Key Highlights

  • Underlying attributable profit rose 30 per cent to US$13.2 billion in FY26.
  • Copper provided 54 per cent of group underlying EBITDA, at a 70 per cent margin.
  • Net Debt fell to US$8.7 billion, below the target range of US$10 billion to US$20 billion.
  • The final Dividend was 99 US cents a share, paid on 23 September 2026.

For investors weighing the BHP share price, the full-year result for the 12 months to 30 June 2026 remains the most detailed recent picture of how BHP Group Limited (ASX:BHP) makes its money. Released on 18 August 2026, the result showed underlying attributable profit of US$13.2 billion, up 30 per cent, and a fully franked final dividend of 99 US cents per share, bringing total dividends for the year to 172 US cents. Copper contributed more than half of group underlying EBITDA for the first time, a shift that is changing which commodities matter most for BHP's earnings.

Headline FY26 Numbers

Revenue for the 2026 financial year was US$58.8 billion, up 15 per cent. Underlying EBITDA rose 27 per cent to US$32.9 billion, and the underlying EBITDA Margin widened to 59 per cent from 53 per cent. Underlying attributable profit was US$13.2 billion, equal to underlying basic Earnings of 260.0 US cents per share.

Statutory attributable profit was US$9.8 billion, up 9 per cent. The gap between underlying and statutory profit reflects exceptional items totalling a US$3.4 billion loss, which included a US$2.3 billion Impairment of the Jansen potash project in Canada and US$1.1 billion related to the Samarco dam failure in Brazil.

Chief Executive Officer Brandon Craig, who succeeded Mike Henry on 1 July 2026, said: "Copper is the engine that is driving BHP's growth."

Copper Overtakes Iron Ore

The segment breakdown shows the change in BHP's earnings mix. The copper Business generated underlying EBITDA of US$18.2 billion, up 48 per cent, at a margin of 70 per cent. That represented 54 per cent of group underlying EBITDA. Copper production was 1,953 kilotonnes for the year, making BHP the world's largest copper producer for a second consecutive year, according to its annual report. Craig told the October 2026 AGM that Olympic Dam recorded its highest copper production in more than twenty years and that Escondida achieved record material moved and concentrator throughput. He also said every major asset met its unit cost guidance despite inflation, higher diesel prices and Supply disruption, a point that matters because cost control determines how much of a higher Commodity price flows through to profit.

Iron ore generated underlying EBITDA of US$14.5 billion, up 1 per cent, at a margin of 61 per cent, on production of 265 million tonnes. Western Australia Iron Ore delivered record production, with C1 unit costs of US$16.40 a tonne.

Coal underlying EBITDA was US$0.83 billion, up 45 per cent. The potash business, which is not yet producing, recorded negative underlying EBITDA of US$326 million while BHP continues to build Jansen.

Cash Flow and Balance Sheet

Net operating Cash Flow was US$21.8 billion, up 17 per cent, and free cash flow rose 83 per cent to US$9.8 billion. Capital and exploration expenditure was US$10.3 billion.

BHP also brought in cash through transactions. It received US$4.3 billion from a silver streaming arrangement linked to Antamina in Peru, and US$2.0 billion from a Partnership with GIP for a 49 per cent interest in WAIO's inland power infrastructure, which completed in August 2026.

Net debt fell to US$8.7 billion at 30 June 2026, below BHP's target range of US$10 billion to US$20 billion. Gearing was 13.4 per cent and net debt was 0.3 times underlying EBITDA. A Balance Sheet below the target range gives the company flexibility as it funds growth projects, and it reduces the pressure that higher borrowing costs might otherwise place on earnings at a time when interest rates in Australia are still rising.

Final Dividend Details

The Board determined a final dividend of 99 US cents per share, fully franked, totalling about US$5.0 billion. Together with the Interim Dividend of 73 US cents, total FY26 dividends were 172 US cents per share, or US$8.7 billion. BHP's policy sets a minimum payout of 50 per cent of underlying attributable profit, and the full-year payout was 66 per cent.

For shareholders on BHP's Australian register, the final dividend converted to 137.988710 Australian cents per share, based on an average Exchange Rate of 0.717450 between 28 August and 4 September 2026. The ex-dividend date on the ASX was 3 September 2026, the Record Date was 4 September and the payment date was Wednesday 23 September 2026. The Dividend reinvestment plan election date was 7 September and the allocation date was 8 October.

Because BHP declares dividends in US dollars, the amount Australian shareholders receive depends on the exchange rate at the time of conversion, as well as on the profit result and the payout decision.

Capital Spending and FY27 Guidance

BHP guided to capital and exploration expenditure of about US$11 billion in each of the 2027 and 2028 financial years, with a higher cost for Jansen Stage 2 and currency effects partly offset by capital efficiency gains. Jansen Stage 2's investment estimate rose to US$6.9 billion from US$4.9 billion, and first production is now expected in late FY31.

Production guidance for FY27 includes 1,650 kt to 1,800 kt of copper, 253 Mt to 264 Mt from WAIO and 18.5 Mt to 20.5 Mt of BMA steelmaking coal. That guidance was confirmed unchanged in BHP's September quarter review on 20 October 2026.

Key Takeaways

BHP's FY26 result showed underlying attributable profit up 30 per cent to US$13.2 billion, with copper providing 54 per cent of group underlying EBITDA at a 70 per cent margin. Free cash flow rose to US$9.8 billion and net debt fell to US$8.7 billion, below the target range. Shareholders received a final dividend of 99 US cents a share, or about 138 Australian cents, paid on 23 September 2026, taking FY26 dividends to 172 US cents. For the BHP share price, copper prices and volumes, iron ore pricing, capital spending of about US$11 billion a year and the Jansen schedule are the drivers to watch ahead of the half-year result.