Abstract

Cameco will report fourth-quarter results on February 13, 2026 Pre-Market, and the market expects growth in revenue and earnings with momentum from uranium price strength and Westinghouse integration.

Market Forecast

Consensus expectations suggest Cameco’s current quarter revenue at USD 1.12 billion, implying a 2.08% year-over-year increase; the market models EBIT at USD 174.02 million and adjusted EPS at USD 0.44, with adjusted EPS projected to rise 36.04% year over year. Forecast margin assumptions embed stable-to-improving profitability, though no explicit consensus gross margin or net margin was disclosed; implied operating leverage centers on a revenue mix shift and contract price escalations. The main business outlook highlights continued contract realization in uranium shipments and expanding service work through Westinghouse, which together are modeled to sustain top-line growth through the quarter and into 2026. The most promising segment is Westinghouse Electric Company, forecast to be the largest revenue contributor with integration benefits and incremental service demand that support higher revenue quality and resilience.

Last Quarter Review

In the previous quarter, Cameco reported revenue of USD 0.61 billion, a gross profit margin of 37.32%, GAAP net profit attributable to shareholders of USD -0.00 million, a net profit margin of -0.02%, and adjusted EPS of USD 0.07, with year-over-year growth of 700.00%. One notable highlight was EBIT of USD 250.89 million, which significantly beat internal estimates, reflecting strong operating performance relative to shipment schedules and pricing. Main business performance showed Westinghouse Electric Company revenue of USD 697.01 million, uranium revenue of USD 523.25 million, and fuel services revenue of USD 91.30 million; the scale and stability of Westinghouse activity stood out as a new structural pillar alongside legacy uranium contracts.

Current Quarter Outlook (with major analytical insights)

Main business: Uranium and contract deliveries

Cameco’s uranium segment remains central to quarterly earnings sensitivity due to shipment timing, realized price escalators, and production volumes from tier-one assets. With spot and long-term uranium prices elevated compared with the prior year, realized prices on deliveries tied to market-indexed contracts should continue to step higher, while fixed-price legacy contracts gradually roll off. The company’s guided revenue for the current quarter, at USD 1.12 billion, assumes normal seasonality in deliveries and ongoing conversion/fuel services demand, which supports blended gross profitability. Contract coverage into 2026 reduces volume risk, but quarterly lumpiness can still affect revenue recognition, leading to potential intra-quarter volatility around shipment windows and customer acceptance milestones.

Most promising business: Westinghouse integration and services

The Westinghouse Electric Company business is positioned to deliver durable, service-led growth through outage services, spare parts, engineering, and equipment across a global installed base. Last quarter’s reported revenue scale demonstrated the breadth of the platform and its recurring nature, which typically features steadier margin profiles relative to uranium mining. Into the current quarter, integration efficiencies and cross-sell opportunities with Cameco’s fuel cycle offerings should underpin top-line progression and potentially lift the quality of earnings, even as the mix of projects can influence margin cadence. The medium-term runway includes modernization and life-extension programs across the fleet, which may provide incremental backlog visibility beyond the quarter.

Key stock price drivers this quarter

Three factors are likely to drive sentiment around the print and guide: realized uranium prices and delivery timing, margin performance in Westinghouse service lines, and commentary on 2026 contracting and capacity. If realized prices outpace expectations due to indexation and favorable delivery mix, EBIT and EPS could exceed the USD 174.02 million and USD 0.44 markers, respectively. Conversely, any delivery deferrals or project mix headwinds within Westinghouse could compress margins and produce variance versus the current consensus. Management’s qualitative and quantitative color on contracting momentum, conversion capacity utilization, and project backlog will likely set the tone for revenue visibility into 2026, influencing multiple expansion or consolidation.

Analyst Opinions

Across recent published previews, positive views appear to dominate, with a majority highlighting the supportive uranium pricing backdrop and the stabilizing contribution from Westinghouse as catalysts for sustained earnings growth. Bullish analysts underscore the 2.08% forecast revenue growth, the 36.04% expected rise in adjusted EPS to USD 0.44, and the integration benefits that can provide operating leverage despite potential quarterly lumpiness. The constructive stance reflects confidence that contract escalators and services demand underpin a multi-quarter earnings trajectory, while risk framing centers on shipment timing and project mix rather than demand erosion. Overall, the balance of commentary leans toward upside potential relative to current forecasts if delivery timing aligns and margin execution remains disciplined.