Teck Resources (TECKN) Q3 2026 Earnings Report
MX:TECKN Q3 2026 EPS Results
- Actual EPS
- MXN 25.40
- Consensus EPS
- MXN 21.55
- Beat/Miss
- Beat by +MXN 3.85
- One Year Ago EPS
- MXN 10.27
MX:TECKN Q3 2026 Revenue Results
- Actual Revenue
- MXN 61.04B
- Expected Revenue
- MXN 58.51B
- Beat/Miss
- Beat by +MXN 2.53B
- YoY Revenue Growth
- +33.44%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/29/2026
- Time
- Before Open
- Conference Call
- Thursday, October 29, 2026
Teck Resources's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. Teck reported substantial earnings and cash flow growth, record copper pricing, higher copper production, lower copper and zinc cost guidance, balance sheet improvement, continued merger progress, and advancement of major growth and infrastructure projects. These strengths outweighed the stated challenges, including severe weather disruptions, lower zinc production at certain operations, higher zinc unit costs, the Highland Valley strike, the outstanding Chinese regulatory approval, and the Antamina fatality.
Teck expects merger completion within 12-18 months of its September 2025 announcement, approximately 11 trading days from fulfillment or waiver of the remaining applicable precedent conditions; 2026 annual production and capital expenditure guidance is unchanged, while copper net cash unit costs are now expected to be between $1.80 and $2 per pound and zinc net cash unit costs between $0.30 and $0.40 per pound. QB is expected to produce between 200,000-235,000 tons this year, Highland Valley is expected towards the high end of 115,000-135,000 tons, Antamina within 95,000-105,000 tons, and Carmen de Andacollo at the low end of 45,000-55,000 tons; 2026 zinc in concentrate production is expected at the high end of 410,000 to 460,000 tons, refined zinc production at Trail at the high end of its guidance, and Red Dog sales between 65,000 and 75,000 tons in Q4 2026. Teck expects to complete all near-term TMF development objectives by the first quarter of 2027, including commissioning the secondary cyclone system, construction of Rock Bench 6, and installation of the permanent TMF pipeline infrastructure; Highland Valley project capital guidance remains CAD 900 million-CAD 1.2 billion for 2026 and CAD 2.1 billion-CAD 2.4 billion in total.
- Significant Earnings and Cash Flow GrowthThird-quarter adjusted EBITDA doubled year over year to CAD 2.3 billion, while cash flow from operations increased to CAD 1.6 billion from CAD 647 million in Q3 2025, nearly 2.5x higher. The adjusted EBITDA margin rose to 51% from 35%.
- Record Copper Pricing Supported ProfitabilityThe average quarterly copper price reached a record $6.40 per pound. Higher copper and zinc prices contributed just over CAD 1 billion to adjusted EBITDA versus a year ago, while higher co-product and by-product pricing contributed another CAD 198 million.
- Copper Production Growth and Lower Unit CostsCopper production increased 11% year over year to 116,000 tons, with increases at QB, Highland Valley Copper, and Antamina. Copper net cash unit costs improved 15% to $1.77 per pound in the quarter, supported by strong cost performance, lower treatment charges, and higher by-product credits.
- Zinc Segment Profit Growth and Trail ImprovementZinc gross profit before depreciation and amortization increased 41% to CAD 638 million, with a 31% margin. Trail refined zinc production increased 18% to 62,000 tons, while Trail gross profit before depreciation and amortization rose to CAD 169 million from CAD 54 million a year ago, reflecting the optimized feed strategy and strong commodity prices.
- Lower 2026 Copper and Zinc Cost GuidanceCopper 2026 net cash unit cost guidance was lowered to $1.80-$2 per pound from $1.85-$2.20 per pound. Zinc net cash unit cost guidance was lowered to $0.30-$0.40 per pound from $0.65-$0.75 per pound, while total zinc cash unit cost guidance was reduced to $0.70-$0.80 per pound from $0.80-$0.90 per pound. The reductions primarily reflect strong by-product pricing year-to-date and operating discipline.
- Balance Sheet StrengtheningNet cash increased by CAD 655 million during the quarter and CAD 1.7 billion during the first nine months of the year, reaching CAD 1.9 billion. Liquidity was CAD 10.9 billion at September 30, including CAD 6.7 billion of cash and an undrawn $3 billion sustainability-linked revolving credit facility. Teck also maintained investment-grade credit ratings and continued scheduled debt repayments.
- Trail Impairment ReversalTeck recorded a pre-tax impairment reversal of CAD 888 million on Trail Operations, reflecting higher expectations for long-term commodity prices, stronger market fundamentals for strategic metals, and increased cash flow from the optimized feed strategy.
