Highlights

• BHP posted FY26 revenue of US$58.76 billion, up 15%, while profit attributable to shareholders rose 9% to US$9.83 billion.
• Underlying EBITDA climbed to US$32.95 billion, with underlying attributable profit reaching US$13.20 billion and underlying ROCE improving to 26.1%.
• FY26 dividends totalled US$1.72 per share, translating into US$8.7 billion of shareholder distributions and a 66% payout of underlying attributable profit.

Why Is BHP Stock Back in Focus?BHP Group Limited (ASX: BHP) has moved into the spotlight after its shares advanced around 3%, taking the current market price (CMP) to AU$64.000. Investor interest follows a solid FY26 result, where stronger commodity pricing and dependable operating performance helped lift the company’s financial position.

BHP generated US$58.76 billion in revenue, 15% higher year on year, while attributable profit increased 9% to US$9.83 billion. Underlying EBITDA expanded to US$32.95 billion from US$25.98 billion in FY25, signalling a notable improvement in underlying earnings.Where Did the Earnings Boost Come From?Copper emerged as a major force behind BHP’s improved performance. The division generated US$29.0 billion in revenue, US$6.5 billion more than the previous year. Copper underlying EBITDA increased by US$5.9 billion to US$18.2 billion, largely benefiting from stronger realised prices.

Iron Ore continued to provide substantial earnings support, contributing US$23.9 billion in revenue and US$14.5 billion in underlying EBITDA.

Cash generation was also healthy. Net operating cash flows reached US$21.78 billion, while capital and exploration expenditure stood at US$10.26 billion. Importantly, net debt reduced to US$8.69 billion from US$12.92 billion in FY25, providing BHP with greater balance-sheet flexibility.How Is BHP Preparing for Future Growth?BHP continues to deepen its exposure to copper while building its potash business. Copper South Australia produced 321 thousand tonnes of payable copper, while Antamina achieved a financial-year record of 152 thousand tonnes.

Meanwhile, Jansen Stage 1 reached 84% completion, with first potash output expected in mid-CY27, potentially adding another long-term earnings stream.What Could Shape BHP’s Next Share-Price Move?For FY27, BHP expects copper production of 1.65 million to 1.80 million tonnes, while WAIO production is anticipated at 253 million to 264 million tonnes.

With the stock already gaining 3%, attention now turns to whether stronger cash flows, lower debt and future-facing commodity exposure can outweigh commodity-price swings and keep BHP’s ASX momentum alive.

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