v3.25.2
Segment reporting
 12 Months Ended
Jun. 30, 2025
Text block 1 [Abstract]  
Segment reporting
1 Segment reporting
Reportable segments
The Group operated three reportable segments during FY2025, which are aligned with the commodities that are extracted and marketed and reflect the structure used by the Group’s management to assess the performance of the Group.
 
Reportable segment
   
Principal activities
Copper
   
Mining of copper, uranium, gold, zinc, molybdenum and silver
Iron Ore
   
Mining of iron ore
Coal
   
Mining of steelmaking coal and energy coal
Group and unallocated items includes functions, other unallocated operations including Potash, Western Australia Nickel (comprising the Nickel West operations and the West Musgrave project), legacy assets and consolidation adjustments. Revenue not attributable to reportable segments comprises the sale of freight and fuel to third parties, as well as revenues from unallocated operations. Exploration and technology activities are recognised within relevant segments.
 
Year ended 30 June 2025
US$M
  
Copper
 
 
Iron Ore
 
 
Coal
 
 
Group and
unallocated
items/
eliminations
 
 
Group
total
 
Revenue
   
 
22,530
 
   
 
22,919
 
   
 
5,046
 
   
 
767
 
   
 
51,262
 
Inter-segment revenue
   
 
– 
 
 
 
– 
 
 
 
– 
 
 
 
– 
 
 
 
– 
 
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total revenue
   
 
22,530
 
   
 
22,919
 
   
 
5,046
 
   
 
767
 
   
 
51,262
 
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Underlying EBITDA
   
 
12,326
 
   
 
14,396
 
   
 
573
 
   
 
(1,317
) 
   
 
25,978
 
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Depreciation and amortisation
   
 
(2,351
) 
   
 
(2,098
) 
   
 
(602
) 
   
 
(489
)
   
 
(5,540
) 
Impairment losses
1
   
 
(19
)
   
 
(151
)
   
 
(4
)
   
 
(24
)
   
 
(198
)
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Underlying EBIT
   
 
9,956
 
   
 
12,147
 
   
 
(33
)
   
 
(1,830
)
   
 
20,240
 
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Exceptional items
2
   
 
– 
 
   
 
(321
)
   
 
– 
 
   
 
(455
)
   
 
(776
)
Net finance costs
               
 
(1,111
)
              
 
 
  
Profit before taxation
               
 
18,353
 
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Capital expenditure (cash basis)
   
 
4,392
 
   
 
2,617
 
   
 
525
 
   
 
1,864
 
   
 
9,398
 
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Profit/(loss) from equity accounted investments, related impairments and expenses
   
 
464
 
   
 
(245
)
   
 
– 
 
   
 
(66
)
   
 
153
 
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Investments accounted for using the equity method
   
 
4,084
 
  
 
– 
 
  
 
– 
 
  
 
23
 
  
 
4,107
 
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total assets
   
 
46,694
 
   
 
26,320
 
   
 
10,067
 
   
 
25,709
 
   
 
108,790
 
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total liabilities
   
 
5,810
 
   
 
11,068
 
   
 
3,710
 
   
 
35,984
 
   
 
56,572
 
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
Year ended 30 June 2024
US$M
    Copper     Iron Ore     Coal     Group and
unallocated
items/
eliminations		     Group
total		  
Revenue
      18,566       27,952       7,666       1,474       55,658  
Inter-segment revenue
      –       –       –       –       –  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total revenue
      18,566       27,952       7,666       1,474       55,658  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Underlying EBITDA
      8,564       18,913       2,290       (751 )      29,016  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Depreciation and amortisation
      (2,023 )      (2,027 )      (611 )      (634 )      (5,295 ) 
Impairment losses
1
      (17 )      (61 )      (2 )      (10 )      (90 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Underlying EBIT
      6,524       16,825       1,677       (1,395 )      23,631  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Exceptional items
2
      –       (3,066 )      880       (3,908 )      (6,094 ) 
Net finance costs
              (1,489 ) 
          
 
 
