Revenue growth accelerated to 72.2% in 2026Q1, while gross margins expanded to 43.5% as the company successfully captured higher value from its copper-heavy production mix.
| 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 |
|---|
| Sales/Revenue | 12.41B | 10.75B | 9.06B | 6.48B | 17.32B | 12.77B | 8.95B | 11.93B | 12.56B | 11.91B | 9.3B | 8.26B | 8.6B | 9.38B | 10.34B | 11.51B | 9.22B | 7.67B | 6.66B | 6.37B | 6.54B | 4.42B | 3.43B | 2.23B | 2.04B | 2.38B | 1.21B | 622M | 696M | 688M | 702.3M |
| Revenue Growth % | 27.43% | 18.56% | 39.98% | -62.6% | 35.64% | 42.67% | -25.02% | -5.01% | 5.49% | 28.06% | 12.6% | -3.95% | -8.35% | -9.29% | -10.17% | 24.84% | 20.18% | 15.31% | 4.46% | -2.57% | 48.11% | 28.79% | 53.86% | 9.11% | -14.17% | 97.26% | 93.89% | -10.63% | 1.16% | -2.04% | 0.5% |
| Cost of Goods Sold | 8.65B | 8.4B | 7.46B | 5.36B | 8.74B | 7.55B | 7.62B | 8.59B | 7.94B | 7.34B | 6.9B | 6.98B | 7.06B | 6.96B | 6.82B | 6.64B | 5.7B | 4.94B | 4.31B | 3.3B | 2.71B | 2.13B | 2.03B | 1.74B | 1.68B | 1.75B | 833M | 451M | 502M | 487.6M | 475.9M |
| COGS % of Revenue | - | 78.16% | 82.27% | 82.83% | 50.5% | 59.16% | 85.1% | 72.01% | 63.22% | 61.65% | 74.24% | 84.51% | 82.15% | 74.14% | 65.93% | 57.64% | 61.81% | 64.37% | 64.79% | 51.8% | 41.51% | 48.36% | 59.19% | 77.87% | 82.32% | 73.6% | 69.07% | 72.51% | 72.13% | 70.87% | 67.76% |
| Gross Profit | 3.76B | 2.35B | 1.61B | 1.11B | 8.57B | 5.21B | 1.33B | 3.34B | 4.62B | 4.57B | 2.4B | 1.28B | 1.53B | 2.43B | 3.52B | 4.88B | 3.52B | 2.73B | 2.34B | 3.07B | 3.82B | 2.28B | 1.4B | 493M | 361M | 628M | 373M | 171M | 194M | 200.4M | 226.4M |
| Gross Margin % | 30.31% | 21.84% | 17.73% | 17.17% | 49.5% | 40.84% | 14.9% | 27.99% | 36.78% | 38.35% | 25.76% | 15.49% | 17.85% | 25.86% | 34.07% | 42.36% | 38.19% | 35.63% | 35.21% | 48.2% | 58.49% | 51.64% | 40.81% | 22.13% | 17.68% | 26.4% | 30.93% | 27.49% | 27.87% | 29.13% | 32.24% |
| Gross Profit Growth % | - | 46.05% | 44.51% | -87.03% | 64.38% | 291.15% | -60.09% | -27.72% | 1.18% | 90.61% | 87.33% | -16.68% | -36.73% | -31.16% | -27.74% | 38.47% | 28.82% | 16.69% | -23.7% | -19.71% | 67.74% | 62.97% | 183.77% | 36.57% | -42.52% | 68.36% | 118.13% | -11.86% | -3.19% | -11.48% | -6.25% |
| Operating Expenses | 800.78M | 577.53M | 1.62B | 890M | 1.58B | 231M | 2.24B | 3.49B | -163M | 296M | 671M | 4.2B | 487M | 449M | 282M | 421M | -427M | 236M | 947.91M | 332.7M | 263.28M | 720M | 674M | 510M | 315M | 527M | 202M | 183M | 235M | 468M | -146.8M |
| OpEx % of Revenue | - | 5.37% | 17.83% | 13.74% | 9.15% | 1.81% | 25.07% | 29.24% | -1.3% | 2.49% | 7.22% | 50.82% | 5.66% | 4.79% | 2.73% | 3.66% | -4.63% | 3.08% | 14.24% | 5.22% | 4.03% | 16.31% | 19.66% | 22.89% | 15.43% | 22.15% | 16.75% | 29.42% | 33.76% | 68.02% | -20.9% |
| Selling, General & Admin | 332.93M | 334.73M | 366M | 377M | 472M | 297M | 179M | 165M | 201M | 241M | 270M | 121M | 131M | 151M | 171M | 104M | 261M | 188M | 91M | 141.03M | 113M | 102M | 82M | 69M | 75M | 73M | 44M | 18M | 15M | 14M | 15.2M |
