Cameco Corporation (CCJ Quick QuoteCCJ - Free Report) reported third-quarter 2026 results on Friday, with revenues declining 0.8% year over year to $442 million (CAD 619 million) due to lower uranium sales volumes despite higher prices. The company reported an adjusted net loss of CAD 2 million ($1.4 million) against adjusted earnings of CAD 32 million ($23.2 million) in the year-ago quarter. Adjusted earnings per share were at breakeven against 5 cents a year earlier. Cameco missed the Zacks Consensus Estimate for both revenues and earnings.

Following the announcement, Cameco shares declined 13%. Over the past six months, Cameco shares have lost 36.6% compared with the industry’s 26.9% decline. Meanwhile, the broader Oils-Energy sector declined 0.9%, while the S&P 500 has climbed 2%. 

Despite its steep decline, Cameco has outperformed peers like Centrus Energy (LEU Quick QuoteLEU - Free Report) and Energy Fuels (UUUU Quick QuoteUUUU - Free Report) , which have declined 53.6% and 65.6%, respectively.

Cameco’s 6-Month Price Performance vs. Industry, Sector & Peers

Image Source: Zacks Investment Research

Let us take a closer look at Cameco’s third-quarter performance, 2026 outlook and long-term growth prospects to determine whether the stock is worth buying, holding or selling at current levels.

Lower Uranium Sales Volumes Weigh on Cameco's Q3 Performance

Cameco’s share of uranium production declined 20% year over year to 3.5 million pounds in the third quarter of 2026. While Cigar Lake production increased 9% to 2.4 million pounds, output at McArthur River/Key Lake declined 50% to 1.1 million pounds.

The decline at McArthur River/Key Lake primarily reflected the extended annual maintenance shutdown at the Key Lake mill in the quarter for the installation of new infrastructure and repairs to major existing infrastructure. The extensive work required a longer outage than previous years, with commissioning of the new infrastructure now underway.

Uranium sales volumes declined 8% year over year to 5.6 million pounds, reflecting normal quarterly delivery timing and Cameco’s disciplined contracting strategy, which calls for lower planned deliveries in 2026.

Uranium segment revenues decreased 1% to CAD 518 million ($370 million) as lower sales volumes were partially offset by an 8% increase in the average realized price to CAD 91.76 per pound, reflecting the impact of market-priced contracts.

In the Fuel Services segment, production increased 3% year over year to 3.2 million kgU, while sales volumes rose 16% to 2.2 million kgU. Segment revenues increased 4% to CAD 95 million ($68 million), as higher sales volumes more than offset a 13% decline in the average realized price due to an unfavorable product sales mix.

Overall, Cameco's revenues increased 0.7% year over year to CAD 619 million. However, in U.S. dollar terms, revenues declined 0.8% to $442 million from $446 million in the prior-year quarter. 

Elevated Costs Added to Margin Pressure for Cameco

Total cost of sales increased 12.3% to approximately CAD 433 million ($309 million). The uranium segment’s costs rose around 11.5%, reflecting a 21% increase in the average unit cost of sales, partially offset by lower sales volumes. Higher purchased and production costs contributed to the increase. Fuel Services costs climbed 10% to CAD 85 million ($60.7 million), as a 16% increase in sales volumes was partially offset by a 7% decline in the average unit cost of sales.

Adjusted EBITDA declined 14% year over year to CAD 267 million ($191 million). Cameco reported an adjusted net loss of CAD 2 million ($1.4 million) against adjusted earnings of CAD 32 million ($23.2 million) in the year-ago quarter. 

The weaker performance reflected lower equity earnings from Cameco’s investment in Westinghouse, reduced uranium sales volumes and higher average unit costs of sales. These headwinds were partially offset by higher realized uranium prices.
Westinghouse reported a net loss of $24 million attributable to Cameco in the third quarter, narrower than the $32 million loss recorded in the year-ago quarter.

As of Sept. 30, 2026, Cameco had CAD 860 million ($606 million) in cash and cash equivalents and CAD 1 billion ($700 million) in total debt. The company also had an undrawn revolving credit facility of CAD 1 billion ($700 million). Uranium inventory stood at 8.5 million pounds, with an average inventory cost of CAD 58.37 per pound.

Cameco Cuts 2026 Uranium Production and Delivery Outlook

Cameco lowered its share of expected uranium production for 2026 to 19.5-20.5 million pounds from its previous guidance of 19.5-21.5 million pounds. The company narrowed its production outlook for McArthur River/Key Lake to 10-10.5 million pounds from 10-11.5 million pounds.

