Canada's Cameco Q1 adjusted EPS beats higher uranium volumes and prices

Cameco

05/05/2026 11:43

Overview

Canada uranium producer's Q1 revenue rose 7% yr/yr but missed analyst expectations

Adjusted EPS for Q1 beat analyst expectations

Company cites higher uranium sales volumes and realized prices as drivers of improved results

Outlook

Cameco maintains its 2026 annual guidance unchanged

Company expects 2026 uranium production of 19.5-21.5 mln lb (its share)

Cameco expects 2026 fuel services production of 13-14 mln kgU

Result Drivers

URANIUM SALES VOLUMES - Higher uranium sales volumes contributed to improved Q1 results

REALIZED URANIUM PRICES - Average realized uranium prices continued to improve, supporting segment profit

WESTINGHOUSE CONTRIBUTION - Improved equity earnings from Westinghouse investment aided quarterly performance

Company press release: ID:nBw2q56Ya

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Miss
C$845 mln
C$856.89 mln (3 Analysts)
Q1 Adjusted EPS
Beat
C$0.47
C$0.38 (11 Analysts)
Q1 EPS
C$0.30
Q1 Adjusted Net Income
C$203 mln
Q1 Net Income
C$131 mln
Q1 Basic EPS
C$0.30
Q1 Gross Profit
C$302 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 18 "strong buy" or "buy", 2 "hold" and 1 "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$178.01, about 10.4% above its May 4 closing price of C$161.22

The stock recently traded at 84 times the next 12-month earnings vs. a P/E of 85 three months ago

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.)