| SG&A % of Revenue | - | 3.11% | 4.04% | 5.82% | 2.73% | 2.33% | 2% | 1.38% | 1.6% | 2.02% | 2.9% | 1.47% | 1.52% | 1.61% | 1.65% | 0.9% | 2.83% | 2.45% | 1.37% | 2.21% | 1.73% | 2.31% | 2.39% | 3.1% | 3.67% | 3.07% | 3.65% | 2.89% | 2.16% | 2.03% | 2.16% |
| Research & Development | 28.99M | 34.97M | 50M | 117M | 157M | 129M | 97M | 67M | 35M | 55M | 30M | 47M | 29M | 18M | 19M | 17M | 20M | 15M | 23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.33% | 0.55% | 1.81% | 0.91% | 1.01% | 1.08% | 0.56% | 0.28% | 0.46% | 0.32% | 0.57% | 0.34% | 0.19% | 0.18% | 0.15% | 0.22% | 0.2% | 0.35% | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 207.83M | 1.2B | 396M | 956M | -195M | 1.97B | 3.26B | -399M | 0 | 371M | 4.03B | 327M | 280M | 92M | 300M | -708M | 33M | 833.91M | 191.68M | 150.28M | 618M | 592M | 441M | 240M | 454M | 158M | 165M | 220M | 454M | -162M |
| Operating Income | 2.96B | 1.77B | -9M | 222M | 6.99B | 4.98B | -910M | -150M | 4.78B | 4.27B | 1.73B | -2.92B | 1.05B | 1.98B | 3.24B | 4.46B | 3.95B | 2.5B | 1.4B | 2.74B | 3.56B | 1.56B | 725M | -17M | 46M | 101M | 171M | -12M | -41M | -267.6M | 373.2M |
| Operating Margin % | 23.85% | 16.47% | -0.1% | 3.43% | 40.34% | 39.03% | -10.17% | -1.26% | 38.08% | 35.86% | 18.55% | -35.33% | 12.19% | 21.07% | 31.34% | 38.7% | 42.82% | 32.55% | 20.96% | 42.98% | 54.46% | 35.33% | 21.15% | -0.76% | 2.25% | 4.25% | 14.18% | -1.93% | -5.89% | -38.9% | 53.14% |
| Operating Income Growth % | - | 19761.74% | -104.05% | -96.82% | 40.2% | 647.58% | -506.67% | -103.14% | 12.01% | 147.59% | 159.12% | -378.44% | -46.99% | -39.02% | -27.24% | 12.84% | 58.09% | 79.06% | -49.05% | -23.11% | 128.29% | 115.17% | 4364.71% | -136.96% | -54.46% | -40.94% | 1525% | 70.73% | 84.68% | -171.7% | 221.72% |
| EBITDA | 4.85B | 3.67B | 1.72B | 1.15B | 8.66B | 6.47B | 600M | 1.47B | 6.27B | 5.76B | 3.11B | -1.55B | 2.39B | 3.21B | 4.22B | 5.37B | 4.87B | 3.43B | 1.86B | 3.07B | 3.83B | 1.83B | 1B | 206M | 252M | 327M | 297M | 84M | 55M | -173.8M | 462.6M |
| EBITDA Margin % | 39.08% | 34.17% | 18.94% | 17.71% | 50.01% | 50.68% | 6.71% | 12.31% | 49.88% | 48.39% | 33.44% | -18.79% | 27.82% | 34.21% | 40.85% | 46.61% | 52.75% | 44.64% | 28% | 48.2% | 58.51% | 41.54% | 29.17% | 9.25% | 12.34% | 13.75% | 24.63% | 13.5% | 7.9% | -25.26% | 65.87% |
| EBITDA Growth % | 112.36% | 113.86% | 49.69% | -86.76% | 33.85% | 978.33% | -59.16% | -76.56% | 8.75% | 85.31% | 300.39% | -164.88% | -25.48% | -24.02% | -21.28% | 10.32% | 42% | 83.89% | -39.33% | -19.73% | 108.6% | 83.4% | 385.44% | -18.25% | -22.94% | 10.1% | 253.57% | 52.73% | 131.65% | -137.57% | 136.14% |
| D&A (Non-Cash Add-back) | 1.89B | 1.9B | 1.73B | 925M | 1.67B | 1.49B | 1.51B | 1.62B | 1.48B | 1.49B | 1.39B | 1.37B | 1.34B | 1.23B | 983M | 911M | 916M | 928M | 468M | 332.7M | 264.45M | 274M | 275M | 223M | 206M | 226M | 126M | 96M | 96M | 93.8M | 89.4M |
