Cameco Net Earnings Fall to 25.2 Million Canadian Dollars
The uranium provider reported a second-quarter net earnings of 25.2 million Canadian dollars compared to 320.9 million Canadian dollars in the prior-year period
Cameco Corporation (CCJ), a provider of uranium for baseload electricity, reported net earnings of 25.2 million Canadian dollars for the second quarter ended June 30, 2026. This represents a decrease from the 320.9 million Canadian dollars reported for the same period in 2025. For the first six months of 2026, net earnings were 156 million Canadian dollars, down from 390.6 million Canadian dollars in the first half of 2025.
Revenue from products and services for the second quarter was 813.8 million Canadian dollars, compared to 877 million Canadian dollars in the second quarter of 2025. The company's gross profit for the period was 190.1 million Canadian dollars, down from 257.1 million Canadian dollars in the prior-year quarter.
Operational disruptions affected production in northern Saskatchewan during the quarter. Challenging spring road conditions interrupted the delivery of critical operating materials and reagents, which led to a temporary suspension of production at Key Lake and reduced mining activity at McArthur River for approximately two weeks. Additionally, packaged production from Cigar Lake was 2.9 million pounds in the second quarter of 2026, compared to 5.1 million pounds in the second quarter of 2025. The company attributed this lower production to the timing of the annual maintenance outage, which occurred in the second quarter of 2026 rather than the third quarter of 2025.
Despite these disruptions, Cameco maintained its 2026 production outlook. The company expects production between 14.0 million and 16.5 million pounds of U3O8 from McArthur River and Key Lake, with its share being 10.0 million to 11.5 million pounds. For Cigar Lake, the company expects production between 17.5 million and 18.0 million pounds of U3O8, with its share between 9.5 million and 10.0 million pounds.
In July 2026, the company closed a transaction to purchase TEPCO’s ownership share of Cigar Lake jointly with Orano, which increased its ownership stake in the mine to 57.4%.
Cash and cash equivalents at the end of the period were 1.11 billion Canadian dollars. Net cash provided by operations for the second quarter was 131 million Canadian dollars, compared to 465.2 million Canadian dollars in the second quarter of 2025.
The company noted that the annual maintenance outage at the Key Lake mill is expected to begin in the third quarter. Because the planned shutdown period is expected to be longer than in previous years, the company said there is a risk that production may be impacted if there are restart challenges or delays in commissioning new equipment.