- Merger Progress with Anglo AmericanThe merger of equals with Anglo American continued to progress as planned. Integration planning advanced, the future Anglo Teck executive leadership team was established, and the companies continued constructive engagement with China's antitrust regulator. Expected completion within 12-18 months of the September 2025 announcement remains unchanged, with completion expected approximately 11 trading days after the remaining precedent conditions are fulfilled or waived.
- Strong Safety Performance During Severe WeatherThe quarterly high potential incident frequency rate improved to 0.06, equivalent to Teck's 2025 annual rate, which was tied for the company's best-ever annual performance. The Highland Valley Copper Mine Life Extension Project surpassed 1.5 million hours worked without a high potential incident or lost time injury, and no high-risk incidents were reported during the severe weather response.
- Operational Recovery and ResilienceDespite torrential rain, flooding, snow, high winds, drought conditions, and wildfires across the copper business, teams safely recovered operations during the quarter, maintained essential services, and assisted regional recovery efforts by providing equipment and operators to affected communities.
- QB Tailings Management ProgressQB recorded its fourth consecutive quarter with no tailings management facility-related downtime in the concentrator. Sand deposition improved significantly from a year ago, the highest monthly deposition rate was achieved in July, and construction of Rock Bench 6 began in Q3. The secondary cyclone system, Rock Bench 6, and permanent TMF pipeline infrastructure are expected to be completed in the first quarter of 2027.
- QB Production Guidance MaintainedDespite severe weather disruptions, QB's annual copper production guidance remained unchanged at 200,000-235,000 tons for 2026. The operation is expected to gain additional flexibility as a second and third mining phase open through the fourth quarter and into 2027, improving ore sourcing and blending optionality.
- Highland Valley Mine Life Extension AdvancingConstruction of the Highland Valley Copper mine life extension was more than 25% complete and is expected to sustain operations through 2046, supporting average annual copper production of approximately 132,000 tons. Project capital guidance remained unchanged at CAD 900 million-CAD 1.2 billion for 2026 and CAD 2.1 billion-CAD 2.4 billion in total.
- Growth Portfolio and San Nicolás PermitsTeck continued advancing its copper growth project toward sanction readiness. San Nicolás received its main environmental impact assessment permits in July, supporting further progress on the project.
- Positive Zinc Market CommentaryManagement said zinc was the LME's best-performing metal for 2026, with pricing reaching approximately $4,000 per ton in Q3. The company expects zinc treatment charges to continue moving in the direction seen in the spot market in 2027 and described the overall zinc fundamentals as a positive story.
- Strong 2026 Zinc Production OutlookZinc production guidance remained unchanged. Based on strong year-to-date Red Dog performance, 2026 zinc-in-concentrate production is expected at the high end of the 410,000-460,000-ton guidance range, and refined zinc production at Trail is also expected to be at the high end of guidance.
- Strategic Metals Expansion at TrailTeck continued working with the Canadian government and Canada Growth Fund on potential funding to expand germanium, antimony, and gallium production at Trail. The Canada Growth Fund is interested in supporting the expansion, although the funding discussions had not been finalized.
- Sustainability RecognitionTeck was named to the Forbes World's Top Companies for Women 2026 list for the second time. The list recognizes organizations highly rated by female employees and demonstrating a commitment to advancing women in the workplace.
MX:TECKN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 25, 2027 | 2026 (Q4) | 14.76- | 18.51 | ― | ― |
| Oct 29, 2026 | 2026 (Q3) | 21.5525.40 | 10.27 | 147.37% (+15.13) | |
| Jul 23, 2026 | 2026 (Q2) | 18.2626.08 | 5.13 | 407.89% (+20.94) | |
| Apr 23, 2026 | 2026 (Q1) | 15.0823.65 | 8.11 | 191.67% (+15.54) | |
| Feb 19, 2026 | 2025 (Q4) | 12.9518.51 | 6.08 | 204.44% (+12.43) | |
| Oct 22, 2025 | 2025 (Q3) | 7.3110.27 | 8.11 | 26.67% (+2.16) | |
| Jul 24, 2025 | 2025 (Q2) | 3.225.13 | 10.68 | -51.90% (-5.54) | |
| Apr 24, 2025 | 2025 (Q1) | 4.868.11 | 10.13 | -20.00% (-2.03) | |
| Feb 20, 2025 | 2024 (Q4) | 4.476.08 | 18.92 | -67.86% (-12.84) | |
| Oct 24, 2024 | 2024 (Q3) | 5.308.11 | 10.27 | -21.05% (-2.16) |
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.