Cameco (CCJ) Stock Surges Past Estimates as Uranium Demand Pays Off in Q1

TLDR

• Cameco posted Q1 EPS of $0.34, beating the $0.29 consensus estimate by 18.26%
• Revenue came in at $616.01 million, topping estimates by 24.46%
• Net profit rose to $131 million ($0.30/share) from $70 million a year ago
• CCJ stock is up 29.3% year-to-date, well ahead of the S&P 500’s 5.2% gain
• Full-year 2026 consensus EPS stands at $1.20 on revenues of $2.44 billion

Cameco (CCJ) delivered a strong first quarter, beating both earnings and revenue estimates as higher uranium sales and prices lifted results across the board.

The uranium producer earned $0.34 per share on an adjusted basis in Q1 2026, topping the Zacks consensus estimate of $0.29. That’s an earnings surprise of 18.26%. A year ago, the company earned just $0.11 per share on the same basis.

Net profit attributable to equity holders came in at $131 million, or $0.30 per diluted share. That compares to $70 million, or $0.16 per diluted share, in Q1 2025.

Cameco Corporation, CCJ

Revenue for the quarter totalled $845 million, up from $789 million in the same period last year. On a reported basis, analysts had expected $856.9 million in revenue, according to LSEG Data & Analytics.

Using Zacks methodology, revenue came in at $616.01 million, beating that consensus by 24.46%.

This is the third time in the last four quarters that Cameco has topped EPS estimates. The consistency is there.

CCJ stock has gained 29.3% since the start of 2026. The S&P 500 is up just 5.2% over the same stretch.

What Drove the Beat

Cameco pointed to increased uranium sales volumes and stronger pricing as the main drivers of the quarter. The company operates in the Zacks Alternative Energy – Other industry group, which currently sits in the top 29% of all Zacks-ranked industries.

Higher uranium prices have been a tailwind for the company, with demand for nuclear fuel holding firm amid growing interest in nuclear energy as a power source.

What Analysts Are Watching Next

Looking ahead, the consensus EPS estimate for Q2 2026 stands at $0.37, on revenues of $534.36 million. For the full year, analysts expect $1.20 per share on $2.44 billion in revenue.

Cameco currently holds a Zacks Rank of #3 (Hold), suggesting the stock is expected to perform in line with the broader market near term.

The estimate revision trend heading into this report was mixed, though that could shift in the days ahead following the stronger-than-expected results.

On an adjusted per-share basis, Cameco earned $0.47 in Q1, well above the analyst average expectation of $0.38.

That adjusted figure differs from the Zacks-adjusted EPS of $0.34 due to differences in methodology and which items are excluded.

Management’s commentary on the earnings call will be closely watched for guidance on production levels and uranium pricing expectations for the rest of the year.

The last quarter also delivered a strong surprise — Cameco posted $0.36 per share against an estimate of $0.29, a beat of 24.14%.

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