Centrus Energy (LEU) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Centrus Energy published the results on November 4, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Centrus Energy reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted EPS (non-GAAP), which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Centrus Energy's Q3 2026 GAAP net income includes a $46.4 million gain from the change in fair value of the warrant liability created by its September 2026 offering of shares, pre-funded warrants and common warrants. Its adjusted figures exclude that gain, the related issuance costs, growth costs for the Piketon and Oak Ridge expansion, and stock-based compensation. Centrus reports in millions.

Source: Centrus Energy Q3 2026 results, November 4, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Centrus Energy splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Centrus Energy's LEU revenue was $31.8 million in Q3 2026, down 29% from $44.8 million in Q3 2025, 57% of total revenue.
• Centrus Energy's Technical Solutions revenue was $23.7 million in Q3 2026, down 21% from $30.1 million in Q3 2025, 43% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Centrus Energy said:

“Total revenue to be in the range of $450 million to $500 million”

“Total capital deployment to be in the range of $350 million to $500 million, driven by increased investment in the Company's industrial build out related to its centrifuge manufacturing”

“Hire at least 175 net new employees for its Piketon, Ohio, facility up from 100 net new employee hires”

Source: Centrus Energy Q3 2026 release, Nov 4, 2026.

This is the company's own guidance as of Nov 4, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the LEU forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenue and diluted net income per share, each as first reported in that quarter's release. Centrus's LEU customers generally buy under annual, not quarterly, commitments, so revenue swings widely from quarter to quarter.

We do not hold a confirmed date for Centrus Energy's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 4, 2026

Centrus Energy's total revenue was $55.5 million in Q3 2026, down 26% from $74.9 million. It has two segments. The LEU segment, which sells low-enriched uranium to utilities that operate nuclear power plants, brought in $31.8 million against $44.8 million: $14.1 million from separative work units (SWU, the enrichment component) and $17.7 million from uranium. Technical Solutions, which covers work for the Department of Energy (DOE) and other engineering and manufacturing services, brought in $23.7 million against $30.1 million. (Centrus Energy Q3 2026 release, Nov 4, 2026; Centrus Energy Form 10-K, 2025, Feb 11, 2026)

In the LEU segment, uranium revenue fell $16.4 million on a lower volume of uranium sold, while SWU revenue rose $3.4 million on a 19% increase in SWU volume and a 10% increase in the average SWU price. Centrus says LEU customers generally have multi-year contracts with annual purchase commitments, not quarterly ones, so results vary with delivery timing, and contract pricing reflects market conditions when each contract was signed. (Centrus Energy Q3 2026 release, Nov 4, 2026)

Technical Solutions revenue fell mainly because revenue from the 2022 HALEU Operation Contract with DOE dropped by $10.2 million. That contract is about $0.8 billion of the segment's backlog, but DOE's proposed fiscal 2027 budget includes no further funding for operating the HALEU cascade, and DOE has said it does not currently intend to exercise further options under it. The segment had a gross loss of $3.7 million, against a $3.5 million profit a year earlier. (Centrus Energy Q3 2026 release, Nov 4, 2026)

Centrus's supply side is concentrated. Its largest supply contract is with TENEX, the Russian state-owned supplier, whose LEU is subject to US import quotas and a Russian decree restricting exports, extended through December 31, 2027. The 10-K says a 2019 market-related price reset in that contract significantly lowered Centrus's cost of sales. In Q3 2026 SWU unit costs rose 28%, and the LEU segment had a gross loss of $6.9 million. (Centrus Energy Form 10-K, 2025, Feb 11, 2026; Centrus Energy Form 10-Q, Q3 2026, Nov 5, 2026; Centrus Energy Q3 2026 release, Nov 4, 2026)

Centrus Energy's GAAP diluted EPS was $1.41 in Q3 2026, against $0.19 a year earlier, on net income of $31.6 million against $3.9 million. Its adjusted EPS was a loss of $0.46, against adjusted EPS of $0.25, and adjusted net loss was $9.4 million. (Centrus Energy Q3 2026 release, Nov 4, 2026)

The gap is one non-cash item. Net income included a $46.4 million gain from the change in fair value of the warrant liability, which the adjusted figures remove along with $4.6 million of warrant issuance costs in selling, general and administrative expense. Adjusted figures also exclude $2.4 million of growth costs for the expansion in Piketon, Ohio and Oak Ridge, Tennessee. Investment income rose to $16.9 million from $12.9 million, while the income tax benefit fell to $2.9 million from $11.9 million. (Centrus Energy Q3 2026 release, Nov 4, 2026)

On September 9, 2026 Centrus sold 500,000 shares of Class A common stock, pre-funded warrants for up to 2,005,513 shares and common warrants for up to 6,992,382 shares, for gross proceeds of about $500.0 million. Diluted average shares were 22.4 million in the quarter against 20.7 million a year earlier, and cash and cash equivalents were $2,236.1 million at September 30, 2026. (Centrus Energy Form 10-Q, Q3 2026, Nov 5, 2026; Centrus Energy Q3 2026 release, Nov 4, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Centrus Energy publishes a full-year outlook in its release for revenue, capital deployment and hiring. It gives no earnings guidance. For 2026 it expects total revenue of $450 million to $500 million and capital deployment of $350 million to $500 million, driven by investment in its centrifuge manufacturing build out. It raised planned hiring at Piketon to at least 175 net new employees from 100, and expects at least 100 net new employees at Oak Ridge. Revenue for the first nine months of 2026 was $308.3 million. (Centrus Energy Q3 2026 release, Nov 4, 2026)

The outlook assumes no significant change in restrictions on Centrus's ability to receive and sell Russian LEU. Total backlog was $7.0 billion at September 30, 2026, extending to 2040, including about $5.4 billion of contingent LEU and HALEU sales commitments tied to building new enrichment capacity at Piketon. After quarter end, on October 16, 2026, Centrus bought Westerman, an equipment manufacturing and engineering firm focused on the energy sector, for about $116.0 million in cash and stock. (Centrus Energy Q3 2026 release, Nov 4, 2026; Centrus Energy Form 10-Q, Q3 2026, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Centrus Energy, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Centrus Energy's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning LEU is on is LEU a buy or a sell?, what analysts expect next is on the LEU forecast, and what the company does is on the Centrus Energy (LEU) stock page.

Every number on this page can be traced to a document Centrus Energy published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.