BHP Group (BHP) Company Report

Analyst Earnings Quarterly Reports

Earnings summaries and quarterly performance for BHP Group.

H1 2026

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Analyst Coverage

Research analysts who have asked questions during BHP Group earnings calls.

Anna Mulholland

Deutsche Bank

1 question for BHP

Clarke Wilkins

Citi

1 question for BHP

Duncan Simmonds

Bank of America Merrill Lynch

1 question for BHP

Glyn Lawcock

Barrenjoey

1 question for BHP

Also covers: AA, ALTM, CODQL +1 more

Hayden Bairstow

Argonaut

1 question for BHP

Also covers: MTAL

Heath Jansen

Citi

1 question for BHP

Hunter Hillcoat

Investec

1 question for BHP

James Gurry

Credit Suisse

1 question for BHP

Jason Fairclough

Bank of America Merrill Lynch

1 question for BHP

Also covers: ERELY, GLNCY, RIO

Lyndon Fagan

JPMorgan Chase & Co.

1 question for BHP

Also covers: RIO

Menno Gerard Cornelis Sanderse

Morgan Stanley

1 question for BHP

Also covers: GLNCY

Myles Allsop

UBS Group AG

1 question for BHP

Also covers: GLNCY, RIO, SCCO +2 more

Paul McTaggart

Credit Suisse

1 question for BHP

Paul Young

Goldman Sachs

1 question for BHP

Also covers: CODQL, RIO

Pete O'Connor

Shaw and Partners

1 question for BHP

Sylvain Brunet

BNP Paribas

1 question for BHP

Also covers: GLNCY

Latest news

Recent press releases and 8-K filings for BHP.

Wheaton Precious Metals Acquires Antamina Silver Stream from BHP

BHP

M&A

New Projects/Investments

Guidance Update

Wheaton Precious Metals has acquired an additional silver stream on the Antamina mine in Peru from BHP for an upfront consideration of $4.3 billion, marking the largest precious metal stream ever executed.
This transaction positions Wheaton as the largest precious metal streaming company globally and updates its production guidance to 50% growth by 2030, aiming for 1.2 million gold equivalent ounces annually.
Under the new stream, Wheaton will receive 33.75% of payable silver until 100 million ounces are delivered, then 22.5% for the life of the mine, with ongoing payments of 20% of the spot silver price.
The $4.3 billion upfront payment will be financed using $1.2 billion cash on hand (as of September 30, 2025), $400 million in expected free cash flows, $300 million from asset monetization, a $1.5 billion term loan, and a $900 million draw on its revolving credit facility.
Attributable silver production from the BHP stream is projected to average approximately 6 million ounces per year for the first 5 years and 5.4 million ounces per year for the first 10 years. The Antamina mine life was extended to 2036 in 2024.

Feb 17, 2026, 4:30 PM

Transcript

BHP Group: Wheaton Precious Metals acquires additional silver stream on Antamina mine

BHP

M&A

New Projects/Investments

Guidance Update

Wheaton Precious Metals has acquired an additional silver stream on the Antamina mine in Peru from BHP for an upfront consideration of $4.3 billion, making it the largest precious metal stream ever executed.
Under the terms of the new contract, Wheaton will purchase 33.75% of payable silver until 100 million ounces have been delivered, at which point it will receive 22.5% of payable silver for the life of the mine, with ongoing payments equal to 20% of the spot silver price.
This acquisition updates Wheaton's production guidance, now pointing to 50% growth by 2030, with an estimated 1.2 million gold equivalent ounces to be produced annually in 2030.
The transaction is expected to increase Wheaton's 2026 production by more than 11% on a pro forma basis, with estimated attributable production for 2026 forecast to range between 860,000 and 940,000 GEOs.
The $4.3 billion upfront payment will be funded through a combination of existing liquidity, incremental free cash flows, monetization of non-core equity investments, a new $1.5 billion term loan, and a $900 million draw on Wheaton's existing $2 billion revolving credit facility.

Feb 17, 2026, 4:30 PM

Transcript

Wheaton Precious Metals Acquires Additional Silver Stream on Antamina Mine from BHP

BHP

M&A

New Projects/Investments

Guidance Update

Wheaton Precious Metals has acquired an additional silver stream on the Antamina mine from BHP for an upfront consideration of $4.3 billion.
Under the terms of the new contract, Wheaton will purchase 33.75% of payable silver until 100 million ounces have been delivered, after which it will receive 22.5% of payable silver for the life of the mine, with ongoing payments equal to 20% of the spot silver price.
The acquisition is funded through a combination of $1.2 billion cash on hand (as of September 30, 2025), $400 million of incremental free cash flows, $300 million from monetized non-core equity investments, a new $1.5 billion term loan, and a $900 million draw on Wheaton's existing revolving credit facility.
This transaction updates Wheaton's production guidance, forecasting 50% growth by 2030 to an estimated 1.2 million gold equivalent ounces annually, with Antamina expected to contribute approximately 18% of total production by 2030.
Attributable silver production under the BHP stream is forecast to average approximately 6 million ounces of silver per year for the first 5 years and approximately 5.4 million ounces of silver per year for the first 10 years.

Feb 17, 2026, 4:30 PM

Transcript

BHP Group Limited Reports Strong HY2026 Results and Increased Copper Guidance

BHP

Earnings

Guidance Update

New Projects/Investments

For the half year ended December 31, 2025, BHP Group Limited reported Underlying EBITDA of US$15.5 billion and Underlying attributable profit of US$6.2 billion.
The company determined dividends of US$3.7 billion, reflecting a 60% payout ratio, and reported net debt of US$14.7 billion.
Copper became the largest contributor to Group EBITDA, accounting for 51% in H1 FY26, with increased FY26 production guidance.
The Jansen Stage 1 potash project saw its cost estimate increase to US$8.4 billion and is 75% complete, with first production targeted for mid-CY27.

