"We delivered a very strong start to 2026, underpinned by record quarterly copper sales, strong commodity prices, and disciplined execution across our operations," said Jonathan Price, President and CEO. "Quebrada Blanca (QB) delivered robust and consistent performance, achieving all-time high quarterly copper sales and ongoing operational stability. Our quarterly financial results demonstrate the resilience and potential of our portfolio and the strength of our balance sheet. Moving forward, we remain focused on disciplined operating performance and advancing the merger of equals with Anglo American toward a successful close."
Highlights
Adjusted EBITDA1 of $2.1 billion in Q1 2026 was $1.2 billion or 125% higher than the same period last year, driven by record quarterly copper sales volumes, significantly higher commodity prices and increased revenue from by-products. Our profit before taxes was $1.3 billion in Q1 2026.
Adjusted profit attributable to shareholders1 in Q1 2026 was $858 million, or $1.75 per share, compared to $303 million, or $0.60 per share, in the same period last year. Profit attributable to shareholders was $819 million or $1.67 per share.
Cash flow from operations of $1.0 billion increased our net cash1 position by $338 million at March 31, 2026. Our liquidity as at April 22, 2026 is $9.8 billion, including $5.7 billion of cash, bolstered by continued cash flow generation into April.
Our copper segment generated gross profit before depreciation and amortization1 of $1.8 billion in Q1 2026 compared to $704 million in the same period last year, primarily driven by record copper prices, which averaged US$5.83 per pound in Q1 2026 and record quarterly copper sales volumes. Gross profit from our copper segment was $1.4 billion in Q1 2026.
QB copper sales volumes of 70,300 tonnes in Q1 2026 were a quarterly record and materially exceeded production volumes of 55,500 tonnes as inventory was drawn down.
QB delivered strong production in Q1 2026, consistent with Q4 2025 and reflecting ongoing operational stability. This result was achieved despite a planned maintenance shutdown and a shorter operating month in February, indicating improved underlying production performance on a comparable basis.
Our zinc segment generated gross profit before depreciation and amortization1 of $387 million in Q1 2026, compared to $225 million in the same period last year driven by higher commodity prices and continued focus on cash flow generation through our optimized feed strategy at our Trail Operations. Gross profit from our zinc segment was $359 million in Q1 2026 of which $257 million related to our Trail Operations.
Our annual High-Potential Incident (HPI) frequency rate remained low at 0.05 in Q1 2026, below the 2025 annual rate of 0.06, which matched Teck's best annual result.
Note:
This is a non-GAAP financial measure or ratio. See "Use of Non-GAAP Financial Measures and Ratios" for further information.
Financial Summary Q1 2026
Financial Metrics(CAD$ in millions, except per share data)
Q1 2026
Q1 2025
Revenue
$
3,943
$
2,290
Gross profit
$
1,715
$
536
Gross profit before depreciation and amortization1
$
2,201
$
929
Profit before taxes
$
1,336
$
450
Adjusted EBITDA1
$
2,088
$
927
Profit attributable to shareholders
$
819
$
370
Adjusted profit attributable to shareholders1
$
858
$
303
Basic earnings per share
$
1.67
$
0.74
Diluted earnings per share
$
1.67
$
0.73
Adjusted basic earnings per share1
$
1.75
$
0.60
Adjusted diluted earnings per share1
$
1.75
$
0.60
Key Updates
Teck and Anglo American plc Merger of Equals
On September 9, 2025, Teck and Anglo American plc (Anglo American) announced a merger of equals (the Merger) to form Anglo Teck, a global critical minerals champion headquartered in Canada. Both Anglo American and Teck believe the Merger will be highly attractive for their respective shareholders and stakeholders, enhancing portfolio quality, financial and operational resilience and strategic positioning.
The Merger is expected to deliver annual pre-tax synergies of approximately US$800 million, with approximately 80% expected to be realized on a run-rate basis by the end of the second year following completion. Anglo Teck will also work with key stakeholders and partners to optimize the value of the adjacent Collahuasi and Quebrada Blanca assets to realize an expected US$1.4 billion (100% basis) of annual average underlying EBITDA2 uplift from 2030-2049. The combination between QB and Collahuasi offers shareholders the fastest route to copper growth, at the lowest risk and capital intensity, and delivers the highest returns relative to the standalone alternatives, while not precluding further future expansion at Collahuasi or QB. Together, these future opportunities offer the potential for multi-decade copper growth, in the interests of all stakeholders, in Chile and around the world.
