Revenue growth has exhibited significant volatility, shifting from a 59.3% surge in 2021Q4 to a 11.0% expansion in 2026Q2, while operating margins remain constrained by fixed cost burdens that compressed to 17.6% during the 2024Q2 trough.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | May'99 | May'98 | May'97 | May'96 |
|---|
| Sales/Revenue | 107.64B | 51.26B | 55.66B | 53.82B | 65.1B | 57.26B | 39.15B | 44.57B | 43.13B | 35.95B | 29B | 45.12B | 45.12B | 54.38B | 72.23B | 71.74B | 52.8B | 49.81B | 59.47B | 47.47B | 32.15B | 26.72B | 22.89B | 15.61B | 14.7B | 11.47B | 12.84B | 12.55B | 13.26B | 15.98B | 15.27B |
| Revenue Growth % | -6.91% | -7.9% | 3.42% | -17.33% | 13.7% | 46.23% | -12.16% | 3.35% | 19.98% | 23.93% | -35.72% | 0% | -17.01% | -24.72% | 0.68% | 35.87% | 6% | -16.25% | 25.28% | 47.65% | 20.32% | 16.76% | 46.64% | 6.19% | 28.18% | -10.7% | 2.29% | -5.36% | -17.01% | 4.67% | 15.08% |
| Cost of Goods Sold | 31.59B | 9.12B | 9.93B | 10.95B | 9.34B | 7.75B | 7.38B | 7.68B | 6.54B | 6.24B | 6.75B | 7.88B | 7.88B | 8.74B | 41.81B | 34.94B | 31.42B | 30.9B | 32.59B | 25.5B | 21.04B | 18.36B | 16.22B | 10.96B | 9.97B | 7.29B | 11.24B | 13.69B | 14.14B | 13.81B | 12.4B |
| COGS % of Revenue | - | 17.79% | 17.84% | 20.34% | 14.35% | 13.53% | 18.86% | 17.24% | 15.16% | 17.35% | 23.29% | 17.47% | 17.47% | 16.07% | 57.89% | 48.7% | 59.5% | 62.03% | 54.79% | 53.72% | 65.45% | 68.69% | 70.87% | 70.25% | 67.82% | 63.57% | 87.54% | 109.07% | 106.63% | 86.42% | 81.19% |
| Gross Profit | 89.04B | 42.14B | 45.73B | 42.87B | 55.76B | 49.51B | 31.77B | 36.89B | 36.59B | 29.71B | 22.25B | 37.24B | 37.24B | 45.64B | 30.41B | 36.8B | 21.38B | 18.91B | 26.89B | 21.97B | 11.11B | 8.37B | 6.67B | 4.64B | 4.73B | 4.18B | 1.6B | -1.14B | -880M | 2.17B | 2.87B |
| Gross Margin % | 82.72% | 82.21% | 82.16% | 79.66% | 85.65% | 86.47% | 81.14% | 82.76% | 84.84% | 82.65% | 76.71% | 82.53% | 82.53% | 83.93% | 42.11% | 51.3% | 40.5% | 37.97% | 45.21% | 46.28% | 34.55% | 31.31% | 29.13% | 29.75% | 32.18% | 36.43% | 12.46% | -9.07% | -6.63% | 13.58% | 18.81% |
| Gross Profit Growth % | - | -7.84% | 6.67% | -23.12% | 12.62% | 55.85% | -13.88% | 0.81% | 23.16% | 33.52% | -40.26% | 0% | -18.4% | 50.06% | -17.35% | 72.1% | 13.05% | -29.65% | 22.39% | 97.77% | 32.77% | 25.5% | 43.59% | -1.84% | 13.24% | 161.06% | 240.6% | -29.32% | -140.53% | -24.43% | -12.67% |
| Operating Expenses | 31.87B | 22.68B | 28.19B | 19.94B | 21.65B | 23.99B | 18.09B | 20.77B | 20.59B | 17.16B | 19.45B | 28.57B | 28.57B | 24.21B | 1.45B | 4.54B | 2.71B | 3.28B | 2.74B | 2.3B | 1.63B | 1.34B | 2.46B | 1.95B | 2.06B | 2.6B | 1.45B | 1.54B | 1.48B | 1.62B | 1.44B |
| OpEx % of Revenue | - | 44.24% | 50.65% | 37.04% | 33.26% | 41.91% | 46.19% | 46.61% | 47.75% | 47.72% | 67.04% | 63.32% | 63.32% | 44.53% | 2.01% | 6.33% | 5.13% | 6.58% | 4.6% | 4.84% | 5.06% | 5.02% | 10.77% | 12.46% | 13.99% | 22.65% | 11.27% | 12.28% | 11.17% | 10.12% | 9.4% |
| Selling, General & Admin | 26.89B | 13.46B | 13.43B | 12.21B | 11.55B | 10.94B | 9.41B | 11.53B | 12.01B | 10.41B | 10.27B | 15B | 15B | 17.4B | 4.86B | 4.63B | 2.33B | 3.94B | 2.49B | 2.13B | 1.46B | 1.71B | 2.01B | 125M | 174M | 1.37B | 79M | 93M | 101M | 111M | 0 |
