Cameco reports drop in Q2 profit compared with a year ago
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Cameco Corp. posted Q2 profit of $25-million (6 cents per diluted share), down from $321-million (74 cents per diluted share) in Q2 2025.
- Cameco reported revenue of $814-million for the quarter ended June 30, down from $877-million in the same quarter a year earlier.
- Cameco's adjusted earnings fell to 18 cents per share, down from an adjusted profit of 71 cents per diluted share in the comparable quarter last year.
- Cameco attributed the lower quarterly and first-half results mainly to equity earnings from its investment in Westinghouse Nuclear.
Why it matters: The roughly $296-million year-over-year profit decline is tied to a single stated factor: Cameco's equity earnings from its Westinghouse Nuclear investment, not its core uranium operations. Investors should note the headline drop likely overstates weakness in the underlying nuclear-fuel business while still showing Westinghouse contributed outsized gains in the comparable 2025 quarter.
