Historical source-based research. Compilation date and financial period are different dates.

Research summary

A two-period review of BHP revenue, profitability and cash conversion; reported revenue growth was -7.90%.

Period comparison

FY2025 ended 2025-06-30; the prior observation ended 2024-06-30. Revenue moved from USD 55.658 billion to USD 51.262 billion. These are annual periods, not quarterly earnings or trailing-twelve-month estimates.

Earnings bridge

Net income moved from USD 9.601 billion to USD 11.143 billion. Operating income moved from USD 17.537 billion to USD 19.464 billion. Net margin moved from 17.25% to 21.74%. A margin change identifies an outcome; its causes require management discussion and footnotes.

Cash-flow cross-check

Operating cash flow was USD 20.665 billion in the earlier period and USD 18.692 billion in the later period. Selected free cash flow was not available and not available, respectively. Working-capital timing can cause earnings and cash to diverge.

Interpretation and limits

A rise in reported revenue does not by itself identify organic growth. A difference in EPS can reflect share-count changes as well as operating performance. No causal claim is made from these aggregate figures.

Valuation context

Company profiles show eligible dated valuation ratios using the September 17, 2026 price snapshot and selected annual accounting denominators. Capitalization-based measures use estimates and are identified as such. These are not live, TTM or forward values. A historical-multiple series and EV/EBITDA are not available. Sector medians describe a selected sample; they do not establish fair value or expected returns.

What to monitor

Volumes, realized prices, reinvestment and through-cycle cash generation.

Risks and uncertainties

Commodity pricing, production disruption, reserve quality, energy costs and capital execution.

Sources & dates

Methodology protocol ↗SMS research updates ↗