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Dec 31, 2025
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Teck Q4 2025 Earnings Report
Teck reported strong fourth quarter 2025 results with significantly higher copper prices driving earnings and EBITDA growth.
Key Takeaways
Teck generated $3058000000 in revenue in Q4 2025, with gross profit of $990000000 and adjusted EBITDA of $1513000000. Profit from continuing operations attributable to shareholders was $544000000, while adjusted profit reached $671000000, supported by strong copper segment performance.
Revenue increased to $3058000000 in Q4 2025 from $2786000000 a year earlier.
Adjusted EBITDA rose to $1513000000 from $835000000 year-over-year.
Profit from continuing operations attributable to shareholders was $544000000.
Copper segment gross profit before depreciation and amortization reached $1079000000.
Revenue by Segment
Forward Guidance
Teck reaffirmed its 2026 production and cost guidance, including copper production of 455000 to 530000 tonnes and zinc production of 410000 to 460000 tonnes.
Positive Outlook
- 2026 copper production guidance of 455000 to 530000 tonnes.
- 2026 zinc production guidance of 410000 to 460000 tonnes.
- Refined zinc production guidance of 190000 to 230000 tonnes.
- Copper net cash unit cost guidance of US$1.85 to US$2.20 per pound.
- Zinc net cash unit cost guidance of US$0.65 to US$0.75 per pound.
Challenges Ahead
- Merger remains subject to regulatory approvals in multiple jurisdictions.
- Exposure to copper and zinc price volatility.
- Operational risks related to QB ramp-up and tailings management facility development.
- Potential impact from global trade restrictions or tariffs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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