Cameco (NYSE:CCJ) Releases Quarterly Earnings Results, Misses Expectations By $0.13 EPS

Key Points

• Cameco missed quarterly earnings expectations: EPS was $0.13 versus the $0.26 analyst consensus, while revenue of $573.1 million was slightly below estimates and fell 6.8% year over year.
• 2026 production guidance remained unchanged at 19.5–21.5 million pounds of U₃O₈, despite temporary mine disruptions. Cameco said strengthening long-term uranium prices and nuclear-power demand support its outlook.
• Shares declined 2.4% to $86.11 following the results, even as the company highlighted growth opportunities through Westinghouse, including its potential IPO and pipeline of 91 AP1000 reactors.

Cameco (NYSE:CCJ - Get Free Report) TSE: CCO posted its quarterly earnings data on Friday. The basic materials company reported $0.13 earnings per share for the quarter, missing analysts' consensus estimates of $0.26 by ($0.13), Zacks reports. Cameco had a net margin of 18.38% and a return on equity of 11.05%. The company had revenue of $573.06 million during the quarter, compared to analyst estimates of $579.58 million. During the same quarter in the previous year, the company earned $0.71 earnings per share. The business's revenue for the quarter was down 6.8% on a year-over-year basis.

Here are the key takeaways from Cameco's conference call:

• 2026 production guidance remains unchanged at Cameco’s share of 19.5–21.5 million pounds of U₃O₈, despite temporary disruptions at Key Lake, McArthur River, and Cigar Lake.
• Uranium market conditions continued to strengthen, with long-term prices reaching decade highs and realized uranium and fuel-services prices improving. Cameco said it remains disciplined and selective, increasing contracting only where pricing and downside protection support long-term value.
• Second-quarter and first-half financial results were below the prior year, primarily because 2025 included a significant Westinghouse payment tied to the Dukovany reactor project. Cost guidance was also raised modestly, mainly due to foreign-exchange effects on purchases.
• Westinghouse disclosed a pipeline of 91 potential AP1000 reactors and is advancing definitive agreements related to the U.S. Department of Energy’s $17.5 billion conditional commitment to support long-lead-item procurement, which could accelerate U.S. nuclear deployment.
• Cameco highlighted its increased ownership in the high-grade Cigar Lake mine and strategic exposure to the nuclear fuel cycle through Westinghouse and Global Laser Enrichment, positioning the company to benefit from rising demand for nuclear power and fuel security.

Cameco Stock Down 2.4%

Shares of NYSE:CCJ traded down $2.12 during midday trading on Friday, hitting $86.11. 5,594,015 shares of the company's stock were exchanged, compared to its average volume of 3,632,703. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.08 and a quick ratio of 2.09. Cameco has a 12 month low of $68.96 and a 12 month high of $135.24. The company has a market cap of $37.50 billion, a PE ratio of 79.73, a price-to-earnings-growth ratio of 1.39 and a beta of 1.02. The stock has a 50 day moving average price of $99.45 and a 200-day moving average price of $109.91.

Hedge Funds Weigh In On Cameco

A number of hedge funds have recently added to or reduced their stakes in the stock. Morgan Stanley lifted its holdings in shares of Cameco by 7.0% in the fourth quarter. Morgan Stanley now owns 4,978,333 shares of the basic materials company's stock valued at $455,468,000 after purchasing an additional 323,693 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Cameco by 7.4% during the fourth quarter. The Manufacturers Life Insurance Company now owns 2,911,918 shares of the basic materials company's stock worth $267,181,000 after buying an additional 200,561 shares in the last quarter. Progeny 3 Inc. raised its position in Cameco by 5.4% in the 2nd quarter. Progeny 3 Inc. now owns 2,442,732 shares of the basic materials company's stock valued at $181,324,000 after buying an additional 124,600 shares during the last quarter. Amundi lifted its stake in Cameco by 5.9% during the 4th quarter. Amundi now owns 2,349,070 shares of the basic materials company's stock valued at $214,916,000 after acquiring an additional 130,436 shares in the last quarter. Finally, Marshall Wace LLP lifted its stake in Cameco by 7,481.3% during the 4th quarter. Marshall Wace LLP now owns 1,752,571 shares of the basic materials company's stock valued at $160,343,000 after acquiring an additional 1,729,454 shares in the last quarter. Institutional investors and hedge funds own 70.21% of the company's stock.

Key Headlines Impacting Cameco

Here are the key news stories impacting Cameco this week:

• Positive Sentiment: Westinghouse IPO could unlock value: Westinghouse, the nuclear-services venture backed by Cameco and Brookfield, confidentially submitted a draft registration statement for a proposed initial public offering. The transaction could highlight the value of Cameco’s nuclear-fuel-cycle investments and potentially provide capital for growth. Cameco Announces Westinghouse IPO Filing
• Positive Sentiment: Long-term nuclear outlook remains favorable: Cameco said its production outlook is unchanged and cited growing government and utility support for nuclear power as a factor supporting stronger uranium prices over time. Its positioning across uranium mining, fuel processing and Westinghouse gives the company exposure to multiple parts of the nuclear-energy supply chain. Cameco Second-Quarter Results
• Neutral Sentiment: Revenue guidance broadly aligns with estimates: Cameco issued 2026 revenue guidance of approximately $2.4 billion to $2.6 billion, compared with consensus near $2.4 billion. The range offers some upside potential but did not provide a clear positive earnings catalyst.
• Negative Sentiment: Second-quarter earnings missed forecasts: Cameco reported quarterly EPS below the analyst consensus—approximately $0.13 to $0.18 per share, depending on the reporting measure, versus estimates around $0.25 to $0.26. Earnings were also sharply below the prior-year period, while revenue declined 6.8% year over year. Cameco Earnings Report
• Negative Sentiment: Bearish options activity increased: Traders purchased 26,363 put options, about 28% above the average volume. This points to heightened demand for downside protection or bearish speculation, adding pressure to sentiment, though it is not conclusive evidence of future performance.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. William Blair began coverage on Cameco in a research report on Monday, April 20th. They issued an "outperform" rating for the company. Sanford C. Bernstein reiterated an "outperform" rating and set a $135.00 price objective on shares of Cameco in a report on Monday, June 15th. Scotiabank restated an "outperform" rating and issued a $175.00 target price on shares of Cameco in a research note on Wednesday, May 6th. Royal Bank Of Canada boosted their target price on Cameco from $160.00 to $175.00 and gave the company an "outperform" rating in a research report on Monday, June 29th. Finally, Truist Financial assumed coverage on Cameco in a report on Monday, July 13th. They issued a "buy" rating and a $129.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Cameco currently has an average rating of "Moderate Buy" and a consensus price target of $146.18.

Cameco Company Profile

Cameco Corporation NYSE: CCJ is a leading producer of uranium and a supplier to the global nuclear power industry. Headquartered in Saskatoon, Saskatchewan, Canada, the company is engaged in the exploration, mining, milling and sale of uranium concentrate, commonly known as yellowcake, which is used as fuel for nuclear reactors. Cameco also participates in services and activities that support the front end of the nuclear fuel cycle, including processing and marketing of uranium to utilities under long‑term and spot contracts.

The company's operations have historically centered in Canada and the United States, where it operates and develops uranium mining and processing properties.

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