Revenue growth has moderated to 14.1% while gross margins have compressed significantly from the 52.7% peak in 2021Q2 to 25.3% in 2025Q4, reflecting persistent inflationary and pricing headwinds.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 57.77B | 53.66B | 54.04B | 55.55B | 63.49B | 44.61B | 43.16B | 40.52B | 40.03B | 33.78B | 34.83B | 47.66B | 51.17B | 50.97B | 60.54B | 56.58B | 43.41B | 54.26B | 29.7B | 22.46B | 19.03B | 12.95B | 9.23B | 8.45B | 8.15B | 11.6B | 11.58B | 11.85B | 12.29B | 7.76B |
| Revenue Growth % | 7.67% | -0.71% | -2.72% | -12.51% | 42.33% | 3.35% | 6.52% | 1.23% | 18.5% | -3.01% | -26.93% | -6.85% | 0.4% | -15.81% | 7% | 30.33% | -20% | 82.71% | 32.21% | 18.03% | 46.93% | 40.38% | 9.24% | 3.62% | -29.71% | 0.12% | -2.23% | -3.6% | 58.42% | -2.61% |
| Cost of Goods Sold | 41.43B | 23.38B | 36.74B | 21.28B | 18.56B | 15.48B | 16.41B | 16.56B | 15.81B | 15.53B | 16.82B | 19.7B | 16.67B | 16.62B | 36.26B | 36.67B | 33.82B | 0 | 0 | 0 | 0 | 0 | 0 | 4.16B | 3.65B | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | 71.71% | 43.57% | 67.99% | 38.31% | 29.23% | 34.71% | 38.02% | 40.86% | 39.49% | 45.97% | 48.29% | 41.34% | 32.58% | 32.62% | 59.9% | 64.81% | 77.9% | - | - | - | - | - | - | 49.25% | 44.74% | - | - | - | - | - |
| Gross Profit | 16.21B | 30.28B | 17.3B | 34.27B | 44.93B | 29.13B | 26.75B | 23.96B | 24.22B | 18.25B | 18.01B | 27.96B | 34.5B | 34.34B | 24.28B | 19.91B | 9.59B | 54.26B | 29.7B | 22.46B | 19.03B | 12.95B | 9.23B | 4.29B | 4.5B | 11.6B | 11.58B | 11.85B | 12.29B | 7.76B |
| Gross Margin % | 28.06% | 56.43% | 32.01% | 61.69% | 70.77% | 65.29% | 61.98% | 59.14% | 60.51% | 54.03% | 51.71% | 58.66% | 67.42% | 67.38% | 40.1% | 35.19% | 22.1% | 100% | 100% | 100% | 100% | 100% | 100% | 50.75% | 55.26% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | -46.47% | 75.05% | -49.52% | -23.73% | 54.27% | 8.87% | 11.64% | -1.07% | 32.72% | 1.34% | -35.59% | -18.95% | 0.45% | 41.46% | 21.94% | 107.54% | -82.32% | 82.71% | 32.21% | 18.03% | 46.93% | 40.38% | 115.25% | -4.84% | -61.16% | 0.12% | -2.23% | -3.6% | 58.42% | -2.61% |
| Operating Expenses | 1.27B | 14.63B | 2.48B | 35.67B | 33.41B | 26.88B | 27.92B | 27.32B | 27.44B | 27.25B | 28.49B | 34.69B | 37.21B | 39.51B | 37.7B | 594M | 34.33B | 38.77B | 21.33B | 13.94B | 12.44B | 10.81B | 7.73B | 7.62B | 2.29B | 8.4B | 8.99B | 9.42B | 9.74B | 6.43B |
| OpEx % of Revenue | 2.21% | 27.26% | 4.58% | 64.2% | 52.62% | 60.25% | 64.68% | 67.43% | 68.56% | 80.67% | 81.79% | 72.79% | 72.72% | 77.51% | 62.27% | 1.05% | 79.09% | 71.46% | 71.8% | 62.04% | 65.34% | 83.43% | 83.79% | 90.16% | 28.03% | 72.47% | 77.63% | 79.53% | 79.27% | 82.89% |
| Selling, General & Admin | 2.75B | 2.94B | 8.08B | 7.4B | 6.76B | 4.83B | 5.54B | 5.76B | 6.24B | 4.93B | 6.35B | 6.44B | 7.54B | 6.19B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.4B | 1.26B | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | 4.76% | 5.48% | 14.94% | 13.32% | 10.64% | 10.82% | 12.84% | 14.22% | 15.58% | 14.58% | 18.22% | 13.52% | 14.73% | 12.14% | - | - | - | - | - | - | - | - | - | 16.51% | 15.46% | - | - | - | - | - |
