Teck Reports Unaudited Second Quarter Results for 2026
GlobeNewsWire
Published: Jul 23, 2026, 05:01 AM
Sentiment Analysis
“We delivered another quarter of strong operational and financial performance, generating significant earnings and robust cash flow, supported by continued strong copper sales volumes, a favourable commodity price environment and disciplined execution across our operations,” said Jonathan Price, President and CEO.
“At QB, we achieved our third consecutive quarter of stable operating performance, demonstrating the progress we have made in strengthening reliability and consistency at one of the world’s most important new copper operations. These results reinforce the strength of our business and position us well to advance the planned merger with Anglo American to create a global critical minerals champion with the financial strength, operational capability and portfolio quality to deliver significant value for shareholders.”
Highlights Adjusted EBITDA 1 of $2.2 billion in Q2 2026 was $1.5 billion or 204% higher than the same period last year, driven by significantly higher copper production and commodity prices, as well as increased revenue from by-products.
Our profit before taxes was $1.5 billion in Q2 2026. Adjusted profit attributable to shareholders 1 in Q2 2026 was $948 million, or $1.93 per share, compared to $187 million, or $0.38 per share, in the same period last year.
Profit attributable to shareholders was $854 million or $1.74 per share.
Cash flow from operations of $1.7 billion increased our net cash 1 position by $756 million in Q2 2026. Our liquidity as at June 30, 2026 is $10.3 billion, including $6.1 billion of cash.
Our copper segment generated gross profit before depreciation and amortization 1 of $1.8 billion in Q2 2026 compared to $673 million in the same period last year, primarily driven by record copper prices, which averaged US$6.05 per pound in Q2 2026, and significantly higher copper production.
Strong cost performance and increased revenue from by-products reduced copper net cash unit costs 1 to US$1.64 per pound in Q2 2026 compared to US$2.02 per pound in the same period last year.
Gross profit from our copper segment was $1.3 billion in Q2 2026. Copper production volumes of 135,900 tonnes were 25% higher than the same period last year with production increases across all of our copper operations. QB delivered strong production in Q2 2026 for the third consecutive quarter, reflecting ongoing operational stability.
Our zinc segment generated gross profit before depreciation and amortization 1 of $353 million in Q2 2026, compared to $159 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 $329 million in Q2 2026 of which $202 million related to our Trail Operations.
On July 7, 2026, Teck, Canada Growth Fund Inc. and Natural Resources Canada's "Canada Critical Minerals Accelerator" announced the signing of a Strategic Investment Agreement to support the possible expansion of production capacity for germanium, gallium, and antimony at Trail Operations.
Note: 1. This is a non-GAAP financial measure or ratio. See “ Use of Non-GAAP Financial Measures and Ratios ” for further information.
Source: GlobeNewsWire
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