TECK RESOURCES (TECK) Company Report

Analyst Coverage

Research analysts who have asked questions during TECK RESOURCES earnings calls.

Myles Allsop

UBS Group AG

10 questions for TECK

Also covers: BHP, GLNCY, RIO +2 more

Orest Wowkodaw

Scotiabank

8 questions for TECK

Also covers: CCJ, ERO, FCX +2 more

Carlos de Alba

Morgan Stanley

7 questions for TECK

Also covers: AA, AR, BVN +14 more

Craig Hutchison

TD Securities

7 questions for TECK

Also covers: CCJ, ERO, EXK +3 more

Matthew Murphy

BMO Capital Markets

6 questions for TECK

Also covers: ERO, FNV, HBM +3 more

Chris LaFemina

Jefferies Financial Group

5 questions for TECK

Also covers: AA, BTU, CNR +4 more

Liam Fitzpatrick

Deutsche Bank

5 questions for TECK

Also covers: FCX, GLNCY, VALE

Bill Peterson

JPMorgan Chase & Co.

4 questions for TECK

Also covers: AA, ACHR, BLDE +13 more

Lawson Winder

Bank of America

2 questions for TECK

Also covers: AA, AEM, CCJ +22 more

William Peterson

JPMorgan Chase & Co.

2 questions for TECK

Also covers: AA, ACHR, BLDE +14 more

Bryce Adams

CIBC Capital Markets

1 question for TECK

Also covers: CCJ, ERO, HBM +2 more

Christopher LaFemina

Jefferies

1 question for TECK

Also covers: AA, ARCH, BTU +6 more

Lucas Pipes

B. Riley Securities

1 question for TECK

Also covers: AA, AMR, AMRK +21 more

Timna Tanners

Wolfe Research

1 question for TECK

Also covers: AA, AMRZ, ATI +20 more

Latest news

Recent press releases and 8-K filings for TECK.

Teck Resources Advances Anglo American Merger, Reports Strong 2025 Financials, and Reaffirms 2026 Guidance

TECK

M&A

Guidance Update

New Projects/Investments

Teck is advancing its transformational merger of equals with Anglo American, which is expected to create a top five global copper producer with over 1.2 million tons of annual copper production and generate $800 million in recurring annual corporate synergies.
The company reported strong financial performance in 2025, with Adjusted EBITDA increasing 48% to $4.3 billion and an Adjusted EBITDA margin of approximately 50% in Q4 2025, while returning $1.3 billion to shareholders.
Teck reaffirmed its annual production guidance for 2026 to 2028 and anticipates generating CAD 6.2 billion in EBITDA and CAD 3.8 billion in operating cash flows in 2026 at a copper price of $5.50 per pound.
Key growth initiatives include the potential to unlock 175,000 tonnes per annum of additional copper production from QB Quellaveco for $1.9 billion capital, and the Highland Valley Mine Life Extension, which will extend the mine life to 2046.

4 days ago

Transcript

Teck Resources Updates on Anglo American Merger and 2025 Performance

TECK

M&A

Guidance Update

New Projects/Investments

Teck Resources is progressing with its transformational merger of equals with Anglo American, which is expected to create a top five global copper producer and deliver $800 million in annual corporate synergies. The regulatory process is on track for the 12-18 month timeline, with approvals secured from Canada, Chile, Australia, Japan, the EU, and the US, and only two remaining.
The company reported strong financial performance in 2025, with a 48% increase in Adjusted EBITDA to $4.3 billion and an Adjusted EBITDA margin of approximately 50% in the fourth quarter. Teck also returned $1.3 billion to shareholders through share buybacks and dividends in 2025.
Teck reaffirmed its annual production guidance for 2026 to 2028 for all Teck-operated sites on January 20th, and expects to generate CAD 6.2 billion in EBITDA and CAD 3.8 billion in operating cash flows in 2026 at a copper price of $5.50 per pound.
Significant progress was made at Quebrada Blanca (QB) in Q4 2025, with quarterly copper production of 55,000 tons, and the operation is on track to reach steady state by year-end 2026. The Highland Valley Mine Life Extension was sanctioned, extending its life to 2046 and expecting 132,000 tons of copper per annum on average.

