- Experienced Executive Succession PlanCFO Heidi Shockey plans to retire at the end of the first quarter of 2027 after more than 20 years at Cameco. Leah Hipperson will become Senior Vice President and CFO effective January 1, 2027, and Jill Johnson will become Vice President and Treasurer.
MX:CCJN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 12, 2027 | 2026 (Q4) | 6.24- | 6.72 | ― | ― |
| Oct 30, 2026 | 2026 (Q3) | 4.34-0.07 | 0.94 | -107.14% (-1.01) | |
| Jul 31, 2026 | 2026 (Q2) | 4.892.42 | 9.54 | -74.65% (-7.12) | |
| May 05, 2026 | 2026 (Q1) | 4.606.32 | 2.15 | 193.75% (+4.17) | |
| Feb 13, 2026 | 2025 (Q4) | 5.976.72 | 4.84 | 38.89% (+1.88) | |
| Nov 04, 2025 | 2025 (Q3) | 3.710.94 | -0.13 | 800.00% (+1.08) | |
| Jul 31, 2025 | 2025 (Q2) | 6.869.54 | 1.88 | 407.14% (+7.66) | |
| May 01, 2025 | 2025 (Q1) | 2.492.15 | 1.75 | 23.08% (+0.40) | |
| Feb 20, 2025 | 2024 (Q4) | 4.484.84 | 2.82 | 71.43% (+2.02) | |
| Nov 07, 2024 | 2024 (Q3) | 3.45-0.13 | 4.3 | -103.13% (-4.44) |
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.