EarningsQ2 2026 Earnings Report
MX:RION Q2 2026 EPS Results
Actual EPS$76.16
Consensus EPS$73.94
Beat/MissBeat by +$2.22
One Year Ago EPS$53.50
MX:RION Q2 2026 Revenue Results
Actual Revenue$560.68B
Expected Revenue$571.57B
Beat/MissMissed by -$10.89B
YoY Revenue Growth+14.46%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeAfter Close
Conference CallWednesday, July 29, 2026
MX:RION Upcoming Earnings
Rio Tinto's next earnings date is estimated for February 24, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:RION Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a strongly positive operational and financial half: material EBITDA and free cash flow growth, significant productivity outperformance (banked $870m and targeting $1.8bn run rate), clear progress on major growth projects (Simandou, OT ramp, lithium deliveries) and continued capital discipline with options to release cash. Notable negatives include safety-related fatalities, localized operational disruptions (IOC, Kennecott), a furnace breach shifting some metal sales into 2027, external cost headwinds (~$1.5bn), and an unresolved Mongolia tax dispute (~$900m exposure). On balance the positive financial and execution items materially outweigh these issues, though several operational and contingent risks merit monitoring.Company Guidance
Strong Financial Performance
Underlying EBITDA increased 28% to $14.8 billion; free cash flow rose 75%; interim dividend increased 43% to $3.4 billion. Copper product group EBITDA rose 84% and aluminum EBITDA rose 31%, supporting materially stronger cash generation while net debt was reduced during the period.
Operational Momentum and Production Growth
Copper-equivalent production grew 3% in the half. OT (Oyu Tolgoi) continues to ramp toward ~500,000 tpa copper; Pilbara delivered its highest H1 production since 2018; Kennecott targeting 40%–50% production growth. Company reiterates a path to 1 million tonnes of copper by 2030.
Productivity Program Outperformance
Program banked $870 million of productivity benefits to June (vs $650 million initial target) and management is targeting a year-end run rate of $1.8 billion (~107% higher than banked amount). More than 80 initiatives across the business already delivering (examples: ~ $80m from OT underground development, ~$55m in Pilbara annual benefits, ~$40m annual savings in Atlantic aluminium).
Delivery and Progress on Major Growth Projects
Simandou construction reported more than 75% complete. Lithium growth delivered Fenix 1B and Sal de Vida ahead of schedule; Rincon on track; targeting 200,000 tpa lithium capacity by 2028. Resolution drilling program underway and Winu feasibility study expected around year-end.
Capital Allocation Discipline and Cash Release Options
CapEx guidance unchanged at up to $11 billion for 2026–27, reducing to ~$10 billion in real '25 terms from 2028. Company progressing options to release up to $5 billion of cash in 2026 (broader pipeline > $10 billion). First priorities include sustaining, replacement and decarbonization capital; balance sheet retains Single A credit rating.
MX:RION 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