The strong Q3 beat and reduced cost guidance are positive, but watch for the duration of the HVC strike and the Antamina fatality investigation, which could impact Q4 production. The pending merger with Anglo American remains on track, with closing expected approximately 11 trading days after the last condition precedent is satisfied.
Price Chart
Executive Summary
Teck Resources reported Q3 2026 results with revenue of $4.517B (up 33% YoY) and adjusted EPS of $1.88, compared to consensus estimates of $4.34B and $1.58. Adjusted EBITDA of $2.3B was 97% higher YoY, driven by record copper prices (US$6.40/lb, up 44% YoY) and a $888M pre-tax impairment reversal at Trail Operations. The company reduced its 2026 copper net cash unit cost guidance to US$1.80-$2.00/lb and zinc net cash unit cost guidance to US$0.30-$0.40/lb, while maintaining unchanged production guidance. A strike at Highland Valley Copper began on October 24, 2026, and a fatality occurred at the Antamina mine on October 27, 2026.
Key Financial Metrics
Key Facts
- Revenue of $4.517B in Q3 2026, up from $3.385B in Q3 2025 (33% increase)
- Adjusted EBITDA of $2.3B, up 97% from $1.171B in Q3 2025
- Adjusted profit attributable to shareholders of $923M or $1.88 per share, vs $372M or $0.76 per share in Q3 2025
- GAAP diluted EPS of $3.24 vs $0.57 in Q3 2025
- Copper production of 115,700 tonnes, up 11% YoY
- Record copper prices averaging US$6.40/lb in Q3 2026, up 44% YoY
- Copper net cash unit costs reduced to US$1.77/lb from US$2.09/lb in Q3 2025
- Pre-tax impairment reversal of $888M at Trail Operations
- Cash flow from operations of $1.6B; net cash position of $1.9B
- 2026 annual copper net cash unit cost guidance reduced to US$1.80-$2.00/lb
- 2026 annual zinc net cash unit cost guidance reduced to US$0.30-$0.40/lb
- Strike action by USW Local 7619 at HVC commenced October 24, 2026
- Fatality at Antamina mine on October 27, 2026
Financial Impact
Revenue $4.517B vs consensus $4.34B; adjusted EPS $1.88 vs consensus $1.58; adjusted EBITDA $2.3B up 97% YoY
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Copper | $2.4B | +46.7% |
| Zinc | $2.1B | +20.5% |
Risk Factors
- Strike at Highland Valley Copper could impact Q4 production and 2026 guidance
- Fatality at Antamina may lead to operational disruptions or regulatory scrutiny
- Severe weather events at QB and Carmen de Andacollo continue to pose operational risks
- Chilean tax reform enacted October 9, 2026 will result in a one-time ~$70M deferred tax charge
- Pending merger with Anglo American carries execution and regulatory risks
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0000950142-26-002897 |
| Document: eh260849343_ex9901.htm | 0000950142-26-002897 |
| Document: eh260849343_6k-q0326.htm | 0000950142-26-002897 |
| Document: 0000950142-26-002897-index-headers.html | 0000950142-26-002897 |
| Document: 0000950142-26-002897-index.html | 0000950142-26-002897 |
| Document: 0000950142-26-002897.txt | 0000950142-26-002897 |
| Earnings Context (Synthetic; results releases only) | 0000950142-26-002897 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 2d ago | 6-K | No price | awaiting T+20 | awaiting T+20 | No price |
Oct 29, 2026 3d ago | 6-K | $63.72 | awaiting T+20 | awaiting T+20 | $60.61 (−4.88%) |
Oct 29, 2026 3d ago | Press Release | $63.72 | awaiting T+20 | awaiting T+20 | $60.61 (−4.88%) |
Oct 29, 2026 3d ago | Institutional Cluster | $63.72 | awaiting T+20 | awaiting T+20 | $60.61 (−4.88%) |
Oct 29, 2026 3d ago | Press Release | $63.72 | awaiting T+20 | awaiting T+20 | $60.61 (−4.88%) |
Oct 26, 2026 6d ago | 6-K | $60.26 | awaiting T+20 | awaiting T+20 | $60.61 (−0.58%) |
Oct 21, 2026 11d ago | 6-K | $62.78 | awaiting T+20 | awaiting T+20 | $60.61 (+3.46%) |
Oct 7, 2026 24d ago | 6-K | $64.82 | awaiting T+20 | awaiting T+20 | $60.61 (−6.49%) |
Oct 6, 2026 25d ago | 6-K | $65.39 | awaiting T+20 | awaiting T+20 | $60.61 (−7.31%) |
Aug 12, 2026 11w ago | 6-K | $65.95 $65.90 | ▼ −0.08% | ▲ +1.82% | $60.61 (−8.10%) |
US Market Status
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