| EBIT | 3.33B | 2.47B | 57M | -64M | 6.54B | 4.67B | -1.03B | -380M | 4.58B | 3.98B | 1.85B | -3.09B | 941M | 1.9B | 2.33B | 4.6B | 3.62B | 3.29B | 1.56B | 2.74B | 3.56B | 1.83B | 1B | 171M | 46M | 270M | 171M | 30M | 53M | 53.9M | 85.9M |
| Net Interest Income | -575.51M | -545.56M | -561.62M | 64.01M | -64.43M | -44.33M | -159.36M | -101.7M | -111.65M | -120.74M | -270.98M | -238.39M | -204.55M | -271.55M | -431.99M | -468.05M | -1.48B | -815.64M | -110.2M | 91.63M | 88.94M | -12.97M | -51.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 226.29M | 270.78M | 227.85M | 95.01M | 0 | 0 | 0 | 49.31M | 32.9M | 17.25M | 16.12M | 4.99M | 3.82M | 12.34M | 33.08M | 12.97M | 6.03M | 8.01M | 48.98M | 176.29M | 185.87M | 55.87M | 10.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 801.79M | 816.33M | 789.47M | 31M | 64.43M | 44.33M | 159.36M | 151.01M | 144.54M | 137.99M | 287.1M | 243.37M | 208.38M | 283.89M | 465.06M | 481.02M | 1.48B | 823.65M | 159.18M | 84.66M | 96.93M | 68.84M | 61.47M | 0 | 35M | 342M | 0 | 0 | 200M | 575M | 0 |
| Other Income/Expense | -418.11M | -114.91M | -709M | -297M | -421M | -295M | -226M | -318M | -274M | -357M | -97M | -402M | -324M | -334M | -1.33B | -290M | -1.02B | 142M | -15.09M | -230.41M | 48.93M | 360M | 174M | 182M | -57M | -66M | -45M | 41M | -29M | 12.9M | 9M |
| Pretax Income | 2.54B | 1.65B | -718M | -75M | 6.57B | 4.69B | -1.14B | -468M | 4.51B | 3.91B | 1.63B | -3.32B | 724M | 1.64B | 1.91B | 4.17B | 2.93B | 2.64B | 1.38B | 2.51B | 3.61B | 1.92B | 899M | 165M | -11M | 35M | 126M | 29M | -70M | -254.7M | 382.2M |
| Pretax Margin % | 20.48% | 15.4% | -7.92% | -1.16% | 37.91% | 36.72% | -12.7% | -3.92% | 35.9% | 32.86% | 17.51% | -40.2% | 8.42% | 17.51% | 18.44% | 36.18% | 31.77% | 34.4% | 20.74% | 39.36% | 55.21% | 43.49% | 26.23% | 7.41% | -0.54% | 1.47% | 10.45% | 4.66% | -10.06% | -37.02% | 54.42% |
| Income Tax | 973.78M | 583.52M | 205M | 237M | 2.5B | 1.52B | -192M | 120M | 1.36B | 1.43B | 587M | -836M | 342M | 633M | 767M | 1.4B | 994M | 695M | 652M | 794.52M | 1.22B | 575M | 305M | 50M | -4M | 56M | 41M | -16M | -21M | -79.1M | 127.4M |
| Effective Tax Rate % | 38.32% | 35.27% | -28.55% | -316% | 38% | 32.38% | 16.9% | -25.64% | 30.27% | 36.41% | 36.06% | 25.18% | 47.24% | 38.53% | 40.22% | 33.56% | 33.92% | 26.33% | 47.25% | 31.68% | 33.66% | 29.95% | 33.93% | 30.3% | 36.36% | 160% | 32.54% | -55.17% | 30% | 31.06% | 33.33% |
| Net Income | 1.85B | 1.4B | 406M | 2.41B | 3.32B | 2.87B | -864M | -605M | 3.11B | 2.46B | 1.04B | -2.47B | 362M | 961M | 1.07B | 2.67B | 1.82B | 1.83B | 659M | 1.61B | 2.43B | 1.34B | 617M | 134M | 13M | -21M | 85M | 45M | -49M | -175.6M | 254.8M |
| Net Margin % | 14.91% | 13.03% | 4.48% | 37.2% | 19.16% | 22.47% | -9.66% | -5.07% | 24.73% | 20.65% | 11.18% | -29.96% | 4.21% | 10.24% | 10.33% | 23.17% | 19.73% | 23.86% | 9.9% | 25.35% | 37.18% | 30.46% | 18% | 6.01% | 0.64% | -0.88% | 7.05% | 7.23% | -7.04% | -25.52% | 36.28% |
