The mine guide did not move. The earnings line did
Cameco (TSX: CCO) reported second-quarter 2026 results on August 19. CEO Tim Gitzel said spring road conditions in northern Saskatchewan hurt uranium production in the quarter and that the annual outlook is unchanged: 19.5 to 21.5 million pounds of U3O8, company share. McArthur River and Key Lake packaged 3.3 million pounds in the quarter (2.3 million Cameco's share). Cigar Lake packaged 2.9 million (1.6 million Cameco's share). Disruptions at Key Lake and McArthur River in the quarter, and at Cigar Lake after quarter-end, did not change that guide. A new USW Local 8914 deal at Key Lake and McArthur River runs to December 2028.
Net earnings were $25 million. Adjusted net earnings were $77 million. Adjusted EBITDA was $391 million. Cash was $1.1 billion against $1.0 billion of debt and an undrawn $1.0 billion revolver. Uranium deliveries were 7.1 million pounds. Inventory sat at 8.7 million pounds at an average cost of $58.05 a pound.
Why Westinghouse looks worse
Cameco's share of Westinghouse was a $10 million net loss in the quarter, versus $126 million of earnings a year earlier. First-half Westinghouse was a $56 million loss against $64 million of earnings in 2025. The company says last year's second quarter included about US$170 million in Cameco's share of Westinghouse revenue and adjusted EBITDA from the Dukovany reactor job in the Czech Republic. This year's Westinghouse adjusted EBITDA, Cameco share, was $163 million versus $352 million. That is a comparison problem as much as an operating problem. Cameco still talks up a pipeline of as many as 91 AP1000 opportunities. A pipeline is not a pour.
Neutral read
CCO is on the listed uranium list. Holding the production range after a messy spring is the operational fact. The earnings drop is mostly last year's Czech lump falling out of the comp. Do not write a nuclear-boom piece off a $25 million quarter. Watch whether Cigar Lake and Key Lake actually print the 19.5 to 21.5 million pounds, and whether Westinghouse orders show up as cash instead of slides.