Teck earnings: guidance and next results
Teck's next results are expected on October 29, 2026. Watch whether Teck's QB operating performance continues.
What has Teck guided for 2026 and 2027?
Management’s July 22, 2026 guidance puts copper production at 455,000–530,000 tonnes in 2026 and 505,000–580,000 tonnes in 2027. QB rises from 200,000–235,000 tonnes to 240,000–275,000 tonnes. These are production targets, not profit promises: copper prices still determine what each tonne earns.
Zinc moves in the opposite direction. Total mined-zinc guidance falls from 410,000–460,000 tonnes in 2026 to 365,000–415,000 tonnes in 2027 as grades decline at Red Dog and production falls at Antamina. Trail’s refined-zinc output is separate because a smelter’s production is not newly mined zinc.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Copper — Quebrada Blanca production (thousand tonnes) — 2026 | Year to Dec 2026 | 200 | 235 | Jul 22, 2026 |
| Copper — total production (thousand tonnes) — 2026 | Year to Dec 2026 | 455 | 530 | Jul 22, 2026 |
| Zinc — total production (thousand tonnes) — 2026 | Year to Dec 2026 | 410 | 460 | Jul 22, 2026 |
| Copper — Quebrada Blanca production (thousand tonnes) — 2027 | Year to Dec 2027 | 240 | 275 | Jul 22, 2026 |
| Copper — total production (thousand tonnes) — 2027 | Year to Dec 2027 | 505 | 580 | Jul 22, 2026 |
| Zinc — total production (thousand tonnes) — 2027 | Year to Dec 2027 | 365 | 415 | Jul 22, 2026 |
What this means. The production figures show metal contained in concentrate, but some mines are counted at the company's share while others are counted in full, so the numbers are not always directly comparable.
Did Teck keep its past promises?
Finally, pay must be tested against the mine. In October 2025, Teck cut QB’s 2026 copper guidance sharply. Later stability is encouraging, but delivering a revised plan is not the same as meeting the original one. The merger now determines whether those questions remain Teck’s alone.
How have Teck's revenue and profit changed over the last eight quarters?
Revenue rose to C$3,605 million from C$2,023 million a year earlier. Gross margin reached 46.3%, compared with 23.3%, while diluted EPS rose to C$1.74 from C$0.41.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,605 | 3,943 | 3,058 | 3,385 | 2,023 | 2,290 | 2,786 | 2,858 |
| Gross margin | 46.3% | 43.5% | 32.4% | 19.5% | 23.3% | 23.4% | 19.5% | 16.7% |
| Operating income | 1,639 | 1,623 | 921 | 514 | 312 | 501 | 305 | -628 |
| Net income | 854 | 819 | 544 | 281 | 206 | 370 | 385 | -748 |
| EPS, diluted | 1.74 | 1.67 | 1.11 | 0.57 | 0.41 | 0.73 | 0.75 | -1.45 |
What this means. Net income and earnings per share exclude the discontinued coal business, so they show only the company's continuing business.
What should Teck watchers look for in the next results?
Teck’s next scheduled results release is October 29, 2026. It should show whether QB’s improved operating performance continues and whether construction spending remains within expectations. Red Dog also matters because concentrate can accumulate before ships carry it away. Its Q3 sales guidance is 220,000–270,000 tonnes of zinc in concentrate, so production, sales and cash collection may not move together.