4 days ago

Transcript

Teck Resources Provides Update on Anglo American Merger, 2025 Performance, and 2026 Outlook

TECK

M&A

Guidance Update

New Projects/Investments

Teck Resources is progressing with its merger of equals with Anglo American, which is expected to create a top five global copper producer with over 1.2 million tons of annual copper production. The regulatory process is on track for completion within 12-18 months from the September announcement, with most key approvals already secured.
The company reported strong financial performance in 2025, with a 48% increase in Adjusted EBITDA to $4.3 billion and an Adjusted EBITDA margin of approximately 50% in Q4. Teck also returned $1.3 billion to shareholders through buybacks and dividends and achieved a net cash position by year-end.
Teck reaffirmed its annual production guidance for 2026 to 2028 for all Teck-operated sites. The Quebrada Blanca (QB) operation made significant progress in Q4 2025, with 55,000 tons of copper production, and is expected to reach steady state by year-end 2026.
Looking to 2026, Teck projects significant operating cash flows, with potential EBITDA of CAD 6.2 billion and operating cash flows of CAD 3.8 billion at a copper price of $5.50 per pound. The company highlights a compelling long-term outlook for copper due to rising structural demand and constrained supply.

4 days ago

Transcript

Teck Reports Strong Q4 2025 Results and Progresses Anglo American Merger

TECK

Earnings

M&A

Teck reported strong financial performance in Q4 2025, with revenue of $3,058 million, Adjusted EBITDA of $1,513 million, and Adjusted profit from continuing operations attributable to shareholders of $671 million, or $1.37 per share.
The proposed merger of equals with Anglo American plc advanced significantly, with Teck shareholders voting overwhelmingly in favor on December 9, 2025, and the Government of Canada granting approval on December 15, 2025.
The company's performance was driven by significantly higher copper prices, which averaged US$5.03 per pound in Q4 2025, and increased copper production of 134,200 tonnes.
Teck ended the year in a net cash position, supported by $1.3 billion of cash flow generated from operations in Q4 2025, and reported $9.3 billion in liquidity as of February 18, 2026.

Feb 19, 2026, 9:54 PM

6-K

Teck Reports Strong Q4 and Full-Year 2025 Results, Advances Anglo American Merger

TECK

Earnings

M&A

Guidance Update

Teck reported strong financial results for Q4 and full-year 2025, with adjusted EBITDA increasing 81% to $1.5 billion in Q4 and 48% to $4.3 billion for the full year. The company returned to a net cash position and distributed $1.3 billion to shareholders in 2025.
The transformational merger of equals with Anglo American, announced on September 9, 2025, is progressing, with shareholder approvals secured and regulatory approvals ongoing. This merger is expected to create a top five global copper producer and deliver $800 million per year in corporate synergies.
Operational performance in Q4 2025 was strong, with QB's copper production at 55,000 tons, the highest of the year, and significant progress made on TMF development to achieve steady state operations by the end of 2026. The Highland Valley Mine Life Extension project was sanctioned in July 2025 and is well underway.
For 2026, Teck reaffirmed its annual copper production guidance of 455,000-530,000 tons (up from 454,000 tons in 2025) and set an annual copper net cash unit cost guidance of $1.85-$2.20 per pound. Zinc in concentrate production is expected to decline to 410,000-460,000 tons from 565,000 tons in 2025, with a net cash unit cost guidance of $0.65-$0.85 per pound. Total capital spending for 2026 is projected between $3.2 billion and $4 billion.

Feb 19, 2026, 4:00 PM

Transcript

Teck Resources Reports Strong Q4 2025 Results and Advances Anglo American Merger

TECK

Earnings

Guidance Update

M&A

Teck reported strong financial performance in Q4 2025, with adjusted EBITDA increasing 81% to $1.5 billion and full-year adjusted EBITDA reaching $4.3 billion, up 48% from 2024, driven by higher copper prices and byproduct revenue. The company returned to a net cash position and returned $1.3 billion to shareholders in 2025.
The transformational merger of equals with Anglo American is progressing, with shareholder approvals secured and remaining regulatory approvals underway, aiming to create a top five global copper producer.
Operational performance was strong, with QB's copper production reaching 55,000 tons in Q4 2025, its strongest of the year, and significant progress made on the Tailings Management Facility (TMF) development to achieve steady-state operations by the end of 2026.
Teck reaffirmed its 2026-2028 annual production guidance, expecting copper production to grow to 455,000-530,000 tons in 2026 from 454,000 tons in 2025, while zinc in concentrate production is projected to decline to 410,000-460,000 tons in 2026 from 565,000 tons in 2025.
Total capital spending for 2026 is estimated between $3.2 billion and $4 billion (including capitalized stripping), marking a peak year for capital expenditures due to QB TMF development and the Highland Valley Mine Life Extension (HVCMLE) project.

