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The Zacks Consensus Estimate for Cameco’s first-quarter earnings per share has moved down 17% over the past 60 days to 29 cents. Despite the revision, the estimate suggests a 163% improvement from the prior-year quarter.
Image Source: Zacks Investment Research
Cameco’s Earnings Surprise History
Over the trailing four quarters, Cameco’s earnings beat the Zacks Consensus Estimate twice and missed twice. CCJ has an average trailing four-quarter negative earnings surprise of 12.02%. The trend is shown in the chart below.
Image Source: Zacks Investment Research
What the Zacks Model Unveils for CCJ Stock
Our proven model does not conclusively predict an earnings beat for Cameco this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
Earnings ESP: The Earnings ESP for Cameco is -7.25%. You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Factors Likely to Have Shaped Cameco’s Q1 Performance
CCJ holds a 69.8% stake in the McArthur River mine and 83% in the Key Lake mill, which is considered the world's largest high-grade uranium mine and mill. Cameco has a 54.5% interest in Cigar Lake, the world’s highest-grade uranium mine.
Cameco’s share of uranium production from these operations was 21 million pounds in 2025. For 2026, the company expects uranium production to be 19.5-21.5 million pounds. The mid point suggests a 2% year-over-year decline. We expect first-quarter 2026 uranium production to be lower than the 6 million pounds produced in the first quarter of 2025.
Sales volumes are also expected to have trended lower. Cameco has guided 2026 deliveries of 29–32 million pounds, down from 33 million pounds in 2025, indicating softer volumes in the first quarter as well. That said, pricing remains a key tailwind. Uranium prices averaged about $88.49 per pound in the first quarter of 2026, 41% higher than $62.55 a year ago. Cameco’s first-quarter 2026 uranium revenues are expected to have reflected lower sales volumes, which are likely to have been somewhat offset by higher prices.
The fuel services segment’s production and delivery guidance for 2026 is 13-14 million kgUs. This reflects an increase from the 13.1 million kgUs delivered in 2025. Higher volumes and prices are expected to have boosted the fuel services segment’s revenues. Cameco’s overall revenues in the quarter are expected to post a dip with lower uranium revenues offsetting the improvement in the fuel services segment.
The company has been lowering its debt levels, which is likely to have led to lower interest expenses, thereby boosting earnings. It has been progressing to lower administration, exploration and operating costs, which is likely to have provided a boost to earnings. Consequently, earnings are likely to have improved despite softer revenues.
CCJ’s Price Performance & Valuation
Cameco shares have appreciated 161.7% in the past year, outpacing the industry’s return of 48.1%. Meanwhile, the company’s peer Energy Fuels (UUUU - Free Report) has surged 367.4% while Uranium Energy (UEC - Free Report) has gained 182.1%.
Image Source: Zacks Investment Research
Cameco stock is trading at a forward price-to-sales ratio of 20.44 compared with the industry’s 5.48. The company is, however, cheaper than peer Energy Fuels’ and Uranium Energy’s price-to-sales ratios of 29.64 and 89.14, respectively.
Image Source: Zacks Investment Research
Investment Thesis on Cameco
The nuclear power sector is experiencing a strong upswing, driven by global events, the urgency of energy security and a surge in low-carbon energy demand resulting from the climate crisis. Cameco is uniquely positioned to capitalize on this, thanks to its high-quality, low-cost asset base and its strategic involvement across the entire nuclear fuel supply chain. CCJ continues to invest in increasing production and capitalizing on market opportunities. Work is underway to extend the mine life at Cigar Lake to 2036. Cameco is also increasing production at McArthur River and Key Lake from 18 million pounds to its licensed annual capacity of 25 million pounds (100% basis).
Should You Buy CCJ Stock Now?
Cameco’s robust long-term contract portfolio and strategic positioning across the nuclear fuel cycle reinforce its compelling growth outlook. The company is expected to deliver earnings growth despite lower revenues in the first quarter, but a beat is unlikely. No matter how the upcoming quarterly results play out, investors who already own CCJ should retain its shares in their portfolios to benefit from its solid long-term fundamentals. However, premium valuation suggests that new investors may want to wait for a more attractive entry point.
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Should Cameco Stock Be in Your Portfolio Before Q1 Earnings?
