Cameco Reports Third-Quarter Results as Nuclear Energy Fundamentals Strengthen
Cameco Corporation (TSX: CCO; NYSE: CCJ) reported financial and operating results for the third quarter ended September 30, 2026. The company said year-to-date performance was as expected, nuclear energy fundamentals continue to strengthen and its disciplined strategy supports long-term value creation. Cameco also declared an annual dividend.
Third-quarter net earnings were $43 million, adjusted net loss was $2 million and adjusted EBITDA was $267 million. For the first nine months of 2026, Cameco recorded net earnings of $199 million, adjusted net earnings of $279 million and adjusted EBITDA of $1.2 billion. Results were generally lower than in 2025, mainly due to reduced Westinghouse equity earnings, lower sales volumes and higher average unit costs of sales, partly offset by higher realized prices.
CEO Tim Gitzel said several significant items affected year-over-year comparisons. A longer-than-usual maintenance shutdown began at the Key Lake mill during the third quarter. Work includes installing new infrastructure and repairing major facilities to support operational flexibility and sustainable production. The extended outage reduced production and increased costs, while commissioning of the new infrastructure is underway. The outage was planned to be longer than in previous years because of the scale of the work. Work is intended to support reliable, sustainable mill operations.
Westinghouse earnings also influenced comparisons. In 2025, the company received a significant payment related to the Dukovany nuclear project in the Czech Republic, increasing Cameco’s share of Westinghouse revenue in the second quarter by approximately US$170 million. This contributed to lower equity earnings during the first nine months of 2026.
Cameco said nuclear energy fundamentals remain strong despite inflation and market volatility. Operating reactors worldwide continue to require fuel, while fuel-cycle capacity remains constrained in parts of the Western market. Utilities are reviewing long-term fuel requirements amid geopolitical uncertainty and increased focus on security of supply.
Gitzel said customer engagement is increasing as utilities assess fuel availability, security and future procurement. Cameco’s contract portfolio provides visibility into demand and informs supply and investment decisions.
Cameco’s strategy emphasizes disciplined contracting, production planning and financial management. Capital and operating decisions will reflect customer commitments and risk-adjusted returns, not short-term prices. Its Westinghouse investment adds exposure to reactor services, operating plants and potential new-build projects.
AI, data centres and technology could add to electricity demand, but Cameco’s outlook also reflects existing reactors, life extensions, restarts, committed new construction, energy security and replacement of declining supply.
At September 30, Cameco had $860 million in cash, $1.0 billion in debt and an undrawn $1.0 billion revolving credit facility. The board declared a 2026 dividend of $0.24 per share, payable December 15 to shareholders of record November 30. The board regularly reviews the dividend against cash flow, financial position, strategy and the cyclical nature of earnings.
Uranium third-quarter earnings before taxes were $175 million and adjusted EBITDA was $179 million, compared with $172 million and $220 million in 2025. Nine-month figures were $703 million and $855 million, versus $681 million and $862 million. Cameco cited delivery variations and lower planned sales volumes.
Fuel Services third-quarter earnings before taxes were $13 million and adjusted EBITDA was $24 million, compared with $17 million and $25 million a year earlier. Nine-month figures were $87 million and $120 million, down from $129 million and $158 million, reflecting changes in product mix.
Westinghouse’s third-quarter net loss attributable to Cameco was $24 million, compared with a $32 million loss in 2025. Its nine-month share was a net loss of $80 million, versus earnings of $32 million. C
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