Teck Resources delivered a blowout Q4 2025, posting adjusted EPS of $0.98 (vs. $0.59 estimate), smashing expectations by 67%. Revenue of $2.19B (USD) beat the consensus by 8.63%. Adjusted EBITDA surged 81% YoY to $1.5B (CAD), powered by soaring copper prices. Shares jumped ~2.6% in pre-market trading.
About Teck Resources
Teck Resources Limited (TSX: TECK.A, TECK.B | NYSE: TECK) is Canada’s largest diversified resource company, headquartered in Vancouver, British Columbia. Founded on April 8, 1913, as Teck-Hughes Gold Mines Limited by prospectors Sandy McIntyre and James Hughes in Kirkland Lake, Ontario, the company has evolved over more than a century into a global mining powerhouse.
The company recently divested its steelmaking coal business to Glencore and is advancing a proposed merger of equals with Anglo American plc to form a top-five global copper company. Teck currently carries a market capitalization of approximately $28.5 billion, a P/E ratio of 32.98, a dividend yield of ~1%, and employs over 13,000 people worldwide. Institutional investors own roughly 78% of the stock.
Top Financial Highlights
- Q4 Revenue reached CAD 3.06 billion, up 9.8% YoY from CAD 2.79 billion.
- Q4 Revenue in USD totaled USD 2.19 billion, exceeding the consensus estimate of USD 2.02 billion by 8.63%.
- Q4 Adjusted EPS in USD was USD 0.98, significantly above the USD 0.59 estimate, reflecting a 67.38% earnings surprise.
- Q4 Reported EPS was CAD 1.11 per share, while adjusted EPS reached CAD 1.37 per share, compared to CAD 0.75 and CAD 0.45 in Q4 2024.
- Q4 Adjusted EBITDA rose to CAD 1.513 billion, increasing 81% YoY from CAD 835 million.
- Q4 Gross Profit increased to CAD 990 million, up 83% YoY from CAD 542 million.
- Q4 Profit Before Taxes improved to CAD 792 million, compared to CAD 256 million in the prior year.
- Q4 Operating Cash Flow generated CAD 1.3 billion from operations.
- Copper Segment Gross Profit before D&A reached CAD 1.1 billion, up from CAD 732 million in Q4 2024. Performance was supported by average copper prices of USD 5.03 per pound.
- Zinc Segment Gross Profit before D&A totaled CAD 305 million, compared to CAD 320 million in the prior year quarter.
- Full Year Adjusted EBITDA reached CAD 4.333 billion, compared to CAD 2.933 billion in 2024, representing 48% growth.
- Total Liquidity stood at CAD 9.3 billion, including CAD 5.2 billion in cash as of February 18, 2026.
- 2025 Copper Production was 453,500 tonnes, in line with company guidance.
- 2025 Zinc in Concentrate Production totaled 565,000 tonnes, at the higher end of guidance.
- 2026 to 2028 Guidance for production and unit costs at operated sites has been reaffirmed, indicating stable operational expectations.
Financial Summary Q4 2025
| Financial Metric (CAD$ in millions, except per share data) | Q4 2025 | Q4 2024 |
|---|---|---|
| Revenue | $ 3,058 | $ 2,786 |
| Gross profit | $ 990 | $ 542 |
| Gross profit before depreciation and amortization1 | $ 1,384 | $ 1,052 |
| Profit from continuing operations before taxes | $ 792 | $ 256 |
| Adjusted EBITDA1 | $ 1,513 | $ 835 |
| Profit from continuing operations attributable to shareholders | $ 544 | $ 385 |
| Adjusted profit from continuing operations attributable to shareholders1 | $ 671 | $ 232 |
| Basic earnings per share from continuing operations | $ 1.11 | $ 0.75 |
| Diluted earnings per share from continuing operations | $ 1.11 | $ 0.75 |
| Adjusted basic earnings per share from continuing operations1 | $ 1.37 | $ 0.45 |
| Adjusted diluted earnings per share from continuing operations1 | $ 1.37 | $ 0.45 |
2026 Guidance- Summary
| Category | Metric | Current Guidance |
|---|---|---|
| Production Guidance | Copper (000’s tonnes) | 455-530 |
| Production Guidance | Zinc (000’s tonnes) | 410-460 |
| Production Guidance | Refined zinc (000’s tonnes) | 190-230 |
| Sales Guidance – Q1 2026 | Red Dog zinc in concentrate sales (000’s tonnes) | 40-50 |
| Unit Cost Guidance | Copper net cash unit costs (US$/lb.)1 | 1.85-2.20 |
| Unit Cost Guidance | Zinc net cash unit costs (US$/lb.)1 | 0.65-0.75 |
Beat or Miss?
