Free cash flow margins recovered to 8.7% in 2026Q1, supported by a reduction in capital expenditure as a percentage of revenue to 17.2% from the 68.0% peak in 2024Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 2.78B | 1.04B | 2.79B | 4.08B | 7.98B | 4.74B | 1.56B | 3.48B | 4.44B | 5.07B | 3.06B | 1.96B | 2.28B | 2.88B | 3.42B | 3.96B | 3.27B | 2.97B | 2.18B | 1.72B | 2.91B | 1.65B | 1.12B | 400M | 252M | 299M | 254M | 133.4M | 121.4M | 139.8M | 149.3M |
| Operating CF Margin % | - | 9.71% | 30.78% | 63.06% | 46.1% | 37.11% | 17.47% | 29.19% | 35.32% | 42.54% | 32.86% | 23.76% | 26.49% | 30.68% | 33.05% | 34.37% | 35.5% | 38.66% | 32.71% | 26.98% | 44.43% | 37.3% | 32.64% | 17.95% | 12.34% | 12.57% | 21.06% | 21.45% | 17.44% | 20.32% | 21.26% |
| Operating CF Growth % | 567.75% | -62.61% | -31.68% | -48.84% | 68.49% | 203.14% | -55.14% | -21.5% | -12.4% | 65.77% | 55.76% | -13.87% | -20.85% | -15.8% | -13.62% | 20.86% | 10.35% | 36.29% | 26.63% | -40.83% | 76.41% | 47.19% | 179.75% | 58.73% | -15.72% | 17.72% | 90.4% | 9.88% | -13.16% | -6.36% | 6.26% |
| Net Income | 1.85B | 1.4B | -923M | 2.41B | 4.07B | 2.92B | -944M | -588M | 3.15B | 2.49B | 1.04B | -2.47B | 382M | 961M | 1.14B | 2.77B | 1.94B | 1.82B | 668M | 1.66B | 2.4B | 1.34B | 594M | 149M | 30M | -21M | 85M | 45.2M | -49.1M | -175.6M | 254.8M |
| Depreciation & Amortization | 1.89B | 1.9B | 1.73B | 2.11B | 1.67B | 1.58B | 1.51B | 1.62B | 1.48B | 1.47B | 1.39B | 1.37B | 1.34B | 1.23B | 983M | 911M | 916M | 928M | 468M | 332.7M | 264.45M | 223M | 275M | 218M | 199M | 226M | 126M | 96.2M | 96.3M | 93.8M | 89.4M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 236M | 125M | 0 | 4M | 0 | 0 | 0 | 13M | 12M | 0 | 34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 707M | 0 | 205M | 1.61B | 2.5B | 1.62B | -192M | 120M | 1.36B | 1.43B | 587M | -836M | -55M | 106M | 250M | 0 | 0 | 185M | 1.48B | -97.33M | 59.41M | 128M | 199M | 17M | -22M | 48M | -2M | -15M | -5.5M | 0 | 3.5M |
| Other Non-Cash Items | -194.86M | -1.28B | 2.06B | -800M | -385M | -618M | 1.49B | 2.49B | -1.47B | -409M | 404M | 3.63B | 312M | 343M | 1.28B | 952M | 525M | -674M | 1.09B | 105.27M | -113M | -49M | 78M | -46M | -6M | 165M | 30M | -16.4M | 86.3M | 222M | -189.5M |
| Working Capital Changes | -1.21B | -977.2M | -276M | -1.25B | -107M | -884M | -296M | -160M | -82M | 94M | -360M | 260M | 283M | 235M | -267M | -674M | -103M | 709M | -1.53B | -282.05M | 299.39M | 0 | -27M | 62M | 51M | -119M | 15M | 23.4M | -6.6M | -400K | -8.9M |
| Change in Receivables | 0 | 0 | -347M | -583M | 478M | -670M | -294M | 97M | 282M | -250M | -480M | 18M | 229M | 199M | -119M | -243M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | -374M | -426M | -421M | -412M | 100M | 16M | -338M | -1M | -86M | 242M | 133M | 93M | -220M | -304M | -31M | -112M | 112.92M | -94.35M | -117.66M | 0 | -29M | 101M | 47M | -85M | 4M | 5.5M | -11.8M | 8.8M | -16.1M |
| Change in Payables | 0 | 0 | 474M | 256M | 237M | 313M | 55M | -204M | 53M | 345M | 206M | -57M | -79M | -57M | -49M | -127M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -2.17B | -2B | 6.17B | -4.76B | -5.68B | -4.82B | -3.67B | -3.57B | -1.6B | -2.48B | -1.84B | -1.1B | -2.22B | -2.42B | -3.14B | -1.41B | 474M | -339M | -13.03B | -3.99B | 876.05M | -428M | -205M | -297M | -177M | -666M | -52M | -390.7M | -147M | -255.8M | -92.7M |
| Capital Expenditures | -2.3B | -2.06B | -2.63B | -5.78B | -5.46B | -4.63B | -3.13B | -2.79B | -2.61B | -1.62B | -1.89B | -1.58B | -2.21B | -1.86B | -1.7B | -1.24B | -810M | -590M | -938.56M | -571.06M | -488.12M | -326M | -216M | -162M | -187M | -346M | -211M | -237.4M | -82.4M | -202.1M | -153.9M |