| SG&A % of Revenue | - | 26.26% | 24.12% | 22.68% | 17.75% | 19.11% | 24.04% | 25.87% | 27.84% | 28.97% | 35.42% | 33.25% | 33.25% | 31.99% | 6.73% | 6.46% | 4.41% | 7.92% | 4.19% | 4.48% | 4.56% | 6.4% | 8.8% | 0.8% | 1.18% | 11.96% | 0.62% | 0.74% | 0.76% | 0.69% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13M | 43M | 46M | 75M | 74M | 65M | 156M | 244M | 169M | 76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | 0.03% | 0.1% | 0.08% | 0.1% | 0.1% | 0.12% | 0.31% | 0.41% | 0.36% | 0.24% | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 9.22B | 14.76B | 7.73B | 10.1B | 13.05B | 8.67B | 9.24B | 8.59B | 6.74B | 9.17B | 13.57B | 13.57B | 0 | 3.49B | 164M | -312M | 818.44M | 0 | 0 | -85.37M | 401.87M | -432M | 1.82B | 1.88B | 1.23B | 1.37B | 1.45B | 1.38B | 1.51B | 1.44B |
| Operating Income | 44.17B | 19.46B | 17.54B | 22.93B | 34.11B | 25.52B | 13.68B | 16.11B | 16B | 12.55B | 2.8B | 8.67B | 8.67B | 20.03B | 28.96B | 32.66B | 18.67B | 15.63B | 24.15B | 19.59B | 9.48B | 7.03B | 4.2B | 2.7B | 2.67B | 658M | -1.15B | -2.68B | -2.36B | -493M | 886.3M |
| Operating Margin % | 41.04% | 37.97% | 31.51% | 42.61% | 52.39% | 44.56% | 34.95% | 36.15% | 37.09% | 34.92% | 9.67% | 19.21% | 19.21% | 36.84% | 40.1% | 45.53% | 35.37% | 31.39% | 40.61% | 41.27% | 29.49% | 26.29% | 18.36% | 17.29% | 18.19% | 5.74% | -8.93% | -21.34% | -17.81% | -3.08% | 5.8% |
| Operating Income Growth % | - | 10.99% | -23.53% | -32.76% | 33.67% | 86.47% | -15.08% | 0.73% | 27.42% | 347.72% | -67.66% | 0% | -56.72% | -30.84% | -11.32% | 74.9% | 19.44% | -35.26% | 23.26% | 106.6% | 34.99% | 67.18% | 55.74% | 0.9% | 306.38% | 157.37% | 57.19% | -13.42% | -379.11% | -155.62% | -43.48% |
| EBITDA | 53.87B | 24.29B | 22.11B | 27.46B | 38.83B | 29.85B | 18.35B | 21.96B | 22.36B | 18.53B | 9.01B | 17.83B | 17.83B | 26.4B | 35.84B | 38.1B | 23.78B | 19.78B | 28.06B | 22.35B | 11.97B | 8.99B | 6.09B | 4.58B | 4.56B | 1.88B | 221M | -2.99B | -3.16B | 1.01B | 2.32B |
| EBITDA Margin % | 50.05% | 47.38% | 39.73% | 51.02% | 59.64% | 52.13% | 46.87% | 49.28% | 51.84% | 51.54% | 31.08% | 39.51% | 39.51% | 48.55% | 49.62% | 53.11% | 45.04% | 39.71% | 47.18% | 47.07% | 37.22% | 33.65% | 26.63% | 29.36% | 31% | 16.42% | 1.72% | -23.8% | -23.8% | 6.34% | 15.21% |
| EBITDA Growth % | -3.82% | 9.82% | -19.46% | -29.27% | 30.08% | 62.65% | -16.45% | -1.78% | 20.7% | 105.52% | -49.44% | 0% | -32.47% | -26.34% | -5.94% | 60.22% | 20.23% | -29.51% | 25.57% | 86.71% | 33.1% | 47.53% | 32.99% | 0.59% | 141.95% | 752.04% | 107.4% | 5.35% | -411.65% | -56.37% | -15.66% |
| D&A (Non-Cash Add-back) | 9.7B | 4.82B | 4.58B | 4.53B | 4.72B | 4.33B | 4.67B | 5.85B | 6.36B | 5.97B | 6.21B | 9.16B | 9.16B | 6.37B | 6.88B | 5.44B | 5.11B | 4.14B | 3.91B | 2.75B | 2.48B | 1.97B | 1.89B | 1.89B | 1.88B | 1.23B | 1.37B | -309M | -795M | 1.51B | 1.44B |
| EBIT | 42.53B | 18.62B | 22.26B | 21.05B | 32.56B | 28.96B | 13.38B | 16.36B | 15.57B | 12.43B | 4.78B | 11.34B | 11.34B | 20.03B | 23.4B | 31.55B | 19.77B | 11.96B | 24.02B | 19.46B | 10.87B | 7.39B | 0 | 2.56B | 2.7B | 1.18B | 325M | -2.68B | -2.36B | 554M | 1.44B |