| Research & Development | 0 | 398M | 245M | 76M | 65M | 45M | 45M | 45M | 58M | 60M | 104M | 112M | 231M | 129M | 0 | 0 | 0 | 1.13B | 574M | 283M | 20M | 16M | 23.2M | 25M | 39M | 58.01M | 70.4M | 88.38M | 129.97M | 90.76M |
| R&D % of Revenue | - | 0.74% | 0.45% | 0.14% | 0.1% | 0.1% | 0.1% | 0.11% | 0.14% | 0.18% | 0.3% | 0.24% | 0.45% | 0.25% | - | - | - | 2.09% | 1.93% | 1.26% | 0.11% | 0.12% | 0.25% | 0.3% | 0.48% | 0.5% | 0.61% | 0.75% | 1.06% | 1.17% |
| Other Operating Expenses | -1.48B | 11.29B | -5.85B | 28.19B | 26.59B | 22.01B | 22.33B | 20.58B | 22.73B | 25.22B | 26.15B | 589M | 32.68B | 36.72B | 38.05B | 37.55B | 34.58B | -2.08B | -3.17B | -2.76B | -1.55B | -1.06B | -1.24B | -1.25B | 986M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 14.94B | 15.65B | 14.82B | 19.93B | 29.82B | 16.83B | 15.9B | 17.69B | 14.13B | 6.79B | 3.62B | 11.35B | 7.43B | -1.15B | 13.94B | 19.69B | 7.51B | 10.19B | 8.57B | 8.97B | 6.92B | 3.33B | 1.5B | 831.41M | 1.5B | 3.13B | 2.54B | 1.99B | 2.55B | 1.33B |
| Operating Margin % | 25.85% | 29.17% | 27.43% | 35.88% | 46.96% | 37.72% | 36.84% | 43.65% | 35.31% | 20.11% | 10.38% | 23.8% | 14.52% | -2.26% | 23.03% | 34.81% | 17.29% | 18.79% | 28.86% | 39.95% | 36.37% | 25.68% | 16.21% | 9.84% | 18.46% | 26.99% | 21.9% | 16.78% | 20.73% | 17.11% |
| Operating Income Growth % | -4.58% | 5.6% | -25.64% | -33.15% | 77.18% | 5.82% | -10.09% | 25.13% | 108.02% | 87.97% | -68.14% | 52.71% | 744.41% | -108.27% | -29.22% | 162.38% | -26.37% | 18.94% | -4.49% | 29.64% | 108.06% | 122.39% | 79.94% | -44.76% | -51.92% | 23.39% | 27.58% | -21.96% | 91.98% | -32.37% |
| EBITDA | 22.3B | 20.72B | 21.11B | 26.46B | 34.93B | 21.48B | 20.67B | 22.07B | 18.86B | 11.88B | 8.26B | 16.21B | 12.22B | 3.29B | 17.76B | 23.13B | 10.93B | 13.67B | 10.69B | 10.48B | 8.26B | 4.5B | 2.5B | 1.79B | 2.43B | 4.32B | 3.78B | 3.19B | 3.78B | 2.12B |
| EBITDA Margin % | 38.6% | 38.61% | 39.07% | 47.63% | 55.01% | 48.15% | 47.89% | 54.47% | 47.11% | 35.18% | 23.72% | 34% | 23.88% | 6.45% | 29.33% | 40.88% | 25.18% | 25.19% | 35.98% | 46.66% | 43.38% | 34.72% | 27.11% | 21.14% | 29.86% | 37.23% | 32.64% | 26.9% | 30.76% | 27.35% |
| EBITDA Growth % | 7.62% | -1.86% | -20.21% | -24.25% | 62.6% | 3.92% | -6.36% | 17.05% | 58.67% | 43.89% | -49.03% | 32.61% | 271.68% | -81.48% | -23.23% | 111.57% | -20.02% | 27.91% | 1.94% | 26.97% | 83.55% | 79.78% | 40.1% | -26.63% | -43.62% | 14.2% | 18.62% | -15.68% | 78.14% | -19.13% |
| D&A (Non-Cash Add-back) | 7.36B | 5.07B | 6.29B | 6.53B | 5.11B | 4.65B | 4.77B | 4.39B | 4.72B | 5.09B | 4.64B | 4.86B | 4.79B | 4.44B | 3.82B | 3.44B | 3.43B | 3.48B | 2.12B | 1.51B | 1.33B | 1.17B | 1.01B | 954.47M | 929M | 1.19B | 1.24B | 1.2B | 1.23B | 794.6M |
