Cameco Corporation reported a 92% drop in second-quarter net earnings to $25 million. Adjusted EBITDA fell 42% to $391 million. Revenue decreased 7% to $814 million.
Lower uranium sales volumes and higher production costs drove the downturn. A significantly smaller contribution from the Westinghouse segment also impacted results.
Westinghouse’s adjusted EBITDA contribution fell to $163 million from $352 million in the prior year. The decline reflects a difficult comparison with Q2 2025, which included a major one-time project in the Czech Republic.
Cameco maintained its annual production guidance despite missing analyst estimates.