Annual Report 2025

FY2025 at a glance

Find out more about our 2025 results and performance

2Mt

Record annual copper production, including highest copper production in 17 years at Escondida, a record at Spence and record Q4 production at Copper South Australia.

5%

Reduction in operational GHG emissions (Scopes 1 and 2 emissions from our operated assets) from FY2024¹

US$46.8bn

Our total economic contribution²

US$19.5bn

Profit from operations in FY2025

110 USc

Shareholder cash dividends per share for FY2025

US$10.4bn

Total payments to governments in FY2025²

18%

Reduction in high potential injury frequency on FY2024.⁴

41.3%

We have achieved gender balance across our employee workforce, with female employee representation reaching 41.3 per cent at 30 June 2025.³

US$853m

Record Indigenous procurement spend, up 40% on FY2024

¹ For more information on the calculation of this metric and on our GHG emissions targets and goals, refer to OFR 9.8
² For more information on our total economic contribution, refer to the BHP Economic Contribution Report 2025.
³ For more information on this metric and how we define gender balance refer to OFR 9.5.
⁴ Combined employee and contractor frequency per 1 million hours worked. Excludes OZ Minerals Brazil assets
⁵ Calculated on a copper equivalent production weighted average basis, based on FY2025 average realised prices for major assets including Escondida, Spence, Copper SA, WAIO and BMA.

Financial results

We delivered another strong set of results in FY2025 enabled by our great people, the disciplined application of our strategy, world-class assets, operational excellence and through financial rigour underpinned by our Capital Allocation Framework (CAF).

This enabled the Board to announce a final dividend of 60 US cents per share, taking the total dividends for the year to 110 US cents per share, or US$5.6 billion. Our approach aims to balance investment in growth with shareholder returns – as reflected in our dividend payout ratio of 55 per cent for FY2025.

Strong results

We can deliver a dividend of this scale because of our resilient portfolio and disciplined operational delivery, achieved amid a volatile external environment.

We achieved an underlying EBITDA of US$26 billion, with a 53 per cent margin. We have averaged a margin of over 50 per cent for the past 20 years, which is a testament to our consistency and a sign of the resilience and stability of BHP.

This year, we generated net operating cash flow of US$18.7 billion. After an adjusted effective tax rate including royalties of 44.6 per cent, our underlying attributable profit was US$10.2 billion. Our return on capital employed was strong at 20.6 per cent.

Strong performance in areas we can control

We continue to perform well in the areas we can control, with healthy volume growth and disciplined cost management. We saw record production volumes in iron ore and copper, and increased our steelmaking coal production on the prior financial year, excluding Blackwater and Daunia which we divested in CY2024.

Importantly, we continued to be disciplined with our costs. Escondida delivered an 18 per cent unit cost reduction and WAIO remains the lowest-cost major iron ore producer in the world. Across the group, unit costs at our major assets were down 4.7 per cent year-on-year.⁵

Value-adding investments and resilient balance sheet

In FY2025, we invested US$9.8 billion in capital and exploration expenditure. We also invested US$2.1 billion to acquire a 50 per cent interest in the Josemaria and Filo del Sol deposits and form the Vicuña joint venture with Lundin Mining. The Filo del Sol deposit is one of the largest copper deposit discoveries in the last 30 years.

With net debt of US$12.9 billion, our balance sheet remains strong. The resilience of our portfolio, track record of stable operations and robust financial performance has led to our improved debt servicing capacity. Accordingly, we are revising our net debt target range to US$10 billion to US$20 billion (from US$5 billion to US$15 billion).

This will unlock the power of our balance sheet for our pipeline of projects we expect will deliver great value for our shareholders, partners and other stakeholders well into the future.

How we create and deliver value

The keys to our successful past and exciting future are the same – our people, capabilities, scale, portfolio and, in more recent times, the unique overarching way we work through the BHP Operating System (BOS). BOS differentiates our approach, makes improvement central to everyone’s role and provides for sustainable operating excellence year after year.

We seek to use our capital carefully and effectively. We operate our assets efficiently. We have an overriding focus on safety. We embrace technology and innovation. We have a clear strategy and proven record of execution against it.

