Record earnings year
Record operating performance and realised pricing supported NPAT of US$10.3bn.
MII Research · Financial Review
(ASX: FMG) Fortescue Financial Review - FY2021~25
Five years of financial performance, explained through concise findings, comparable tables and traceable charts.
Fortescue Ltd (ASX: FMG), fiscal years ended 30 June 2021 to 30 June 2025. Amounts are US dollars unless a table states otherwise. This historical comparison uses the same extracted annual-report evidence and detailed tables as the original edition; it adds no current market data or investment recommendation.
At a glance
The five-year picture
Fortescue's FY2021-FY2025 financial record shows an earnings and cash-generation cycle rather than uninterrupted growth. Revenue, statutory profit and operating cash flow finished below their FY2021 levels, despite a recovery in FY2024. Shipments ended higher, while hematite C1 costs ended above their starting level. Investment continued and declared dividends followed the earnings cycle. These findings need separate reporting boundaries: borrowings exclude leases in the comparison table, C1 covers hematite, and the realised-price labels and segment presentation change within the period. The questions below pair each conclusion with the supporting tables and the limits of that comparison.
FY2021 - FY2025
Events behind the numbers
WAE acquisition
WAE joined the group from 28 February 2022, adding a partial-period result and a new comparability boundary.
Iron Bridge impairment
The Iron Bridge CGU recorded a US$1.037bn pre-tax impairment after cost, discount-rate and ramp-up changes.
Derailment recovery
Inflation, strip ratio and third-quarter derailment recovery costs affected financial performance.
Record shipments
Total shipments reached a record 198Mt, including hematite and magnetite volumes.
01 / Financial review
Five-year financial overview
Key finding
Fortescue's statutory profit and underlying earnings peaked in FY2021, fell through FY2023, recovered in FY2024 and declined again in FY2025. The displayed FY2025 statutory net profit after tax is US$3,366 million. Underlying and statutory profit should remain separate measures: their displayed values differ in FY2021 and FY2023. The table preserves both series rather than treating an adjusted earnings measure as interchangeable with the statutory result.
AI-generated · Traceable chart 1
Five-year income and earnings scorecard (US$m except EPS and ROE)
Source table: Five-year income and earnings scorecard (US$m except EPS and ROE); section: Executive summary and five-year scorecard.
Y-axis: reported unit · zero baseline shown
RevenueUnderlying EBITDAStatutory net profit after tax
From: Five-year financial overview
Five-year income and earnings scorecard (US$m except EPS and ROE)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | 22,284 | 17,390 | 16,871 | 18,220 | 15,541 |
| Underlying EBITDA | 16,375 | 10,561 | 9,963 | 10,708 | 7,941 |
| Statutory net profit after tax | 10,295 | 6,197 | 4,796 | 5,664 | 3,366 |
| Underlying net profit after tax | 10,349 | 6,197 | 5,522 | 5,664 | 3,366 |
| Basic EPS (US cents) | 334.6 | 201.4 | 156.0 | 184.8 | 109.7 |
| Underlying return on equity (%) | 67 | 38 | 33 | 31 | 19 |
Basis: Revenue and statutory NPAT are IFRS consolidated measures. Underlying EBITDA, underlying NPAT and underlying ROE are issuer-defined non-IFRS measures. EPS is statutory US cents per share.
From: Five-year financial overview
Five-year cash flow and investment scorecard (US$m)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash receipts from customers | 22,181 | 17,603 | 16,849 | 18,341 | 15,642 |
| Cash generated from operations | 16,810 | 10,515 | 10,016 | 10,689 | 8,267 |
| Net cash inflow from operating activities | 12,594 | 6,646 | 7,432 | 7,919 | 6,474 |
| Capital expenditure including joint operations | (3,633) | (3,074) | (3,181) | (2,895) | (3,930) |
Basis: Cash receipts, cash generated from operations and net operating cash flow are statutory cash-flow measures. Capital expenditure includes joint operations and is shown as an outflow.