| CapEx % of Revenue | 18.54% | 19.17% | 29.07% | 89.28% | 31.56% | 36.29% | 34.97% | 23.36% | 20.8% | 13.61% | 20.35% | 19.14% | 25.74% | 19.8% | 16.44% | 10.73% | 8.78% | 7.69% | 14.1% | 8.96% | 7.46% | 7.38% | 6.3% | 7.27% | 9.16% | 14.54% | 17.5% | 38.17% | 11.84% | 29.38% | 21.91% |
| Acquisitions | 103.92M | 244.8M | 9.54B | 1.01B | 0 | 0 | 499M | 680M | 707M | 0 | 477M | 663M | 715M | 744M | 0 | 0 | 0 | 0 | -11.64B | -2.59B | 0 | 0 | -80M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 66.01M | -186.85M | -662M | -28M | -129M | -80M | -998M | -1.36B | -707M | -678M | -477M | -1.33B | -715M | -1.49B | -1.16B | 0 | 91M | 231M | 1.56M | 104.28M | -106.01M | 0 | 122M | -113M | 28M | -284M | 159M | -191.6M | -63.8M | 0 | 73M |
| Cash from Financing | -1.21B | -1.32B | -2.56B | -469M | -1.99B | 1.06B | 1.53B | -537M | -2.16B | -2.97B | -1.64B | -1.3B | -985M | -1.13B | -1.33B | 851M | -4.2B | -2.08B | 10.06B | -1.04B | -835.27M | 992M | -63M | -27M | -55M | 200M | -133M | 268.6M | -44M | -400K | 192.8M |
| Debt Issued (Net) | -441.04M | 50.96M | -2.54B | 733M | -892M | 1.02B | 2.17B | -47M | -1.39B | -1.93B | -993M | -448M | -58M | -39M | -260M | 1.8B | -3.49B | -3.68B | 10.6B | 13.9M | -549.86M | 1.07B | -124M | -9M | -14M | 241M | -71M | 134M | -24M | 9.7M | 206.4M |
| Equity Issued (Net) | -579.01M | -984.2M | -1.07B | -187M | -1.16B | 50M | -207M | -661M | -135M | -149M | 8M | 0 | -5M | -176M | -127M | -163M | 66M | 1.67B | 6M | 12.91M | 16.31M | 28M | 126M | 24M | 1M | -1M | -30M | 156M | -1M | 9.3M | 5.8M |
| Dividends Paid | -243.95M | -245.8M | -514M | -515M | -532M | -106M | -106M | -111M | -172M | -344M | -58M | -374M | -518M | -521M | -469M | -354M | -118M | -69M | -544M | -426.06M | -295.9M | -81M | -60M | -37M | -37M | -35M | -27M | -21M | -19M | -19.4M | -19.3M |
| Share Repurchases | -631M | -1.01B | -1.24B | -250M | -1.39B | 0 | -207M | -661M | -189M | -175M | 0 | 0 | -5M | -176M | -129M | -171M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -20M | -30M | 0 | -1M | 0 | 0 |
| Other Financing | 52.03M | -136.89M | 1.56B | -500M | 592M | 93M | -328M | 282M | -470M | -551M | -592M | -482M | -404M | -392M | -478M | -435M | -655M | 0 | 137.44K | -641.57M | -5.82M | -27M | -5M | -5M | -5M | -5M | -5M | -400K | 0 | 0 | -100K |
| Net Change in Cash | -728.64M | -2.23B | 6.84B | -1.14B | 456M | 977M | -576M | -708M | 782M | -455M | -480M | -142M | -743M | -495M | -1.14B | 3.57B | -497M | 479M | -558.52M | -3.65B | 2.96B | 2.18B | 811M | 5M | -10M | -165M | 67M | 3.2M | -69.7M | -116.4M | 249.4M |
| Free Cash Flow | 481.76M | -1.02B | 155M | -256M | 2.52B | 105M | -2.06B | 16M | 1.82B | 2.75B | 1.16B | -282M | 65M | 276M | 986M | 2.72B | 1.93B | 2.39B | 1.23B | 1.15B | 2.42B | 1.32B | 903M | 238M | 65M | -47M | 43M | -104M | 39M | -62.3M | -4.6M |
| FCF Margin % | 3.88% | -9.46% | 1.71% | -3.95% | 14.54% | 0.82% | -23.08% | 0.13% | 14.53% | 23.09% | 12.51% | -3.41% | 0.76% | 2.94% | 9.53% | 23.63% | 20.96% | 31.18% | 18.5% | 18.02% | 36.97% | 29.92% | 26.34% | 10.68% | 3.18% | -1.98% | 3.57% | -16.72% | 5.6% | -9.06% | -0.66% |
| FCF Growth % | 194.83% | -756.24% | 160.55% | -110.17% | 2298.1% | 105.08% | -13006.25% | -99.12% | -33.64% | 136.46% | 512.41% | -533.85% | -76.45% | -72.01% | -63.76% | 40.77% | -19.22% | 94.37% | 7.24% | -52.51% | 82.99% | 46.29% | 279.41% | 266.15% | 238.3% | -209.3% | 141.35% | -366.67% | 162.6% | -1254.35% | -109.16% |
| FCF per Share | 0.98 | -2.05 | 0.30 | -0.49 | 4.70 | 0.19 | -3.86 | 0.03 | 3.13 | 4.69 | 2.02 | -0.49 | 0.11 | 0.48 | 1.68 | 4.59 | 3.27 | 4.47 | 2.72 | 2.64 | 5.57 | 3.15 | 2.19 | 0.60 | 0.18 | -0.12 | 0.18 | -0.49 | 0.22 | -0.32 | -0.02 |
| FCF Conversion (FCF/Net Income) | 0.26x | 0.75x | 6.87x | 1.70x | 2.41x | 1.65x | -1.81x | -5.76x | 1.43x | 2.06x | 2.94x | -0.79x | 6.29x | 2.99x | 3.20x | 1.48x | 1.80x | 1.62x | 3.30x | 1.06x | 1.20x | 1.22x | 1.81x | 2.99x | 19.38x | -14.24x | 2.99x | 2.96x | -2.48x | -0.80x | 0.59x |