| Net Income Growth % | 327.15% | 244.79% | -83.15% | -27.37% | 15.66% | 431.94% | -42.81% | -119.47% | 26.3% | 136.54% | 142.04% | -783.43% | -62.33% | -10.02% | -59.97% | 46.59% | -0.6% | 177.85% | -59.19% | -33.58% | 80.76% | 117.99% | 360.45% | 930.77% | 161.9% | -124.71% | 88.89% | 191.84% | 72.1% | -168.92% | 184.38% |
| Net Income (Continuing) | 1.57B | 1.07B | -923M | -312M | 4.07B | 3.17B | -944M | -588M | 3.15B | 2.49B | 1.04B | -2.48B | 382M | 1.01B | 1.14B | 2.77B | 1.94B | 1.82B | 668M | 1.66B | 2.4B | 1.34B | 594M | 125M | 10M | -21M | 85M | 45M | -49M | -175.6M | 254.8M |
| Discontinued Operations | 0 | 0 | 1.21B | 2.62B | -772M | -255M | 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 |
| Minority Interest | 941M | 910.26M | 1.02B | 1.3B | 1.04B | 768M | 669M | 770M | 134M | 142M | 159M | 230M | 230M | 214M | 176M | 172M | 124M | 91M | 104.42M | 92.36M | 0 | 0 | 0 | 24M | 30M | 31M | 1.01B | 40.4M | 29.2M | 0 | 0 |
| EPS (Diluted) | 3.77 | 2.83 | 0.78 | 4.60 | 6.19 | 5.31 | -1.62 | -1.11 | 5.32 | 4.26 | 1.79 | -4.28 | 0.60 | 1.58 | 1.82 | 4.49 | 3.10 | 3.28 | 1.30 | 3.81 | 5.52 | 3.10 | 1.45 | 0.34 | 0.08 | -0.05 | 0.36 | 0.21 | -0.27 | -0.91 | 1.26 |
| EPS Growth % | 401.33% | 262.82% | -83.04% | -25.69% | 16.57% | 427.78% | -45.95% | -120.86% | 24.88% | 137.99% | 141.82% | -810.74% | -61.89% | -13.19% | -59.47% | 44.84% | -5.49% | 152.31% | -65.88% | -30.98% | 78.06% | 113.79% | 326.47% | 353.33% | 242.86% | -114.58% | 71.43% | 177.78% | 70.33% | -172.22% | 157.14% |
| EPS (Basic) | - | 2.84 | 0.79 | 4.67 | 6.30 | 5.39 | -1.62 | -1.11 | 5.40 | 4.32 | 1.81 | -4.28 | 0.60 | 1.58 | 1.82 | 4.51 | 3.11 | 3.28 | 1.31 | 3.83 | 5.68 | 3.30 | 1.54 | 0.36 | 0.08 | -0.05 | 0.39 | 0.21 | -0.27 | -0.91 | 1.33 |
| Diluted Shares Outstanding | 490.9M | 495.4M | 520M | 525.3M | 535.85M | 540.27M | 534.4M | 559.76M | 582.14M | 586.39M | 576.9M | 576.22M | 577.19M | 578.3M | 586.9M | 592.89M | 590.91M | 535.38M | 453.2M | 434.1M | 434.15M | 419.23M | 412.71M | 394.12M | 369.05M | 400M | 239.44M | 214.29M | 180M | 194.03M | 202.22M |
| Basic Shares Outstanding | 489.2M | 493.8M | 516M | 517.8M | 526.7M | 532.3M | 534.4M | 559.76M | 581.84M | 586.39M | 576.9M | 576.2M | 576.19M | 578.3M | 585.52M | 590.4M | 589.5M | 534.1M | 452.1M | 431.5M | 421.2M | 406.3M | 386M | 369.65M | 369.05M | 400M | 220.78M | 214.29M | 180M | 194.03M | 192.3M |
| Dividend Payout Ratio | - | 17.56% | 126.6% | 11% | 16.04% | 3.7% | - | - | 5.54% | 13.98% | 5.58% | - | 143.09% | 54.21% | 43.91% | 13.27% | 6.48% | 3.77% | 82.55% | 26.38% | 12.17% | 6.02% | 9.72% | 27.61% | 284.62% | - | 31.76% | 47.56% | - | - | 7.57% |
Commodity Price Cyclicality
According to recent financial disclosures, Teck Resources achieved a significant revenue expansion of 72.2% in 2026Q1, marking a sharp departure from the volatility observed in previous periods as the company successfully scales its copper production capacity to offset the ongoing divestment of its coal assets.