| EBIT | 13.75B | 13.99B | 14.09B | 18.23B | 29.97B | 15.01B | 11.37B | 18.14B | 13.07B | 6.81B | 374M | 10.58B | 4.38B | -1.7B | 14.14B | 21.36B | 8.79B | 10.8B | 8.63B | 8.99B | 7.49B | 3.46B | 2.26B | 1.85B | 2.22B | 4.13B | 3.71B | 1.33B | 1.34B | 1.21B |
| Net Interest Income | -598.39M | -1.11B | -1.42B | -1.69B | -532M | -507M | -634M | -609M | -840M | -1.04B | -1.05B | -967M | -794M | -616M | -759M | -615M | -809M | -1.41B | -570M | -193M | -207M | -120M | -139.21M | 0 | 0 | -348.06M | -302.44M | -273.41M | -200.36M | -49.66M |
| Interest Income | 466.09M | 24M | 532M | 179M | 64M | 141M | 300M | 249M | 141M | 89M | 52M | 64M | 82M | 116M | 115M | 163M | 120M | 204M | 134M | 106M | 82M | 28M | 30.34M | 0 | 0 | 89.25M | 140.79M | 223.7M | 276.18M | 241.46M |
| Interest Expense | 1.06B | 1.63B | 1.96B | 1.85B | 592M | 645M | 938M | 929M | 1.23B | 1.45B | 1.13B | 1.03B | 876M | 692M | 850M | 778M | 929M | 1.62B | 538M | 160M | 173M | 15M | 298M | 291.14M | 0 | 437.31M | 443.23M | 497.11M | 476.54M | 291.13M |
| Other Income/Expense | -710.66M | -38M | -1.04B | -1.27B | 1.02B | -1.44B | -347M | 480M | -1.32B | -452M | -4.34B | -1.79B | -3.92B | -13.28B | -8.72B | -304M | -432M | -1.02B | 1.26B | 1.27B | -833M | 297M | 597.87M | 582M | 292M | 566.71M | 732.64M | 524.73M | 877.27M | 520M |
| Pretax Income | 14.6B | 15.62B | 13.79B | 18.66B | 30.83B | 15.39B | 11.12B | 18.17B | 12.82B | 6.34B | -726M | 9.55B | 3.5B | -2.57B | 13.21B | 20.58B | 7.86B | 9.18B | 9.84B | 10.24B | 7.31B | 3.86B | 2.09B | 1.31B | 1.8B | 3.7B | 3.27B | 2.51B | 3.43B | 1.9B |
| Pretax Margin % | 25.27% | 29.1% | 25.51% | 33.59% | 48.56% | 34.5% | 25.76% | 44.83% | 32.02% | 18.78% | -2.08% | 20.04% | 6.85% | -5.04% | 21.83% | 36.37% | 18.11% | 16.91% | 33.12% | 45.58% | 38.42% | 29.82% | 22.69% | 15.53% | 22.04% | 31.88% | 28.22% | 21.21% | 27.87% | 24.46% |
| Income Tax | 4.33B | 4.04B | 3.83B | 5.59B | 8.26B | 4.99B | 4.15B | 4.24B | 3.96B | 1.57B | 993M | 3.05B | 2.43B | 429M | 6.44B | 5.3B | 2.08B | 3.74B | 2.09B | 2.37B | 1.81B | 619M | 567M | 708.35M | 718M | 1.21B | 881.25M | 1.04B | 1.1B | 601.09M |
| Effective Tax Rate % | 29.65% | 25.88% | 27.8% | 29.93% | 26.78% | 32.43% | 37.3% | 23.35% | 30.94% | 24.7% | -136.78% | 31.96% | 69.22% | -16.71% | 48.73% | 25.74% | 26.41% | 40.77% | 21.25% | 23.17% | 24.81% | 16.02% | 27.08% | 54% | 39.96% | 32.65% | 26.95% | 41.32% | 32.25% | 31.68% |
| Net Income | 9.99B | 11.55B | 10.06B | 12.39B | 21.11B | 9.77B | 8.01B | 13.64B | 8.76B | 4.62B | -866M | 6.53B | 3.67B | -2.99B | 5.83B | 14.32B | 4.87B | 3.68B | 7.31B | 7.44B | 5.21B | 3.3B | 1.51B | 651.32M | 1.08B | 2.22B | 2.06B | 1.17B | 2.01B | 1.2B |
| Net Margin % | 17.29% | 21.53% | 18.61% | 22.31% | 33.25% | 21.9% | 18.56% | 33.66% | 21.89% | 13.67% | -2.49% | 13.69% | 7.16% | -5.87% | 9.62% | 25.32% | 11.22% | 6.77% | 24.62% | 33.11% | 27.4% | 25.45% | 16.34% | 7.71% | 13.24% | 19.14% | 17.83% | 9.86% | 16.39% | 15.47% |
