TECK RESOURCES LTD (TECK): Financial results for Q3 2026
TECK RESOURCES LTD (TECK) furnished an SEC Form 6-K — earnings release. EXHIBIT 99.1 News Release For Immediate Release 26-25-TR Date: October 28, 2026 Teck Reports Unaudited Third Quarter Results for 2026 Sustained operating performance and record copper prices support robust third quarter results Vancouver, B.C. – Teck Resources Limited (TSX: TECK.
How this was made
The 30-second read
Why it matters
The earnings beat and guidance updates are fresh primary disclosures that can affect pricing immediately.
Market read
TECK's strong earnings and copper price environment provide a clear trading catalyst, especially for resource‑focused portfolios.
What to watch
Severe weather disruptions at some sites could limit future production growth.
Sustained operating performance and record copper prices support robust third quarter results
Q3 revenue, gross profit, profit attributable to shareholders, adjusted EBITDA and operating cash flow increased from the same period last year. Higher copper and zinc prices, higher by-product revenues and lower smelter processing charges supported results, while the company reduced 2026 copper and zinc unit-cost guidance.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 30other | $4.52B | – | – |
| Gross profit, three months ended September 30other | $1.69B | – | – |
| Gross profit before depreciation and amortization, three months ended September 30non-GAAP | $2.22B | – | – |
| Profit before taxes, three months ended September 30other | $2.28B | – | – |
| Profit attributable to shareholders, three months ended September 30other | $1.59B | – | – |
| Adjusted profit attributable to shareholders, three months ended September 30non-GAAP | $923M | – | – |
| Basic earnings per share, three months ended September 30other | $3.24 | – | – |
| Diluted earnings per share, three months ended September 30other | $3.24 | – | – |
| Adjusted basic earnings per share, three months ended September 30non-GAAP | $1.88 | – | – |
| Adjusted diluted earnings per share, three months ended September 30non-GAAP | $1.88 | – | – |
| EBITDA, three months ended September 30non-GAAP | $2.98B | – | – |
| Adjusted EBITDA, three months ended September 30non-GAAP | $2.31B | – | 97% higher |
| Copper revenue as reported, three months ended September 30other | $2.45B | – | – |
| Copper gross profit before depreciation and amortization, three months ended September 30non-GAAP | $1.58B | – | – |
| Zinc gross profit before depreciation and amortization, three months ended September 30non-GAAP | $638M | – | – |
| Copper net cash unit costs, three months ended September 30non-GAAP | US$1.77 per pound | – | – |
| QB net cash unit costs, three months ended September 30non-GAAP | US$2.48 per pound | higher than Q2 2026 | – |
| Copper production volumes, Q3 2026other | 115,700 tonnes | – | 11% higher |
| QB copper production, Q3 2026other | 47,200 tonnes | lower than production of 55,800 tonnes in the second quarter of 2026 | higher than the same period last year |
| QB molybdenum production, Q3 2026other | 600 tonnes | lower than the 840 tonnes produced in Q2 2026 | higher than the same period last year |
| QB throughput, Q3 2026other | 117,000 tonnes per day | – | – |
| QB recoveries, Q3 2026other | 81.1% | lower than Q2 2026 | – |
| QB grades, Q3 2026other | 0.55% | – | – |
| Red Dog zinc in concentrate sales volumes, Q3 2026other | 246,700 tonnes | – | – |
| Profit attributable to shareholders, nine months ended September 30other | $3.27B | – | – |
| Adjusted profit attributable to shareholders, nine months ended September 30non-GAAP | $2.73B | – | – |
| Adjusted EBITDA, nine months ended September 30non-GAAP | $6.59B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| CopperRecord copper prices, higher by-product revenues and lower smelter processing charges supported segment results. | $2.45B | – | – |
2026 annual and Q4 2026 outlook
- NoteCopper production: 455 – 530 (000’s tonnes)
- NoteZinc production: 410 – 460 (000’s tonnes)
- NoteRefined zinc production: 190 – 230 (000’s tonnes)
- NoteRed Dog zinc in concentrate sales, Q4 2026: 65 – 75 (000’s tonnes)
- NoteCopper net cash unit costs: US$1.80 – $2.00 per pound
- NoteZinc net cash unit costs: US$0.30 – $0.40 per pound
- NoteQB 2026 copper production guidance: 200,000 to 235,000 tonnes
- Note2026 sustaining capital expenditures: top half of the previously disclosed guidance range of $1.3–$1.5 billion
- Note2026 capitalized stripping expenditures: high end of the previously disclosed guidance range of $455–$560 million
- Note2026 annual copper production at HVC: towards the high end of the previously disclosed guidance ranges
- Note2026 annual zinc in concentrate production at Red Dog: towards the high end of the previously disclosed guidance ranges
- Note2026 annual refined zinc production at Trail: towards the high end of the previously disclosed guidance ranges
- Note2026 annual copper production at Carmen de Andacollo: low end of the previously disclosed guidance
What drove it
- Significantly higher copper and zinc prices, higher by-product revenues and lower smelter processing charges drove adjusted EBITDA growth.
- Copper prices averaged US$6.40 per pound in Q3 2026.
- Copper production volumes were 11% higher than the same period last year, with production increases across all copper operations except Carmen de Andacollo.
- The Trail Operations optimized feed strategy supported zinc cash flow generation and resulted in a pre-tax impairment reversal of $888 million.
- Strong year-to-date by-product pricing reduced 2026 copper and zinc net cash unit-cost guidance.
Concerns
- Severe weather in August caused intermittent power outages at QB, shutdowns of the concentrator, dewatering systems and other equipment, and reduced access to planned higher-grade ore.
