BHP FY 2026 slides: copper drives record margins, growth self-funded

BHP Group (NYSE:BHP) revealed its FY 2026 results on August 18, highlighting a significant shift in its business mix as copper surpassed iron ore to become the company's primary earnings contributor for the first time. CEO Brandon Craig and CFO Vandita Pant unveiled record production across key assets, sector-leading margins of 59%, and a self-funded growth strategy that could boost copper output by 50% by the mid-2030s.

BHP's shares surged 1.83% to $88.37 during regular trading and then settled at $88.99 in after-hours activity, indicating investor optimism in the company's strategic transition towards electrification metals while maintaining its top position as the world's most profitable iron ore producer. The operational and financial highlights of BHP's FY 2026 included a production of around 2 million tonnes of copper, a 6% reduction in unit cost across major assets, and a return of $8.7 billion to shareholders via dividends.

The underlying EBITDA for the fiscal year reached $32.9 billion, a 27% increase year-over-year, and the EBITDA margin expanded by 6 percentage points to 59%. The copper segment contributed 54% of the group EBITDA, with a 70% margin, marking the first time copper outpaced iron ore's contribution to group earnings.