Teck Resources Limited (TSE:TECK.A)
TSX:TECK.A
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Earnings Data
Report Date
Jul 23, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.96Last Year’s EPS
0.38Same Quarter Last Year
Moderate Buy
Based on 1 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call portrayed a strong quarter with sizable financial and operational improvements — doubled adjusted EBITDA, record copper prices and volumes, robust cash generation and high liquidity — alongside clear, manageable execution risks (TMF permanent infrastructure timing, maintenance-driven utilization impacts, commodity-price and diesel-cost sensitivities, and an ongoing regulatory review for the merger). Management maintained unchanged guidance and highlighted project progress (Highland Valley MLE) and regulatory/integration progress for the merger, suggesting confidence in execution. The positives (large profit and cash flow gains, operational milestones, merger progress) materially outweigh the identified challenges and risks.Company Guidance
Material Increase in Adjusted EBITDA and Margins
Adjusted EBITDA more than doubled to $2.1 billion in Q1 2026, a 125% increase year-over-year, with margins expanding to 53% from 40% in Q1 2025.
Strong Operating Cash Generation and Liquidity
Cash flow from operations was $1.0 billion in Q1; net cash position increased by $338 million during the quarter to $488 million, with an additional $276 million generated into April and total liquidity of $9.8 billion as of the most recent update.
Record Copper Pricing and Sales Volumes
Copper prices averaged a record $5.83 US/lb in the quarter, supporting record quarterly copper sales volumes; company-wide copper production rose 32% year-over-year to 140,000 tonnes.
QB Operational and TMF Progress
QB delivered 56,000 tonnes of production (in line with Q4 2025) and record quarterly copper sales of 70,000 tonnes (drawing down inventory); mill availability was 92% and recoveries 83%. TMF development advanced with completion of Rock Bench 4 and plans to complete Rock Bench 5 by end of Q2, with steady-state targeted by year-end.
Significant Copper Segment Profit Improvement
Copper gross profit before depreciation and amortization increased 158% year-over-year to $1.8 billion and gross profit margin before D&A improved to 52% from 47%.
Trail and Zinc Segment Earnings Upside
Trail gross profit before depreciation and amortization improved to $258 million from $80 million a year earlier (≈+222%), and zinc segment gross profit before D&A rose 72% to $387 million with margins expanding to 37% from 29%.
Highland Valley Mine Life Extension Progress
Detailed engineering for the Highland Valley MLE is over 90% complete and procurement >95% complete; $188 million invested in Q1; 2026 capital guidance for the project unchanged at $900 million–$1.2 billion and total project guidance unchanged at $2.1–$2.4 billion.
Merger of Equals Progressing
Merger with Anglo American received regulatory approval in South Korea, China review advancing with normal information exchanges, and management continues to expect closing within 12–18 months from announcement; integration planning is underway.
Safety Performance
High potential incident frequency rate was low at 0.05 for the quarter, below the 2025 annual rate of 0.06 (which matched the company's best ever annual result).
Illustrative Upside Cash Flow Scenarios
Management provided illustrative run-rate scenarios: if copper averages $5.50/lb for the year, estimated EBITDA ~$6.6 billion and operating cash ~$5.5 billion; if copper remains near $6.00/lb, estimated EBITDA ~$7.1 billion and operating cash ~$5.9 billion.
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 |
|---|---|---|---|
Apr 23, 2026 | C$80.97 | C$83.29 | +2.87% |
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% |
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 Jul 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 Jul 23, 2026, Before Open (Confirmed).
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What is TSE:TECK.A EPS forecast?
TSE:TECK.A EPS forecast for the fiscal quarter 2026 (Q2) is 0.96.