Teck Resources (TECK) Q1 2026 earnings summary

Executive summary

• Adjusted EBITDA more than doubled to $2.1 billion (+125%) year-over-year, driven by record copper sales, higher commodity prices, and operational discipline, with profit before taxes up 197% to $1.3 billion.

• Cash flow from operations reached $1 billion, increasing net cash by $338 million to $488 million as of March 31, 2026; liquidity stood at $9.8 billion as of late April.

• Strong operational performance across all segments, with no change to annual guidance and continued progress on merger approvals with Anglo American.

• Safety performance improved, with zero fatalities in Q1 2026 and a low high potential incident frequency rate of 0.05.

Financial highlights

• Revenue rose 72% year-over-year to $3.94 billion, with adjusted EBITDA up 125% to $2.1 billion and adjusted profit attributable to shareholders at $858 million ($1.75/share).

• Adjusted EBITDA margin expanded to 53% from 40% year-over-year.

• Copper segment gross profit before depreciation and amortization increased 158% to $1.8 billion; copper production rose 32% to 140,000 tons.

• Zinc segment gross profit before depreciation and amortization increased 72% to $387 million; refined zinc production at Trail rose by 16,000 tons.

• Net cash position improved by $338 million to $488 million; liquidity at $9.8 billion including $5.7 billion cash.

Outlook and guidance

• Annual production and cost guidance for copper and zinc segments for 2026-2028 remain unchanged.

• Copper production expected at 455,000-530,000 tons for 2026; zinc in concentrate at 410,000-460,000 tons and refined zinc at 190,000-230,000 tons.

• Net cash unit cost guidance for copper is $1.85-$2.20/lb and for zinc $0.65-$0.75/lb for 2026.

• Capital expenditure guidance for HVC MLE project unchanged at $900 million-$1.2 billion for 2026 and $2.1 billion-$2.4 billion overall.

• Guidance incorporates risks from supply chain, commodity price volatility, and geopolitical factors.