From: Five-year financial overview
Five-year financial position scorecard (US$m)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets | 28,383 | 28,375 | 28,218 | 30,060 | 30,515 |
| Total equity | 17,735 | 17,345 | 17,998 | 19,531 | 19,956 |
| Cash and cash equivalents | 6,930 | 5,224 | 4,287 | 4,903 | 4,328 |
| Borrowings excluding lease liabilities | 3,442 | 5,348 | 4,587 | 4,585 | 4,835 |
Basis: Year-end statutory consolidated balances. Borrowings exclude lease liabilities so the basis remains consistent across all five years.
Interpretation notes
- Underlying EBITDA and underlying NPAT are non-IFRS measures defined by the issuer; statutory NPAT is the IFRS anchor.
- The displayed underlying and statutory NPAT values differ in FY2021 and FY2023; no new reconciliation is inferred here.
02 / Financial review
Income, realised prices and cost of sales
Key finding
Fortescue's realised iron ore price finished lower in FY2025 than in FY2021. In contrast, the magnitude of statutory cost of sales including depreciation and amortisation increased each year across the comparable FY2022-FY2025 rows. That distinction matters: a selling price per dry tonne and a total annual expense describe different things. Their movement alone does not establish a unit margin or explain every change in profit.
From: Income, realised prices and cost of sales
Realised iron ore price and 62% Fe benchmark (US$/dmt)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Average realised iron ore price | 135 | 100 | 95 | 103 | 85 |
| Average 62% Fe CFR Platts index | 154 | 138 | 110 | 119 | 101 |
Basis: FY2021–FY2023 realised prices refer to Fortescue's disclosed average realised iron ore price; FY2024–FY2025 refer specifically to Pilbara Hematite. The benchmark is the average 62% Fe CFR Platts index.
From: Income, realised prices and cost of sales
Five-year statutory cost of sales and operating-cost components (US$ million)
| Cost line (issuer basis) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Statutory cost of sales (including D&A) | Definition differs† | (7,649) | (7,817) | (8,673) | (9,102) |
| Cost of sales excluding D&A | -5,448* | (6,175) | (6,109) | (6,575) | (6,671) |
| Administration expenses | (155) | (204) | (288) | (416) | (433) |
Basis: †FY2021 supplied cost of sales excludes depreciation and amortisation and is therefore not inserted into the statutory including-D&A trend. The second row provides the separately disclosed excluding-D&A series for FY2021-FY2025. Parentheses denote expense presentation; values are US$ millions.
From: Income, realised prices and cost of sales
Five-year statutory basic earnings per share (US cents)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Basic EPS | 334.6 | 201.4 | 156.0 | 184.8 | 109.7 |
Basis: Issuer-reported statutory basic EPS attributable to ordinary equity holders. FY2024 is confirmed by the FY2025 comparative disclosure as 184.8 US cents.
Interpretation notes
- FY2021-FY2023 use the disclosed average realised iron ore price label; FY2024-FY2025 specify Pilbara Hematite. A continuous identical product basis is not assumed.
- The displayed FY2021 cost-of-sales value excludes depreciation and amortisation. Use the separate excluding-D&A row for that five-year comparison.
03 / Financial review
Mining operations and C1 unit costs
Key finding
Fortescue's iron ore shipments ended FY2025 above FY2021, but did not rise in every intervening year: the displayed FY2024 comparative is below FY2023. Hematite C1 cost rose to a FY2024 peak before easing in FY2025. The FY2025 endpoints are shipments of 198.4 million wet metric tonnes and hematite C1 cost of US$17.99 per wet metric tonne. Total shipments and hematite-only unit costs have different operating boundaries.
From: Mining operations and C1 unit costs
Iron ore shipments and hematite C1 unit cost
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Iron ore shipments (million wmt) | 182.2 | 189.0 | 192.0 | 191.6 | 198.4 |
| Hematite C1 cost (US$/wmt) | 13.93 | 15.91 | 17.54 | 18.24 | 17.99 |
Basis: Shipments are million wet metric tonnes. FY2024 uses the FY2025 comparative consolidated shipment figure. C1 cost is the issuer's non-IFRS hematite operating cost per wet metric tonne.
