Key highlights

  • BHP (ASX:BHP) reported Underlying EBITDA of about US$33 billion and a final Dividend of 99 US cents per share.
  • Fortescue (ASX:FMG) reported underlying NPAT of US$3.5 billion, record shipments of 201.3 Mt and A$1.08 per share of FY26 dividends.
  • South32 (ASX:S32) reported underlying EBITDA up 28% to US$2.5 billion and underlying Earnings up 55% to about US$1 billion.

Large diversified miners report annual results that combine volumes, Commodity prices, unit costs and Capital returns. The year to 30 June 2026 saw record shipments at iron ore operations, copper becoming a larger part of earnings and higher base metals prices. This article reviews the FY26 results of BHP Group (ASX:BHP), Fortescue Ltd (ASX:FMG) and South32 Limited (ASX:S32), based on their company releases.

Sector context

Mining company earnings depend on commodity prices, production volumes, costs and currency. The three releases refer to iron ore, copper, zinc and other base metals prices and to continued Investment in growth projects, including copper, potash, green energy and zinc-silver-lead developments.

BHP Group (ASX:BHP)

In its results for the year ended 30 June 2026, announced on 18 August 2026, BHP reported Underlying EBITDA of about US$33 billion, driven by record iron ore production and shipments at Western Australia Iron Ore, about 2 Mt of copper production for a second year and a higher coal result. For the first time copper contributed more than half of Underlying EBITDA, with record copper Underlying EBITDA of more than US$18 billion, a 54% share, at a 70% margin. Underlying attributable profit exceeded US$13 billion, and net Debt fell to below US$9 billion.

The final dividend was 99 US cents per share, the largest in four years. BHP announced plans for the Ministers North iron ore mine to help sustain WAIO production above 305 Mtpa, said Stage 1 of its Jansen potash project is 84% complete with first production expected in mid-CY27, and approved US$0.5 billion of pre-commitment funding for a new Escondida concentrator ahead of a final investment decision in CY27–28. The release also noted a contracting colleague was fatally injured at BMA.

Fortescue Ltd (ASX:FMG)

Fortescue’s FY26 results reported record iron ore shipments of 201.3 Mt, a Hematite C1 unit cost of US$18.74 per wet metric tonne and Underlying EBITDA of US$8.6 billion, up 9%, at a 51% margin. Underlying NPAT was US$3.5 billion, up 3%, with underlying EPS of US$1.13 (A$1.66). Statutory NPAT was US$2.9 billion, including a US$525 million non-cash Impairment relating to Iron Bridge and a US$73 million compensation claim expense.

Operating cash flow was US$6.8 billion and free cash flow was US$3.2 billion after US$3.6 billion of capital expenditure. Net debt was US$0.9 billion with cash of US$5.1 billion. The final dividend was A$0.46 per share, taking FY26 dividends to A$1.08 per share, a 65% payout of underlying NPAT. The company also reported progress on its Green Grid (2.4GW of renewables with 4–5GWh of batteries), the Blacksmith project in a new Hematite life of mine plan, and the Acquisition of Alta Copper.

South32 Limited (ASX:S32)

South32 released its Appendix 4E and 2026 results on 27 August 2026. Profit after tax attributable to members was US$1,087 million, compared with US$213 million. Underlying Revenue was US$8,108 million, up 7%, underlying EBITDA rose 28% to US$2.5 billion, and underlying earnings rose 55% to about US$1 billion. Operating Cash Flow was US$610 million after US$711 million invested at Hermosa, and the company reported net cash of US$283 million.

The Board resolved to pay a fully franked final dividend of US 5.4 cents per share, with a Record Date of 18 September 2026 and payment on 15 October 2026. The release said Sierra Gorda increased its Ore Reserve estimate by 61% to about 1.1 billion tonnes, the company is advancing construction of the Taylor zinc-lead-silver project at Hermosa, and Sierra Gorda production is expected to grow 5% in FY27.

What the three annual releases have in common

All three miners reported higher earnings supported by operating performance and higher commodity prices, with dividends declared and continued capital spending on growth. Each release also reported items that reduced statutory results or required attention, including an impairment at Fortescue and a safety incident at BHP.