Key Highlights

● Second-quarter revenue fell 7% to C$814 million from C$877 million.

● Adjusted net earnings were C$77 million, or C$0.18 per share, against C$0.71.

● Westinghouse recorded a net loss of C$10 million attributable to Cameco in the quarter.

● Cameco kept 2026 uranium production guidance at 19.5 to 21.5 million pounds.

Cameco Corporation (NYSE:CCJ) is a Saskatchewan-based nuclear fuel company. It mines uranium at McArthur River, Key Lake and Cigar Lake in northern Saskatchewan, holds an interest in the Inkai joint venture in Kazakhstan, provides fuel conversion services and owns a 49% interest in Westinghouse Electric Company with Brookfield. Its shares trade on the Toronto and New York stock exchanges.

Cameco is a Canadian issuer reporting under IFRS in Canadian dollars. The S&P 500, the main US large-cap benchmark, provides a reference point for a company of this scale.

Latest reported results

Cameco reported second-quarter 2026 results on July 31, 2026. Revenue was C$814 million, down 7% from C$877 million a year earlier, while net earnings attributable to equity holders fell to C$25 million, or C$0.06 per share, from C$321 million, or C$0.74. Adjusted net earnings were C$77 million, or C$0.18 per share, against C$0.71. Adjusted EBITDA was C$391 million. First-half revenue of C$1,659 million was roughly flat on the prior year.

The company attributed the decline to lower Westinghouse equity earnings, lower planned sales deliveries in 2026 and normal quarterly variability. Westinghouse recorded a net loss of C$10 million attributable to Cameco in the quarter, compared with earnings of C$126 million a year earlier. Q2 average realized uranium price was US$67.79 per pound. The release also states that contracts are in place for average annual deliveries of over 28 million pounds of U3O8 over the next five years.

Production, guidance and balance sheet

Second-quarter packaged production was 3.3 million pounds at McArthur River and Key Lake on a 100% basis (2.3 million pounds Cameco's share) and 2.9 million pounds at Cigar Lake (1.6 million pounds Cameco's share). Management left 2026 uranium production guidance unchanged at 19.5 to 21.5 million pounds on Cameco's share, despite unplanned disruptions at Key Lake and McArthur River during the quarter and at Cigar Lake after quarter end. Revenue and price outlooks were raised for a higher spot price and a revised exchange rate assumption. These are management expectations.

At June 30, 2026 Cameco held C$1.1 billion in cash, C$1.0 billion in total debt and an undrawn C$1.0 billion revolving credit facility. It received US$124 million, net of withholdings, as a dividend from the Inkai joint venture.

Dividend

Cameco pays an annual dividend. Its dividend page shows C$0.24 per common share declared on November 5, 2025, with a record date of December 1, 2025 and payment on December 16, 2025. The page does not state the currency.

With adjusted earnings of C$0.65 per share in the first half, the dividend is small relative to earnings.

Uranium Prices and Remote-Site Reliability

Cameco's results depend on uranium prices, contract timing, operational reliability in remote northern Saskatchewan, logistics, and the performance of Westinghouse, whose earnings can be lumpy. The company cited spring road conditions and flooding as having disrupted supply routes, and a director resigned effective July 26, 2026. Currency movements also affect Canadian dollar results. Management's release cites supportive nuclear policy, though outcomes remain uncertain.