| Net Income Growth % | -13.53% | 14.85% | -18.83% | -41.31% | 116.14% | 21.96% | -41.27% | 55.65% | 89.78% | 633.14% | -113.27% | 78.09% | 222.58% | -151.32% | -59.33% | 194.01% | 32.54% | -49.73% | -1.69% | 42.63% | 58.17% | 118.63% | 131.53% | -39.64% | -51.4% | 7.51% | 76.76% | -42.01% | 67.81% | -4.68% |
| Net Income (Continuing) | 10.27B | 11.57B | 9.95B | 12.27B | 22.6B | 9.75B | 6.67B | 13.41B | 8.51B | 4.46B | -1.72B | 5.87B | 381M | -3.02B | 6.8B | 15.28B | 5.78B | 5.44B | 6.16B | 6.46B | 5.5B | 3.3B | 1.53B | 651M | 1.08B | 2.49B | 2.39B | 700M | 1.4B | 1.18B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.06B | -730M | 0 | -1.24B | -1.87B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 4.82B | 2.72B | 1.75B | 2.1B | 5.16B | 4.85B | 4.71B | 6.14B | 6.4B | 6.44B | 6.78B | 8.31B | 7.62B | 11.16B | 6.67B | 6.94B | 2.09B | 1.82B | 1.52B | 1.15B | 791M | 714M | 1B | 778.38M | 827M | 1.29B | 1.16B | 1.12B | 1.21B | 762.06M |
| EPS (Diluted) | 6.10 | 7.07 | 6.16 | 7.60 | 12.95 | 6.00 | 4.88 | 7.88 | 4.87 | 2.55 | -0.47 | 3.51 | 1.97 | -1.62 | 3.02 | 7.26 | 2.75 | 1.93 | 4.68 | 4.59 | 3.15 | 1.97 | 0.90 | 0.35 | 1.00 | 1.34 | 1.25 | 0.42 | 1.16 | 0.65 |
| EPS Growth % | -13.72% | 14.77% | -18.95% | -41.31% | 115.83% | 22.95% | -38.07% | 61.81% | 90.98% | 642.55% | -113.39% | 78.17% | 221.6% | -153.64% | -58.4% | 164% | 42.49% | -58.76% | 1.96% | 45.71% | 59.9% | 118.89% | 157.14% | -65% | -25.37% | 7.2% | 197.62% | -63.79% | 78.46% | -13.33% |
| EPS (Basic) | 6.15 | 7.12 | 6.20 | 7.65 | 13.03 | 6.04 | 4.91 | 7.93 | 4.90 | 2.57 | -0.48 | 3.53 | 1.98 | -1.62 | 3.03 | 7.31 | 2.76 | 1.93 | 4.70 | 4.61 | 3.16 | 1.98 | 0.90 | 0.35 | 1.00 | 1.34 | 1.25 | 0.42 | 1.16 | 0.65 |
| Diluted Shares Outstanding | 1.64B | 1.63B | 1.63B | 1.63B | 1.63B | 1.63B | 1.64B | 1.73B | 1.8B | 1.81B | 1.82B | 1.86B | 1.86B | 1.85B | 1.94B | 1.97B | 1.77B | 1.9B | 1.56B | 1.61B | 1.66B | 1.67B | 1.67B | 1.67B | 1.67B | 1.66B | 1.66B | 1.68B | 1.67B | 1.67B |
| Basic Shares Outstanding | 1.62B | 1.62B | 1.62B | 1.62B | 1.62B | 1.62B | 1.63B | 1.72B | 1.79B | 1.8B | 1.82B | 1.85B | 1.85B | 1.85B | 1.92B | 1.96B | 1.76B | 1.9B | 1.56B | 1.61B | 1.66B | 1.67B | 1.67B | 1.67B | 1.67B | 1.66B | 1.66B | 1.68B | 1.67B | 1.67B |
| Dividend Payout Ratio | 61.66% | 60.81% | 64.33% | 94.63% | 72.73% | 62.77% | 129.01% | 39.27% | 48.5% | 59.02% | - | 56.84% | 90.64% | - | 38.38% | 12.25% | 17.98% | 52.58% | 20.61% | 34.59% | 21.88% | 27.36% | 55.24% | 145.55% | 74.42% | - | - | 73.19% | 35.24% | 8.75% |
Commodity price volatility exposure
According to recent financial filings, Rio Tinto's revenue growth has exhibited significant volatility, shifting from a 70.9% surge in 2021Q2 to a 14.1% increase in 2025Q4, reflecting the company's inherent sensitivity to global commodity pricing cycles and fluctuating demand from key industrial markets like China.