On December 9, 2025, shareholders of both Teck and Anglo American approved the Merger as required under the arrangement agreement. On December 15, 2025, Teck and Anglo American received regulatory approval from the Government of Canada under the Investment Canada Act (ICA) for the Merger.
The Merger remains subject to customary closing conditions for a transaction of this nature, including regulatory approvals. The parties continue to work collaboratively toward securing the required approvals, advancing the transaction to completion, and progressing integration planning.
Notes:
This is a non-GAAP financial measure or ratio. See "Use of Non-GAAP Financial Measures and Ratios" for further information.
This is a non-GAAP financial measure. See the Management Proxy Circular for the special meeting of shareholders of Teck Resources Limited held on December 9, 2025, filed under Teck's profile on SEDAR+ (www.sedarplus.ca) for further information.
QB Action Plan Update and Q1 Performance
QB had strong production in Q1 2026, reflecting the continued focus on operational stability, and advancement of the tailings management facility (TMF) development work.
Q1 2026 copper production at QB was 55,500 tonnes, consistent with production in Q4 2025, despite a planned maintenance shutdown early in the quarter and a shorter operating month in February, indicating improved underlying production performance on a comparable basis. Strong performance was supported by higher throughput and consistent recoveries in March.
Q1 2026 molybdenum production at QB was 640 tonnes, reflecting another quarter of strong operational performance and process stability.
Throughput increased progressively during the quarter, supported by improved operational discipline and enhanced integration across mine and plant activities. The improvement in throughput in March confirms that the concentrator is operating as expected under stable conditions, with first-quarter variability primarily attributable to temporary system instability following the planned shutdown.
Record quarterly copper sales at QB of 70,300 tonnes were significantly higher than Q4 2025 and the same period last year. Sales volumes in Q1 2026 at QB exceeded production with the shipment of inventory carried over from 2025.
In Q1 2026, development of the TMF progressed as planned and supported continuous operations, with the successful completion of Rock Bench 4. Overall TMF development performance remained stable and sand deposition rates improved during the quarter with continued improvement expected. In addition, we are continuing to progress Rock Bench 5, as planned.
Shiploader repairs at QB's port facility were completed at the end of January 2026. The first successful shipments were loaded in early February and normal operation of the shiploader has continued since that time.
QB net cash unit costs¹ of $2.27 per pound in the first quarter decreased significantly compared to $2.66 per pound in the same period last year, primarily due to higher copper sales volumes and favourable by-product credits.
Safety and Sustainability Leadership
Our annual HPI frequency rate remained low at 0.05 in Q1 2026, below the 2025 annual rate of 0.06, which matched Teck's best annual result.
On March 12, 2026, we released our 25th annual Sustainability Report, outlining Teck's 2025 performance in key areas, including support for communities, Indigenous Peoples, health and safety, diversity and climate.
Note:
This is a non-GAAP financial measure or ratio. See "Use of Non-GAAP Financial Measures and Ratios" for further information.
Guidance
There are no changes to our previously disclosed guidance, which is outlined in summary below and our usual guidance tables, including 2027–2028 production guidance, can be found on pages 26–29 of Teck's first quarter results for 2026 at the link below.
2026 Guidance, Summary
Current
Production Guidance
Copper (000's tonnes)
455, 530
Zinc (000's tonnes)
410, 460
Refined zinc (000's tonnes)
190, 230
Sales Guidance, Q2 2026
Red Dog zinc in concentrate sales (000's tonnes)
30, 40
Unit Cost Guidance
Copper net cash unit costs (US$/lb.)1
1.85, 2.20
Zinc net cash unit costs (US$/lb.)1
0.65, 0.75
Note:
This is a non-GAAP financial measure or ratio. See "Use of Non-GAAP Financial Measures and Ratios" for further information.
All dollar amounts expressed in this news release are in Canadian dollars unless otherwise noted.
Click here to view Teck's full first quarter results for 2026.
WEBCAST
Teck will host an Investor Conference Call to discuss its Q1/2026 financial results at 11:00 AM Eastern time, 8:00 AM Pacific time, on April 23, 2026. A live audio webcast of the conference call, together with supporting presentation slides, will be available at our website at www.teck.com. The webcast will be archived at www.teck.com.
