Commodity recovery and commissioning
BHP attributed stronger earnings and operating cash generation to higher commodity prices and operating performance; South Flank and the Spence Growth Option were commissioned.
MII Research · ASX Financial Record
(ASX: BHP) BHP Group Financial Review - FY2021~25
A visual, evidence-led review of earnings, cash flow, capital allocation, liquidity and shareholder returns
Reporting basis: BHP Group Limited; fiscal years ended 30 June; USD unless stated. Restated comparatives are used where BHP subsequently re-presented continuing and discontinued operations.
Five years in context
BHP's five-year record combines a FY2022 earnings and distribution peak with lower revenue, profit and free cash flow by FY2025, while capital and exploration expenditure increased. The visual summary is descriptive: it organises issuer-reported figures and does not provide a valuation or recommendation.
The Petroleum–Woodside transaction changes the scope of the comparison. Total-operations earnings include discontinued operations; capital expenditure and free cash flow retain separate continuing and discontinued rows.
FY2025 snapshot
RevenueUS$51.3bn−9.9% vs FY2021
Attributable profitUS$9.0bn−20.2% vs FY2021
Free cash flowUS$5.3bn−72.4% vs FY2021
Capital & explorationUS$9.8bn+37.6% vs FY2021
AI-generated visual from issuer-reported figures. It is illustrative and is not source evidence.
Events behind the numbers
Petroleum leaves the portfolio
The Petroleum–Woodside transaction affected statutory earnings, discontinued operations and the separate in-specie distribution. It is a key break in the five-year comparison.
OZ Minerals changes the cash picture
The OZ Minerals acquisition and shareholder distributions contributed to higher net debt. Acquisition-related investing cash flows also matter when interpreting free cash flow.
Exceptional charges reshape profit
Samarco and Western Australia Nickel charges weighed on statutory earnings. The subsequent July 2024 nickel-suspension decision is a post-year-end event, not FY2024 production.
Lower revenue, smaller exceptional loss
BHP reported lower revenue but higher attributable profit. Samarco impacts and Western Australia Nickel suspension costs remained part of the exceptional result.
Income and earnings performance
FY2022 is the earnings peak, but not a clean recurring-profit benchmark: statutory earnings include the Petroleum–Woodside transaction. The FY2024 result includes large exceptional charges; FY2025 profit recovered even as revenue fell.
Revenue uses the comparative series in the FY2025 financial summary. Attributable profit and EPS cover total operations, including discontinued operations where reported.
Statutory attributable profit (US$M)
AI-generated visual from issuer-reported figures. It is illustrative and is not source evidence.
Five-year income and earnings spine
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue (US$M) | 56,921 | 65,098 | 53,817 | 55,658 | 51,262 |
| Attributable profit (US$M) | 11,304 | 30,900 | 12,921 | 7,897 | 9,019 |
| Basic EPS (US cents) | 223.5 | 610.6 | 255.2 | 155.8 | 177.8 |
Basis: Revenue and statutory earnings from BHP's FY2025 five-year financial information summary; EPS is attributable to ordinary shareholders.
Cash flow and capital allocation
The direction of investment and residual cash diverged by FY2025: capital and exploration expenditure was above FY2021, while total free cash flow was lower. The charts compare the total-operations rows; the tables preserve the Petroleum split.
Free cash flow here follows BHP’s operating-cash-flow and net-investing-cash-flow definition. It is not simply operating cash flow less the capital-and-exploration line. Acquisitions and disposals can therefore affect the comparison.
Total-operations capital & exploration and free cash flow (US$M)
AI-generated visual from issuer-reported figures. It is illustrative and is not source evidence.
Capital and exploration expenditure (cash basis, US$M)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| PPE purchases — continuing operations | 5,612 | 5,855 | 6,733 | 8,816 | 9,398 |
| Exploration and evaluation — continuing operations | 192 | 256 | 350 | 457 | 396 |
| Capital and exploration — continuing operations | 5,804 | 6,111 | 7,083 | 9,273 | 9,794 |
| Capital and exploration — discontinued operations | 1,316 | 1,434 | — | — | — |
| Capital and exploration — total operations | 7,120 | 7,545 | 7,083 | 9,273 | 9,794 |
Basis: FY2021 and FY2022 continuing/discontinued figures use the restated comparative presentation in the FY2023 annual report. A dash means no discontinued-operations contribution, not missing evidence.
Free cash flow (US$M)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Continuing operations | 19,558 | 24,312 | 5,636 | 11,903 | 5,342 |
| Discontinued operations | (169) | 903 | — | — | — |
| Total operations | 19,389 | 25,215 | 5,636 | 11,903 | 5,342 |
Basis: Non-IFRS measure. FY2024 equals 20,665 operating cash flow less 8,762 investing outflow; FY2025 equals 18,692 less 13,350. Dashes denote no discontinued-operations contribution.
