Earnings call transcript: BHP posts record FY 2026 output, stock edges higher

BHP reported record production and a larger dividend in FY 2026, with copper contributing more than half of EBITDA for the first time. The company's shares rose 1.83% during regular trading to close at $88.37, before easing 0.55% to $87.88 in after-hours trading. BHP's financial resilience was highlighted by its ability to end net debt below $9 billion and maintain dividend payments for 47 consecutive years.

The company's operating system continued to support higher productivity and record output across its business, with key assets like Western Australia's iron ore and world's largest copper mine, Escondida, performing strongly. Copper's growing role in BHP's earnings mix reflects stronger prices and higher volumes, a shift from its long-standing focus on iron ore.

The company's strategy focuses on commodities with strong long-term demand, especially copper and potash, while using iron ore and metallurgical coal to support cash generation. BHP's outlook centers on safety, productivity, and growth, with a goal of becoming a fatal-free business and further improving productivity through its operating system and technology.