Teck Resources Limited (TECK) Cash Flow Statement
Where TECK’s cash came from and went, 2025
December 31, 2025 · Canadian dollars- Cash from operations
- C$1.04B −62.6% vs 2024
- Capital expenditures
- C$2.06B 19.2% of revenue
- Free cash flow
- −C$1.02B −9.5% margin
- Returned to shareholders
- C$1.26B
- Change in cash
- −C$2.23B cash at year-end C$5.01B
Cash from operations
C$1.04B
Capital expenditures
−C$2.06B
Investments (net)
−C$99.0M
Acquisitions & other
+C$157.0M
Dividends
−C$245.8M
Share buybacks (net)
−C$1.01B
Net borrowing (repayment)
−C$537.0M
Shares issued
+C$26.0M
Other financing
+C$451.0M
Currency & other
+C$48.9M
Change in cash
−C$2.23B
Drawn to scale: where the cash came from and how it was used. Hover for values.
TECK operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
TECK cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | C$3.06B2016 | C$1.04B2025 | −11.3%/yr | |
| Capital expenditures | C$1.89B2016 | C$2.06B2025 | +0.9%/yr | |
| Free cash flow | C$1.16B2016 | −C$1.02B2025 | — | |
| Free cash flow margin | 12.5%2016 | −9.5%2025 | −22.0 pts | |
| Operating cash flow / net income | 2.942016 | 0.752025 | −2.19 | |
| Stock-based compensation | C$171.0M2016 | C$107.0M2023 | −6.5%/yr | |
| Dividends paid | C$58.0M2016 | C$245.8M2025 | +17.4%/yr | |
| Share buybacks (net) | C$02016 | C$1.01B2025 | — | |
| Capex / revenue | 20.4%2016 | 19.2%2025 | −1.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TECK cash flow by activity
OperatingInvestingFinancingChange in cash
TECK net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
TECK cash flow statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | C$1.40B | −C$923.0M | C$2.41B | C$4.07B | C$2.92B | −C$944.0M | −C$588.0M | C$3.15B | C$2.49B | C$1.04B |
| Depreciation & amortization | C$1.90B | C$1.73B | C$925.0M | C$1.67B | C$1.58B | C$1.51B | C$1.62B | C$1.48B | C$1.49B | C$1.39B |
| Stock-based compensation | — | — | C$107.0M | C$236.0M | −C$1.07B | C$947.0M | C$2.20B | C$59.0M | C$125.0M | C$171.0M |
| Change in working capital | −C$977.2M | −C$276.0M | −C$1.25B | −C$107.0M | −C$874.0M | −C$241.0M | −C$160.0M | −C$82.0M | C$94.0M | −C$360.0M |
| Other non-cash items | −C$1.28B | C$2.26B | C$1.89B | C$2.11B | C$2.18B | C$291.0M | C$412.0M | −C$167.0M | C$866.0M | C$820.0M |
| Cash from operating activities | C$1.04B | C$2.79B | C$4.08B | C$7.98B | C$4.74B | C$1.56B | C$3.48B | C$4.44B | C$5.07B | C$3.06B |
| Investing activities | ||||||||||
| Capital expenditures | −C$2.06B | −C$2.63B | −C$4.34B | −C$5.46B | −C$4.71B | −C$3.63B | −C$3.47B | −C$2.61B | −C$2.30B | −C$1.89B |
| Investments (net) | −C$99.0M | C$6.17B | −C$5.22B | −C$5.68B | −C$106.0M | −C$3.67B | −C$3.57B | −C$1.60B | −C$2.50B | −C$1.84B |
| Acquisitions & other investing | C$157.0M | C$2.63B | C$4.80B | C$5.46B | C$0 | C$3.63B | C$3.47B | C$2.61B | C$2.32B | C$1.89B |
| Cash from investing activities | −C$2.00B | C$6.17B | −C$4.76B | −C$5.68B | −C$4.82B | −C$3.67B | −C$3.57B | −C$1.60B | −C$2.48B | −C$1.84B |
| Financing activities | ||||||||||
| Dividends paid | −C$245.8M | −C$514.0M | −C$515.0M | −C$532.0M | −C$106.0M | −C$106.0M | −C$111.0M | −C$172.0M | −C$344.0M | −C$58.0M |