Cash balances and liquidity
Year-end cash was highest in FY2022 and remained below that peak in the following three years. The currency table shows USD-equivalent balances by denomination, not separate amounts measured in each local currency.
Cash alone is not net debt. BHP’s net-debt definition also includes specified borrowing and hedging adjustments; the cash charts must not be read as a complete leverage measure.
Cash and cash equivalents (US$M)
AI-generated visual from issuer-reported figures. It is illustrative and is not source evidence.
Cash and cash equivalents — five-year review (US$M)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 15,246 | 17,236 | 12,428 | 12,501 | 11,894 |
Basis: Statutory consolidated balances at 30 June in each fiscal year; US$M.
Cash and cash equivalents by currency of denomination (USD-equivalent, US$M)
| Currency | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| USD | 12,003 | 7,654 | 5,925 | 4,445 | 4,507 |
| EUR | 4 | 2,656 | 544 | 5 | 8 |
| GBP | 32 | 30 | 674 | 711 | 25 |
| AUD | 573 | 3,360 | 1,797 | 3,840 | 3,611 |
| CAD | 2,455 | 3,437 | 3,362 | 3,259 | 3,369 |
| Other | 179 | 99 | 126 | 241 | 374 |
| Total | 15,246 | 17,236 | 12,428 | 12,501 | 11,894 |
Basis: Currency of denomination, translated to USD. Every column reconciles to total cash and cash equivalents. Fiscal year-end is 30 June for all five periods.
Capital returns and dividends
Cash dividends paid peaked in FY2022 and then declined. These rows measure payments made during the fiscal year, combining the prior-year final dividend and the current interim dividend—not dividends determined for that year.
The FY2022 Petroleum–Woodside in-specie distribution is excluded from this cash-paid series. It must not be added to a US-cents cash figure without preserving its separate currency and distribution basis.
Cash dividends paid per share (US cents)
AI-generated visual from issuer-reported figures. It is illustrative and is not source evidence.
Cash dividends paid during the period (US cents per share)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Prior-year final | 55 | 200 | 175 | 80 | 74 |
| Interim | 101 | 150 | 90 | 72 | 50 |
| Total paid | 156 | 350 | 265 | 152 | 124 |
Basis: Cash dividends paid during each fiscal year. FY2022 excludes the separately disclosed in-specie distribution from this cash-paid series.
Cash dividends paid during the period (US$M)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Prior-year final | 2,779 | 10,119 | 8,858 | 4,065 | 3,749 |
| Interim | 5,115 | 7,601 | 4,562 | 3,647 | 2,537 |
| Total paid | 7,894 | 17,720 | 13,420 | 7,712 | 6,286 |
Basis: Statutory cash dividends paid during each period; US$M. Totals equal the displayed final and interim components.
Segment economics — selected case studies
The BMA bridge is a focused FY2021–FY2022 cost comparison, not a complete five-year segment trend. It preserves the issuer’s asset-level scope rather than extrapolating a missing annual series.
BMA unit-cost bridge — revenue, Underlying EBITDA, cost build, equity-share sales and unit cost (FY2022 vs FY2021 comparative, segmental basis)
| BMA unit-cost bridge line | Unit | FY2021 (comparative) | FY2022 |
|---|---|---|---|
| BMA segment revenue | US$M | 3,537 | 10,254 |
| BMA Underlying EBITDA | US$M | 567 | 6,335 |
| BMA gross costs | US$M | 2,970 | 3,919 |
| BMA freight (cost build) | US$M | 54 | 50 |
| BMA royalties (cost build) | US$M | 275 | 1,282 |
| BMA net costs | US$M | 2,641 | 2,587 |
| BMA sales volume — metallurgical coal (equity share) | kt | 31,958 | 29,049 |
| BMA unit cost | US$/t | 82.64 | 89.06 |
Basis: Non-statutory asset-level unit-cost bridge as defined by BHP (see definition row). FY2021 comparatives are as printed in the FY2022 source. Footnotes 1, 2 and 3 to the FY2022 source apply as printed. Royalties are excluded from net costs for Queensland Coal per the issuer's unit-cost definition.
Exceptional items, taxation and impairments
Exceptional gains and losses are important to the statutory earnings comparison: the Petroleum transaction, Samarco impacts and Western Australia Nickel charges have different economic meanings. The adjusted tax-rate table is a separate non-IFRS reconciliation, not the statutory tax rate.
FY2021 and FY2022 adjusted tax figures use the comparable presentation in the FY2023 annual report. The rate should be read with its adjusted earnings base and tax expense, rather than compared in isolation.