REFERENCE
Emma Chapman, Vice President, Investor Relations: +44 207.509.6576 Dale Steeves, Director, External Communications: +1 236.987.7405
USE OF NON-GAAP FINANCIAL MEASURES AND RATIOS
Our annual financial statements are prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board (IASB). Our interim financial results are prepared in accordance with IAS 34, Interim Financial Reporting (IAS 34). This document refers to a number of non-GAAP financial measures and non-GAAP ratios, which are not measures recognized under IFRS Accounting Standards and do not have a standardized meaning prescribed by IFRS Accounting Standards or by Generally Accepted Accounting Principles (GAAP) in the United States.
The non-GAAP financial measures and non-GAAP ratios described below do not have standardized meanings under IFRS Accounting Standards, may differ from those used by other issuers, and may not be comparable to similar financial measures and ratios reported by other issuers. These financial measures and ratios have been derived from our financial statements and applied on a consistent basis as appropriate. We disclose these financial measures and ratios because we believe they assist readers in understanding the results of our operations and financial position and provide further information about our financial results to investors. These measures should not be considered in isolation or used as a substitute for other measures of performance prepared in accordance with IFRS Accounting Standards.
Adjusted profit attributable to shareholders, For adjusted profit attributable to shareholders, we adjust profit attributable to shareholders as reported to remove the after-tax effect of certain types of transactions that reflect measurement changes on our balance sheet or are not indicative of our normal operating activities.
EBITDA, EBITDA is profit before net finance expense, provision for income taxes, and depreciation and amortization.
Adjusted EBITDA, Adjusted EBITDA is EBITDA before the pre-tax effect of the adjustments that we make to adjusted profit attributable to shareholders as described above.
Adjusted profit attributable to shareholders, EBITDA and Adjusted EBITDA highlight items and allow us and readers to analyze the rest of our results more clearly. We believe that disclosing these measures assists readers in understanding the ongoing cash-generating potential of our business in order to provide liquidity to fund working capital needs, service outstanding debt, fund future capital expenditures and investment opportunities, and pay dividends.
Adjusted basic earnings per share, Adjusted basic earnings per share is adjusted profit attributable to shareholders divided by average number of shares outstanding in the period.
Adjusted diluted earnings per share, Adjusted diluted earnings per share is adjusted profit attributable to shareholders divided by average number of fully diluted shares in a period.
Gross profit before depreciation and amortization, Gross profit before depreciation and amortization is gross profit with depreciation and amortization expense added back. We believe this measure assists us and readers to assess our ability to generate cash flow from our reportable segments or overall operations.
Total cash unit costs, Total cash unit costs for our copper and zinc operations includes adjusted cash costs of sales, as described below, plus the smelter and refining charges added back in determining adjusted revenue. This presentation allows a comparison of total cash unit costs, including smelter charges, to the underlying price of copper or zinc in order to assess the margin for the mine on a per unit basis.
Net cash unit costs, Net cash unit costs of principal product, after deducting co-product and by-product margins, are also a common industry measure. By deducting the co- and by-product margin per unit of the principal product, the margin for the mine on a per unit basis may be presented in a single metric for comparison to other operations.
Adjusted cash cost of sales, Adjusted cash cost of sales for our copper and zinc operations is defined as the cost of the product delivered to the port of shipment, excluding depreciation and amortization charges, any one-time collective agreement charges or inventory write-down provisions and by-product cost of sales. It is common practice in the industry to exclude depreciation and amortization, as these costs are non-cash, and discounted cash flow valuation models used in the industry substitute expectations of future capital spending for these amounts.
Total debt, Total debt is the sum of debt plus lease liabilities, including the current portions of debt and lease liabilities.
Net debt (cash), Net debt (cash) is total debt, less cash and cash equivalents. Net cash is the amount by which our cash balance exceeds our total debt balance.
Profit Attributable to Shareholders and Adjusted Profit Attributable to Shareholders
Three months endedMarch 31,
(CAD$ in millions)
2026
2025
Profit attributable to shareholders
$
819
$
370
Add (deduct) on an after-tax basis:
QB variable consideration to Codelco
32
(50
)
Environmental costs
1
6
Share-based compensation
18
10
Commodity derivatives
(9
)
(20
)
Tax items
—
(28
)
Other
(3
)
15
Adjusted profit attributable to shareholders
$
858
$
303
Basic earnings per share
$
1.67
$
0.74
Diluted earnings per share
$
1.67
$
0.73
Adjusted basic earnings per share
$
1.75
$
0.60
Adjusted diluted earnings per share
$
1.75
$
0.60
