Teck Resources Limited reported first‑quarter 2026 results that surpassed analyst expectations, with revenue of C$3.94 billion and an adjusted earnings‑per‑share of C$1.75, up from C$0.60 in the same period a year earlier. The company’s adjusted EBITDA rose to C$2.10 billion, a 125% increase from Q1 2025, driven by record copper sales of 140,000 tonnes and a copper price of US$5.83 per pound.
Copper production at the Quebrada Blanca mine reached 55,500 tonnes, while total company copper output for the quarter was 140,000 tonnes. Zinc production was 106,000 tonnes. Net cash unit costs for copper fell to C$1.74 per pound, reflecting higher by‑product credits and lower smelter charges. The company maintained its 2026 guidance, reaffirming a copper production target of 455,000–530,000 tonnes and a zinc target of 410,000–460,000 tonnes.
The earnings beat was driven by a combination of higher commodity prices, record sales volumes, and disciplined cost management. Adjusted EPS of C$1.75 exceeded consensus estimates ranging from C$0.79 to C$1.17, a beat of between $0.58 and $0.96 per share. Revenue of C$3.94 billion surpassed analyst expectations of between C$2.18 billion and C$3.15 billion, a beat of roughly $0.79 billion to $1.76 billion. The expansion of the adjusted EBITDA margin to 53% from 40% in Q1 2025 reflects the company’s pricing power and operational leverage.
Management highlighted the strength of the quarter, stating, "We delivered a very strong start to 2026, underpinned by record quarterly copper sales, strong commodity prices, and disciplined execution across our operations." CFO Crystal Prystai added, "Our adjusted EBITDA more than doubled to $2.1 billion in the quarter, with margins expanding to 53% from 40% in the same period last year, driven by our highest ever quarterly copper sales volumes and significantly higher commodity prices, with copper prices averaging a record $5.83 US per pound in the quarter. There was also a meaningful contribution from increased by‑product revenue, particularly from silver."
The company continues to advance its merger of equals with Anglo American, with shareholder and Canadian government approvals secured and discussions with Chinese regulators ongoing. The transaction is expected to close 12 to 18 months from its announcement, positioning Teck to become a leading producer of metals essential to the energy transition.
The market reacted positively to the results, with analysts noting the company’s ability to translate high commodity prices into robust earnings and the reaffirmation of guidance signaling confidence in sustained demand for copper and zinc. Headwinds such as higher fuel costs and supply‑chain disruptions were acknowledged, but the company’s operational efficiencies and strong cash flow generation mitigate short‑term pressures.
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