The revenue trajectory appears heavily influenced by spot price fluctuations rather than consistent volume expansion. Investors should monitor whether the recent uptick in growth signals a sustainable recovery in industrial demand or merely a temporary price-driven anomaly in the iron ore segment.
As reported in financial statements, Rio Tinto's gross margin has contracted from a peak of 52.7% in 2021Q2 to 25.3% by 2025Q4, indicating that inflationary input costs and shifting commodity price realizations are exerting sustained pressure on the company's core operational profitability and pricing power.
The decline in margins suggests that the company's high-fixed-cost structure is struggling to absorb rising operational expenses during periods of price moderation. This trend warrants further investigation into whether management can successfully implement cost-saving initiatives to stabilize margins against ongoing inflationary headwinds.
Based on reported figures, Rio Tinto's operating income has closely tracked gross profit fluctuations, with the operating margin falling from 52.7% in 2021Q2 to 25.3% in 2025Q4, demonstrating that the company possesses limited ability to decouple overhead expenses from the volatility of its primary commodity revenue streams.
The lack of significant divergence between gross and operating margins suggests that SG&A and other overhead costs are not scaling efficiently during revenue downturns. This high degree of operating leverage implies that bottom-line performance will remain acutely vulnerable to any further softening in commodity prices.
Data from recent income statements indicates that net income has fluctuated significantly, dropping from $12.3B in 2021Q2 to $5.4B in 2025Q4, which raises questions regarding the long-term quality of earnings given the company's reliance on volatile commodity markets and the potential for future impairment charges.
Short-sellers may focus on the inconsistency of EPS growth, which has seen double-digit declines in several recent periods. Investors should remain cautious, as the reliance on non-operating items and the potential for future asset write-downs could mask the underlying operational challenges facing the business.
Quick answers to the most common questions about buying RIO stock.
For fiscal year 2025, Rio Tinto Group (RIO) reported total revenue of $57.77B. This represents a 644.7% increase compared to $7.76B in 1996.
Rio Tinto Group (RIO) is profitable, generating $9.99B in net income for the fiscal year ending 2025 with a net profit margin of 17.3%.
Rio Tinto Group (RIO) reported an operating income of $14.94B, resulting in an operating profit margin of 25.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Rio Tinto Group (RIO) generated $16.21B in gross profit for the year, representing a gross profit margin of 28.1%. This demonstrates the company's core pricing power and production efficiency.