| Metric | Reported | Estimated | Difference |
| EPS (USD, adjusted) | $0.98 | $0.59 | +$0.39 (+67.4% beat) |
| Revenue (USD) | $2.19B | $2.02B | +$170M (+8.6% beat) |
| Revenue (CAD) | $3.06B | $3.09B (CAD est.) | -$30M (-1.0% miss, CAD basis) |
| Adjusted EBITDA (CAD) | $1.513B | N/A | +81% YoY |
Teck beat consensus estimates across the board on a USD basis for the fourth consecutive quarter, surpassing EPS estimates in all four quarters of 2025. On a CAD-denominated basis, revenue narrowly missed one analyst estimate by ~1%, but the overwhelming earnings beat reflects strong operational leverage from rising copper prices.
What Leadership Is Saying?
“Teck closed out 2025 with strong momentum, delivering robust Q4 financial performance underpinned by significantly higher copper prices and operating performance in line with plan… Looking ahead to 2026, Teck is well positioned to deliver disciplined execution of our business plans and progress the merger…” By Jonathan Price, President and CEO.
“Our very strong balance sheet ensures we maintain our resilient position.” The company ended 2025 in a net cash position, supported by $1.3 billion of operating cash flow in Q4 alone and $9.3 billion in total liquidity – underscoring the financial firepower Teck brings to its merger ambitions and organic growth plans. Says Crystal Prystai, Senior Vice President & CFO
Historical Performance
Q4 2025 vs. Q4 2024 (CAD)
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Revenue | $3,058M | $2,786M | +9.8% |
| Gross Profit | $990M | $542M | +82.7% |
| Adjusted EBITDA | $1,513M | $835M | +81.2% |
| Profit Before Taxes | $792M | $256M | +209.4% |
| Profit Attributable to Shareholders | $544M | $385M | +41.3% |
| Adjusted EPS | $1.37 | $0.45 | +204.4% |
The year-over-year improvement was driven primarily by significantly higher copper prices (averaging US$5.03/lb in Q4 vs. lower levels a year ago), increased by-product revenues, lower smelter processing charges, and improved profitability at Trail Operations. These gains were partially offset by foreign exchange losses and lower zinc sales volumes from Red Dog due to shipment timing.
Competitor Performance Comparison – Q4 2025
| Metric | Teck Resources (TECK) | Freeport-McMoRan (FCX) | Southern Copper (SCCO) |
| Q4 2025 Revenue | $2.19B (USD) | $5.63B | $3.87B |
| Q4 2024 Revenue | $1.99B (USD) | ~$5.72B (est.) | $2.79B |
| Revenue Change YoY | +10.1% | -1.5% | +38.7% investing |
| Q4 2025 EPS (adj.) | $0.98 | $0.47 investing | $1.56 investing |
| Q4 2024 EPS | $0.33 | $0.19 | $0.95 (est.) |
| EPS Change YoY | +197% | +147% | +64% |
| Market Cap | ~$28.5B | ~$89.8B | ~$159.1B |
| P/E Ratio | 32.98 | 41.14 | 37.12 |
All three major copper miners posted strong Q4 2025 results, fueled by elevated copper prices. Teck posted the highest EPS growth at +197% YoY, while Southern Copper led on absolute revenue growth (+39%) thanks to record copper and silver prices. Freeport-McMoRan’s revenue dipped slightly YoY due to lower Indonesia production volumes from the Grasberg incident, but still beat estimates convincingly.
How the Market Reacted?
Teck shares surged approximately +2.56% in pre-market trading on February 19, 2026, moving to $59.36 from the previous close of $57.88, as investors reacted positively to the massive earnings beat . The stock has been on a strong upward trajectory, climbing from a 52-week low of $28.32 to near its 52-week high of $60.75, fueled by the proposed Anglo American merger and a favorable copper price environment.
Overall market sentiment is decidedly bullish, supported by the company’s record liquidity of $9.3 billion and its positioning as a future top-five global copper producer. Analysts currently maintain a consensus price target of $53.33, which the stock has already surpassed, suggesting potential for upward revisions following these results.