  
Profit before taxation
              16,048  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Capital expenditure (cash basis)
      3,711       2,033       646       2,426       8,816  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Profit/(loss) from equity accounted investments, related impairments and expenses
      377       (3,032 )      –       (1 )      (2,656 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Investments accounted for using the equity method
      1,573       –       –       89       1,662  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total assets
      42,145       25,569       9,528       25,120       102,362  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total liabilities
      5,777       11,757       3,056       32,652       53,242  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Year ended 30 June 2023
US$M
    Copper     Iron Ore     Coal     Group and
unallocated
items/
eliminations		     Group
total		  
Revenue
      16,027       24,812       10,958       2,020       53,817  
Inter-segment revenue
      –       –       –       –       –  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total revenue
      16,027       24,812       10,958       2,020       53,817  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Underlying EBITDA
      6,653       16,692       4,998       (387 )      27,956  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Depreciation and amortisation
      (1,810 )      (1,993 )      (697 )      (561 )      (5,061 ) 
Impairment losses
1
      (33 )      (28 )      (6 )      (8 )      (75 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Underlying EBIT
      4,810       14,671       4,295       (956 )      22,820  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Exceptional items
2
      –       176       –       (64 )      112  
Net finance costs
              (1,531 ) 
          
 
 
  
Profit before taxation
              21,401  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Capital expenditure (cash basis)
      2,698       1,966       657       1,412       6,733  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Profit/(loss) from equity accounted investments, related impairments and expenses
      383       215       –       (4 )      594  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Investments accounted for using the equity method
      1,530       –       –       90       1,620  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total assets
      39,864       25,527       11,087       24,818       101,296  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total liabilities
      5,635       8,571       3,821       34,739       52,766  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
1
 
Impairment losses exclude impairment related exceptional items: reversal of impairment of
 US$90 
million (2024: exceptional impairment of
 US$3,800 
million; 2023: exceptional impairment of
 US$ nil).
 
2
 
Exceptional items reported in Group and unallocated include Samarco dam failure related costs of US$135 million (2024: US$105 million; 2023: US$64 million). Refer to note 3 ‘Exceptional items’ for further information.
 
Geographical information
 
    
Revenue by location
of customer
  
    
2025
      2024      2023  
    
US$M
      US$M      US$M  
Australia
   
 
2,545
 
      2,393        1,702  
Europe
   
 
1,121
 
      1,702        1,961  
China
   
 
32,083
 
      34,752        31,205  
Japan
   
 
4,177
 
      4,557        6,971  
India
   
 
2,661
 
      3,371        3,447  
South Korea
   
 
2,664
 
      3,069        2,997  
Rest of Asia
   
 
3,331
 
      3,749        3,583  
North America
   
 
2,251
 
      1,601        1,382  
South America
   
 
429
 
      464        569  
  
 
 
     
 
 
     
 
 
  
  
 
51,262
 
      55,658        53,817  
  
 
 
     
 
 
     
 
 
  
    
Non-current assets by

location of assets
  
    
2025
      2024      2023  
    
US$M
      US$M      US$M  
Australia
   
 
50,619
 
      48,991        51,961  
North America
   
 
9,459
 
      6,979        5,081  
South America
   
 
23,940
 
      19,927        19,047  
Rest of world
   
 
742
 
      831        685  
Unallocated assets
1
   
 
1,200
 
      1,296        1,171  
  
 
 
     
 
 
     
 
 
  
  
 
85,960
 
      78,024        77,945  
  
 
 
     
 
 
     
 
 
  
 
1
 
Unallocated assets comprise deferred tax assets and other financial assets.
Underlying EBITDA
Underlying EBITDA is earnings before net finance costs, depreciation, amortisation and impairments, taxation expense, Discontinued operations and any exceptional items. Underlying EBITDA includes BHP’s share of profit/(loss) from investments accounted for using the equity method including net finance costs, depreciation, amortisation and impairments and taxation expense/(benefit).
Exceptional items are excluded from Underlying EBITDA in order to enhance the comparability of such measures from
period-to-period
and provide investors with further clarity in order to assess the performance of the Group’s operations. Management monitors exceptional items separately. Refer to note 3 ‘Exceptional items’ for additional detail.
Segment assets and liabilities
Total segment assets and liabilities of reportable segments represents operating assets and operating liabilities, including the carrying amount of equity accounted investments and predominantly excludes cash balances, loans to associates, interest bearing liabilities and deferred tax balances. The carrying value of investments accounted for using the equity method represents the balance of the Group’s investment in equity accounted investments, with no adjustment for any cash balances, interest bearing liabilities or deferred tax balances of the equity accounted investment.