Cameco Q2: Net Income Drops 92% on Westinghouse Drag, but Uranium Prices Strengthen; Board Member Steps Down
CCJ sits 35% above its 52-week low of $68.96.
Summary
Cameco's Q2 2026 net earnings fell 92% year-over-year to $25 million, weighed down by a difficult Westinghouse comparison. The company lifted its 2026 uranium price guidance and disclosed the resignation of a board member.
Key Events · Earnings and Guidance · CCJ
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Q2 Earnings Drop on Westinghouse Comparison
Net earnings fell to $25M from $321M a year ago, driven by a $136M swing in Westinghouse equity earnings. Adjusted net earnings were $77M, down 75%.
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Uranium Price Outlook Raised
2026 average realized price guidance increased to $91.00-$96.00/lb (from $85.00-$89.00), reflecting higher spot prices and a stronger US dollar.
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Board Member Resignation
Dominique Minière stepped down from the board on July 26, 2026, to focus on other commitments. He chaired the Safety, Health and Environment Committee.
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Westinghouse Pipeline Expanded
Disclosed a pipeline of up to 91 AP1000 reactor opportunities and provided illustrative economics, signaling confidence in long-term nuclear demand.
Analysis · CCJ · Energy & Transportation
A 92% plunge in second-quarter net earnings to $25 million masks the underlying health of the business, as the decline stems largely from Westinghouse's tough comparison against a one-time Czech reactor gain in 2025. Adjusted EBITDA came in at $391 million, and the uranium price outlook was raised, underscoring the strength of core operations. Separately, the resignation of nuclear expert Dominique Minière from the board marks a governance change worth noting. The filing also expands on Westinghouse's AP1000 pipeline and economics, reinforcing the long-term growth narrative.
At the time of this filing, CCJ was trading at $93.01 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $38.4B. The 52-week trading range was $68.96 to $135.24. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.