BHP Group (BHP) Q4 2026 TU earnings summary

Executive summary

• Achieved record iron ore production and nearly 2 Mt copper output for the second consecutive year, with strong cost discipline and operational reliability amid inflation and supply chain challenges.

• Copper prices rose 35% year-over-year, and iron ore prices increased 3%, supporting robust financial performance.

• Progressed major growth projects, including Jansen potash in Canada and copper developments in Chile, Argentina, and the US.

• Leadership changes included a new CEO and executive team updates, ensuring continuity.

Financial highlights

• FY26 copper production: 1,953 kt, down 3% year-over-year; iron ore: 265 Mt, up 1%; steelmaking coal: 18.6 Mt, up 3%; energy coal: 16.4 Mt, up 9%.

• Average realised copper price: $5.74/lb (+35% YoY); iron ore: $84.56/wmt (+3% YoY); steelmaking coal: $210.21/t (+8% YoY); energy coal: $104.28/t (-3% YoY).

• FY26 unit costs at the bottom end of guidance for copper assets, within range for WAIO, and top end for BMA.

• Net debt as of 30 June 2026 expected at -$9 billion.

• Adjusted effective tax rate for FY26 expected in the lower half of 36-40% guidance.

Outlook and guidance

• FY27 copper production guidance: 1,650–1,800 kt, reflecting grade decline at Escondida.

• Iron ore guidance for FY27: 260–272 Mt; steelmaking coal: 18.5–20.5 Mt; energy coal: 14–16 Mt.

• Jansen potash project on track for first production in mid-CY27.

• Ministers North iron ore project approved, expected to deliver ~20 Mtpa once ramped up, with first ore in FY29.