EarningsQ2 2026 Earnings Report
MX:BHP1N Q2 2026 EPS Results
Actual EPS$20.08
Consensus EPS$21.52
Beat/MissMissed by -$1.44
One Year Ago EPS$18.00
MX:BHP1N Q2 2026 Revenue Results
Actual Revenue$532.89B
Expected Revenue$490.15B
Beat/MissBeat by +$42.74B
YoY Revenue Growth+11.80%
Earnings Announcement Details
QuarterQ2 2026
Date02/16/2026
TimeAfter Close
Conference CallMonday, February 16, 2026
MX:BHP1N Upcoming Earnings
BHP Group Ltd's next earnings date is estimated for February 23, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:BHP1N Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call is predominantly positive: management reported record operational and financial results (EBITDA +25%, strong margins), raised copper guidance, delivered operational records and improved unit costs, announced significant cash-generating transactions and increased shareholder returns (interim dividend +46% half-on-half). Notable execution risks and cost/capex considerations were disclosed — primarily a Jansen Stage 1 cost update ($8.4bn), a 10% grade decline at Escondida, geotechnical issues in an underground coal mine, and project permitting/timing uncertainty — but these issues are relatively limited compared with the breadth and scale of positive results and optionality presented.Company Guidance
Strong Financial Performance
Underlying EBITDA grew 25% with an increased margin of 58%; underlying attributable profit was $6.2 billion; return on capital employed (ROCE) rose to 24% year-on-year.
Copper Leadership and Growth
Copper generated a record $8 billion of EBITDA in the half (66% margin) and accounted for just over half of group earnings—up 30 percentage points over the past 3 years. Management raised copper production guidance by a cumulative 150,000 tonnes over the next 2 years, lifted FY27 Escondida guidance to 1.0–1.1 million tonnes, and outlined a pathway to ~40% production growth by 2035 (c.5% p.a. expected copper growth and 3–4% compound copper-equivalent growth through to 2035).
Operational Records and Production Delivery
Set operational records in copper and iron ore while meeting safety targets. Group production increased 2% in the half. Western Australia Iron Ore (WAIO) delivered record first-half production and shipments and is positioned as the lowest-cost major iron ore producer.
Cost Discipline and Unit-Cost Improvements
Group unit costs improved around 4.5% despite inflation over 2% and currency pressures. Escondida delivered a 16% improvement in costs despite a 10% lower grade. Copper South Australia achieved copper production +2% and gold +12% with a more than 50% reduction in unit costs. WAIO reduced real costs post-COVID and reported C1 costs of $17.66/t (only +1%).
Strong Cash Generation and Financial Flexibility
At spot prices BHP expects around $60 billion in attributable free cash flow over the next 5 years after funding growth; in an extreme prolonged low-price scenario (prices 20–40% below current for 5 years) the business would still generate around $10 billion attributable FCF. Management identified up to $10 billion of capital that could be unlocked and redeployed.
Value Unlocking Transactions
Announced a $4.3 billion silver streaming agreement relating to Antamina and a $2 billion WAIO inland power transaction (tariff linked over 25 years), together unlocking over $6 billion cash while retaining operational and strategic control.
Shareholder Returns
Interim dividend determined at USD 0.73 per share (up 46% half-on-half). The half-year dividend totals $3.7 billion with a payout ratio of 60%. Over $110 billion returned to shareholders in the past decade.
Progress on Growth Options (Potash, Vicuna, Copper SA)
Jansen potash expected to be a large, low-cost asset with ~ $1 billion EBITDA per stage and margins above 60% per stage; Vicuna JV advancing with recent drilling adding 9 million tonnes of contained copper and RIGI application underway; Copper South Australia (Olympic Dam plus additions) positioned to grow toward 650k tpa copper (and up to ~1 million tpa including byproducts in late 2030s) and is on track for further updates this year.
Safety and BOS-driven Operational Excellence
Key safety metrics improved with lower high-potential injury frequency and improved hazard identification; no fatalities. The BHP Operating System continues to enable operational reliability, faster opportunity capture and consistent delivery against guidance.
MX:BHP1N Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed