Key highlights

  • BHP reported underlying EBITDA of about US$33 billion for FY26 on 18 August 2026, with copper contributing more than half for the first time.
  • Net Debt fell to US$8.7 billion, and the final Dividend was 99 US cents per share, the largest in four years.
  • The company said its copper project pipeline could lift copper production by around 40% by FY35.

BHP Group Limited (ASX:BHP) released its financial results for the year ended 30 June 2026 on 18 August 2026. The release covered earnings, cash returns, net debt, copper and iron ore performance and growth projects, and noted a fatality at a coal operation. Figures are in US dollars.

About BHP

BHP is one of the world’s largest diversified miners, with operations in iron ore, copper, steelmaking coal and potash. Its main Assets include Western Australia Iron Ore (WAIO), the Escondida copper mine in Chile, Copper South Australia and the Jansen potash project in Canada.

Earnings and balance sheet

Underlying EBITDA increased to about US$33 billion, with underlying attributable profit above US$13 billion. Iron ore generated more than US$14 billion of underlying EBITDA at a Margin of 61%. Net debt was US$8.7 billion compared with US$12.9 billion in FY25, below the target range of US$10 billion to US$20 billion. The company said it delivered about US$10 billion of free cash flow.

For the first time, copper contributed more than half of underlying EBITDA. BHP produced about 2 million tonnes of copper for a second year, and WAIO achieved record production and shipments.

Dividends and returns

The final dividend was 99 US cents per share, about US$5.0 billion, the largest in four years. Including this dividend, BHP will have returned more than US$115 billion to shareholders over time.

Growth projects

BHP said its copper pipeline across Chile, Australia and Argentina could lift production by around 40% by FY35. At Escondida it approved US$0.5 billion of pre-commitment funding for a new concentrator ahead of a final Investment decision in calendar 2027 to 2028. In iron ore, it announced Ministers North, a new Pilbara mine to help sustain WAIO production above 305 million tonnes a year. Stage 1 of the Jansen potash project is 84% complete, with first production targeted for mid-calendar 2027.

The company also noted partnerships including Resolution in Arizona and Vicuña on the Argentina-Chile border, and said operational emissions are down about a third since FY20.

Risks to consider

A contracting colleague was fatally injured at BMA the month before the release, and the company said investigations continue. Safety events can disrupt operations.

Earnings are tied to copper and iron ore prices, and the company said higher prices contributed to the lift in earnings. The growth pipeline, including Escondida, Jansen and Ministers North, requires large Capital Investment and delivery risk, and depends on a final investment decision for Escondida in calendar 2027 to 2028.

Catalysts to watch

Items to watch include progress at Jansen towards first production in mid-calendar 2027, the Escondida concentrator decision, Ministers North development, copper production of around 2 million tonnes, and net debt relative to the US$10 billion to US$20 billion target range.