From: Mining operations and C1 unit costs
Production-cost components (US$m)
| Cost component | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Mining and processing | 2,110 | 2,539 | 2,856 | 3,102 | 3,421 |
| Rail | 211 | 243 | 266 | 288 | 290 |
| Port | 201 | 219 | 251 | 278 | 280 |
| Shipping | 1,333 | 1,976 | 1,455 | 1,531 | 1,469 |
| Government royalty | 1,560 | 1,130 | 1,124 | 1,209 | 1,002 |
Basis: Issuer-disclosed production-cost components. Mining and processing, rail and port form the C1 cost build; shipping and government royalty are shown separately.
Interpretation notes
- The FY2024 shipment value uses the comparative figure in the FY2025 annual report.
- Hematite C1 cost is an issuer-defined non-IFRS measure, not statutory cost of sales; it does not represent Iron Bridge's magnetite operating cost.
04 / Financial review
Reporting segments and business mix
Key finding
Fortescue's FY2023 reporting moved WAE from Metals to Energy and restated the FY2022 segment comparative. FY2024 and FY2025 show Metals and Energy operating segments, with Corporate outside those operating segments. Consequently, an original-year segment disclosure cannot automatically be compared with a later restated comparative. The milestone table explains the presentation changes without inventing a continuous five-year segment-results series.
From: Reporting segments and business mix
Segment-reporting structure milestones
| Period | Reported structure | Reader interpretation |
|---|---|---|
| FY2021 | Geographic customer revenue basis; operations and assets concentrated in Australia | Pre-Metals/Energy reporting structure |
| FY2023 transition | Metals and Energy; FY2022 comparative restated | Fortescue WAE moved from Metals to Energy |
| FY2024–FY2025 | Metals and Energy operating segments; Corporate non-operating | Corporate holds group-level cash, debt, tax and other corporate balances |
Basis: This event-style table avoids implying that post-restructure segment labels existed unchanged throughout all five years.
From: Reporting segments and business mix
FFI spend inside the Energy segment, FY2021–FY2022
| Metric (US$ millions) | FY2021 | FY2022 |
|---|---|---|
| FFI operating expenses | 104 | 386 |
| FFI capital expenditure | 18 | 66 |
| FFI investments | 0 (reported nil) | 82 |
| Total incurred on Fortescue's behalf for decarbonisation | 0 (reported nil) | 91 |
| of which incurred on Fortescue's behalf for decarbonisation — operating | Not separately disclosed† | 71 |
| of which incurred on Fortescue's behalf for decarbonisation — capital | Not separately disclosed† | 20 |
Basis: Issuer-reported FFI expenditure in the FY2022 Annual Report. `nil` means the issuer reported no amount, not missing data. †The FY2021 total incurred on Fortescue's behalf for decarbonisation was reported as nil, but operating and capital components were not separately disclosed. Later years are not presented as a continuous series on this basis.
Interpretation notes
- The milestone table is a reporting-structure summary, not a five-year segment income statement.
- FFI expenditure is displayed separately for FY2021-FY2022; it is not extended into later years on an assumed unchanged basis.
05 / Financial review
Operating cash flow and capital expenditure
Key finding
Fortescue's net operating cash inflow remained positive in each year of FY2021-FY2025 but finished below its FY2021 peak. FY2025 operating cash inflow was US$6,474 million, alongside capital expenditure including joint operations of US$3,930 million, shown as an outflow. These are separate reported measures. The table lets readers compare operating cash generation with investment without labelling their simple difference as issuer-reported free cash flow.
AI-generated · Traceable chart 2
Five-year cash flow and investment scorecard (US$m)
Source table: Five-year cash flow and investment scorecard (US$m); section: Executive summary and five-year scorecard.
Y-axis: US$m · zero baseline shown
Net cash inflow from operating activitiesCapital expenditure including joint operations
From: Operating cash flow and capital expenditure
Operating cash flow and capital expenditure (US$m)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash receipts from customers | 22,181 | 17,603 | 16,849 | 18,341 | 15,642 |
| Cash generated from operations | 16,810 | 10,515 | 10,016 | 10,689 | 8,267 |
| Net cash inflow from operating activities | 12,594 | 6,646 | 7,432 | 7,919 | 6,474 |
| Capital expenditure including joint operations | (3,633) | (3,074) | (3,181) | (2,895) | (3,930) |
Basis: Statutory consolidated cash-flow measures, plus issuer-reported capital expenditure including joint operations.
