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TECK

Teck Resources Limited

TECK

Teck Resources Limited • NYSE
$42.89 ▲ 0.73% (+0.31)
Market Cap $20.61 B
52w High $48.47
52w Low $28.32
Dividend Yield 0.36%
P/E 24.51
Volume 1.15M
Outstanding Shares 480.62M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.385B ▲ $146M ▼ $281M ▲ 8.301% ▼ $0.58 ▲ $1.072B ▲
Q2-2025 $2.023B ▼ $159M ▲ $206M ▼ 10.183% ▼ $0.42 ▼ $689M ▼
Q1-2025 $2.29B ▼ $35M ▼ $370M ▼ 16.157% ▲ $0.74 ▼ $1.036B ▲
Q4-2024 $2.786B ▼ $237M ▼ $399M ▲ 14.322% ▲ $0.78 ▲ $1.005B ▲
Q3-2024 $2.858B $1.106B $-699M -24.458% $-1.35 $-71M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.756B ▼ $44.55B ▲ $18.685B ▲ $24.923B ▲
Q2-2025 $4.767B ▼ $42.967B ▼ $17.617B ▼ $24.38B ▼
Q1-2025 $6.214B ▼ $45.893B ▼ $18.927B ▼ $25.821B ▼
Q4-2024 $7.587B ▲ $47.037B ▲ $19.941B ▲ $26.077B ▲
Q3-2024 $7.23B $44.483B $18.591B $24.863B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $133M ▲ $647M ▲ $-526M ▼ $-228M ▲ $-11M ▲ $159M ▲
Q2-2025 $101M ▼ $88M ▲ $-414M ▼ $-819M ▼ $-1.447B ▼ $-315M ▲
Q1-2025 $313M ▲ $-515M ▼ $-307M ▲ $-543M ▲ $-1.373B ▼ $-908M ▼
Q4-2024 $244M ▲ $1.288B ▲ $-552M ▼ $-848M ▲ $357M ▼ $784M ▲
Q3-2024 $-846M $134M $9.01B $-2.771B $6.312B $-493M

Five-Year Company Overview

Income Statement

Income Statement Earnings over the past few years show how cyclical and volatile Teck’s business is. Revenue and profit surged in the earlier part of the period, then dropped sharply as commodity prices and possibly volumes softened. More recently, revenue has improved from the low point, but operating profit has thinned out and even dipped slightly negative at the operating level, suggesting higher costs, weaker prices, or one‑time charges. Net income is still positive but much lower and more uneven than in the strong years, which hints at a mix of core mining results and special items. Overall, the income statement tells a story of a company coming off a boom period, now operating in a tougher environment while it works through a transition phase.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid and has become more liquid. Total assets have grown over time as Teck has invested in large projects, and equity has steadily built up, which supports the view of a stronger underlying capital base. Debt has stayed fairly stable rather than exploding, which limits financial strain, and the recent jump in cash gives the company more flexibility to manage projects, volatility, or strategic moves. The main takeaway is a capital‑intensive balance sheet, but with a healthier cash cushion and no obvious over‑leveraging trend.

Cash Flow

Cash Flow Cash generation from operations has been strong in the good years and has come down as markets cooled, but it remains healthy. Free cash flow has swung from negative to positive, largely because of heavy, multi‑year spending on major growth projects and infrastructure. Recently, that drain has eased, and free cash flow has turned slightly positive, hinting that the peak investment phase may be passing. The pattern suggests Teck has been willing to accept weaker near‑term free cash flow in order to build assets that could support future production and earnings, while now starting to benefit from that investment.

Competitive Edge

Competitive Edge Teck’s competitive position rests on large, long‑life mines in relatively stable countries, a growing focus on copper and other metals tied to the energy transition, and a strong push on technology and efficiency. Its assets in copper, zinc, and steelmaking coal give it diversification, while the pivot toward copper aims to align the business with long‑term demand from electric vehicles and renewable power. The RACE21™ digital program, automation, and integrated zinc smelting operations all help lower costs and improve reliability, which is a meaningful edge in a commodity industry. Key risks to its position include exposure to volatile metal prices, dependence on a few big projects, regulatory and environmental pressures, and uncertainty around any large strategic deals or mergers.

Innovation and R&D

Innovation and R&D Teck is unusually active on the innovation front for a mining company. Through its RACE21™ initiative and dedicated R&D hubs, it is rolling out advanced analytics, automation, “smart” mining equipment, drones, and digital twins to squeeze more output from existing mines and cut costs and emissions. It is also investing in new technologies for water treatment and tailings management, which matter both for safety and for maintaining its license to operate. Continued work on low‑carbon equipment and smarter mine planning could further differentiate Teck as a more efficient and more sustainable producer, though these programs carry execution risk and require ongoing capital and organizational focus.

Summary

Teck looks like a miner in the middle of a major transition: coming off exceptionally strong years, digesting heavy investment, and repositioning toward metals that support decarbonization, especially copper. Profitability has cooled from peak levels and become more uneven, but the balance sheet has strengthened, particularly through higher cash and manageable debt. Cash flows show the company has been in a build‑out phase, with large project spending that is now starting to taper and support slightly positive free cash flow. Competitively, Teck benefits from scale, asset quality, and a strong technology and ESG focus, but it remains exposed to commodity cycles, project execution challenges, and policy and regulatory shifts. How well it ramps up new copper capacity, keeps costs under control, and manages strategic changes will be central to its future financial performance.

NEWS

November 26, 2025 · 2:19 PM UTC

Independent Proxy Advisory Firms ISS and Glass Lewis Recommend Teck Shareholders Vote “FOR” the Merger of Equals with Anglo American

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November 18, 2025 · 6:13 PM UTC

Teck Named as One of Canada's Top 100 Employers

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November 10, 2025 · 6:07 PM UTC

Teck Announces Filing of Meeting Materials for Special Meeting of Shareholders seeking Approval of Merger of Equals with Anglo American

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October 22, 2025 · 1:53 PM UTC

Teck Announces Dividend

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October 9, 2025 · 7:26 PM UTC

Teck to Release Third Quarter 2025 Results on October 22, 2025

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