Teck Resources (TSX: TECK.b) generated $948 million in adjusted profit during the second quarter of 2026, or $1.93 per share, up from $858 million and $1.75 per share in the first quarter, and it did so on lower revenue.
The top line came in at $3.61 billion, down from $3.94 billion in Q1. The gap traces mainly to copper sales volumes at Quebrada Blanca, which had been inflated in the first quarter by the drawdown of inventory carried over from 2025.
Profit attributable to shareholders was $854 million against $819 million in Q1. Profit before taxes climbed to $1.46 billion from $1.34 billion, while adjusted EBITDA of $2.19 billion edged past the $2.09 billion recorded three months earlier. Higher realized pricing did most of the work, with copper averaging US$6.05 per pound in the quarter versus US$5.83 in Q1.
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Cash flow from operations of $1.7 billion, up from $1.0 billion, lifted the net cash position by $756 million to $1.24 billion at June 30. Cash and equivalents finished the quarter at $6.05 billion against total debt of $4.81 billion, both moving in the company’s favour from March 31. Total liquidity was $10.3 billion.
On the operational side, copper production of 135,900 tonnes was 25% higher than the same quarter last year, with gains at all four copper operations. That run rate tracks toward the upper half of unchanged 2026 guidance of 455,000 to 530,000 tonnes.
Quebrada Blanca contributed 55,800 tonnes, effectively flat against Q1’s 55,500 tonnes and the third consecutive quarter of stable output at an asset that has been anything but stable historically. Recoveries of 83.3% improved slightly over the first quarter, and molybdenum production rose to 840 tonnes from 640 tonnes. Site unit costs fell to US$1.83 per pound from US$2.27.
Copper net cash unit costs of US$1.64 per pound landed below the company’s full-year guidance range of US$1.85 to US$2.20, helped by by-product credits and cost performance across the portfolio.
The zinc segment moved the other way. Gross profit before depreciation and amortization of $353 million trailed Q1’s $387 million, with Trail Operations accounting for $203 million against $258 million. Red Dog’s shipping season opened July 12, and Teck expects 220,000 to 270,000 tonnes of zinc in concentrate sales in Q3.
At the corporate level, the merger of equals with Anglo American remains subject to outstanding regulatory approvals, with closing still expected within 12 to 18 months of the September 2025 announcement.
Teck Resources Class B shares last closed at $80.66 on the TSX.
