Teck Resources (TSE:TECK.B)
NYSE:TECK.B
Earnings Data
Report Date
Apr 23, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.14Last Year’s EPS
0.6Same Quarter Last Year
Moderate Buy
Based on 10 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented strong financial and operational momentum: sizeable increases in adjusted EBITDA (81% Q4, 48% full year), a roughly 50% adjusted EBITDA margin in Q4, QB operational improvements, sanctioned HVC MLE, robust liquidity and attractive copper market dynamics. These positives are tempered by significant near-term and medium-term challenges: two fatalities at Antamina, a marked decline in zinc production and materially higher zinc unit costs in 2026, elevated peak capital spending and multi-year deferred stripping, and short-term logistics/sales timing effects. The strategic merger with Anglo American and clear TMF progress at QB underpin confidence, but execution and safety remain focal risks going forward.Company Guidance
Strong Quarterly and Annual Profitability
Adjusted EBITDA rose 81% in Q4 to $1.5 billion and increased 48% for the full year to $4.3 billion versus 2024; Q4 adjusted EBITDA margin was approximately 50%, one of the strongest quarterly margins in recent years.
Robust Cash Generation and Balance Sheet Strength
Generated $1.3 billion of cash flow from operations in Q4, returned $1.3 billion to shareholders in 2025 (share buybacks and dividends), ended 2025 in a net cash position of $150 million with $9.3 billion of total liquidity including $5.2 billion in cash.
QB Operational Momentum and TMF Progress
QB delivered its strongest quarterly copper production of the year at 55,000 tonnes (Q4), throughput and recoveries improved progressively with December the highest monthly throughput of the year, and TMF advances (alternative cyclone installation and paddock redesign) materially improved sand quality and drainage enabling target steady-state operations by end of 2026.
Copper Production Growth and Unit Cost Outlook
Copper production increased 10% in Q4 versus Q4 2024; 2026-2028 copper production guidance reaffirmed at 455,000–530,000 tonnes (versus 454,000 tonnes in 2025). 2026 annual copper net cash unit cost guidance of USD 1.85–2.20/lb versus USD 2.03/lb in 2025, reflecting higher expected copper production.
Highland Valley Mine Life Extension Sanctioned
Sanctioned the Highland Valley Copper (HVC) Mine Life Extension in July; project underway, expected to extend mine life to 2046 and produce ~132,000 tonnes of copper per annum on average over the life of mine; detailed engineering >80% complete and 2026 is a peak capital year for HVC MLE (USD 900m–1.2b).
Safety and Sustainability Improvements
High-potential incident frequency rate for Teck-controlled operations improved to 0.06 for the full year, a 50% reduction versus prior year and equivalent to the best-ever annual result; reached 100% renewable power in Chile on October 1 (QB long-term clean power agreement).
Positive Copper Market Tailwinds and Strategic Merger
Copper prices reached record highs in Q4 with the quarterly average > USD 5.00/lb; announced merger of equals with Anglo American to form a top-5 global copper producer (~1.2 million tonnes annual copper production target), with disclosed synergies of USD 800 million/year and a roadmap for an additional USD 1.4 billion of annual EBITDA uplift.
Byproduct and Specialty Metal Contributions
Higher byproduct revenues (notably silver at Red Dog and precious/specialty metals including germanium at Trail) materially supported margins; Trail generated $106 million gross profit before D&A in Q4 and $281 million for the year.
Clear Capital and Cash Flow Scenarios
At an average copper price of USD 5.50/lb, Teck could deliver ~$6.2 billion EBITDA and ~$4.3 billion operating cash flow; at USD 6.00/lb these rise to ~$6.9 billion EBITDA and ~$4.8 billion operating cash flow, illustrating strong cash flow potential to fund growth and returns.
Operational Discipline and Rebased Plans
Comprehensive operational review completed in October strengthened operating plans and rebased targets; January reaffirmation of 2026–2028 production and net cash unit cost guidance across Teck-operated sites reflects increased clarity and confidence in execution.
TSE:TECK.B 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.B Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 19, 2026 | C$81.20 | C$81.14 | -0.07% |
Oct 22, 2025 | C$59.81 | C$58.74 | -1.78% |
Jul 24, 2025 | C$52.17 | C$47.65 | -8.67% |
Apr 24, 2025 | C$47.96 | C$49.74 | +3.70% |
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 (TSE:TECK.B) report earnings?
Teck Resources (TSE:TECK.B) is schdueled to report earning on Apr 23, 2026, Before Open (Confirmed).
What is Teck Resources (TSE:TECK.B) earnings time?
Teck Resources (TSE:TECK.B) earnings time is at Apr 23, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is TSE:TECK.B EPS forecast?
TSE:TECK.B EPS forecast for the fiscal quarter 2026 (Q1) is 1.14.
