Earnings

Teck Resources reports third quarter adjusted EBITDA of $2.3 billion

The Tip Desk · October 30, 2026 · 2 min read

The mining company saw adjusted profit attributable to shareholders rise to $923 million from $372 million in the prior-year period

Teck Resources Limited (TECK), the copper and zinc producer, reported unaudited third quarter results for 2026 characterized by record copper prices and increased production. Adjusted EBITDA for the period was $2.3 billion, a 97% increase compared to the $1.1 billion reported in the same period last year.

Profit attributable to shareholders reached $1.6 billion, or 3.24 a share, compared with $281 million, or 0.58 a share, in the third quarter of 2025. The company reported adjusted profit attributable to shareholders of $923 million, or 1.88 a share, up from $372 million, or 0.76 a share, in the prior-year period. These results were supported by an after-tax impairment reversal of $667 million at the company's Trail Operations, which the company attributed to improved market fundamentals for strategic metals and higher long-term commodity price expectations.

Revenue for the third quarter rose to $4.517 billion from $3.385 billion a year earlier. The copper segment generated gross profit before depreciation and amortization of $1.6 billion, compared with $740 million in the same period last year. This growth was driven by record copper prices, which averaged US$6.40 per pound in the third quarter, a 44% increase over the prior-year period. Copper production volumes rose 11% to 115,700 tonnes.

Cost performance in the copper segment reduced net cash unit costs to US$1.77 per pound, down from US$2.09 per pound in the third quarter of 2025. Meanwhile, London Metal Exchange zinc prices increased 36% to an average of US$1.74 per pound.

Liquidity as of September 30, 2026, was $10.9 billion, including $6.7 billion in cash. The company declared and paid dividends of $0.125 per share in the third quarter, totaling $61 million. Teck noted that a merger arrangement agreement with Anglo American restricts the company from paying dividends exceeding $0.125 per share per fiscal quarter without prior approval. The agreement also restricted the company from executing share buybacks since July 25, 2025.

Teck maintained its previously disclosed 2026 annual production guidance, though it expects annual copper production to be at the low end of the range due to extreme weather at Carmen de Andacollo. Conversely, the company expects annual production for copper at HVC, zinc in concentrate at Red Dog, and refined zinc at Trail to be toward the high end of guidance ranges.

Based on strong year-to-date by-product pricing, the company reduced its 2026 annual copper net cash unit cost guidance to US$1.80–$2.00 per pound from a previous range of US$1.85–$2.20 per pound. Zinc total cash unit cost guidance was also lowered to US$0.70–$0.80 per pound from US$0.80–$0.90 per pound.

More on TECK

July 24, 2026 Earnings Teck Resources Adjusted EBITDA Hits 2.2 Billion in Second Quarter April 23, 2026 Earnings Teck Resources Profit Rises on Record Copper Sales

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