| Share repurchases & issuance (net) | −C$1.01B | −C$1.24B | −C$250.0M | −C$1.39B | C$1.24B | −C$207.0M | −C$661.0M | −C$189.0M | −C$175.0M | C$996.0M |
| Net borrowing (repayment) | −C$537.0M | −C$2.54B | −C$559.0M | C$7.0M | C$1.34B | C$2.21B | −C$47.0M | −C$1.39B | −C$1.93B | −C$993.0M |
| Shares issued | C$26.0M | C$172.0M | C$88.0M | C$234.0M | C$50.0M | C$1.0M | C$10.0M | C$54.0M | C$0 | C$0 |
| Other financing | C$451.0M | C$1.56B | C$767.0M | −C$307.0M | −C$1.46B | −C$370.0M | C$272.0M | −C$470.0M | −C$525.0M | −C$1.58B |
| Cash from financing activities | −C$1.32B | −C$2.56B | −C$469.0M | −C$1.99B | C$1.06B | C$1.53B | −C$537.0M | −C$2.16B | −C$2.97B | −C$1.64B |
| Summary | ||||||||||
| Net change in cash | −C$2.23B | C$6.84B | −C$1.14B | C$456.0M | C$977.0M | −C$576.0M | −C$708.0M | C$782.0M | −C$455.0M | −C$480.0M |
| Cash at end of period | C$5.01B | C$7.59B | C$744.0M | C$1.88B | C$1.43B | C$450.0M | C$1.03B | C$1.73B | C$952.0M | C$1.41B |
| Free cash flow | −C$1.02B | C$155.0M | −C$256.0M | C$2.52B | C$25.0M | −C$2.06B | C$16.0M | C$1.82B | C$2.75B | C$1.16B |
| Free cash flow margin | −9.5% | 1.7% | −4.0% | 14.5% | 0.2% | −23.1% | 0.1% | 14.5% | 23.1% | 12.5% |
| Capex / revenue | 19.2% | 29.1% | 67.0% | 31.6% | 36.9% | 40.5% | 29.1% | 20.8% | 19.3% | 20.4% |
| Operating cash flow / net income | 0.75 | — | 1.70 | 1.96 | 1.63 | — | — | 1.41 | 2.04 | 2.94 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | C$854.4M | C$809.0M | C$543.6M | C$133.0M | C$101.0M | C$313.0M | C$244.0M | −C$846.0M | C$363.0M | C$343.0M | C$396.0M | C$268.0M |
| Depreciation & amortization | C$492.2M | C$508.0M | C$448.6M | C$554.0M | C$378.0M | C$412.0M | C$523.0M | C$498.0M | C$399.2M | C$372.5M | C$548.0M | C$529.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | C$28.0M | C$35.0M | C$3.0M | −C$187.0M |
| Change in working capital | C$167.1M | −C$834.0M | C$200.8M | −C$272.0M | −C$300.0M | −C$607.0M | C$757.0M | −C$468.0M | −C$179.0M | −C$243.0M | −C$227.0M | −C$233.0M |
| Other non-cash items | −C$10.0M | C$541.0M | −C$169.9M | C$232.0M | −C$91.0M | −C$633.0M | −C$236.0M | C$950.0M | C$714.8M | −C$465.5M | C$406.0M | C$359.0M |
| Cash from operating activities | C$1.50B | C$1.02B | C$1.02B | C$647.0M | C$88.0M | −C$515.0M | C$1.29B | C$134.0M | C$1.33B | C$42.0M | C$1.13B | C$736.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −C$777.3M | −C$680.0M | −C$729.4M | −C$488.0M | −C$403.0M | −C$393.0M | −C$504.0M | −C$627.0M | −C$1.22B | −C$729.0M | −C$871.0M | −C$1.38B |
| Investments (net) | −C$12.0M | C$49.0M | C$72.0M | −C$526.0M | −C$414.0M | −C$307.0M | −C$552.0M | C$9.01B | −C$1.21B | −C$1.08B | −C$1.33B | −C$1.38B |
| Acquisitions & other investing | C$21.0M | C$43.0M | C$15.9M | C$488.0M | C$403.0M | C$393.0M | C$504.0M | C$627.0M | C$1.22B | C$729.0M | C$871.0M | C$1.38B |
| Cash from investing activities | −C$768.3M | −C$588.0M | −C$641.5M | −C$526.0M | −C$414.0M | −C$307.0M | −C$552.0M | C$9.01B | −C$1.21B | −C$1.08B | −C$1.33B | −C$1.38B |
| Financing activities | ||||||||||||
| Dividends paid | −C$61.0M | −C$61.0M | −C$61.0M | −C$61.0M | −C$61.0M | −C$63.0M | −C$63.0M | −C$322.0M | −C$64.0M | −C$65.0M | −C$64.0M | −C$65.0M |