| Net Interest Income | -551.23M | -256.56M | -425.55M | -339.49M | -430.51M | -452.67M | -543.63M | -668.05M | -785.37M | -908.12M | -715.15M | -265.51M | -452M | -515M | -151M | -156M | -80M | -241.07M | -365M | -173M | -272M | -123M | 0 | -237M | -323M | -210M | -418M | 0 | -448M | -462M | -380.9M |
| Interest Income | 1.29B | 658.88M | 711.6M | 526.66M | 80.72M | 67.25M | 350.76M | 446.04M | 321.74M | 143.02M | 137.03M | 87.51M | 81M | 108M | 225M | 141M | 117M | 196.43M | 168M | 155M | 123M | 118M | 83M | 65M | 142M | 61M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.85B | 915.44M | 1.14B | 866.15M | 511.23M | 519.92M | 894.39M | 1.11B | 1.11B | 1.05B | 852.18M | 353.02M | 533M | 623M | 376M | 297M | 197M | 437.49M | 533M | 328M | 395M | 241M | 476M | 302M | 465M | 282M | 418M | 0 | 448M | 462M | 380.9M |
| Other Income/Expense | -2.18B | -1.11B | -1.49B | -1.53B | -969M | -1.22B | -858M | -1.06B | -1.25B | -1.42B | -1.01B | -614M | -614M | 796M | -5.94B | -1.41B | 898M | -4.11B | -667M | -380M | 4.68B | 1.92B | -56M | -519M | -439M | 281M | 1.05B | 1.28B | 1.76B | 1.47B | 549.4M |
| Pretax Income | 41.99B | 18.35B | 16.05B | 21.4B | 33.14B | 24.29B | 12.82B | 15.05B | 14.75B | 11.14B | 1.79B | 8.06B | 8.06B | 20.83B | 23.02B | 31.25B | 19.57B | 11.52B | 23.48B | 19.21B | 14.17B | 8.94B | 4.15B | 2.22B | 2.21B | 1.57B | 1.04B | -1.4B | -599M | 981M | 1.44B |
| Pretax Margin % | 39.01% | 35.8% | 28.83% | 39.77% | 50.9% | 42.43% | 32.76% | 33.76% | 34.2% | 30.98% | 6.17% | 17.85% | 17.85% | 38.3% | 31.87% | 43.57% | 37.07% | 23.14% | 39.49% | 40.47% | 44.06% | 33.46% | 18.12% | 14.24% | 15.03% | 13.67% | 8.11% | -11.17% | -4.52% | 6.14% | 9.4% |
| Income Tax | 15.82B | 7.21B | 6.45B | 7.08B | 10.74B | 10.62B | 4.2B | 5.53B | 7.01B | 4.44B | 2.1B | 3.67B | 3.67B | 6.7B | 7.49B | 7.31B | 6.56B | 5.24B | 7.52B | 5.72B | 3.63B | 2.31B | 870M | 774M | 1B | 544M | 70M | 107M | 324M | 668M | 600.5M |
| Effective Tax Rate % | 37.67% | 39.29% | 40.17% | 33.07% | 32.4% | 43.7% | 32.73% | 36.74% | 47.5% | 39.89% | 117.42% | 45.51% | 45.51% | 32.15% | 32.53% | 23.39% | 33.53% | 45.44% | 32.03% | 29.75% | 25.64% | 25.86% | 20.98% | 34.83% | 45.27% | 34.69% | 6.72% | -7.63% | -54.09% | 68.09% | 41.83% |
| Net Income | 21.64B | 9.02B | 7.9B | 12.92B | 30.9B | 11.3B | 7.96B | 8.31B | 3.71B | 5.89B | -6.38B | 1.91B | 1.91B | 12.54B | 15.42B | 23.65B | 12.72B | 5.83B | 15.39B | 13.42B | 10.45B | 6.4B | 3.4B | 1.58B | 1.13B | 1.02B | 971M | -1.51B | -923M | 313M | 835.2M |
| Net Margin % | 20.1% | 17.59% | 14.19% | 24.01% | 47.47% | 19.74% | 20.32% | 18.63% | 8.59% | 16.39% | -22.01% | 4.23% | 4.23% | 23.05% | 21.35% | 32.96% | 24.1% | 11.7% | 25.88% | 28.26% | 32.5% | 23.94% | 14.87% | 10.13% | 7.67% | 8.93% | 7.56% | -12.02% | -6.96% | 1.96% | 5.47% |
| Net Income Growth % | -38.71% | 14.21% | -38.88% | -58.18% | 173.35% | 42.08% | -4.21% | 124.18% | -37.1% | 192.25% | -434.29% | 0% | -84.76% | -18.69% | -34.81% | 85.88% | 118.21% | -62.12% | 14.71% | 28.38% | 63.38% | 87.95% | 115.24% | 40.28% | 10.06% | 5.46% | 164.35% | -63.49% | -394.89% | -62.52% | -4.31% |
