BHP’s copper profits outstrip iron ore for first time

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.