Teck dividend history
Teck paid C$0.50 per share, while free cash flow was negative C$1,381 million, so its cash did not cover the dividend. The dividend remained C$0.50 per share.
How much does Teck pay in dividends?
The dividend remained C$0.50 per share, but one year of cash flow cannot establish a safe payout through a commodity cycle. That leads naturally to liquidity and debt.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Real free cash flow per share | -2.92 | -6.21 | -11.01 | ||
| Free cash flow per share | -2.79 | -6.03 | -10.86 | ||
| − Dividends paid, per share | 0.50 | 0.99 | 0.98 | 0.99 | 0.20 |
| − Share buybacks, per share | 2.04 | 2.38 | 0.48 | 2.60 | 0.00 |
What this means. The company does not publish its own annual free cash flow number, so these figures are our calculation and show that it spent more cash than it generated.
Is Teck’s dividend covered by its cash?
Cash from operations reached C$1,479 million in 2025, while capital spending was C$2,062 million. After lease payments and interest, free cash flow was negative C$1,381 million. Including stock compensation as an economic cost takes it to negative C$1,447 million.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | -1,381 | -3,136 | -5,704 | ||
| − Dividends paid | 246 | 514 | 515 | 532 | 106 |
| − Share buybacks | 1,011 | 1,240 | 250 | 1,392 | 0 |
| = Paid out more than the free cash flow | 2,641 | ||||
| Paid out, % of free cash flow | not meaningful | not meaningful | not meaningful |
What this means. Our net debt can differ from the company's own number because we count certain shareholder loans as debt but leave out lease obligations.
What could change Teck’s dividend?
The dividend is C$0.50 per share in every base and bull year, but C$0.40 in every bear year. The flat base follows the C$0.125 quarterly payout and the unchanged C$0.50 annual dividend from 2022 through 2025; a cut reflects negative free cash flow and heavy investment.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| EBITDA | 5,190 (3,590 / 6,540) | 5,010 (2,510 / 7,050) | 4,660 (1,990 / 7,170) |
| Dividends per share | 0.50 (0.50 / 0.50) | 0.50 (0.50 / 0.50) | 0.50 (0.50 / 0.50) |
| Enterprise value to ebitda | 6.20 (4.80 / 7.50) | 6.00 (4.40 / 8.00) | 5.80 (4.00 / 8.20) |
| Net debt | -1,899 (257 / -3,341) | -1,909 (2,725 / -5,231) | -1,754 (5,231 / -7,417) |
What this means. A negative net debt number means the company has more cash than borrowed money.
What is Teck’s dividend yield today?
Free cash flow remained negative, while the dividend yield was thin. That means the share price did not buy an abundant cash surplus. Class B subordinate voting shares carry one vote against Class A’s 100, but both classes rank equally for dividends and distributions. The difference is control, not a smaller economic claim.