Results / Uranium & Nuclear /
Cameco's Q2 realized price rises 18% while production falls 15%
Second-quarter revenue of C$814 million and adjusted EBITDA of C$391 million came in below a year earlier on lower volumes; full-year production guidance of 19.5–21.5 million pounds was held, and Westinghouse filed a confidential draft S-1 the same day.
Cameco reported second-quarter 2026 revenue of C$814 million, down from C$877 million a year earlier, with net earnings of C$25 million against C$321 million and adjusted EBITDA (management's non-IFRS measure) of C$391 million against C$673 million [1]. The uranium segment produced 3.9 million pounds, 15% less than in the second quarter of 2025, after spring road conditions disrupted supply routes to the northern Saskatchewan mines, and delivered 7.1 million pounds, 18% fewer [1][5].
The price went the other way. The average realized price rose 18% to US$67.79 a pound (C$93.13), still below the UxC spot price of US$85.00 and long-term indicator of US$95.50 at June 30 [1][2]. Full-year production guidance of 19.5 million to 21.5 million pounds (Cameco's share) was unchanged, and the MD&A raised the 2026 realized-price outlook to C$91.00 to C$96.00 a pound and consolidated revenue to C$3,320 million to C$3,570 million, with cash of C$1.1 billion and debt of C$1.0 billion at quarter end [2].
Separately, Cameco said Westinghouse, in which it holds a 49% equity-accounted interest alongside Brookfield [4], had confidentially submitted a draft Form S-1 to the SEC for a proposed initial public offering; the share count and price range were not set [3].
A U.S. holder should read the quarter as volume noise and price signal: deliveries are lumpy by contract schedule, while the realized price climbing toward spot is the contract book repricing, slowly, as it was designed to.
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1
Cameco reports second quarter results: year-to-date performance on track; production outlook unchanged (news release PDF)
Revenue C$814M vs C$877M; net earnings C$25M vs C$321M; adjusted net earnings C$77M; adjusted EBITDA C$391M vs C$673M; cash from operations C$131M; uranium production 3.9M lb (−15%), sales 7.1M lb (−18%), realized US$67.79/lb (+18%), C$93.13/lb; uranium revenue C$659M; fuel services revenue C$152M.
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2
Management's discussion and analysis for the quarter ended June 30, 2026
2026 outlook: production 19.5–21.5M lb; deliveries 29–32M lb; revenue C$3,320–3,570M; realized price C$91.00–96.00/lb; unit cost C$63.00–67.50/lb; cash C$1.1B, debt C$1.0B; UxC spot US$85.00 and long-term US$95.50 at June 30, 2026.
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3
Cameco Announces Westinghouse's Confidential Submission of Draft Registration Statement for Proposed Initial Public Offering
Draft Form S-1 submitted confidentially to the SEC; share count and price range not set.
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4
Westinghouse
49% equity-accounted interest; Brookfield 51%.
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5
Cameco Reports 2026 Second Quarter Results
Web version of the release: 'uranium production was impacted by challenging spring road conditions along our northern Saskatchewan supply routes'; annual production outlook unchanged.
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