Feb 19, 2026, 4:00 PM

Transcript

Teck Resources Reports Strong Q4 2025 Results and Advances Anglo American Merger

TECK

Earnings

M&A

Guidance Update

Teck Resources reported a strong Q4 2025, with adjusted EBITDA increasing 81% to $1.5 billion and achieving a 50% adjusted EBITDA margin, contributing to a full-year adjusted EBITDA of $4.3 billion.
The transformational merger of equals with Anglo American received shareholder approval on December 9th, 2025, and is expected to close within 12-18 months from its September 9th, 2025 announcement, aiming to create a top five global copper producer.
QB's copper production was the strongest of the year at 55,000 tons in Q4 2025, and the company reaffirmed its 2026-2028 production guidance, expecting copper production to grow to 455,000-530,000 tons in 2026. Zinc in concentrate production guidance for Antamina was decreased by 20,000 tons for 2026.
2026 is projected as a peak year for capital expenditures, with total spending between $3.2 billion and $4 billion (including capitalized stripping), while the company ended 2025 in a net cash position of $150 million and returned $1.3 billion to shareholders.

Feb 19, 2026, 4:00 PM

Transcript

Teck Resources Reports Strong Q4 Results and Advances Anglo American Merger

TECK

Earnings

M&A

New Projects/Investments

Teck Resources closed Q4 2025 with revenue of C$3.06 billion and profit attributable to shareholders of $544 million (or $1.11 per diluted share), driven by sharply higher copper prices and better operating performance.
The company's full-year adjusted profit reached C$1.5 billion, significantly up from C$605 million in 2024.
Teck has advanced a proposed "merger of equals" with Anglo American, gaining overwhelming shareholder support and clearance under the Investment Canada Act, with the transaction still subject to global regulatory approvals.
Following the sale of its oil sands and coal businesses, copper is now Teck's largest commodity by EBITDA, and the company is a top-three zinc miner, with its Quebrada Blanca 2 project expected to boost attributable copper production by roughly 75%.

Feb 19, 2026, 6:08 AM

Bloomberg

Teck Reports Unaudited Fourth Quarter Results for 2025

TECK

Earnings

M&A

Guidance Update

Teck reported strong Q4 2025 financial performance, with Adjusted EBITDA of $1.5 billion and Adjusted profit from continuing operations attributable to shareholders of $1.37 per share, primarily driven by significantly higher copper prices.
The proposed merger of equals with Anglo American plc to form Anglo Teck advanced, receiving shareholder approval on December 9, 2025, and Canadian government approval on December 15, 2025.
Quebrada Blanca (QB) copper production reached 55,400 tonnes in Q4 2025, marking the strongest quarterly performance of the year, with 2025 QB net cash unit costs at US$2.67 per pound.
Teck reaffirmed its 2026 annual guidance for most operations, with copper production guidance between 455,000 and 530,000 tonnes and copper net cash unit costs between US$1.85 and US$2.20 per pound.

Feb 19, 2026, 6:01 AM

Press Release

Teck Resources Provides 2025 Production and Sales Update, Reaffirms Outlook

TECK

Guidance Update

New Projects/Investments

Teck Resources Limited announced its 2025 annual copper production of 453,500 tonnes, which was in line with guidance, and 2025 annual zinc in concentrate production of 565,000 tonnes, which was at the higher end of guidance.
The company anticipates reporting positive settlement pricing adjustments of $295 million in the fourth quarter of 2025 due to an increase in base metals prices.
Teck reaffirmed its previously disclosed annual production and unit cost guidance for 2026-2028 for Teck-operated sites, with the exception of a decrease in Antamina's 2026 annual zinc in concentrate production guidance to 35,000–45,000 tonnes.