The 2026 Top 100: A turnaround takes hold

e = estimate; c = converted from US$ at 1.3978 (2025) and 1.3698 (2024); NA = not applicable; NP = not provided; NR = not ranked.

If Artemis Gold were a car, it would be a Ferrari. The Vancouver-based company went from zero to nearly $1 billion in revenues over the past year. Of course, that milestone was hard earned: it was a long road bringing the company’s Blackwater mine, which lies south of Vanderhoof, into production. Consider it a minor miracle that the property wasn’t snapped up by a major producer but rather left to build itself, driven by local money and management, from the ground up.

Artemis Gold was also blessed to start pouring gold in 2025, a year that saw the precious metal’s price soar from around US$2,600 to more than US$4,500 an ounce. Indeed, it was a very good year for gold and silver producers, of which British Columbia boasts more than its fair share. Another recent gold startup, Integra Resources, saw revenues jump more than 700 percent. Orla Mining took in over 200 percent more than it did in 2024. Endeavour Silver and First Majestic Silver both more than doubled sales year over year.

Copper producer Ivanhoe Mines, mean while, pulled off a roughly 1,000-percent revenue surge. Growth standouts outside of mining include last-mile logistics company
UniUni, Meren Energy (the rebranded Africa Oil Corp.) and drug developer AbCellera Biologics, which bounced back from a down year in 2024.

If only such positive growth stories were the norm among British Columbia’s largest companies last year. Instead, our financial results show a mixed bag of corporate titans attempting to claw their way back from the setback of 2024. Perennial chart-topper Telus Corp. barely eked out a revenue gain at less than the rate of inflation. As the cover story in our last issue described, the global growth trajectory of third-ranked company Lululemon Athletica is experiencing a serious slowdown. Teck Resources, between divesting its coal operations and merging with British firm Anglo American (the deal is still subject to regulatory approvals), finds itself a smaller concern than it used to be. And Top 100 fixtures like West Fraser Timber, Lions Gate Entertainment, Canfor Corp. and Best Buy Canada are at best treading water.

Taking the good with the bad, the collective Top 100 appears to be in recovery mode. The 100 companies’ aggregate revenue totalled $284.8 billion, an improvement on the $251.7 billion recorded in 2024 and even a little ahead (though not in inflation-adjusted terms) of the $281 billion notched in 2023. For the first time, two companies reached $20 billion in revenues and five firms surpassed $10 billion—up from four last year but shy of the record six in 2023.

Companies at a crossroads

If you take a look at our list of the top 10 public companies by market capitalization on page 58 you can get a sense of the turmoil, at least for some, that’s taking place below the surface. Gold royalty streamer Wheaton Precious Metals increased its lead as B.C.’s most valuable corporation, followed by copper producers Teck and Lundin Mining. Telus, meanwhile, has tumbled to fourth in market cap and Lululemon, once the run away leader, to eighth. Still, the precious metals boom saw 15 B.C.-based companies exceed $10 billion in value for the first time.

Market cap, of course, only reflects expectations for future profitability. There are some impressive profit turnarounds taking place right now, especially in the mining sector. Teck, Pan American Silver, Capstone Copper, China Gold International Resources, Aris Mining, Otter Co-op and Beem Credit Union all at least tripled their net earnings. Mean while, Lundin Mining, B2Gold Corp., First Majestic, Ero Copper Corp. and Artemis managed to engineer transitions to profitability from losses in 2024.

Unfortunately, the same could not be said of the major forest products companies, most of which showed mounting losses in 2025. It was likewise a harsh year for private developers and other real estate firms as sales slowed amid higher interest rates and falling property values.

Teck’s looming tie-up to create the proposed Anglo Teck was far from the only merger activity on the Top 100 agenda. Telus re-absorbed its troubled customer service subsidiary Telus Digital, even while proposing the spinoff of its health division in the foreseeable future. Equinox Gold bought Vancouver-based rival Calibre Mining. Coast Capital Federal Credit Union will merge with the smaller Prospera Credit Union and Sun shine Coast Credit Union. Streaming company Sandstorm Gold was acquired by Royal Gold of Colorado. City Office Real Estate Investment Trust was taken private (and off the list) by Morning Calm Management LLC.

The corporate dealmaking has continued into the current year. Lundin Mining announced in December it would sell its U.S. operations to American company Talon Metals. And, in April, shareholders approved Eldorado Gold’s bid to acquire crosstown counterpart Foran Mining for $3.8 billion.

New faces at the top

Eldorado is also one of several companies seeing a change of leadership. In August 2026, Christian Milau, formerly head of Equinox Gold, is to succeed longtime CEO George Burns. But a more closely watched leadership transition is taking place at Telus, where former Scotiabank head Victor Dodig has taken the reins from another longtime CEO, Darren Entwistle (we’ll have more on that transition in our next issue).

Just as anticipated, Lululemon has a new boss, former Nike exec Heidi O’Neill, after the company parted ways with Calvin McDonald early this year. Charlotte Mitha was promoted to CEO of BC Hydro last August, replacing Chris O’Riley, who retired.

Perhaps the saddest succession over the past year was at Concert Properties, where John Dooling (and now newly appointed president and CEO Catherine Roome) stepped in to fill the shoes of Christine Bergeron, who died in February of brain cancer. Bergeron is likewise mourned at Vancity Savings Credit Union, where she also previously served as CEO.

Finally, Meren Energy wasn’t the only company to undergo a rebrand—First West Credit Union will henceforward be known as Tru Cooperative Bank.

B.C.’s corporate heavyweights continue to change and—for now, at least—grow. For the sake of job and wealth creation, tax generation, innovation funding, charitable fundraising and more, let’s hope the momentum is sustained into 2026 and beyond.