Cameco earnings date and guidance

Cameco's next results are expected on October 30, 2026. Watch Cameco's production, purchases, inventory and unit costs at the next results update.

What has Cameco guided for 2026?

For 2026, Cameco expects its owned and operated uranium properties to produce 19.5–21.5 million pounds. It expects to deliver 29–32 million pounds to utilities, the electricity companies that operate reactors. The gap is deliberate: Cameco combines mine output with inventory, committed purchases and market purchases.

Westinghouse, Cameco’s 49%-owned nuclear-fuel business, adds another kind of forecast. It expects adjusted EBITDA of US$370–430 million but a net loss of US$10–75 million. EBITDA excludes interest, taxes, depreciation and amortization. The adjusted version removes further specified items, while net income includes financing costs and accounting charges. Purchase accounting can also raise the recorded cost of acquired inventory when Westinghouse sells it, reducing reported earnings without creating the same-year cash payment.

Did Cameco keep its past promises?

Operating delivery provides the clearest test. Management first forecast 18 million pounds from McArthur River/Key Lake in 2025. Delayed development and ground freezing forced a reduction to 14–15 million pounds. Actual production was 15.1 million pounds, so the revised range was met while the original promise was missed materially.

What do Cameco's last eight quarters show?

June 2026 was weaker, but the collapse in net income exaggerated the deterioration in the uranium business.

Revenue and gross margin fell, and operating income declined. Those changes show genuine pressure from lower planned deliveries, customer timing, purchased pounds and fixed costs spread over less output.