| Share repurchases & issuance (net) | C$0 | C$0 | C$0 | −C$144.0M | −C$487.0M | −C$380.0M | −C$486.0M | −C$398.0M | −C$282.0M | −C$74.0M | −C$165.0M | −C$34.0M |
| Net borrowing (repayment) | −C$243.0M | −C$34.0M | −C$232.0M | −C$29.0M | −C$228.0M | −C$48.0M | −C$300.0M | −C$2.04B | — | — | — | C$283.0M |
| Shares issued | C$44.0M | C$34.0M | C$9.0M | C$6.0M | C$3.0M | C$8.0M | C$2.0M | C$7.0M | C$109.0M | C$54.0M | C$7.0M | C$7.0M |
| Other financing | C$31.9M | −C$62.0M | C$242.0M | C$0 | −C$46.0M | −C$60.0M | −C$1.0M | −C$15.0M | −C$273.0M | C$1.65B | −C$154.0M | C$9.0M |
| Cash from financing activities | −C$228.1M | −C$123.0M | −C$42.0M | −C$228.0M | −C$819.0M | −C$543.0M | −C$848.0M | −C$2.77B | −C$510.0M | C$1.56B | −C$376.0M | C$200.0M |
| Summary | ||||||||||||
| Net change in cash | C$510.2M | C$407.0M | C$322.4M | −C$11.0M | −C$1.45B | −C$1.37B | C$357.0M | C$6.31B | −C$377.0M | C$551.0M | −C$599.0M | −C$430.0M |
| Cash at end of period | C$6.05B | C$5.43B | C$5.01B | C$4.76B | C$4.77B | C$6.21B | C$7.59B | C$7.23B | C$918.0M | C$1.29B | C$744.0M | C$1.34B |
| Free cash flow | C$726.3M | C$344.0M | C$293.8M | C$159.0M | −C$315.0M | −C$908.0M | C$784.0M | −C$493.0M | C$109.0M | −C$687.0M | C$255.0M | −C$646.0M |
| Free cash flow margin | 20.1% | 8.7% | 9.6% | 4.7% | −15.6% | −39.7% | 28.1% | −17.2% | 6.0% | −42.4% | 6.2% | −32.5% |
| Capex / revenue | 21.6% | 17.2% | 23.9% | 14.4% | 19.9% | 17.2% | 18.1% | 21.9% | 67.5% | 45.0% | 21.2% | 69.5% |
| Operating cash flow / net income | 1.76 | 1.27 | 1.88 | 4.86 | 0.87 | −1.65 | 5.28 | — | 3.65 | 0.12 | 2.84 | 2.75 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported; data from EODHD.
TECK cash generation
In fiscal 2025 (ended December 31, 2025), Teck Resources generated C$1.0 billion of cash from operations (down 62.6%) and spent C$2.1 billion on capital expenditures, leaving free cash flow of -C$1.0 billion, −9.5% of revenue. It returned C$1.3 billion to shareholders through dividends (C$245.8 million) and net share buybacks (C$1.0 billion). Cash and equivalents fell by C$2.2 billion over the year.
Related: TECK income statement, TECK balance sheet, TECK dividend history. See the TECK stock overview for the latest quote and news.
TECK cash flow FAQ
What is Teck Resources's free cash flow?
Teck Resources's free cash flow was -C$1.0 billion in fiscal 2025: C$1.0 billion of operating cash flow minus C$2.1 billion of capital expenditures It was C$155.0 million a year earlier..
How much cash does Teck Resources generate from operations?
Teck Resources generated C$1.0 billion of cash from operating activities in fiscal 2025, 0.75 times its net income of C$1.4 billion.
How much does Teck Resources spend on capital expenditures?
Teck Resources spent C$2.1 billion on capital expenditures in fiscal 2025, 19.2% of revenue, compared with C$2.6 billion the year before.
How much stock does Teck Resources buy back?
Teck Resources spent C$1.0 billion on net share repurchases in fiscal 2025.
How much does Teck Resources pay in dividends?
Teck Resources paid C$245.8 million in dividends in fiscal 2025.