CCJ 6-K SEC Filing Analysis

Latest settled — T+20d

CCJ ▲ +5.29% at T+20d

LONG call ✓ call won +5.29% · α vs SPY +0.33% · entry $114.46 → $120.51

Next anchor: T+60d in 6w

Last close $100.96 (close Jun 12) · -11.79% from $114.46 entry

Entry anchored
May 4, 03:59 PM ET
via Databento tick

T+1d

+8.13%

call +8.13% · α +6.74%

$123.76

settled 6w ago

T+5d

+4.96%

call +4.96% · α +2.98%

$120.14

settled 5w ago

T+20d

+5.29%

call +5.29% · α +0.33%

$120.51

settled 12d ago

T+60d

—

call — · α —

—

in 6w

Price Chart

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Executive Summary

Cameco reported Q1 2026 results with net earnings of $131M (up 87% YoY), adjusted net earnings of $203M (up >100%), and adjusted EBITDA of $509M (up 44%). Revenue grew 7% to $845M driven by higher uranium sales volumes and improved realized prices, partially offset by lower fuel services revenue. The company maintained its 2026 guidance across all segments and highlighted a strong balance sheet with $1.1B cash and $1.0B undrawn credit facility. The uranium segment saw earnings before taxes rise 58% to $358M, while fuel services earnings fell 35% to $44M. Westinghouse contributed $122M in adjusted EBITDA (up 33%).

Actionable Insight

Cameco's strong Q1 beat across revenue, earnings, and EBITDA with maintained guidance signals operational momentum in a rising uranium price environment. The extended Key Lake mill shutdown in Q3 may create a near-term production gap, but the company's inventory position and product loan facilities provide buffer. Watch for continued long-term contracting momentum and Westinghouse's ability to convert AP1000 interest into revenue. The $1.1B cash position and undrawn revolver provide financial flexibility for strategic moves or capital returns.

Key Facts

Q1 2026 net earnings attributable to equity holders: $131M vs $70M in Q1 2025 (+87%)
Adjusted net earnings: $203M vs $70M in Q1 2025 (+190%)
Adjusted EBITDA: $509M vs $353M in Q1 2025 (+44%)
Revenue: $845M vs $789M in Q1 2025 (+7%)
Uranium segment earnings before taxes: $358M vs $227M in Q1 2025 (+58%)
Uranium sales volume: 7.8M lbs vs 6.9M lbs in Q1 2025 (+13%)
Uranium average realized price: US$66.21/lb vs US$62.55/lb in Q1 2025 (+6%)
Fuel services earnings before taxes: $44M vs $68M in Q1 2025 (-35%)
Fuel services average realized price: $48.53/kgU vs $56.64/kgU in Q1 2025 (-14%)
Westinghouse adjusted EBITDA (Cameco share): $122M vs $92M in Q1 2025 (+33%)
Cash, cash equivalents and short-term investments: $1.1B at March 31, 2026
Total debt: $1.0B with $1.0B undrawn revolving credit facility
2026 guidance unchanged: uranium production 19.5-21.5M lbs, fuel services 13-14M kgU, Westinghouse adjusted EBITDA US$370M-US$430M
Uranium inventory: 9.1M lbs at average cost of $50.24/lb
JV Inkai dividend received post-quarter: US$124M net of withholdings
Average uranium spot price at quarter end: US$84.25/lb, long-term price: US$91.50/lb

Financial Impact

Q1 2026 net earnings increased $61M YoY to $131M; adjusted EBITDA increased $156M to $509M. Revenue grew $56M to $845M. Uranium segment gross profit increased $56M to $259M. Fuel services gross profit decreased $23M to $45M.

revenuenet earningsadjusted EBITDAgross profitsales volumeaverage realized pricecash flow from operations

Risk Factors

Extended Key Lake mill maintenance shutdown in Q3 could reduce operational capacity and expected production levels
Fuel services segment showing declining average realized prices (-14% YoY) and margins (-29% YoY)
Westinghouse reported a net loss of $46M (Cameco share) despite improved adjusted EBITDA
Ongoing CRA transfer pricing dispute with $559M in cash and letters of credit held as security
Geopolitical risks including transportation disruptions for JV Inkai production from Kazakhstan
Potential US tariffs on Canadian uranium products could impact financial results
Cash flow from operations was negative $22M in Q1 vs positive $110M in Q1 2025 due to higher working capital and tax payments

Market Snapshot

Exchange

NYSE

Sector

Miscellaneous Metal Ores

Analyst Consensus

85% bullish (20 analysts)

Documents Analyzed

This report is based on 9 SEC documents filed with EDGAR.

Document	Accession Number
6-K Filing (Primary)	0001193125-26-205080
Document: d103546dex993.htm	0001193125-26-205080
Document: d103546dex991.htm	0001193125-26-205080
Document: d103546dex994.htm	0001193125-26-205080
Document: d103546dex995.htm	0001193125-26-205080
Document: d103546d6k.htm	0001193125-26-205080
Document: 0001193125-26-205080-index-headers.html	0001193125-26-205080
Document: 0001193125-26-205080-index.html	0001193125-26-205080
Document: 0001193125-26-205080.txt	0001193125-26-205080

8 reports for CCJ

T+1T+5T+20T+60

Track record builds as more directional reports settle.

Filters

Reports for CCJ — sortable, filterable
	Type				Now
Jun 1, 2026 13d ago	6-K BULLISH ★ 6/10	$120.51 $114.56	▼ −4.94%	▼ −4.24%	$100.96 (−16.22%)
May 28, 2026 17d ago	6-K NEUTRAL ★ 4/10	$110.63 $112.70	▲ +1.87%	▲ +1.63%	$100.96 (−8.74%)
May 11, 2026 4w ago	6-K BEARISH ★ 6/10	$120.14 $116.93	▲ +2.67%	▲ +2.54%	$100.96 (+15.96%)
May 8, 2026 5w ago	6-K NEUTRAL ★ 2/10	$116.75 $120.14	▲ +2.90%	▲ +2.67%	$100.96 (−13.52%)
May 5, 2026 5w ago	6-K BULLISH ★ 7/10	$114.46 $123.76	▲ +8.13%	▲ +6.74%	$100.96 (−11.79%)
Apr 2, 2026 10w ago	6-K NEUTRAL ★ 2/10	$112.57 $110.48	▼ −1.86%	▼ −2.33%	$100.96 (−10.31%)
Apr 2, 2026 10w ago	6-K NEUTRAL ★ 2/10	$112.57 $110.48	▼ −1.86%	▼ −2.33%	$100.96 (−10.31%)
Apr 2, 2026 10w ago	6-K NEUTRAL ★ 3/10	$112.57 $110.48	▼ −1.86%	▼ −2.33%	$100.96 (−10.31%)

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