Uranium producer Cameco misses Q2 profit estimates on lower volumes, Westinghouse contribution

Cameco

31/07/2026 11:44

Overview
Canada uranium producer's Q2 revenue fell 7% yr/yr, missing analyst expectations
Adjusted EPS for Q2 missed analyst expectations, down sharply from prior year
Lower results driven by reduced Westinghouse equity earnings and lower sales volumes

Outlook
Cameco expects 2026 uranium production between 19.5 mln and 21.5 mln lb (it's share)
Company maintains annual production guidance for uranium and fuel services despite recent disruptions
Cameco updates 2026 revenue and pricing outlook due to higher uranium spot prices and strong US dollar

Result Drivers
LOWER WESTINGHOUSE EARNINGS - Co said Q2 results were lower than last year mainly due to reduced equity earnings from Westinghouse, which had a one-time boost in 2025 from a Czech reactor project
LOWER SALES VOLUMES - Co attributed lower Q2 uranium and fuel services sales volumes to normal quarterly delivery variations and its contracting discipline
HIGHER REALIZED PRICES - Co said average realized prices for uranium and fuel services rose as market-related contract prices increased

Company press release: ID:nBw7w445ha

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Miss
C$814 mln
C$823.03 mln (4 Analysts)
Q2 Adjusted EPS
Miss
C$0.18
C$0.38 (10 Analysts)
Q2 EPS
 
C$0.06
 
Q2 Adjusted Net Income
 
C$77 mln
 
Q2 Net Income
 
C$25 mln
 
Q2 Basic EPS
 
C$0.06
 
Q2 Gross Profit
 
C$190 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 19 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the uranium peer group is "buy"
Wall Street's median 12-month price target for Cameco Corp is C$176.00, about 42.4% above its July 30 closing price of C$123.56
The stock recently traded at 56 times the next 12-month earnings vs. a P/E of 82 three months ago

Reuters Recommended Reads
July 30 - Canada's DPM Metals Q2 revenue beats on higher metal prices
July 29 - NextEra, Brookfield plan $100 billion data center at US uranium site in Kentucky
July 28 - Rio Tinto half-year adjusted net income beats estimates on higher gold prices and productivity improvements 

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)