Teck Resources (TECK) Q2 2026 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q2 2026, with significantly higher earnings and robust cash flow driven by record copper prices, higher production volumes, and operational stability.

• Advanced the merger of equals with Anglo American, focusing on securing remaining regulatory approvals, integration planning, and targeting closure within 12–18 months of September 2025.

• Maintained operational stability at QB, achieving a third consecutive quarter of stable operations and no TMF-related downtime.

• Continued progress on major projects, including the Highland Valley Mine Life Extension and strategic metals initiatives at Trail.

• No changes to previously disclosed operational or financial guidance.

Financial highlights

• Adjusted EBITDA tripled year-over-year to $2.2 billion (CAD 2.2 billion), with a record 61% margin.

• Profit before taxes rose to $1.5 billion (+1,067% year-over-year).

• Cash flow from operations reached $1.7 billion, increasing net cash by $756 million in Q2 and $1 billion in H1; liquidity at $10.3 billion, including $6.1 billion in cash.

• Returned CAD 61 million to shareholders via regular quarterly dividend.

• Adjusted profit attributable to shareholders was $948 million ($1.93/share), up from $187 million ($0.38/share) last year.

Outlook and guidance

• Annual copper and zinc production guidance for 2026 remains unchanged: copper at 455,000–530,000 tonnes, zinc in concentrate at 410,000–460,000 tonnes, refined zinc at 190,000–230,000 tonnes.

• Copper net cash unit costs guided at US$1.85–2.20/lb; zinc at US$0.65–0.75/lb.

• Red Dog zinc sales expected at 220,000–270,000 tonnes in Q3 2026.

• Highland Valley Mine Life Extension to support average annual copper production of 132,000 tonnes through 2046.

• Merger with Anglo American anticipated to close within 12–18 months of September 2025 announcement.