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

• Lower Westinghouse earnings - Cameco said second-quarter 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 - The company attributed lower second-quarter uranium and fuel services sales volumes to normal quarterly delivery variations and its contracting discipline.
• Higher realized prices - Cameco said average realized prices for uranium and fuel services rose as market-related contract prices increased.

Cameco expects 2026 uranium production between 19.5 million and 21.5 million pounds, its share. The company maintained annual production guidance for uranium and fuel services despite recent disruptions.

Cameco also updated its 2026 revenue and pricing outlook due to higher uranium spot prices and a strong U.S. dollar.

Canada uranium producer Cameco said second-quarter revenue fell 7% year over year, missing analyst expectations. Adjusted earnings per share for the quarter also missed analyst estimates and fell sharply from the prior year.

The company said the lower results were driven by reduced Westinghouse equity earnings and lower sales volumes.