Teck Resources (TSX: TECK.B) reported its Q4 2025 financials, posting $3.06 billion in revenue from $2.79 billion a year earlier.
Gross profit for Q4 nearly doubled to $990.0 million from $542.0 million, leading to a profit of to $544.0 million from $385.0 million.
Adjusted profit rose to $671.0 million from $232.0 million, translating to adjusted EPS of $1.37, with adjusted EBITDA rising to $1.5 billion from $835.0 million a year earlier.
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For full-year 2025, revenue increased to $10.76 billion from $9.07 billion and profit swinging to $1.40 billion versus a loss of $467.0 million last year. Adjusted profit came in at $1.53 billion versus $605.0 million.
Cash flow from operations dwindled to $1.26 billion versus $1.29 billion last comparable period, despite higher earnings, reflecting working-capital and other non-cash movements embedded in operating cash flow. Cash and cash equivalents balance ended 2025 at $5.01 billion versus $7.59 billion at the end of 2024.
On operations, Q4 copper production increased to 134,000 tonnes from 122,000 tonnes, while full-year copper production rose to 454,000 tonnes from 446,000 tonnes. Zinc in concentrate production declined to 109,000 tonnes from 146,000 tonnes in Q4 and to 565,000 tonnes from 616,000 tonnes for full-year 2025, while refined zinc production increased to 68,000 tonnes from 62,000 tonnes in Q4 but fell to 230,000 tonnes from 256,000 tonnes for the year.
On prices, copper averaged $5.03 per pound versus $4.17 per pound, and zinc averaged $1.44 per pound versus $1.38 per pound.
2026 guidance was reaffirmed, with copper production of 455,000 to 530,000 tonnes, zinc production of 410,000 to 460,000 tonnes, refined zinc production of 190,000 to 230,000 tonnes. Separately, 2026 Antamina zinc in concentrate production guidance was updated to 35,000 to 45,000 tonnes to reflect an updated mine plan finalized in Q4 2025.
The financials comes on the heels of the merger between Teck and Anglo American, which already received shareholder and government approvals.
Teck Resources last traded at $81.28 on the TSX.
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