Key Highlights

  • Underlying attributable profit rose 30% to US$13.2 billion for the year to 30 June 2026.
  • Copper, including by-products, generated operating Earnings of about US$18.19 billion, ahead of iron ore at about US$14.53 billion.
  • The full-year Dividend was US$1.72 per share, including a final dividend of 99 US cents.
  • Net Debt was US$8.69 billion, below the company's US$10 billion to US$12 billion target range.

Why does a company built on iron ore now talk mainly about copper? BHP Group (ASX:BHP) gave a clear answer with its FY26 result on 18 August 2026. The shift matters because it changes how the world's largest listed miner should be judged: by its copper growth pipeline and Capital discipline as well as by the iron ore price. The period-specific figures provide context for the company’s operating performance and execution priorities.

The FY26 result

The available information does not specify EBITDA or group copper production.

That is a market reaction on one day and says little about longer-term value.

Why copper matters

Copper is used in electrical wiring, grids, electric vehicles and data centres, and Demand is widely expected to grow as economies electrify. management's view that demand will rise from 34 million tonnes this year to more than 50 million tonnes a year by 2050. That is a company forecast, not a certainty, but it explains the strategic emphasis.

The company expects copper production to fall in the short term, but says its project pipeline could lift output by as much as 40% by 2035. That combination is the central tension of the story. Today's earnings are encouraging because of price and by-product credits, while the Volume growth is a decade-long programme that requires capital and permits.

Capital expenditure is expected to rise by more than US$1 billion next year, although The available information does not specify a total. BHP also said US$3.5 billion remains to be unlocked from a US$10 billion portfolio opportunity, and that Global Infrastructure Partners invested US$2 billion for a minority stake in an inland power network.

Iron ore and other businesses

Iron ore remains a very large earner. Its returns depend on iron ore prices, Chinese steel production and the cost of its rail and port system. Port Hedland faces industrial action, though BHP did not expect a negative effect.

BHP also operates metallurgical coal, nickel and potash businesses. The company's disclosures cover the company's FY26 operational review for the current schedule and capital cost estimates for that project.

Leadership and corporate activity

Brandon Craig became chief executive in July 2026, so FY26 is effectively the first result under a new Leadership phase.

Sector and competitive position

BHP competes with Rio Tinto, Vale, Anglo American and Glencore, among others. Its advantages are scale, low-cost iron ore, a large copper resource base in Chile and South Australia, and an encouraging balance sheet. Its main structural exposure is China, which takes a large share of Australian iron ore.

Competitors are also chasing copper, which makes acquisitions expensive and pushes up the cost of development projects. BHP's willingness to consider partnerships and portfolio sales is a response to that environment.

Risks and upcoming developments

Commodity prices. Both iron ore and copper are cyclical and can fall quickly.

China's economy and steel demand.

Rising Capital Expenditure and the risk of project cost inflation.

Short-term copper production decline before new projects contribute.

Regulatory, permitting and political risk across several countries.

Upcoming events include the quarterly operational review, normally released in October, the annual general meetings, and the half-year result in February 2027. Dates should be confirmed on BHP's investor calendar.