Key Highlights

  • Cameco shares fell about 9.4% by late morning on October 30, 2026.
  • Third-quarter uranium production was 3.5 million pounds versus 4.4 million a year earlier.
  • Cameco narrowed 2026 production guidance to 19.5 million to 20.5 million pounds.
  • The company declared an annual Dividend of C$0.24 per share.

Cameco (NYSE:CCJ) fell about 9.4% by late morning on Friday after the uranium producer reported third-quarter 2026 results that showed a drop in production and a narrowing of its full-year guidance. The release landed on a day when risk appetite was already in short supply, and investors who had bid up nuclear-related stocks this year used the update as a reason to take money off the table.

The Results

Cameco reports in Canadian dollars. Third-quarter net Earnings were C$43 million, up from roughly break-even a year earlier. For the first nine months, net earnings fell to C$199 million from C$391 million, and adjusted net earnings declined to C$279 million from C$410 million. Third-quarter uranium production was 3.5 million pounds, down from 4.4 million, mainly because of an extended maintenance shutdown at the Key Lake mill.

Guidance Narrowed

Production guidance for 2026 was tightened to 19.5 million to 20.5 million pounds from 19.5 million to 21.5 million, trimming the top of the range, and sales guidance was narrowed to 29.5 million to 30.5 million pounds from 29 million to 32 million. Cameco sold 5.6 million pounds in the quarter at an average realized price of C$91.76 per pound, compared with 6.1 million pounds at C$85.22 a year earlier, so pricing improved even as volumes slipped.

Westinghouse

Cameco's share of Westinghouse adjusted EBITDA rose to C$143 million in the third quarter from C$124 million, but fell to C$427 million for nine months from C$569 million, largely because the prior-year period included a significant payment tied to the Dukovany nuclear project. Cameco declared an annual dividend of C$0.24 per share, payable December 15 to holders of record on November 30.

A Story Priced for the Long Term

Management said year-to-date performance was as expected and nuclear fundamentals continue to strengthen, consistent with the case investors have made for the stock. But stocks that have run up on a long-term story often react sharply to near-term disappointments. The S&P 500 fell 140.32 points, or 1.8%, to 7,580.07 and the Nasdaq Composite dropped 747.73 points, or 2.9%, to 25,437.00, as Intel (NASDAQ:INTC)'s weak outlook triggered a chip rout and Amazon (NASDAQ:AMZN)'s results revived worries about AI spending. Nuclear and power names that trade partly on expectations of data-center electricity Demand can get caught in the AI debate. Investors will watch Key Lake operations, contracting activity and Westinghouse earnings.