Cameco (CCO) Q3 2026 earnings summary

Executive summary

• Q3 was described as solid and consistent with annual expectations, while Q3 and 9M results were generally lower YoY due to lower Westinghouse equity earnings, lower sales volumes and higher average unit costs, partly offset by higher realized prices.

• Strategy remains focused on disciplined, contract-led production and capital allocation, with investment across uranium, fuel services and reactor services.

Financial highlights

• Q3 revenue was $619M, up 1% YoY; gross profit was $122M, down 28%, and net earnings attributable to equity holders were $43M.

• Q3 adjusted net loss was $2M versus adjusted net earnings of $32M in 2025; adjusted EBITDA was $267M, down 14% YoY.

• 9M revenue was $2.278B versus $2.281B; net earnings were $199M, down 49%, adjusted net earnings were $279M, down 32%, and adjusted EBITDA was $1.166B, down 13%.

• Cash provided by operations was $3M in Q3 and $112M for 9M, versus $156M and $731M in 2025, respectively.

• At September 30, cash and cash equivalents were $860M, debt was $1.0B and the undrawn revolving credit facility was $1.0B.

Outlook and guidance

• 2026 uranium production guidance narrowed to 19.5–20.5M lb from 19.5–21.5M lb; delivery guidance narrowed to 29.5–30.5M lb from 29–32M lb.

• 2026 Fuel Services production and delivery outlooks are each 13–14M kgU.

• Inkai remains on track for 10.4M lb U3O8 production on a 100% basis in 2026; purchase allocation is expected to be 4.2M lb.

• Direct administrative costs and expected average unit costs of sales were raised; 2026 CapEx guidance was lowered as work moved beyond year-end.

• Production and investment decisions remain tied to customer commitments, market signals and full-cycle returns.