Teck Resources (TECK) Q4 2025 earnings summary

Executive summary

• Announced a transformational merger of equals with Anglo American, creating a top five global copper producer with significant synergies and a robust growth pipeline; merger approved by shareholders and most regulators, with China and South Korea pending.

• Achieved strong Q4 and full-year operational performance, meeting revised guidance, with robust results at Quebrada Blanca (QB) and progress on tailings management.

• Maintained a strong balance sheet, ending 2025 in a net cash position, with $1.3 billion in Q4 operating cash flow and $9.3 billion in liquidity as of February 2026.

• Advanced key projects, including the Highland Valley Mine Life Extension, extending mine life to 2046, and achieved 100% renewable power at Chilean operations.

• Maintained strong safety performance, achieving a 50% reduction in high potential incident frequency rate year-over-year, though two fatal incidents occurred at Antamina in 2025.

Financial highlights

• Q4 2025 adjusted EBITDA rose 81% year-over-year to $1.5 billion, with a margin of 49–50%, driven by higher copper prices and byproduct revenue.

• Full-year adjusted EBITDA increased 48% to $4.3 billion; profit from continuing operations before taxes was $1.7 billion for FY 2025.

• Adjusted diluted EPS from continuing operations increased 166% to $3.09 for FY 2025.

• $1.3 billion (C$1.3B) returned to shareholders in 2025 via buybacks and dividends; $61 million in Q4 dividends.

• Q4 2025 revenue was $3,058 million, up from $2,786 million in Q4 2024.

Outlook and guidance

• Reaffirmed 2026–2028 production guidance for all operated sites; 2026 copper production expected at 455,000–530,000 tonnes, zinc at 410,000–460,000 tonnes.

• 2026 copper net cash unit cost guidance: $1.85–$2.20/lb; zinc: $0.65–$0.75/lb.

• 2026 to be a peak year for capital expenditures, with sustaining capital $1.47–1.88 billion and growth capital $2.42–2.93 billion.

• Byproduct price assumptions in 2026 guidance are below 2025 levels and current spot prices.

• Guidance reaffirmed for all operated sites; Antamina zinc production guidance updated to 35–45k tonnes.