A TSX stock that keeps climbing in 2026 needs more than hype. It needs demand that sticks, a business model that turns demand into cash, and a price that still leaves room for upside. Momentum can help, but it can also lure investors into paying any price. I like to start with the balance sheet, as strength there buys time when markets get jumpy. That’s why today we’re looking at one TSX stock that’s got it all.
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CCO
Cameco (TSX:CCO) sits at the centre of the nuclear power revival. It sells uranium and fuel services, and it owns 49% of Westinghouse, a major reactor and nuclear services business. That mix matters as uranium mining can look cyclical, but services and the wider fuel cycle can smooth the ride. It also means Cameco can benefit from both uranium contracting and the longer arc of reactor builds and refurbishments.
Shares may be up 37% year to date at writing, but zoom out and the trend still looks supportive. Nuclear has shifted from a niche idea to a reliability theme, and utilities need contracted supply, not wishful thinking. Cameco also flags that deliveries and earnings can swing quarter to quarter based on timing. That is normal for this business, but it can make the TSX stock feel dramatic in the short run.
Into earnings
On earnings, the third quarter of 2025 showed why you should read past the headline. Total revenue came in at about $614.6 million for the quarter, and the TSX stock posted a small net loss. Management also highlighted adjusted net earnings of $32 million and adjusted earnings before interest, taxes depreciation and amortization (EBITDA) of $310 million, which it uses to describe underlying performance. If you only glance at net income, you can miss the operating power that still sits underneath.
The segment picture also explains why investors keep showing up. Uranium earnings before income taxes reached $172 million in the quarter and adjusted EBITDA hit $220 million, even with lower sales volume than the year before. Westinghouse still ran at a loss reflecting on Cameco shares for the quarter, so you should not assume a straight line. But the services exposure still gives Cameco a second lever beyond mined pounds.
The forward setup looks like the real engine for 2026. As of September 30, 2025, Cameco said it had commitments requiring delivery of an average of over 28 million pounds per year from 2025 through 2029, and it expects to keep layering in volumes with more upside-linked pricing as the market improves. It also reported $779 million of cash and cash equivalents against about $1 billion of total debt, plus an undrawn $1 billion revolving credit facility. Uranium markets can turn quickly, and delivery timing can shift, so that flexibility is important.
Bottom line
Cameco can still keep going in 2026, but it needs the fundamentals to keep catching up to the share price. The recipe is clear: stronger contracting, improving realized prices, and steady progress at Westinghouse. If those pieces land, the TSX stock can justify the excitement. If they do not, even a great story can stall for a while. Size it wisely, then give it time to work. For many investors, that is the point.