Interpretation notes
- Capital expenditure includes joint operations and is presented as an outflow.
- No free-cash-flow reconciliation is displayed in this comparison; operating cash flow and capital expenditure remain separate rows.
06 / Financial review
Balance sheet, debt and liquidity
Key finding
Fortescue's cash balance was lower at the end of FY2025 than at the end of FY2021, while borrowings excluding lease liabilities were higher. FY2025 cash was US$4,328 million and borrowings excluding leases were US$4,835 million. The five-year table does not establish that Fortescue remained in net cash throughout the period. Cash, borrowings excluding leases and the issuer's broader debt measures must not be treated as identical definitions.
AI-generated · Traceable chart 3
Five-year financial position scorecard (US$m)
Source table: Five-year financial position scorecard (US$m); section: Executive summary and five-year scorecard.
Y-axis: US$m · zero baseline shown
Cash and cash equivalentsBorrowings excluding lease liabilities
From: Balance sheet, debt and liquidity
Financial position, liquidity and borrowings (US$m)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total assets | 28,383 | 28,375 | 28,218 | 30,060 | 30,515 |
| Total equity | 17,735 | 17,345 | 17,998 | 19,531 | 19,956 |
| Cash and cash equivalents | 6,930 | 5,224 | 4,287 | 4,903 | 4,328 |
| Borrowings excluding lease liabilities | 3,442 | 5,348 | 4,587 | 4,585 | 4,835 |
Basis: Year-end statutory consolidated balances. Borrowings exclude lease liabilities for a consistent five-year comparison.
Interpretation notes
- Borrowings exclude lease liabilities in the five-year position table to keep the basis consistent; total debt including leases is reported separately by the issuer.
- Working-capital and restricted-cash components of liquidity are not displayed in this comparison's selected tables.
07 / Financial review
Capital returns and dividends
Key finding
Fortescue's ordinary dividends declared for FY2021-FY2025 peaked in FY2021 and ended lower in FY2025, with an intervening increase in FY2024. The FY2025 declared total was 110 Australian cents per share. This table compares dividends declared in respect of each fiscal year, not cash dividends paid within that year. Keeping those boundaries separate avoids assigning a prior year's final dividend to the wrong earnings period.
From: Capital returns and dividends
Ordinary dividends declared for each financial year (A¢ per share)
| Dividend component | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Interim dividend | 147 | 86 | 75 | 108 | 50 |
| Final dividend | 211 | 121 | 100 | 89 | 60 |
| Total dividend | 358 | 207 | 175 | 197 | 110 |
Basis: Fully franked ordinary dividends declared in respect of each fiscal year. FY2023 and FY2024 source values reported in A$ per share are normalised to Australian cents per share.
Interpretation notes
- Per-share amounts in the table are Australian cents, not US cents or US$ millions.
- A fiscal year's declared dividend and cash paid during that year are different measures; the table does not present a cash-dividend payment reconciliation.
08 / Financial review
Tax, exceptional items and impairments
Key finding
Fortescue's statutory consolidated income tax expense ended FY2025 below its FY2021 level, although it increased in FY2024 before falling again. The consolidated effective tax rate was 32.5% in FY2025, compared with 30.1% in FY2021. A lower tax expense therefore does not mean a lower effective rate. The consolidated and Australian tax-group rates are displayed separately, and the event cards identify disclosed exceptional items without assuming a common tax treatment.
From: Tax, exceptional items and impairments
Income tax expense, FY2021–FY2025 (US$m, statutory consolidated)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Current tax expense | 4,356 | 2,591 | 2,360 | 2,613 | 1,603 |
| Deferred tax expense / (benefit) | 71 | 58 | (270) | 23 | 21 |
| Income tax expense — total | 4,427 | 2,649 | 2,090 | 2,636 | 1,624 |
Basis: Statutory (IFRS) consolidated group, as reported in note (a) Income tax expense of each year's annual report. US dollars. FY2023 deferred tax of US$(270)m is a benefit shown in parentheses in the source. FY2024 and FY2025 comparatives are not republished here.
