EarningsQ2 2026 Earnings Report
MX:GLENN Q2 2026 EPS Results
Actual EPS$6.65
Consensus EPS$4.50
Beat/MissBeat by +$2.16
One Year Ago EPS$0.18
MX:GLENN Q2 2026 Revenue Results
Actual Revenue$3.09T
Expected Revenue$2.62T
Beat/MissBeat by +$471.27B
YoY Revenue Growth+43.13%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeBefore Open
Conference CallWednesday, August 5, 2026
MX:GLENN Upcoming Earnings
Glencore's next earnings date is estimated for February 24, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong operational and financial momentum: robust adjusted EBITDA (US$10.1bn), exceptional marketing results, marked cash generation (FFO +158%), net debt reduction and active capital returns alongside clear progress on a sizeable copper growth pipeline and an ASX secondary listing. Counterbalancing this are meaningful short‑term cost pressures (diesel, sulphur, sulphuric acid), increased working capital/margin calls, some mine‑specific underperformance and, most seriously, four fatalities that prompted intensified safety actions. On balance, the positives (earnings, cash, growth milestones, shareholder returns) materially outweigh the transitory and operational negatives.Company Guidance
Strong overall financial performance
Adjusted EBITDA $10.1bn for H1 2026 driven by industrial EBITDA of $6.5bn and marketing EBIT of $3.3bn; net income $4.4bn; funds from operations $8.1bn (up 158% year‑on‑year).
Industrial EBITDA up sharply
Industrial adjusted EBITDA of $6.5bn, a 72% increase driven by higher commodity prices (copper, zinc, coal) and solid operational delivery within guidance ranges.
Near‑record marketing performance
Adjusted marketing EBIT of $3.3bn (up 142% year‑on‑year) — near the best half-year in the company's history, driven by disrupted energy and freight markets creating arbitrage and trading opportunities.
Copper business momentum
Copper EBITDA rose materially (from ~$1.1bn to ~ $3.0bn period‑on‑period); realized copper prices up ~39% and copper volumes up ~15% (Africa production increased from 83kt to 138kt, +66%), supporting margin expansion.
Strong cash position and balance sheet management
Net debt reduced to $10.2bn (approx. $1.0bn reduction); the company retained a commitment to minimum investment‑grade rating and reported disciplined capital allocation (H1 CapEx capitalized $3.9bn).
Shareholder returns and capital actions
Declared a $1.5bn top‑up return (US$1.0bn cash + US$0.5bn buyback); continues to hold a liquid Bunge stake (~US$3.5bn) for potential future monetization.
Progress on copper growth pipeline and project milestones
Alumbrera restart ahead of schedule (first production expected late 2027 vs prior H1 2028), KCC land package secured extending life and productivity, Mutanda sulphides feasibility gated, Collahuasi leaching restart underway with first cathode expected by year‑end; MARA, El Pachon and other projects advancing.
Planned ASX secondary listing
Announced intention to establish a secondary listing on the Australian Securities Exchange targeted for October 2026, with ambition for ASX 200 inclusion within 12 months and potential ASX 100 thereafter to broaden investor base.
MX:GLENN 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