Annual Report 2026

FY2026 at a glance

Find out more about our 2026 results and performance

~2Mt

Copper contributed more than a half of our Underlying EBITDA for the first time and we produced ~2 Mt of copper for the second consecutive year.

33%

Reduction in operational GHG emissions (Scopes 1 and 2 emissions from our operated assets) on FY2020 baseline.¹

US$50.8bn

Our total economic contribution²

US$9.8bn

Attributable profit in FY2026.

99 USc

Shareholder cash dividends per share for FY2026.

US$12.4bn

Total payments to governments in FY2026. BHP remains one of the largest corporate taxpayers in Australia and Chile.

US$1bn

Record Indigenous procurement spend, representing a threefold increase in three years.

27%

Reduction in high potential injury frequency on FY2025.³

41.5%

We maintained gender balance across our employee workforce, with female employee representation at 41.5 per cent at 30 June 2026. ⁴

¹ Baseline year and performance data adjusted (refer to Sustainability Report Table 6a for the basis of our adjustments).
² For more information on our total economic contribution, refer to the BHP Economic Contribution Report 2026.
³ Frequency rate based on combined total number of employee and contractor HPI injuries/illnesses per 1 million hours worked.
⁴ For more information on this metric and how we define gender balance refer to OFR 9.4.

Financial results

It has been another strong year for your company. Our deliberately diversified portfolio achieved sector-leading profit margins¹ and significantly higher cash flow. This allowed us to deliver healthy shareholder returns and invest in future growth.

Your Board has declared a final dividend of 0.99 US cents. Together with the dividend of 73 US cents at the half year, this will bring the total dividend distribution to 1.72 US cents a share, equivalent to US$8.7 billion, the highest in four years. Our payout ratio of 72 per cent is above our minimum 50 per cent set under the CAF as we continue to balance investment in growth with consistent shareholder returns.

Strong results

We continued to drive operational excellence across our world-class assets. We maintained strong cost discipline and applied financial rigour in our decision-making through our Capital Allocation Framework (CAF). This combination enabled us to capture the benefits of higher commodity prices through the year – particularly the record prices in copper.

Cash generation was particularly strong in FY2026, with free cash flow 83 per cent higher at US$9.8 billion. Our underlying EBITDA was US$33 billion, up 27 per cent and at a margin of almost 60 per cent. This was supported by a record 70 per cent margin at our copper business. As a sign of BHP’s resilience and stability, we have now produced an average margin of over 50 per cent for well over two decades.

Strong cost control was a significant driver of these results. Despite headwinds such as inflation and higher diesel prices, our unit costs were on average 6 per cent lower across our major assets. This is testament to our strong cost management and operational consistency, which is underpinned by the growing maturity of our BHP Operating System.

Strong performance across all major commodities

Our copper business generated a record US$18 billion of EBITDA in FY2026, more than half the Group total for the first time. This was supported by a US$4.5 billion revenue contribution from by-products from our copper production such as gold, silver and uranium, a 45 per cent increase on FY2025. This important revenue stream helped significantly reduce the cost of copper production at our Escondida and Copper South Australia operations.

WAIO achieved record production and remained the world’s lowest-cost major iron ore producer, and in steelmaking coal, BMA continued to improve performance, with production up 10 per cent over the last two years, and the highest stripping volumes in five years.

Funding our exciting growth program, centred on copper

The strength of our operational performance – and the free cash flow it generated – supported our capital expenditure and exploration program, which reached US$10.3 billion in the year. We now expect capex of around US$11 billion per year, on average, over the medium term, with more than a half of this allocated to copper growth projects.

When you add on our expected investment commitments in copper non-operated joint ventures Vicuña and Resolution, the bulk of our growth spend is now copper-focused. We expect this exciting copper growth program will deliver copper-equivalent production growth of an average 5 per cent a year between FY2027 and FY2035.²

A key feature of our copper growth program is that we expect it to be self-funding.³ We are already the world’s biggest copper producer, and these assets generate significant cash flows that we expect will more than fund all capital needs into the mid-2030s. This gives us confidence we can deliver multiple copper growth projects at the same time. With continued robust cash flow from our iron ore business, it gives us even more flexibility to fund growth, keep our balance sheet strong and return cash to shareholders.

Footnotes

1. BHP underlying EBITDA margin (excluding third party products). Peer data compiled from publicly available information (e.g. company reports). Peers include: Anglo American, Glencore (excl. Marketing), Rio Tinto, Vale.
2. Copper segment CuEq growth from FY2027 to FY2035 is based on BHP’s attributable share of production from BHP’s copper assets and from non‑operated joint ventures. Copper equivalent production for this aspiration includes contribution from by‑products and is calculated using UBS 2026 long term (real) consensus prices as of May 2026 of US$4.76/lb for copper, US$3,354/oz for gold, US$45/oz for silver and US$82/lb for uranium.
3. At consensus prices.

How we create and deliver value

BHP’s value proposition is clear and we are well positioned to lift our performance and growth to the next level. We produce commodities essential to global development and modern life, which we expect will be in strong demand for decades to come.

Our assets are large, long‑life and low cost with options to grow. They are part of a portfolio that is deliberately diversified to give us resilience through cycles and exposure to long‑term growth.

We have significant opportunity to further lift performance in our assets and a clear pathway for growth while maintaining our long‑standing commitment to operational excellence and financial discipline. We will do this by further embedding the BHP Operating System (BOS) and using technology as a productivity accelerator.

Our scale, diversified portfolio of world‑class Tier 1 assets in attractive and durable commodities, and exciting copper and potash growth pipeline are compelling.

Combined with the quality of our people and culture, our commitment to responsible stewardship and a differentiated focus on social value, they form a formidable platform to continue to create value for our shareholders, now and in the years ahead.

View our business model

Leveraging BOS and technology to drive productivity

We believe we can accelerate our performance by pairing BOS with the faster adoption of technologies such as artificial intelligence (AI) to lift our rate of improvement, unlocking greater safety and productivity.

Technology is integral to how our teams explore, plan, operate and maintain our assets. Together, they can create a compounding effect to enable stronger safety outcomes and accelerating rates of productivity improvement.

Continuous improvement of our technology foundations and digital capabilities is key to our strategy. This includes strengthening the reliability, resilience and security of our systems, alongside expanding the use of technologies such as AI, automation and advanced analytics where they can help our teams address practical challenges and opportunities and work more safely.

We are supporting our people to understand and use these tools effectively in their work, helping us make better decisions, improve reliability and deliver more consistent outcomes while unlocking value across our operations.

Differentiated focus on social value

A key part of our competitive advantage is our focus on working with others to create a lasting contribution to society. This builds trust and connects us to the resources, partners, investors, talent and markets that drive performance, resilience and growth. Our approach to social value differentiates BHP and creates long‑term value for stakeholders, including our shareholders.

See our 2030 social value scorecard

BHP is well placed to capitalise on changes shaping our world.

Growing our leading position in copper

We are the world’s largest copper producer.¹ We are advancing significant copper growth options. We estimate these growth options could increase our attributable copper production to ~2 Mtpa (~2.5 Mtpa in copper‑equivalent (CuEq) production) by FY2035, an increase of around 40 per cent on current attributable copper production levels.² This represents copper‑equivalent growth of an average 5 per cent a year between FY2027 and FY2035.³

First potash production on track for mid CY2027

Once ramped up our Jansen potash project in Canada is expected to be a world class, low cost potash producer. Stage 1 of our Jansen potash project in Canada is 84 per cent complete and on track for first production in mid CY2027.

WAIO: growing production, lowering costs

WAIO is already the world’s lowest cost major iron ore producer, a position it has maintained for the past seven years. We plan to increase production to >305 Mtpa (100% basis) by Q4 FY2028 and sustain this level over the medium term through a range of low‑capital, high‑returning projects. These include the sixth car dumper (CD6) sanctioned in August 2025, uplifting rail capacity through reduced cycle times, increasing autonomous haulage and driving further productivity improvements across the supply chain through the BHP Operating System.

Footnotes

1. BHP reported copper production on a consolidated basis for the year ended 30 June 2026 (FY2026) relative to competitor reported copper production data for CY2025 on a consolidated basis compiled from Wood Mackenzie and publicly available information (company reports). Competitors include: Anglo American, Antofagasta, Codelco, Freeport, Glencore, Rio Tinto, Southern Copper, Teck.
2. Represents our current aspiration for BHP group attributable copper production, and is not intended to be a projection, forecast or production target. Production aspirations include potential increases in production rates, as well as potential production from BHP's assets and non-operated joint ventures and exploration, and are subject to the completion of technical studies to support Mineral Resource and Ore Reserves estimates, capital allocation, regulatory approvals, market capacity, and, in certain cases, the development of exploration assets, which factors are uncertain. Group attributable production excludes NSWEC, Carajás and WA Nickel. Unless otherwise stated, copper equivalent production includes contribution from by-products and is calculated using UBS consensus prices as of May 2026 of US$4.76/lb for copper, US$3,354/oz for gold, US$85/t for iron ore, US$204/t for steelmaking coal and US$360/t for potash. References to consensus figures are not based on BHP's own opinions, estimates or forecasts and are compiled and published without comment from, or endorsement or verification by, BHP.
3. Copper segment CuEq growth from FY2027 to FY2035 is based on BHP’s attributable share of production from BHP’s copper assets and from non‑operated joint ventures.Copper equivalent production for this aspiration includes contribution from by‑products and is calculated using UBS 2026 long term (real) consensus prices as of May 2026 of US$4.76/lb for copper, US$3,354/oz for gold, US$45/oz for silver and US$82/lb for uranium.

Safety

Eliminating fatalities from BHP is our highest priority. We are deeply saddened by the loss of our colleague, who was working for a contracting partner at BMA’s Peak Downs mine in July 2026. An investigation into the incident is underway and the outcomes will be used to strengthen our continued efforts to eliminate fatalities and serious injuries across our operations. This tragedy follows a period of sustained safety improvements and reinforces that there is always more work to do.

Health

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

Inclusion and diversity

We believe inclusion is the foundation of a safe, respectful and high-performing workplace, and we value diversity for the breadth of perspectives and experience it brings.

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.

At 30 June 2026, women represented 41.5 per cent of our employee workforce, an increase of 0.2 percentage points compared to end of FY2025. In FY2026, 47.4 per cent of new hires were women.

Indigenous employment

Indigenous employee participation is a key commitment we have made in every significant operating region.

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