Cameco’s latest quarterly earnings fell well short of expectations. Lower uranium sales and higher costs weighed on results. The long-term outlook for nuclear fuel remains strong, but the company is facing near-term operating challenges.
Cameco Corp. (TSX: CCO) reported calendar EPS of C$0.0981 for the quarter ended September 30, 2026, 63.7% below the C$0.27 consensus estimate. The company has beaten estimates in two of its last four reported quarters and missed in the other two. In the latest quarter, lower uranium sales, an extended Key Lake maintenance shutdown and higher unit costs pressured results. Visit the Cameco stock page for more company data.
Recent earnings trend
Cameco Corp
CCO.TO
CCO.TO
Cameco Corp
WealthAwesomeMarket cap
$41.75B
P/E
105.3x
Div. yield
0.24%
Div. / share
$0.24
52W high
$182.72
52W low
$92.52
1W change
-14.65%
Beta
1.13
Analyst Price Targets
Based on analyst covering CCO · as of Nov 3, 2026
Wall Street analysts forecast CCO stock price to rise 79.6% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$172.14
+79.6% Upside
Previously C$174.57 on Nov 2, 2026
Current Price
C$95.85
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on CCO's historical volatility
30-Day Vol
46.3%
Annualized
90-Day Vol
45.1%
Annualized
Trend (90d)
-50.0%
Annualized drift
90d Mean
C$80.18
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$90.31 | C$76.98 – C$105.95 |
| 60 trading days | C$85.09 | C$67.89 – C$106.66 |
| 90 trading days | C$80.18 | C$60.80 – C$105.73 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 9 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 2 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-12-31 | 2027-02-12 | — | 0.3800 | — |
| 2026-09-30 | 2026-10-30 | 0.0981 | 0.2700 | -63.7% |
| 2026-06-30 | 2026-07-31 | 0.1800 | 0.3800 | -52.6% |
| 2026-03-31 | 2026-05-05 | 0.4700 | 0.3400 | +38.2% |
| 2025-12-31 | 2026-02-13 | 0.5000 | 0.4400 | +13.6% |
| 2025-09-30 | 2025-11-05 | 0.0700 | 0.2700 | -74.1% |
Investor takeaway: The quarter shows the difference between Cameco’s long-term opportunity and its current performance. Management says it is focused on disciplined uranium contracting and securing better prices in new long-term deals. But lower sales, higher costs and a reduced production outlook have hurt earnings. CCO.TO’s latest close of C$95.85 was below its 50-day and 200-day moving averages. Analyst price targets and a statistical forecast point in very different directions, and neither is a guarantee.
C$0.0981 EPS versus C$0.27 estimate
Calendar EPS came in 63.7% below consensus. Cameco reported adjusted earnings of zero per share for the third quarter, compared with C$0.05 a year earlier, according to the supplied news coverage. Revenue rose 0.7% in Canadian dollars to C$619 million, but fell 0.8% in U.S. dollars. Lower uranium sales and higher costs weighed on results, partly offset by a higher realized uranium price.
Bull case
Cameco operates in uranium production and fuel services, and its Westinghouse investment gives it exposure to reactor technology. Management says it is prioritizing contract terms over sales volume. Some long-term uranium deals have price floors in the mid-to-high US$70s per pound and ceilings near US$160. Utility contracting remains below replacement levels, while demand for reliable, carbon-free power could lift future demand for nuclear fuel. Cameco’s share of Westinghouse’s adjusted EBITDA rose 15% year over year to C$143 million in the quarter, according to the earnings-call report.
Bear case
The latest quarter showed how maintenance and delivery timing can hurt results. Uranium production fell 20% year over year to 3.5 million pounds, and sales volumes dropped 8% to 5.6 million pounds. The extended Key Lake mill shutdown pushed up production costs, and Cameco lowered its 2026 production and delivery outlook. Its shares are also below their 50-day and 200-day moving averages. A P/E ratio of about 105 and a 0.24% dividend yield offer little income cushion if results remain volatile.
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