Cameco's strong Q1 beat across revenue, earnings, and EBITDA with maintained guidance signals operational momentum in a rising uranium price environment. The extended Key Lake mill shutdown in Q3 may create a near-term production gap, but the company's inventory position and product loan facilities provide buffer. Watch for continued long-term contracting momentum and Westinghouse's ability to convert AP1000 interest into revenue. The $1.1B cash position and undrawn revolver provide financial flexibility for strategic moves or capital returns.
Price Chart
Executive Summary
Cameco reported Q1 2026 results with net earnings of $131M (up 87% YoY), adjusted net earnings of $203M (up >100%), and adjusted EBITDA of $509M (up 44%). Revenue grew 7% to $845M driven by higher uranium sales volumes and improved realized prices, partially offset by lower fuel services revenue. The company maintained its 2026 guidance across all segments and highlighted a strong balance sheet with $1.1B cash and $1.0B undrawn credit facility. The uranium segment saw earnings before taxes rise 58% to $358M, while fuel services earnings fell 35% to $44M. Westinghouse contributed $122M in adjusted EBITDA (up 33%).
Key Facts
- Q1 2026 net earnings attributable to equity holders: $131M vs $70M in Q1 2025 (+87%)
- Adjusted net earnings: $203M vs $70M in Q1 2025 (+190%)
- Adjusted EBITDA: $509M vs $353M in Q1 2025 (+44%)
- Revenue: $845M vs $789M in Q1 2025 (+7%)
- Uranium segment earnings before taxes: $358M vs $227M in Q1 2025 (+58%)
- Uranium sales volume: 7.8M lbs vs 6.9M lbs in Q1 2025 (+13%)
- Uranium average realized price: US$66.21/lb vs US$62.55/lb in Q1 2025 (+6%)
- Fuel services earnings before taxes: $44M vs $68M in Q1 2025 (-35%)
- Fuel services average realized price: $48.53/kgU vs $56.64/kgU in Q1 2025 (-14%)
- Westinghouse adjusted EBITDA (Cameco share): $122M vs $92M in Q1 2025 (+33%)
- Cash, cash equivalents and short-term investments: $1.1B at March 31, 2026
- Total debt: $1.0B with $1.0B undrawn revolving credit facility
- 2026 guidance unchanged: uranium production 19.5-21.5M lbs, fuel services 13-14M kgU, Westinghouse adjusted EBITDA US$370M-US$430M
- Uranium inventory: 9.1M lbs at average cost of $50.24/lb
- JV Inkai dividend received post-quarter: US$124M net of withholdings
- Average uranium spot price at quarter end: US$84.25/lb, long-term price: US$91.50/lb
Financial Impact
Q1 2026 net earnings increased $61M YoY to $131M; adjusted EBITDA increased $156M to $509M. Revenue grew $56M to $845M. Uranium segment gross profit increased $56M to $259M. Fuel services gross profit decreased $23M to $45M.
Risk Factors
- Extended Key Lake mill maintenance shutdown in Q3 could reduce operational capacity and expected production levels
- Fuel services segment showing declining average realized prices (-14% YoY) and margins (-29% YoY)
- Westinghouse reported a net loss of $46M (Cameco share) despite improved adjusted EBITDA
- Ongoing CRA transfer pricing dispute with $559M in cash and letters of credit held as security
- Geopolitical risks including transportation disruptions for JV Inkai production from Kazakhstan
- Potential US tariffs on Canadian uranium products could impact financial results
- Cash flow from operations was negative $22M in Q1 vs positive $110M in Q1 2025 due to higher working capital and tax payments
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-205080 |
| Document: d103546dex993.htm | 0001193125-26-205080 |
| Document: d103546dex991.htm | 0001193125-26-205080 |
| Document: d103546dex994.htm | 0001193125-26-205080 |
| Document: d103546dex995.htm | 0001193125-26-205080 |
| Document: d103546d6k.htm | 0001193125-26-205080 |
| Document: 0001193125-26-205080-index-headers.html | 0001193125-26-205080 |
| Document: 0001193125-26-205080-index.html | 0001193125-26-205080 |
| Document: 0001193125-26-205080.txt | 0001193125-26-205080 |
Filters
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|---|---|---|---|---|---|
Jul 31, 2026 9w ago | 6-K | $86.38 $100.01 | ▲ +15.78% | ▲ +12.79% | $85.18 (−1.39%) |
Jul 15, 2026 11w ago | 6-K | $90.98 $99.03 | ▲ +8.85% | ▲ +6.51% | $85.18 (−6.38%) |
Jul 6, 2026 12w ago | 6-K | $97.50 $86.38 | ▼ −11.41% | ▼ −10.84% | $85.18 (−12.64%) |
Jul 2, 2026 13w ago | 6-K | $96.54 $88.23 | ▲ +8.61% | ▲ +8.19% | $85.18 (+11.77%) |
Jun 1, 2026 17w ago | 6-K | $120.51 $97.39 | ▼ −19.19% | ▼ −17.62% | $85.18 (−29.32%) |
May 28, 2026 18w ago | 6-K | $110.63 $104.49 | ▼ −5.55% | ▼ −2.41% | $85.18 (−23.00%) |
May 11, 2026 20w ago | 6-K | $120.14 $102.27 | ▲ +14.87% | ▲ +14.57% | $85.18 (+29.10%) |
May 8, 2026 21w ago | 6-K | $116.75 $103.44 | ▼ −11.40% | ▼ −11.42% | $85.18 (−27.04%) |
May 5, 2026 21w ago | 6-K | $114.46 $120.51 | ▲ +5.29% | ▲ +0.33% | $85.18 (−25.58%) |
Apr 2, 2026 26w ago | 6-K | $112.57 $123.04 | ▲ +9.30% | ▼ −0.58% | $85.18 (−24.33%) |
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