Key Takeaways:
- FY2026 attributable profit rose 9 percent to US$9.8 billion.
- Copper delivered record underlying EBITDA of more than US$18 billion.
- Final dividend of US99 cents declared, lifting full-year payout to US$1.72.
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BHP profit rises 9% as copper becomes top earnings driver
BHP Group reported FY2026 attributable profit of US$9.8 billion, up 9 percent, as copper became the group's largest earnings contributor.
"Copper delivered record underlying EBITDA of more than US$18 billion, representing 54 percent of group underlying EBITDA," the company said in its Appendix 4E filing released 18 August 2026.
Revenue rose 15 percent to US$58.8 billion for the year ended 30 June 2026, while underlying attributable profit climbed 30 percent to US$13.2 billion. Underlying EBITDA reached US$32.9 billion, up 27 percent. Net operating cash flow totaled US$21.8 billion, compared with US$18.7 billion a year earlier, and free cash flow after growth investment reached about US$10 billion.
BHP declared a fully franked final dividend of US99 cents per share, payable 23 September, lifting the full-year payout to US$1.72 per share, the highest in four years. The interim dividend was US73 cents per share, fully franked. FY26 dividends determined totaled US$8.7 billion, a 66 percent payout ratio, and BHP said it has returned more than US$115 billion to shareholders since 2016. Shares rose 3.1 percent to A$64.12 in Sydney trading.
Copper production held at about 2 million tonnes for a second consecutive year, with the division posting a 70 percent underlying EBITDA margin and US$6.9 billion of free cash flow. Iron ore generated more than US$14 billion of underlying EBITDA at a 61 percent margin, with WAIO achieving record production and shipments and holding its industry-leading unit cost position for a seventh straight year. Escondida cut unit costs 10 percent, while Copper SA reduced unit costs 73 percent.
Capital and exploration expenditure totaled US$10.3 billion in FY26, up from US$9.8 billion. BHP approved US$0.5 billion in pre-commitment funding for a new concentrator at Escondida ahead of a final investment decision expected in calendar 2027-28. The Vicuña joint venture with Lundin Mining remains on track for a potential Stage 1 final investment decision as early as end of calendar 2026, and the company announced plans for Ministers North, a new mine in the Pilbara.
BHP received silver streaming proceeds of US$4.3 billion during the period and US$2.0 billion from Global Infrastructure Partners related to WAIO's inland power consumption. Underlying return on capital employed stood at 26.1 percent, with gearing at 13.4 percent. Net tangible assets per share rose to US$10.67 from US$9.91. Eligible shareholders must elect to participate in the dividend reinvestment plan by 7 September.
The results confirm copper's shift to the center of BHP's earnings, with the division now contributing more than half of group underlying EBITDA. Investors will watch the September quarterly operational review on 21 October for production guidance and the Escondida concentrator decision.
This article is for informational purposes only and does not constitute investment advice.
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