Teck Resources Limited (TSE:TECK.A)
TSX:TECK.A
Earnings Data
Report Date
Apr 23, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.16Last Year’s EPS
0.6Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
Overall the call was predominantly positive: the company reported very strong Q4 and full-year adjusted EBITDA growth (Q4 +81%, FY +48%), achieved substantial operational progress at QB and sanctioned/advanced major growth projects (HVC MLE), and announced a transformational merger with Anglo American that could materially enhance scale and synergies. Offsetting items include significant declines and higher unit costs expected in the zinc business, elevated 2026 capital requirements and deferred stripping through 2028, operational shipment timing impacts, and two fatalities at Antamina. On balance, the positive financial results, strategic merger, operational remediation at QB, sustainability milestones and strong market fundamentals for copper outweigh the notable challenges in zinc and near-term capex and safety issues.Company Guidance
Transformational Merger with Anglo American
Announced merger of equals with Anglo American to create a top-5 global copper producer; combined expected annual copper production ~1.2 million tonnes. Transaction targeted to close within 12–18 months, majority of regulatory approvals obtained (pending China and South Korea). Expected tangible synergies of USD 800 million per year and roadmap to unlock an additional USD 1.4 billion of annual underlying EBITDA uplift from adjacencies.
Strong Q4 and Full-Year Financial Performance
Adjusted EBITDA increased 81% in Q4 to $1.5 billion and increased 48% for full-year 2025 to $4.3 billion. Q4 adjusted EBITDA margin ~50%, one of the strongest recent quarters. Positive pricing adjustments of $295 million recorded in Q4.
Improved Operational Output — Copper
Copper production increased 10% in Q4 versus Q4 2024 across copper operations. QB delivered its strongest quarterly copper production of the year at 55,000 tonnes (a 16,000-tonne increase from Q3 2025, ≈+41% QoQ). Q4 copper grades at QB averaged 0.59%, and December throughput was the highest of the year.
Return to Net Cash and Strong Liquidity
Generated $1.3 billion in cash flow from operations in Q4 and returned $1.3 billion to shareholders in 2025 (share buybacks and dividends). Ended year in a net cash position of $150 million with $9.3 billion in liquidity, including $5.2 billion in cash.
Highland Valley Copper Mine Life Extension (HVC MLE) Sanctioned and Underway
HVC MLE sanctioned in July; project is well underway with detailed engineering >80% complete. HVC MLE expected to extend life-of-mine to 2046 and produce ~132,000 tonnes of copper per annum on average. 2026 growth capital guidance includes $900M–$1.2B for HVC (2026 is a peak capital year).
Safety and Sustainability Progress
High-potential incident frequency rate improved to 0.06 for 2025, a 50% reduction year-over-year and the best annual result on record. Achieved 100% renewable power in Chile as of October 1, 2025. Named one of Canada's Top 100 Employers for ninth consecutive year.
QB Tailings Management Facility (TMF) Progress
Completed installation of alternative cyclone technology and paddock redesigns, materially improving sand quality, drainage times and paddock development rates. Expect to complete mechanical construction of rock benches 4 and 5 and reach TMF steady-state development by end of 2026, with steady-state operations targeted from early 2027.
Favorable Copper Market and Cash Flow Sensitivity
Copper reached record highs in Q4 with quarterly average >USD 5/lb. At USD 5.50/lb copper, company could generate ~$6.2B EBITDA and ~$4.3B operating cash flow; at USD 6.00/lb copper, ~$6.9B EBITDA and ~$4.8B operating cash flow — highlighting strong cash flow upside if prices persist.
Positive Performance at Trail and Byproduct Strength
Trail Operations generated $106 million gross profit before D&A in Q4 and $281 million for the year driven by precious metals and germanium. Byproduct and co-product pricing helped reduce net cash unit costs and improved margins across segments.
TSE:TECK.A Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TSE:TECK.A Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 19, 2026 | C$81.16 | C$81.17 | +0.01% |
Oct 22, 2025 | C$59.97 | C$58.84 | -1.88% |
Jul 24, 2025 | C$53.28 | C$48.71 | -8.58% |
Apr 24, 2025 | C$49.19 | C$50.38 | +2.42% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Teck Resources Limited (TSE:TECK.A) report earnings?
Teck Resources Limited (TSE:TECK.A) is schdueled to report earning on Apr 23, 2026, Before Open (Confirmed).
What is Teck Resources Limited (TSE:TECK.A) earnings time?
Teck Resources Limited (TSE:TECK.A) earnings time is at Apr 23, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
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What is TSE:TECK.A EPS forecast?
TSE:TECK.A EPS forecast for the fiscal quarter 2026 (Q1) is 1.16.