Cameco’s share of Westinghouse results shifted to a loss during the second quarter of 2026 as the company moved beyond an unusually large prior-year benefit associated with a nuclear reactor construction project in the Czech Republic.
Westinghouse produced a $10 million net loss attributable to Cameco, compared with $126 million of net earnings during the prior-year quarter.
For the first six months, Cameco’s share of Westinghouse results was a $56 million loss, compared with $64 million of net earnings in 2025.
The year-over-year comparison was significantly affected by Westinghouse’s participation in the construction of two nuclear reactors at the Dukovany power plant.
That project contributed approximately US$170 million to Cameco’s share of Westinghouse revenue and adjusted EBITDA during the second quarter of 2025.
Cameco’s share of Westinghouse adjusted EBITDA declined 54% to $163 million from $352 million.
Adjusted free cash flow from Westinghouse fell 64% to $109 million from $306 million.
The decline does not necessarily indicate that Westinghouse’s core operating platform deteriorated by the same magnitude, since the prior-year comparison included the large project contribution.
Westinghouse technology is used by 57% of the global operating fleet of 417 nuclear reactors.
The company is also pursuing a pipeline of as many as 91 potential AP1000 reactor opportunities, along with possible deployments of its AP300 and eVinci technologies.
Cameco reported consolidated second-quarter net earnings of $25 million, adjusted net earnings of $77 million, and adjusted EBITDA of $391 million.
The year-over-year decline in consolidated performance was primarily attributable to the lower Westinghouse contribution and reduced uranium and fuel-services delivery volumes.
Cameco’s Uranium segment generated $659 million in revenue, declining 7%.
Sales volume fell 18% to 7.1 million pounds, while production declined 15% to 3.9 million pounds.
The lower volume was partly offset by an 18% increase in the U.S.-dollar average realized uranium price to US$67.79 per pound.
Uranium adjusted EBITDA declined 28% to $252 million, although first-half adjusted EBITDA increased 5% to $676 million.
Fuel Services revenue declined 6% to $152 million, and adjusted EBITDA fell 26% to $42 million.
Cameco continued to expect 2026 uranium production of between 19.5 million and 21.5 million pounds attributable to the company.
Temporary disruptions at Key Lake and McArthur River during the quarter and at Cigar Lake after quarter-end did not change that forecast.
Cameco is deliberately limiting some near-term uranium deliveries as part of its contracting strategy.
The company has contracts covering average annual deliveries of more than 28 million pounds during the next five years. It plans to continue adding market-related contracts that preserve exposure to rising uranium prices.
Cameco ended June with $1.1 billion in cash and cash equivalents, $1 billion in debt, and an undrawn $1 billion revolving credit facility.
The company also received a US$124 million dividend from JV Inkai during the quarter.
Westinghouse’s quarterly loss demonstrates the volatility that individual reactor construction projects can create in Cameco’s reported equity earnings.
The longer-term opportunity remains connected to Westinghouse’s installed reactor base and its pipeline of potential AP1000, AP300, and eVinci deployments, which could also create additional demand for Cameco’s uranium and fuel-services operations.
KEY QUOTES:
“Our second-quarter financial results reflect normal quarterly variability.”
“Across the nuclear fuel cycle, market conditions continued to improve during the first half of the year.”
Tim Gitzel, Chief Executive Officer Of Cameco