Feb 17, 2026, 11:29 AM

6-K

BHP Reports Strong Half-Year Financial Results Driven by Copper Performance and Increased Shareholder Returns

BHP

Earnings

Dividends

New Projects/Investments

BHP reported strong financial results for the half year ended 31 December 2025, with Underlying EBITDA increasing 25% to US$15.5 billion and Underlying Attributable profit rising over 20% to US$6.2 billion. Revenue also increased by 11% to US$27.9 billion.
Copper became the largest contributor to Group Underlying EBITDA for the first time, accounting for 51% and reaching a record US$8.0 billion for the half year ended 31 December 2025. The company also increased its FY26 group copper production guidance to 1.9 – 2.0 Mt.
The company declared an interim dividend of US 73 cents per share, equivalent to a 60% payout ratio, for the half year ended 31 December 2025.
BHP generated US$9.4 billion in operating cash and ended the period with net debt of US$14.7 billion, comfortably within its US$10-20 billion target range. New agreements are expected to unlock over US$6 billion of cash, with potential for up to US$10 billion.
Capital and exploration expenditure for the half year ended 31 December 2025 was US$5.3 billion, with the Jansen Stage 1 potash project expenditure increasing to US$8.4 billion and first production anticipated in mid-CY27.

Feb 17, 2026, 11:25 AM

6-K

BHP enters US$4.3 billion silver streaming agreement with Wheaton Precious Metals

BHP

New Projects/Investments

BHP Group Limited has entered into a long-term silver streaming agreement with Wheaton Precious Metals International Ltd., which includes an upfront payment of US$4.3 billion to BHP at completion.
In exchange, BHP will deliver silver calculated by reference to its 33.75% share of silver produced at the Antamina mine, with Wheaton also paying 20% of the spot silver price for each ounce delivered.
This agreement, effective April 1, 2026, is noted as the most valuable streaming transaction to date based on the upfront consideration received.
The transaction is expected to unlock over $6 billion of cash (when combined with a recent transaction with Global Infrastructure Group) to strengthen BHP's balance sheet, support high-return growth projects, and enhance shareholder returns.

Feb 17, 2026, 11:23 AM

6-K

BHP Group Delivers Strong H1 2026 Performance with Increased Dividends and Copper Growth

BHP

Earnings

Dividends

Guidance Update

BHP Group reported strong H1 2026 financial results, with underlying EBITDA growing by 25% and underlying attributable profit reaching $6.2 billion.
The company declared an interim dividend of $0.73 per share, representing a 46% increase half-on-half.
Operational records were set in copper and iron ore, with the copper business contributing over half of the group's earnings for the period.
BHP raised its copper production guidance for FY 2027 to between 1-1.1 million tons and expects to unlock over $6 billion in cash from non-core asset agreements.

Feb 16, 2026, 11:00 PM

Transcript

BHP Group Reports Strong H1 2026 Results and Outlines Growth Strategy

BHP

Earnings

Dividends

New Projects/Investments

BHP Group reported strong H1 2026 financial results, with underlying EBITDA growing by 25% to a 58% margin and underlying attributable profit reaching $6.2 billion.
The company declared an interim dividend of $0.73 per share, representing a 46% increase half-on-half, reflecting strong performance and confidence in the outlook.
Operationally, BHP achieved record production in copper and iron ore, with copper contributing over half of the group's earnings for the period, and unit costs improved by approximately 4.5%.
Strategic initiatives, including the Antamina silver streaming agreement and WAIO power use agreement, are set to unlock over $6 billion in cash, contributing to a potential total of up to $10 billion for reinvestment or increased shareholder returns.
BHP outlined a robust growth pipeline, particularly in copper, targeting around 2.5 million tons of copper equivalent per year by the mid-2030s and raising Escondida's FY 2027 production guidance.

Feb 16, 2026, 11:00 PM

Transcript

BHP Group Delivers Strong H1 2026 Performance, Raises Dividend, and Advances Growth Initiatives

BHP

Earnings

Dividends

Guidance Update

BHP Group reported strong H1 2026 financial results, with underlying EBITDA growing 25% to a 58% margin and underlying attributable profit reaching $6.2 billion.
The company declared an interim dividend of $0.73 per share, marking a 46% increase half-on-half, with a 60% payout ratio.
Operational performance was robust, setting records in copper and iron ore, leading to a 2% increase in group production and approximately 4.5% improvement in unit costs. Copper production guidance for Escondida was also raised.
BHP is pursuing significant growth, particularly in copper, targeting around 2.5 million tons of copper equivalent per year by the mid-2030s, and has identified potential to unlock up to $10 billion in capital, including $4.3 billion from a silver streaming agreement and $2 billion from an inland power use agreement.

Feb 16, 2026, 11:00 PM

Transcript

BHP enters US$2 billion infrastructure agreement with Global Infrastructure Partners

BHP

New Projects/Investments

M&A

BHP has entered a binding agreement with Global Infrastructure Partners (GIP), a part of BlackRock, for its share of Western Australia Iron Ore's (WAIO) inland power network.
Under the agreement, GIP will provide US$2 billion in funding for a 49% stake in a trust entity, while BHP will retain 51% ownership and full operational control of WAIO's inland power infrastructure.
This arrangement is expected to strengthen BHP's balance sheet flexibility and support long-term value creation, with completion anticipated towards the end of FY2026, subject to regulatory approvals.