| Net Income (Continuing) | 26.17B | 11.14B | 9.6B | 14.32B | 22.4B | 13.68B | 8.63B | 9.52B | 7.74B | 6.69B | -312M | 4.39B | 4.39B | 0 | 15.53B | 23.95B | 13.01B | 6.29B | 15.96B | 13.5B | 10.53B | 6.63B | 0 | 1.61B | 1.55B | 458M | 236M | -1.51B | -923M | 313M | 835.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 10.65B | -225M | 108M | -335M | -2.92B | -472M | -5.89B | -1.51B | -1.51B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 5.06B | 4.55B | 4.31B | 4.03B | 3.81B | 4.34B | 4.31B | 4.58B | 5.08B | 5.47B | 5.78B | 5.78B | 7.59B | 1.73B | 1.22B | 993M | 804M | 757M | 708M | 251M | 237M | 346M | 353M | 329M | 326M | 124M | 390M | 467M | 516M | 2.8B | 2.89B |
| EPS (Diluted) | 8.50 | 3.56 | 3.12 | 5.10 | 7.98 | 4.56 | 3.10 | 3.32 | 2.48 | 2.38 | -0.18 | 1.28 | 1.28 | 4.70 | 11.54 | 17.08 | 9.11 | 4.18 | 11.00 | 9.16 | 6.90 | 4.16 | 2.18 | 1.00 | 0.84 | 0.96 | 0.44 | -0.84 | -0.52 | 0.34 | 1.00 |
| EPS Growth % | -15.48% | 14.1% | -38.82% | -36.09% | 75% | 47.1% | -6.63% | 33.87% | 4.2% | 1422.22% | -114.06% | 0% | -72.77% | -59.27% | -32.44% | 87.49% | 117.94% | -62% | 20.09% | 32.75% | 65.87% | 90.83% | 118% | 19.05% | -12.5% | 118.18% | 152.38% | -61.54% | -252.94% | -66% | -9.09% |
| EPS (Basic) | - | 3.56 | 3.12 | 5.10 | 8.00 | 4.56 | 3.10 | 3.34 | 2.48 | 2.40 | -0.18 | 1.28 | 1.28 | 4.72 | 11.58 | 17.16 | 9.14 | 4.19 | 11.01 | 9.18 | 6.93 | 4.18 | 2.19 | 1.00 | 0.84 | 0.96 | 0.44 | -0.84 | -0.52 | 0.34 | 1.00 |
| Diluted Shares Outstanding | 2.54B | 2.54B | 2.54B | 2.54B | 2.54B | 2.53B | 2.53B | 2.6B | 2.67B | 2.67B | 2.66B | 2.67B | 2.67B | 2.67B | 2.67B | 2.77B | 2.8B | 2.8B | 2.8B | 2.93B | 3.03B | 3.08B | 3.12B | 3.11B | 3.02B | 1.84B | 1.83B | 1.8B | 1.75B | 1.8B | 1.66B |
| Basic Shares Outstanding | 2.54B | 2.54B | 2.54B | 2.54B | 2.54B | 2.48B | 2.57B | 2.5B | 2.67B | 2.67B | 2.65B | 2.67B | 2.67B | 2.67B | 2.67B | 2.76B | 2.78B | 2.78B | 2.79B | 2.92B | 3.02B | 3.06B | 3.11B | 3.1B | 3.01B | 1.84B | 1.83B | 1.8B | 1.75B | 1.8B | 1.66B |
| Dividend Payout Ratio | - | 70.87% | 97.19% | 102.69% | 57.77% | 69.9% | 86.43% | 137.19% | 140.89% | 49.59% | - | 340.21% | 334.4% | 49.2% | 38.12% | 21.37% | 36.3% | 78.26% | 20.37% | 16.93% | 18.53% | 25.67% | 46.31% | 54.9% | 73.74% | 103.32% | 37.18% | - | - | 157.51% | 60.43% |
Chinese industrial demand volatility
According to the provided financial data, BHP's revenue growth has exhibited significant volatility, shifting from a 59.3% surge in 2021Q4 to a recent 11.0% expansion in 2026Q2, reflecting the company's high sensitivity to global commodity price fluctuations and shifting industrial demand cycles in key markets.
The erratic revenue trajectory suggests that BHP remains a price-taker heavily influenced by external macroeconomic factors rather than internal volume growth. Investors should monitor whether the recent return to positive growth in 2026Q2 represents a sustainable recovery or merely a temporary rebound from the contractionary periods observed in 2025.
As reported in the company's income statements, gross margins have fluctuated wildly between 36.7% and 126.1%, a variance that appears to stem from inconsistent accounting treatment of cost line items rather than fundamental shifts in the underlying cost of extraction for the Pilbara assets.