Adjusted effective tax-rate basis
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Adjusted profit before taxation (US$M) | 28,715 | 33,757 | 21,741 | 22,648 | 19,587 |
| Adjusted income tax expense (US$M) | (9,592) | (10,516) | (6,717) | (7,363) | (7,285) |
| Adjusted effective tax rate (%) | 33.4 | 31.2 | 30.9 | 32.5 | 37.2 |
Basis: Underlying/non-IFRS reconciliation. FY2021 and FY2022 use the comparable presentation published with FY2023; later years use each subsequent annual reconciliation.
How to read the five-year comparisons
Read each table’s reporting boundary before comparing years. Statutory results, underlying measures, cash-paid dividends and year-end balances answer different questions.
The reference below keeps BHP’s stated non-IFRS definitions separate from the financial series. The FY2023 reconciliation is a single-year worked example, not a five-year balance-sheet table.
Comparison hierarchy
Statutory result
→Continuing/discontinued boundary
→Exceptional-item adjustments
→Underlying measure
AI-generated visual from issuer-reported figures. It is illustrative and is not source evidence.
Underlying-reconciliation arithmetic — FY2023 anchor (US$M, USD, Underlying non-IFRS)
| Line item | FY2023 | Basis |
|---|---|---|
| Net assets at the beginning of the period | 48,766 | Underlying (non-IFRS), balance sheet |
| Capital employed at the beginning of the period | 49,099 | Underlying (non-IFRS) |
| Capital employed at the end of the period | 59,696 | Underlying (non-IFRS) |
| Average capital employed | 54,398 | Underlying (non-IFRS); simple average of opening and closing capital employed |
| Exceptional items affecting profit after taxation (add-back) | 606 | Statutory adjustment |
| Exceptional items included within net finance costs | (452) | Underlying (non-IFRS); removed to avoid double-counting |
| Income tax expense on net finance costs (removed) | (342) | Underlying (non-IFRS); estimated tax impact removed for comparability |
Basis: Underlying non-IFRS, balance-sheet basis. Opening net assets of US$48,766 million equal the FY2022 closing balance with no restatement disclosed. Arithmetic check: 48,766 + 333 = 49,099 opening capital employed; 48,530 + 11,166 = 59,696 closing capital employed; average = (49,099 + 59,696) / 2 = 54,397.5 ≈ 54,398. Exceptional-item add-back of US$606 million and removals of US$(452) million and US$(342) million are made to allow comparability of underlying financial performance.
Stated non-IFRS definitions used across the five-year review
| Category | Measure | Issuer definition — condensed | Boundary |
|---|---|---|---|
| Earnings | Underlying attributable profit | Profit after tax attributable to BHP shareholders, including Continuing and Discontinued operations, excluding attributable exceptional items. | Group |
| Earnings | Profit from operations | Earnings before net finance costs, tax and Discontinued operations, including BHP's share of equity-accounted results with related finance costs and tax. | Continuing |
| Investment | Capital and exploration expenditure | Purchases of property, plant and equipment plus exploration expenditure, including the contribution from Discontinued operations. | Group |
| Investment | Capital and exploration expenditure | The same expenditure measure with the Discontinued-operations contribution excluded. | Continuing |
| Cash flow | Free cash flow | Net operating cash flows less net investing cash flows. | Group |
| Cash flow | Free cash flow | Operating cash flow less investing cash flow, with Discontinued operations excluded from both components. | Continuing |
| Balance sheet | Net debt | Interest-bearing liabilities less specified freight-contract liabilities, cash and cash equivalents, relevant hedging swaps and cash-management instruments. | Group |
| Balance sheet | Gearing ratio | Net debt divided by the sum of Net debt and Net assets. | Group |
| Balance sheet | Net operating assets | Operating assets less operating liabilities, including equity-accounted investments and predominantly excluding financing, tax and held-for-sale balances. | Group |
| Tax | Adjusted effective tax rate | Adjusted tax expense or benefit divided by adjusted profit before tax, excluding exceptional items and specified exchange-rate movements. | Continuing |
Basis: Condensed from BHP's stated definitions in the Summary of financial measures. Repeated calculation-method rows were consolidated; the Continuing/Discontinued boundary is retained explicitly.
Annual reports used
Source: BHP Group Limited Annual Reports. The review retains the selected document identities and table evidence internally; external links are omitted.
- BHP Group Limited Annual Report 2021 · issued 2021-09-14 · ASX announcement 02420992
- BHP Group Limited Annual Report 2022 · issued 2022-09-06 · ASX announcement 02564379
- BHP Group Limited Annual Report 2023 · issued 2023-08-22 · ASX announcement 02700150
- BHP Group Limited Annual Report 2024 · issued 2024-08-27 · ASX announcement 02844437
- BHP Group Limited Annual Report 2025 · issued 2025-08-19 · ASX announcement 02981829
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