The revisions reflect the extended maintenance shutdown at the Key Lake mill, which has continued into the fourth quarter. Cameco also cautioned that potential restart challenges and delays in commissioning the new equipment could affect production. Cigar Lake’s guidance is maintained at 9.5-10 million pounds.

Meanwhile, JV Inkai remains on track to produce 10.4 million pounds of uranium on a 100% basis in 2026, of which Cameco's purchase allocation is expected to be 4.2 million pounds of uranium.

Production guidance for the fuel services segment remains at 13-14 million kgUs.

Cameco now expects uranium deliveries of 29.5-30.5 million pounds in 2026 compared with its previous outlook of 29-32 million pounds. Uranium revenues are projected at CAD 2.7-2.9 billion, based on an average realized price assumption of CAD 91-96 per pound. The midpoint of the guidance implies a roughly 2% decline in uranium revenues from 2025, primarily due to lower delivery volumes.

Fuel Services revenues are expected to reach CAD 610-650 million, indicating approximately 12% year-over-year growth.
Overall, Cameco projects total revenues of CAD 3.32-3.57 billion for 2026. The midpoint of the range suggests a roughly 1% decline from 2025.

CCJ’s Earnings Estimates See Mixed Revision Activity

The Zacks Consensus Estimate for Cameco’s earnings for 2026 has moved down over the past 60 days, while the same for 2027 has moved up, as shown in the chart below.

Image Source: Zacks Investment Research

The consensus estimate for Cameco’s earnings for 2026 indicates a year-over-year decline of 0.97%. The same for 2027 implies growth of 95.1%.

Image Source: Zacks Investment Research

Cameco’s Valuation Looks Stretched

CCJ stock is trading at a forward price-to-sales ratio of 11.85 compared with the industry’s 4.51. The Value Score of D is consistent with Cameco’s premium valuation. Energy Fuels is trading at 10.38 and Centrus Energy is trading at 4.16.

Image Source: Zacks Investment Research

Westinghouse Provides CCJ an Additional Long-Term Growth Opportunity

Cameco's investment in Westinghouse provides exposure to the broader nuclear power industry beyond uranium mining and fuel services.

In October, Westinghouse announced conditional purchase orders with four Polish suppliers to support the development of the Polskie Elektrownie Jadrowe (PEJ) project and the first AP1000 reactor at the Lubiatowo-Kopalino site. Separately, Westinghouse received authorization to begin procuring long-lead nuclear components facility, supporting Slovakia's energy security objectives.

In September, the U.S. government, through the Department of Commerce, and the Republic of Korea announced a non-binding framework that anticipates up to $120 billion in South Korean investment to help finance the development of as many as eight large-scale nuclear reactors in the United States, including six Westinghouse AP1000 reactors. The framework builds on the 2025 strategic partnership between Cameco, Brookfield and the U.S. government. However, the implementation remains subject to definitive agreements and other conditions.

These developments underscore Westinghouse's growing role in the global nuclear power industry and provide Cameco with an additional avenue for long-term growth.

CCJ’s Long-Term Fundamentals Remain Strong

Cameco continues to strengthen its long-term portfolio. It has long-term obligations to deliver an average of 28 million pounds of uranium annually over the next five years. These agreements provide strong revenue visibility, stable cash flows and support future investment plans. 

Cameco’s uranium production capacity accounts for nearly 15% of global output and it is further investing to expand production to capture favorable market conditions. This includes extending Cigar Lake’s mine life to 2036 and ramping up output at McArthur River and Key Lake toward their licensed annual capacity of 25 million pounds (100% basis). 

Growing energy security concerns, geopolitical uncertainty and the global transition toward low-carbon electricity continue to support long-term uranium demand. Combined with its exposure to Westinghouse's reactor business, Cameco is well-positioned to benefit from the anticipated expansion of nuclear energy worldwide.

Should You Buy Cameco Stock Now?

Cameco remains a compelling long-term player in the uranium industry, backed by world-class mining assets, a substantial long-term contracting portfolio and growing exposure to nuclear technology through Westinghouse. 

However, near-term operating challenges, lower 2026 production and delivery expectations, and a premium valuation warrant caution. The projected year-over-year decline in 2026 revenues and downward earnings estimate revisions also temper the investment case, despite expectations of a strong earnings recovery in 2027.

Thus, existing shareholders can consider holding the stock for its longer-term growth potential while new investors could wait for a more attractive entry point. CCJ currently carries a Zacks Rank #3 (Hold).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.