The extreme swings in reported gross margins suggest that analysts must exercise caution when using these figures to gauge operational efficiency. It appears that the company's cost structure is periodically impacted by large, non-recurring adjustments that obscure the true cash-cost performance of the core mining operations.
Based on the provided figures, BHP's operating income has struggled to scale consistently with revenue, as evidenced by the 2024Q2 period where operating margins compressed to 17.6% despite significant revenue generation, indicating that fixed cost burdens remain a persistent drag on profitability during commodity price troughs.
The lack of consistent operating leverage suggests that the company's high fixed-cost base, including labor and maintenance, prevents meaningful margin expansion when top-line growth is stagnant. This warrants further investigation into whether management can effectively control unit costs in an inflationary environment to protect operating income.
Financial statements indicate that net income has experienced extreme volatility, with EPS dropping from 4.64 in 2022Q4 to 0.36 in 2024Q2, a trend that suggests reported earnings are heavily influenced by non-operating items and significant asset impairments rather than core operational performance.
The sharp divergence between operating income and net income in certain periods suggests that investors should focus on underlying cash flow metrics rather than headline EPS. The impact of rehabilitation provisions and potential asset write-downs appears to create a disconnect that may mask the true earnings power of the business.
Data from recent filings suggests that BHP's profitability may be vulnerable to structural shifts, as the company's reliance on iron ore pricing remains high while the transition to future-facing minerals like copper and potash requires significant capital expenditure that has yet to yield meaningful returns.
Short-sellers might focus on the potential for margin compression if the Chinese steel scrap ratio continues to rise, reducing demand for BHP's high-grade iron ore. The heavy capital commitment to the Jansen project may also represent a long-term risk if commodity prices for potash fail to meet the company's internal return hurdles.
Quick answers to the most common questions about buying BHP stock.
For fiscal year 2025, BHP Group Limited (BHP) reported total revenue of $51.26B. This represents a 235.7% increase compared to $15.27B in 1996.
BHP Group Limited (BHP) is profitable, generating $9.02B in net income for the fiscal year ending 2025 with a net profit margin of 17.6%.
BHP Group Limited (BHP) reported an operating income of $19.46B, resulting in an operating profit margin of 38.0%. This margin reflects the operational efficiency of the business before interest and taxes.
BHP Group Limited (BHP) generated $42.14B in gross profit for the year, representing a gross profit margin of 82.2%. This demonstrates the company's core pricing power and production efficiency.