From: Tax, exceptional items and impairments
Income tax expense — comparative cross-checks between annual reports (US$m)
| Comparative shown in | Current tax | Deferred tax / (benefit) | Total tax expense |
|---|---|---|---|
| FY2023 comparative in FY2024 report | 2,360 | (270) | 2,090 |
| FY2024 comparative in FY2025 report | 2,613 | 23 | 2,636 |
Basis: Comparatives published alongside each year's current-period tax note; retained for boundary tracking only and not used as current-period values.
Interpretation notes
- The FY2023 deferred-tax amount of US$(270) million is a benefit, not a positive expense.
- The Iron Bridge impairment and Energy asset adjustments are separate disclosed events; no tax-effect reconciliation for them is calculated in this review.
09 / Financial review
Comparability and accounting boundaries
Key finding
Fortescue's five-year comparisons require particular care with cost-of-sales definitions, realised-price labels and restated segment reporting. The selected tables preserve those boundaries rather than filling gaps with zeros. Statutory and underlying profit are separate series, and the displayed continuing-operations EPS cross-check covers only FY2024 and FY2025. No valuation, forecast or independently verified free-cash-flow series is inferred from these historical disclosures.
From: Comparability and accounting boundaries
Effective tax rates (%)
| Tax measure | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Consolidated group | 30.1 | 29.9 | 30.4 | 31.8 | 32.5 |
| Australian tax group | 30.1 | 30.1 | 29.6 | 30.7 | 29.8 |
Basis: Issuer-disclosed effective tax rates. Consolidated group and Australian tax group remain separate bases.
From: Comparability and accounting boundaries
Statutory earnings per share – continuing operations (FY2025 current vs comparative)
| Metric | FY2024 comparative (as restated for FY2025) | FY2025 current |
|---|---|---|
| Basic earnings per share (US$ cents) | 184.8 | 109.7 |
Basis: Statutory (IFRS), continuing operations basis as presented by the issuer in the FY2025 report; FY2024 comparative value is the figure restated within the FY2025 financial statements.
Interpretation notes
- The FY2025 continuing-operations EPS comparison does not establish an unchanged continuing-operations basis for every earlier year.
- A value not displayed in this review is not evidence that the issuer never disclosed it.
Quick reference
Financial terms explained
What does Realised iron ore price mean in this review?
Fortescue's average selling price achieved per dry metric tonne across its iron ore sales in a period, as disclosed by the issuer.
What does Hematite C1 cost mean in this review?
Fortescue's issuer-defined non-IFRS production cost measure, expressed in US dollars per wet metric tonne. The hematite measure is distinct from consolidated statutory cost of sales and Iron Bridge magnetite costs.
What does Underlying EBITDA mean in this review?
An issuer-defined non-IFRS earnings measure. This review presents it separately from statutory net profit after tax; the label does not make it interchangeable with statutory profit.
What does Net debt mean in this review?
A debt-minus-cash measure whose meaning depends on the debt definition used. The displayed borrowings series excludes lease liabilities and must not be silently relabelled as the issuer's total net debt.
Scope and limitations
- This is a comparison of editorial formats, not evidence of improved AI citations, search visibility or rankings.
- The analysis is limited to the selected FY2021-FY2025 annual-report evidence; it is not current market analysis.
- Printed-page metadata is absent from the preserved fact ledger. Internal document, table and row identifiers retain traceability; no page numbers are invented.
- AI extraction and interpretation can contain errors. This comparison is not an audit or independent verification.
- A metric omitted from the displayed tables is not necessarily absent from the issuer's original disclosures.
Primary source registry
Annual reports used
- FY2021 — Fortescue Ltd annual report FY2021 — source identified; link omitted
- FY2022 — Fortescue Ltd annual report FY2022 — source identified; link omitted
- FY2023 — Fortescue Ltd annual report FY2023 — source identified; link omitted
- FY2024 — Fortescue Ltd annual report FY2024 — source identified; link omitted
- FY2025 — Fortescue Ltd annual report FY2025 — source identified; link omitted
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AI-led method
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