| Interest Paid | 0 | 0 | 0 | 753M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -132M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Commodity Price Cyclicality
According to recent financial statements, Teck's operating cash flow to net income ratio reached 1.25 in 2026Q1, signaling a meaningful improvement in cash conversion quality as the company moves past the heavy capital-intensive construction phases that previously suppressed the relationship between accounting profits and actual cash generation.
The shift toward a ratio above 1.0 suggests that the underlying business is now generating more cash than its reported net income, which is a positive departure from the volatility seen in 2025. Investors should monitor whether this trend persists as the company fully integrates its copper-centric production model.
As reported in quarterly filings, Teck's free cash flow margin turned positive at 8.7% in 2026Q1, a significant recovery from the deeply negative margins of -39.7% observed in 2025Q1, reflecting the successful ramp-up of production capacity and the easing of major project-related cash outflows.
This trajectory indicates that the company is beginning to harvest the benefits of its long-term capital investments. The transition from cash-burning to cash-generative status appears to be the primary driver for the recent improvement in the company's overall financial health.
Based on the latest reported figures, Teck's capital expenditure as a percentage of revenue has moderated to 17.2% in 2026Q1, down from the extreme levels of 68.0% seen in 2024Q1, suggesting that the company is successfully transitioning from a heavy growth-capex phase to a more sustainable maintenance-focused profile.
The reduction in capital intensity is a critical development for free cash flow generation. It appears that the major infrastructure requirements for QB2 are largely behind the firm, which may allow for greater flexibility in future capital allocation strategies.
Data from recent SEC filings reveals that Teck experienced a significant working capital outflow of $834 million in 2026Q1, highlighting the persistent sensitivity of the company's cash cycle to inventory and receivables management during this period of rapid operational scaling and commodity price fluctuations.
The recurring swings in working capital suggest that the company's cash flow remains susceptible to operational timing differences. Investors should remain cautious, as these fluctuations can mask the underlying cash-generating capability of the core mining assets.
As indicated by recent financial disclosures, Teck has maintained a consistent dividend payout of $61 million per quarter while pausing share repurchases in 2026Q1, reflecting a cautious approach to capital deployment as the company navigates the final stages of its coal business divestment.
The decision to prioritize balance sheet stability over aggressive buybacks appears prudent given the ongoing transition. Future capital deployment will likely depend on the final cash proceeds from the coal sale and the sustained performance of the copper segment.
Quick answers to the most common questions about buying TECK stock.
Teck Resources Limited (TECK) generated $1.04B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Teck Resources Limited (TECK) reported negative free cash flow of $1.02B in 2025, indicating capital requirements exceeded cash from operations.
Teck Resources Limited (TECK) spent $2.06B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Teck Resources Limited (TECK) returned $245.8M to shareholders via cash dividends and spent $1.01B on share repurchases. This shows the company's commitment to returning capital to its equity investors.