Key Takeaways
Cameco Corporation (CCJ - Free Report) is scheduled to report first-quarter 2026 results on May 5, before the opening bell.
The Zacks Consensus Estimate for Cameco’s first-quarter earnings per share has moved down 17% over the past 60 days to 29 cents. Despite the revision, the estimate suggests a 163% improvement from the prior-year quarter.
Cameco’s Earnings Surprise History
Over the trailing four quarters, Cameco’s earnings beat the Zacks Consensus Estimate twice and missed twice. CCJ has an average trailing four-quarter negative earnings surprise of 12.02%. The trend is shown in the chart below.
Image Source: Zacks Investment Research
What the Zacks Model Unveils for CCJ Stock
Our proven model does not conclusively predict an earnings beat for Cameco this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
Earnings ESP: The Earnings ESP for Cameco is -7.25%. You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Zacks Rank: CCJ currently carries a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Have Shaped Cameco’s Q1 Performance
CCJ holds a 69.8% stake in the McArthur River mine and 83% in the Key Lake mill, which is considered the world's largest high-grade uranium mine and mill. Cameco has a 54.5% interest in Cigar Lake, the world’s highest-grade uranium mine.
Cameco’s share of uranium production from these operations was 21 million pounds in 2025. For 2026, the company expects uranium production to be 19.5-21.5 million pounds. The mid point suggests a 2% year-over-year decline. We expect first-quarter 2026 uranium production to be lower than the 6 million pounds produced in the first quarter of 2025.
Sales volumes are also expected to have trended lower. Cameco has guided 2026 deliveries of 29–32 million pounds, down from 33 million pounds in 2025, indicating softer volumes in the first quarter as well. That said, pricing remains a key tailwind. Uranium prices averaged about $88.49 per pound in the first quarter of 2026, 41% higher than $62.55 a year ago. Cameco’s first-quarter 2026 uranium revenues are expected to have reflected lower sales volumes, which are likely to have been somewhat offset by higher prices.
The fuel services segment’s production and delivery guidance for 2026 is 13-14 million kgUs. This reflects an increase from the 13.1 million kgUs delivered in 2025. Higher volumes and prices are expected to have boosted the fuel services segment’s revenues.
Cameco’s overall revenues in the quarter are expected to post a dip with lower uranium revenues offsetting the improvement in the fuel services segment.
The company has been lowering its debt levels, which is likely to have led to lower interest expenses, thereby boosting earnings. It has been progressing to lower administration, exploration and operating costs, which is likely to have provided a boost to earnings. Consequently, earnings are likely to have improved despite softer revenues.
CCJ’s Price Performance & Valuation
Cameco shares have appreciated 161.7% in the past year, outpacing the industry’s return of 48.1%. Meanwhile, the company’s peer Energy Fuels (UUUU - Free Report) has surged 367.4% while Uranium Energy (UEC - Free Report) has gained 182.1%.
Image Source: Zacks Investment Research
Cameco stock is trading at a forward price-to-sales ratio of 20.44 compared with the industry’s 5.48. The company is, however, cheaper than peer Energy Fuels’ and Uranium Energy’s price-to-sales ratios of 29.64 and 89.14, respectively.
Image Source: Zacks Investment Research
Investment Thesis on Cameco
The nuclear power sector is experiencing a strong upswing, driven by global events, the urgency of energy security and a surge in low-carbon energy demand resulting from the climate crisis. Cameco is uniquely positioned to capitalize on this, thanks to its high-quality, low-cost asset base and its strategic involvement across the entire nuclear fuel supply chain. CCJ continues to invest in increasing production and capitalizing on market opportunities. Work is underway to extend the mine life at Cigar Lake to 2036. Cameco is also increasing production at McArthur River and Key Lake from 18 million pounds to its licensed annual capacity of 25 million pounds (100% basis).
Should You Buy CCJ Stock Now?
Cameco’s robust long-term contract portfolio and strategic positioning across the nuclear fuel cycle reinforce its compelling growth outlook. The company is expected to deliver earnings growth despite lower revenues in the first quarter, but a beat is unlikely. No matter how the upcoming quarterly results play out, investors who already own CCJ should retain its shares in their portfolios to benefit from its solid long-term fundamentals. However, premium valuation suggests that new investors may want to wait for a more attractive entry point.