The recent acceleration in top-line growth appears to be a direct result of the Quebrada Blanca Phase 2 project reaching higher operational throughput. Investors should monitor whether this growth trajectory remains sustainable as the company completes its structural transition toward a pure-play base metals profile.
As reported in quarterly filings, Teck's gross margin reached 43.5% in 2026Q1, representing a substantial improvement from the 19.5% margin recorded in 2025Q3, which suggests that the company is successfully capturing higher value from its copper-heavy production mix as operational efficiencies begin to materialize at scale.
The significant widening of gross margins indicates that the company's cost-shielded logistics and high-grade assets are beginning to provide the expected pricing power. However, the historical volatility in these margins warrants caution, as they remain highly sensitive to global commodity price fluctuations and potential inflationary pressures on input costs.
Based on the latest income statement data, Teck's operating income reached $1.5 billion in 2026Q1, demonstrating strong operating leverage as the company's fixed-cost base is increasingly diluted by the rapid growth in revenue and the successful ramp-up of its core copper mining operations in Chile.
The ability to scale operating income faster than gross profit suggests that management is maintaining disciplined control over SG&A expenses during this capital-intensive transition phase. This trend may indicate that the company is moving toward a more efficient operational structure, though the sustainability of this leverage depends on maintaining consistent production volumes.
While recent figures show strong growth, historical data from 2024Q3, where the company reported a net loss of $699 million, highlights the inherent risks of commodity-linked earnings, suggesting that Teck's profitability remains vulnerable to sudden shifts in global industrial demand and potential operational disruptions at key sites.
Short-term observers might argue that the current margin expansion is overly dependent on favorable commodity pricing rather than permanent structural improvements. Investors should remain wary of the potential for future margin compression if the company fails to maintain its targeted C1 cash costs during periods of market downturn.
Quick answers to the most common questions about buying TECK stock.
For fiscal year 2025, Teck Resources Limited (TECK) reported total revenue of $10.75B. This represents a 1430.3% increase compared to $702.3M in 1996.
Teck Resources Limited (TECK) is profitable, generating $1.40B in net income for the fiscal year ending 2025 with a net profit margin of 13.0%.
Teck Resources Limited (TECK) reported an operating income of $1.77B, resulting in an operating profit margin of 16.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Teck Resources Limited (TECK) generated $2.35B in gross profit for the year, representing a gross profit margin of 21.8%. This demonstrates the company's core pricing power and production efficiency.