BHP Copper Profit Overtakes Iron Ore in FY2026; Base EBITDA Up 27% to $33 Billion

BHP released its fiscal 2026 results (year ended June 30, 2026) on August 18, with copper operations surpassing iron ore for the first time on an annual basis to become the mining giant's principal profit driver. Copper profit rose 48% to $18 billion, representing 54% of the group's adjusted earnings before interest, tax, depreciation and amortisation (EBITDA). Full-year base EBITDA reached $33 billion, up 27% from the previous fiscal year. Net profit increased 9% to $9.8 billion, while revenue grew 15% to $58.8 billion. The full-year dividend was raised to $1.72 per share, up 56% year on year, the highest level in four years.

BHP mines copper in South America and South Australia, and also benefits from other metals produced as byproducts of copper extraction. Revenue from gold, silver and uranium rose 45% over the year to $4.5 billion. The company currently supplies about 5% of global uranium, though uranium is still treated as a byproduct. BHP said cash flow from existing operations is sufficient to fund future expansion projects. Chief Financial Officer Vandita Pant stated that copper growth over the next five years will be fully funded by internally generated cash flow.

Copper demand growth is driven mainly by increased investment in data centres and energy networks.