We grow value through our large, long-life, quality assets in materials that improve standards of living and support decarbonisation and digitalisation, and through our differentiated focus on social value, which is integral to how we operate.

We seek to extract materials as efficiently and effectively as we can while seeking to appropriately manage impacts on the planet. We choose to partner with peers, suppliers and customers where we believe we can innovate or create value together.

View our business model

Our portfolio

A resource mix for today – and for the future.

We have copper, which is used in electrification and renewable power and is important for digitalisation. We have iron ore, which is essential for making steel needed for construction, including renewables infrastructure. Our higher-quality steelmaking coal is used in the blast furnace process for making steel. We are developing a world-class potash asset. Potash is used in fertilisers to assist with food security for a growing population and more sustainable land use. We are also a major producer of uranium and gold, which are by-products of our copper production.

Social value<

We are committed to social value and the responsible provision of commodities the world needs to develop, decarbonise and digitise. Social value creates business value.

In FY2025, we continued to refine our approach to social value. We have a 2030 social value scorecard to monitor our progress.

Each year since first publishing the social value scorecard in June 2022, we have reported performance against key metrics and the milestones for that year and set out new short-term milestones for the next year to demonstrate the pathway to FY2030.

See our 2030 social value scorecard

Exceptional performance

Enabled by the BHP Operating System (BOS), operational excellence underpins strong returns and investment growth. FY2025 was a standout year for BHP, marked by record production, continued sector-leading margins and disciplined capital allocation.

At WAIO, we are the world’s lowest-cost major iron ore producer and have been for six years, and we have the best track record of delivering production against guidance amongst our competitors.

BOS is our unique overarching management system that enables the right culture, routines, behaviours and leadership to deliver stable operating excellence and leading safety performance. It provides us with a competitive edge.

With our clear strategy and focus on creating and sustaining the right portfolio of the best assets with enhanced growth optionality, BHP is well placed to capitalise on the changes shaping our world.

As the global population grows and urbanises and the world pursues decarbonisation, electrification and digitalisation, we are positioning our portfolio and pursuing multiple growth options to increase our exposure to these megatrends.

Unlocking growth at our assets

Our biggest near-term growth levers are improving productivity at our existing assets and unlocking more of their potential. We have significant opportunities in our world-leading copper portfolio. These projects have potential to enable significant total annual copper production through the 2030s.

Growth through exploration, focused on copper

In FY2025, we continued to strengthen our exploration portfolio, focusing primarily on copper opportunities. Our efforts spanned early-stage greenfield exploration, strategic alliances and the expansion of our Xplor accelerator program.

Safety

Nothing is more important than protecting the safety and wellbeing of our workforce. Our workplace culture is built on a foundation of safety as a core value. This requires strong connections and collaboration at every level and is at the heart of our Global Field Leadership Program and BHP Operating System (BOS),

Health

We set mandatory standards to identify, assess and manage health risks and their potential impacts, and monitor the health of our employees and contractors.

Inclusion and diversity

We believe an inclusive and diverse workforce promotes engagement, safety and productivity, and is valued by current and prospective employees. Our aspiration is to attract and retain an inclusive workforce.

Gender balance

In April 2025, we achieved our aspirational goal set in CY2016 to achieve gender balance within our employee workforce globally. We are the first global, listed mining company to achieve this milestone.

We define gender balance as a minimum 40 per cent women and 40 per cent men in line with the definitions used by entities such as the International Labour Organization.

Indigenous employment

Our Indigenous Peoples Policy Statement acknowledges our role in improving economic outcomes for Indigenous peoples. We aim to achieve this through our regional Indigenous Peoples Plans by providing opportunities for employment, training, procurement and support for Indigenous enterprises.

We have set targets to increase Indigenous employment opportunities in our Minerals Australia operations, Minerals Americas operations in Chile and our Jansen potash project in Canada.

LGBT+ inclusion

Our LGBT+ ally employee group, Jasper, is open to all our workforce and is an extension of our inclusion and diversity aspirations to help our employees develop a strong sense of belonging in and outside of BHP.