Cameco net earnings rise to 131 million Canadian dollars
The uranium provider reported net earnings of 130.75 million Canadian dollars for the first quarter ended March 31, 2026
Cameco Corporation (CCJ), a global provider of uranium for baseload electricity, reported net earnings of 130.75 million Canadian dollars for the first quarter ended March 31, 2026. This figure rose from 69.75 million Canadian dollars in the same period in 2025. Basic and diluted earnings per common share attributable to equity holders were 0.30 a share, compared to 0.16 a share in the prior-year period.
Revenue from products and services rose to 845.37 million Canadian dollars from 789.43 million Canadian dollars. The company said results remained consistent with annual expectations across its uranium, fuel services, and Westinghouse segments.
Performance in the fuel services segment saw a slight decline in revenue to 134 million Canadian dollars from 135 million Canadian dollars. The company attributed this to a 14% decrease in average realized price, which was offset by a 17% increase in sales volumes. Average unit cost of sales in this segment rose 16% to 32.36 Canadian dollars per kgU. Fuel services produced 3.3 million kgU in the first quarter, a 15% decrease from the first quarter of 2025.
In the Westinghouse segment, the company's share of revenue rose 13% to 868 million Canadian dollars. Adjusted EBITDA for the segment increased 33% to 122 million Canadian dollars. The segment reported a net loss of 46 million Canadian dollars, an improvement from a 62 million Canadian dollar loss in the prior-year period.
Operating expenses were impacted by a rise in administration costs to 122.46 million Canadian dollars from 58.82 million Canadian dollars. The company also expensed 16.62 million Canadian dollars in care and maintenance costs during the quarter, compared to 13.71 million Canadian dollars in the first quarter of 2025.
Cash and cash equivalents stood at 1.08 billion Canadian dollars as of March 31, 2026, down from 1.11 billion Canadian dollars at the end of 2025. Net cash used in operations was 22.28 million Canadian dollars for the quarter, compared to net cash provided by operations of 110.19 million Canadian dollars in the first quarter of 2025.
Cameco said its annual guidance remains unchanged. The company is preparing for an extended third quarter maintenance shutdown at the Key Lake mill to install new infrastructure to enhance future supply flexibility.