CCO
Cameco (TSX:CCO) is in the midst of a nuclear comeback. It produces uranium, operates fuel services and also owns a major stake in Westinghouse. As a result, more attention is paid not to mining, but to reactors and services with a long lifespan. This is important because the nuclear theme ‘maybe someday’ has passed away. Utilities, governments and data center demand continue to push for reliable baseload energy, and uranium supplies still appear tight.
Canadian stocks have been trading as the market believes. Over the past month, shares are up about 33% at the time of writing, and the year-to-date return is around 108%! That kind of movement can feel surreal, but it also tells you something simple. Investors have started paying for the uranium leverage and the Westinghouse angle at the same time.
Even with that run, Cameco still trades like a story stock, in that sentiment changes quickly. A quick move can attract momentum buyers, and that can make the pullback sharper than people expect. It also means separating the long-term theorem from the quarter-to-quarter noise. When the uranium tape gets cranky, Cameco can wobble even if the foundations remain intact. That’s why it’s important to look at the numbers behind the noise.
In income
The latest earnings print shows both the opportunity and the messiness. In the third quarter of 2025, Cameco posted revenues of $615 million, down 15% year over year, and reported a small net loss attributable to shareholders of $7 million, or a decline of $0.02 per share. This headline may scare people, but Canadian stocks also reported adjusted net income of $32 million and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $310 million. This is the cleaner vision that management points to for business operations.
The segment details explain why the market continues to trend. In uranium, pre-tax profits in the third quarter were $172 million and adjusted EBITDA was $220 million, even though sales volumes were lower than the previous year. In short, Cameco can still make good money if it delivers less volume, because pricing and contract structure are very important in this industry. It also maintains a flexible delivery toolkit, combining production, inventory, product loans and purchasing to meet obligations.
Then there’s Westinghouse, which is a big reason why people keep talking about 2026. In the third quarter of 2025, Westinghouse reported a net loss of $32 million on its Cameco stock, but Cameco’s share of Westinghouse’s adjusted EBITDA still came in at $124 million. More importantly, Cameco and Brookfields The partnership with the US government aims to accelerate the deployment of the Westinghouse reactor with a total investment value of at least $80 billion. That’s not a short-term revenue turnaround, but it could create a long line of services, fuel demand and “years-not-quarters” visibility.
In short
Cameco appears to be a solid “rule them all” candidate for 2026, as it offers investors multiple ways to profit from the nuclear wave. Uranium fundamentals appear supportive for 2026 as supply remains tight and demand grows. Cameco is also getting a second engine through Westinghouse as governments focus on new construction and energy security. The Canadian stock price can absolutely fluctuate, and the valuation could come under significant pressure if sentiment cools. But as a single path to achieving a global nuclear buildout, Cameco has a case that feels bigger than a one-year trade.
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