Cameco’s latest quarterly earnings fell well short of expectations, extending a run of mixed results. Analysts expect a sharp year-over-year rebound in the next reported quarter, but that remains a forecast.
Cameco Corp. (TSX: CCO) reported calendar EPS of C$0.0981 for the quarter ended September 30, 2026, missing the C$0.27 estimate by 63.7%. The previous quarter also missed estimates, by 52.6%, after two earlier beats. The supplied earnings data does not include quarterly revenue or margins, so EPS is the clearest measure of this report. For Canadian investors, the miss comes as the share price sits below its 50- and 200-day moving averages and Cameco renews an at-the-market program that allows it to issue up to US$1 billion in shares. See the Cameco stock page for more company and share information.
Recent earnings trend
Cameco Corp
CCO.TO
CCO.TO
Cameco Corp
WealthAwesomeMarket cap
$43.84B
P/E
110.6x
Div. yield
0.25%
Div. / share
$0.24
52W high
$182.72
52W low
$92.52
1W change
-6.46%
Beta
1.13
Analyst Price Targets
Based on analyst covering CCO · as of Nov 9, 2026
Wall Street analysts forecast CCO stock price to rise 68.8% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$169.86
+68.8% Upside
Previously C$172.14 on Nov 3, 2026
Current Price
C$100.65
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
49.0%
Annualized
90-Day Vol
45.9%
Annualized
Trend (90d)
-50.0%
Annualized drift
90d Mean
C$84.19
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$94.83 | C$80.09 – C$112.30 |
| 60 trading days | C$89.35 | C$70.36 – C$113.48 |
| 90 trading days | C$84.19 | C$62.82 – C$112.83 |
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 EPS miss matters, but it is only one part of Cameco’s business. The company operates in uranium production and fuel services and holds a stake in Westinghouse. Nuclear fuel demand and contract pricing will also shape its longer-term outlook. For now, investors will be watching to see whether earnings recover after two consecutive misses and whether Cameco sells shares through its renewed ATM program. The company can choose whether to issue shares. Any proceeds could go toward development, acquisitions, debt repayment or general corporate purposes.
C$0.0981
Cameco’s calendar EPS was C$0.0981, compared with an estimate of C$0.27—a 63.7% miss. The company beat estimates in two of the last four comparable quarters, but missed in the two most recent ones. The earnings trend table and chart inserted below show the results quarter by quarter.
Bull case
Cameco’s uranium and nuclear fuel services businesses give it exposure across the fuel cycle. Its Westinghouse investment adds another business tied to nuclear power. Recent coverage points to long-term nuclear construction and contracting as potential sources of support. Analysts’ average target of C$169.86 is well above the latest supplied close of C$100.65, but price targets are estimates, not guarantees.
Bear case
Cameco missed EPS estimates by 63.7% this quarter, following a miss in the previous quarter. At the supplied close, the shares were below both their 50- and 200-day moving averages. The renewed ATM program could also dilute existing shareholders if Cameco issues shares. Its reported P/E of about 110.6 leaves little room for disappointment if earnings fail to recover as expected.
Analysis
Cameco reported calendar EPS of C$0.0981 for the period ended September 30, 2026, compared with the C$0.27 estimate. That’s a 63.7% miss. The supplied data does not include quarterly revenue, operating margins or management guidance, so it doesn’t explain what drove the shortfall.
In the June quarter, EPS was C$0.18 against an estimate of C$0.38, a 52.6% miss. Cameco beat estimates in the March and December 2025 quarters, giving it two beats in the last four comparable quarters. The earnings trend table and chart inserted below show the sequence. The results have been uneven, rather than a steady run of beats.
Cameco operates in uranium production and fuel services and has an investment in Westinghouse, according to recent company coverage. This gives the company exposure to several parts of the nuclear fuel and power chain, but it doesn’t change the need for solid quarterly results. Long-term nuclear demand is not a substitute for evidence of earnings growth.
Analysis
The supplied analyst data shows an average target of C$169.86, compared with the latest close of C$100.65. That’s 68.8% above the closing price. The data describes the consensus as bullish based on the target comparison; a formal rating is not available for Canadian listings. Targets are forecasts, not promised returns, and can change as analysts reassess Cameco’s outlook. See the analyst ratings section for details.
Analysis
Wealth Awesome’s statistical 90-day model gives a mean forecast of C$84.19, below the C$100.65 reference price dated November 6, 2026. The model’s 68% range is C$62.82 to C$112.83, and its 95% range is C$46.88 to C$151.20. Its annualized drift is -50.0%, with 30-day volatility of 49.0%, pointing to substantial uncertainty. This is a statistical model, not financial advice or a price target. See the price-prediction section for more detail.
Analysis
At the latest supplied close of C$100.65, Cameco was below its 50-day moving average of C$123.02 and its 200-day average of C$143.39. The share price was also closer to its 52-week low of C$92.52 than its high of C$182.72. The stock rose 5.01% in one day but fell 20.72% over one month, showing that a short-term bounce can happen within a weaker trend.
On November 6, Cameco announced that it had renewed its at-the-market equity program. The program lets the company issue up to US$1 billion in common shares at its discretion through December 5, 2029, unless it uses the full amount or ends the program earlier. Cameco says any proceeds could fund development, acquisitions, debt repayment or general corporate purposes. The program gives the company the option to sell shares; it does not confirm that it will. Investors should still consider the potential dilution alongside the earnings miss.
Analysts expect next-quarter EPS of C$0.35, based on estimates from nine analysts. Estimates range from C$0.10 to C$0.58. The consensus implies 403% growth from year-ago EPS of C$0.07 and has risen from C$0.33 over the past 30 days. These figures are forecasts, not reported results.
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