- QB throughput was affected by weather-related disruptions in August and wet material in September, while recoveries were lower than Q2 2026.
- Carmen de Andacollo production decreased because of extreme weather conditions that caused an extended shutdown.
- A fatality occurred on October 27, 2026 at the Antamina mine.
- The planned merger with Anglo American remains subject to required approvals and closing conditions.
What to watch
- QB operational flexibility as multiple mining faces increasingly open through Q4 2026 and into 2027.
- Commissioning of the QB secondary cyclone station, expected in Q1 2027.
- Completion of Rock Bench 6 construction and installation of permanent TMF pipeline infrastructure, expected in Q1 2027.
- Red Dog shipping season completion, expected by early November 2026.
- Progress toward approvals and closing of the merger with Anglo American.
Balance sheet and cash flow
- Cash flow from operations: $1.6 billion
- Net cash position increased by $655 million in Q3 2026
- Liquidity as at September 30, 2026: $10.9 billion, including $6.7 billion of cash
- Cash and cash equivalents as at September 30, 2026: $6,685 million
- Total debt as at September 30, 2026: $4,786 million
- Net debt (cash) as at September 30, 2026: $(1,899) million
- Net debt (cash) as at December 31, 2025: $(150) million
Analysis
Teck reported stronger third-quarter financial results under IFRS Accounting Standards. Revenue was $4,517 million compared with $3,385 million in Q3 2025, gross profit was $1,688 million compared with $660 million, and adjusted EBITDA was $2,305 million compared with $1,171 million. The company attributed the improvement primarily to significantly higher copper and zinc prices, higher by-product revenues and lower smelter processing charges. Profit attributable to shareholders was $1,592 million, while adjusted profit attributable to shareholders was $923 million.
Copper was the principal financial contributor. Copper revenue as reported was $2,449 million and copper gross profit before depreciation and amortization was $1,582 million, compared with $740 million in the same period last year. Copper production volumes were 115,700 tonnes, 11% higher than the same period last year. Copper net cash unit costs were US$1.77 per pound, compared with US$2.09 per pound, supported by cost performance, lower smelter processing charges and by-product revenues. Zinc gross profit before depreciation and amortization was $638 million compared with $454 million, with Trail's optimized feed strategy also producing an $888 million pre-tax impairment reversal.
QB remained operationally disrupted despite year-over-year production improvement. Severe weather caused intermittent power outages, equipment shutdowns, wet mining conditions and reduced access to higher-grade ore. QB produced 47,200 tonnes of copper, below 55,800 tonnes in Q2 2026 but above 39,600 tonnes in Q3 2025. Throughput averaged 117,000 tonnes per day, recoveries were 81.1%, and grades averaged 0.55%. QB net cash unit costs were US$2.48 per pound, below US$2.91 per pound in Q3 2025 but above US$1.83 per pound in Q2 2026.
Cash generation strengthened the balance sheet. Teck generated cash flow from operations of $1.6 billion and increased its net cash position by $655 million in Q3 2026. Liquidity was $10.9 billion as at September 30, 2026, including $6.7 billion of cash. Total debt was $4,786 million and net debt (cash) was $(1,899) million. The filing did not report dividends or share repurchases for the period.
The company maintained its 2026 annual production guidance, including QB guidance of 200,000 to 235,000 tonnes, but reduced cost guidance. Copper net cash unit-cost guidance was lowered to US$1.80–$2.00 per pound, zinc total cash unit-cost guidance to US$0.70–$0.80 per pound, and zinc net cash unit-cost guidance to US$0.30–$0.40 per pound. Teck expects production at HVC, Red Dog and Trail toward the high end of previous ranges, while Carmen de Andacollo is expected at the low end following extreme weather. Sustaining capital expenditures are expected in the top half of the $1.3–$1.5 billion range and capitalized stripping expenditures at the high end of the $455–$560 million range.
Management, verbatim
Our third quarter results showcase the underlying strength of our business, with increased production, disciplined execution and record copper prices driving strong financial performance and cash generation.
Jonathan Price, President and CEO
Across our copper business, we increased production, lowered unit costs and delivered strong margin growth, while our zinc business continued to contribute meaningful cash flow generation.
Jonathan Price, President and CEO
Not in the filing
stated, not guessed- Operating income or operating profit
- Gross margin percentage
- Operating expenses
- Income tax expense and effective tax rate
- Free cash flow
- Dividend declarations or payments
- Share repurchases
- Zinc segment revenue
- Revenue by individual copper and zinc operation
- Prior-quarter total revenue, gross profit, adjusted EBITDA, profit attributable to shareholders and EPS
- A separately provided previous outlook section for formal actual-versus-prior-guidance comparison
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Teck Resources filed a Form 6‑K earnings release, providing its first public Q3 2026 numbers.
Ticker impact
Teck Resources reported unaudited Q3 2026 results with adjusted EBITDA up 97% YoY and strong copper price-driven profit.
likely upward pressure as investors price in higher cash flow and improved margins
The earnings beat and guidance improvements provide fresh, material information that can move the stock today.
Market effects
Strong copper results may lift other miners and commodity‑related stocks.
Positive for Canadian mining sector and broader resource markets.
Highlights continued copper price strength, supporting global commodity sentiment.
Counterpoint
If copper prices reverse, TECK's recent gains could be vulnerable.
Key entities
- companyTeck Resources Ltd
Canadian miner reporting Q3 2026 results.
- companyAnglo American plc
Merger partner; progress noted but not a primary news subject.
