Teck Resources (TECK Quick QuoteTECK - Free Report) reported first-quarter 2026 adjusted earnings per share (EPS) of $1.28, beating the Zacks Consensus Estimate of 72 cents. The bottom-line figure marked a 207% year-over-year surge driven by record copper sales, higher prices and increased by-product revenues.

Including one-time items, the company reported EPS of $1.22 in the quarter compared with the year-ago quarter’s earnings of 51 cents.

TECK’s Revenues & Margins Climb on Higher Volumes & Prices

Teck Resources’ revenues rose 80% to $2.87 billion, beating the Zacks Consensus Estimate of $2.232 billion. The copper segment remained the key growth driver, accounting for roughly 74% of total revenues and posting a 92% year-over-year increase.

Gross profit rose 22% year over year to CAD$1.715 billion ($1.25 billion). Gross margin was 43.5% compared with the year-ago quarter’s 23.4%.
Adjusted EBITDA was CAD$2.088 billion ($1.52 billion), which was up 92% compared with the year-earlier period, reflecting stronger realized pricing, higher volumes and increased by-product contribution. EBITDA margin expanded to 53% in the quarter under review from the year-ago quarter’s 40.5%. 

Teck Resources’ Q1 Segment Performances

The Copper segment’s reported revenues of CAD2.903 billion ($2.119 billion), up 125% year over year, are attributed to higher copper prices and record sales volumes. 

Copper production rose 32% to about 140,000 tons in the quarter, aided by improved output at QB, higher throughput and grades at Highland Valley Copper and improved grades at Antamina. Production at QB was 55,500 tons, a 31% increase from the last year quarter. Copper sales increased 46% to around 155,100 tons. QB delivered record quarterly copper sales of 70,300 tons, exceeding production as prior inventory was shipped. The copper segment’s gross profit surged 295% year over year to CAD$1.356 billion ($0.99 billion), backed by higher copper prices and volumes.

The Zinc segment’s net revenues rose 33% year over year to CAD$1.04 billion ($0.76 billion). The segment’s gross profit was CAD$359 million ($262 million), 86% higher than the last year quarter. Higher zinc prices and higher by-product revenues at both Red Dog and Trail operations were offset by lower zinc sales volumes from Red Dog due to the timing of sales.

Operationally, refined zinc production at Trail Operations rose 26.6% year over year to 73,800 tons as the zinc electrolytic plant ran at full capacity for most of the quarter. At Red Dog, zinc in concentrate production declined to 106,200 tons from 116,800 tons in the year-ago quarter on lower grades, consistent with the mine plan. Zinc in concentrate sales volumes at Red Dog was 42% lower on a year-over-year basis at 52,400 tons, but above the company’s expected range of 40,000-50,000 tons.

Teck Resources’ Cash Flow & Balance Sheet

Teck Resources generated CAD$1.024 billion ($0.75 billion) of cash from operating activities in 2025 against a use of C$0.515 billion ($0.376 billion) in the year-ago quarter. The improvement reflected higher profitability owing to improved commodity prices and copper sales volumes as well as lower smelter processing charges.

Due to the proposed merger with Anglo American plc, the company did not repurchase shares in the quarter.

The company ended the quarter with cash and cash equivalents of C$5.427 billion ($3.96 billion). As of April 22, 2026, management stated that liquidity was at C$9.8 billion ($7.15 billion), including C$5.7 billion ($4.16 billion) of cash. 

TECK Maintains Guidance for 2026

Teck Resources reaffirmed its 2026 outlook, with copper production expected at 455,000–530,000 tons. Zinc production is projected at 410,000–460,000 tons, with refined zinc at 190,000–230,000 tons. For the second quarter, Red Dog zinc sales are forecast at 30,000–40,000 tons.

Update on Pending TECK and Anglo American plc Merger

Teck Resources entered into a merger agreement with Anglo American plc to form the Anglo Teck group in September 2025. The combined entity, Anglo Teck, will derive more than 70% of its exposure from copper and rank among the top five global producers.

Within four years of completion, it is expected to yield around $800 million in annual pre-tax synergies. The merger is also expected to generate an additional $1.4 billion in EBITDA synergies from 2030 to 2049 by optimizing adjacent assets, Collahuasi and Quebrada Blanca, through operational integration. The transaction has so far received shareholder approval and clearance under Canada’s Investment Canada Act, with remaining regulatory approvals pending.

TECK Stock’s Price Performance & Zacks Rank

The company’s shares have gained 70.8% in the past year against the industry’s 57% decline.

Image Source: Zacks Investment Research

A Look at How Teck Resources’ Peer Performed in Q1

Freeport-McMoRan Inc. (FCX Quick QuoteFCX - Free Report) recorded earnings of 57 cents per share for first-quarter 2026, marking a 138% increase from 24 cents in the year-ago quarter and surpassing the Zacks Consensus Estimate of 47 cents per share. Freeport-McMoRan’s revenues rose roughly 9% year over year to $6.23 billion. Higher prices for copper, gold and molybdenum helped offset the impact of lower volumes. The figure surpassed the consensus estimate of $5.61 billion.

Copper production declined around 24% year over year to 662 million pounds in the reported quarter. The downside primarily resulted from lower operating rates at PTFI following the September 2025 mud rush incident. Sales declined around 25% year over year to 657 million pounds of copper. The company sold 121,000 ounces of gold, down around 6% year over year. FCX also sold 22 million pounds of molybdenum, a 5.5% dip year over year, in the reported quarter.

TECK’s Zacks Rank & Stocks to Consider

Teck Resources currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Better-ranked stocks from the basic materials space are Idaho Strategic Resources (IDR Quick QuoteIDR - Free Report) and NWPX Infrastructure, Inc. (NWPX Quick QuoteNWPX - Free Report) , which sport a Zacks Rank #1 (Strong Buy) at present. 

Idaho Strategic Resources has an average trailing four-quarter earnings surprise of 60.5%. The Zacks Consensus Estimate for the company’s fiscal 2026 earnings is pegged at $1.33 per share, implying 16.7% year-over-year growth. Its shares have gained 151.4% in a year.

The Zacks Consensus Estimate for NWPX Infrastructure’s earnings for 2026 currently stands at $4.24, implying 18.1% year-over-year growth. NWPX Infrastructure has an average trailing four-quarter earnings surprise of 21.32%. NWPX shares have gained 98% in the past year.