Teck Reports Unaudited Fourth Quarter Results for 2025
Teck caps transformational 2025 with robust earnings as the countdown to Anglo American merger completion begins.
The most recent news release (February 19, 2026) reports Teck’s unaudited fourth-quarter results for 2025. Key highlights include Q4 revenue of $3.06 billion and adjusted EBITDA of $1.51 billion. Profit from continuing operations attributable to shareholders was $544 million ($1.11 per share). Operationally, the Quebrada Blanca (QB) mine produced 55,400 tonnes of copper in the quarter, benefiting from improving ramp-up momentum and significantly higher copper prices (average US$5.03/lb).
The company confirmed significant progress on its merger of equals with Anglo American. Shareholders of both companies have voted in favor, and the Government of Canada has granted approval under the Investment Canada Act. The merged entity will be named "Anglo Teck" and will be headquartered in Vancouver. Guidance for 2026 was reaffirmed, targeting 455,000 to 530,000 tonnes of copper production.
- Financial Performance: The results are materially positive. Adjusted EBITDA more than doubled compared to historical Q4 periods from 2023-2024, driven by record copper production and favorable pricing. Cash flow from operations reached $1.3 billion in Q4 alone.
- Merger De-risking: The receipt of Investment Canada Act (ICA) approval is a major regulatory milestone. Binding commitments to spend $10 billion in Canada over 15 years and maintain a Vancouver HQ effectively clears the path for final closing.
- Operational Stabilization: The "QB Action Plan," which addressed sand drainage and tailings management facility (TMF) constraints in 2024-2025, appears to be yielding results. Production is trending upward, though unit costs for QB (US$2.67/lb in 2025) remain higher than the segment average (US$1.85-2.20/lb target for 2026).
- Shareholder Returns: Teck maintained its $0.125 quarterly dividend. Combined with the $3.25 billion total share buyback authorized following the coal sale, capital return remains a core priority.
Teck Resources is a leading Canadian mining company. Following the sale of its steelmaking coal business (EVR) to Glencore and Nippon Steel in 2024 for ~$9 billion, it has focused on "energy transition metals." - Flagship Project: Quebrada Blanca (QB) in Chile. It is a long-life operation with a massive resource base. The "QB2" expansion project completed construction in 2024 and is currently in the late stages of operational ramp-up. - Other Assets: Highland Valley Copper (Canada), Antamina (Peru), and Red Dog (USA - Zinc).