BHP’s copper profits outstrip iron ore for first time
BHP’s annual earnings rose to $33bn as copper profits surpassed iron ore for the first time, helped by demand from data centres and energy networks. The result strengthens the copper-growth narrative but leaves BHP balancing that momentum against a 7.9% year-over-year revenue decline in the latest enrichment.
What happened
BHP’s annual earnings rose to $33bn as copper profits surpassed iron ore for the first time, helped by demand from data centres and energy networks.
The read · Aug 17
The copper profit inflection moves the risk to the upside for BHP, though the latest 7.9% revenue decline limits the strength of the read.
Wrong if
The trade fails if copper’s profit lead is temporary or if the 7.9% revenue decline signals weakening demand across the wider portfolio.
CoverageSource: Financial Times · Published here MON, AUG 17 · 9:47 PM ET · 3 outlets in this record · latest listed: Investing.com at 9:47 PM ETHow this is decided →
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The story1 min read
BHP reported annual earnings of $33bn, with copper profits exceeding those from iron ore for the first time. Financial Times attributed the shift to booming demand from data centres and energy networks, sectors that require substantial power infrastructure and copper. The company’s latest available enrichment, for the fiscal year ended June 30, 2025, shows revenue of $51.3B, down 7.9% year over year, alongside a 21.7% net margin and $1.77 diluted EPS.
The result directly links BHP to the buildout of data-centre capacity and electricity networks, while also changing the relative earnings importance of copper and iron ore within the group. No analyst-consensus or insider-activity data was provided, so the reported profit mix is the main concrete signal for the equity angle.
The next focus is whether copper’s contribution remains ahead of iron ore and whether demand from data centres and energy networks translates into sustained earnings momentum. Investors will also need to track the company’s revenue trajectory, given the latest 7.9% year-over-year decline, and any further detail on margins and commodity volumes.
The read, in fullWhy it matters
The earnings mix has shifted toward copper, giving BHP a direct operating link to data-centre and energy-network demand rather than relying primarily on iron ore. That positive setup is tempered by the latest enrichment showing revenue down 7.9% year over year, so the upside case depends on copper’s profit contribution proving durable without further deterioration in the broader top line.
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AUG 18 · first close after publicationSEP 4
Price context does not establish that the story caused the move.
▲ The case it holds
Copper profits overtaking iron ore for the first time, alongside $33bn in annual earnings, provides a concrete growth hook tied to data-centre and energy-network demand.
▼ The case it breaks
The main opposing case is the latest $51.3B revenue figure being down 7.9% year over year, with no supplied consensus data to show that the copper shift exceeds expectations.
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