• BHP's earnings per share (EPS) of $2.24 fell short of the estimated $2.41, but revenue exceeded expectations at $27.9 billion.
• Copper contributed 51% of the group’s EBITDA with a 66% margin, highlighting its growing importance to BHP.
• The company announced a dividend per share of 73 cents, surpassing both RBC’s estimate and the consensus figure.

BHP Group Limited (NYSE:BHP) is a leading global resources company, primarily involved in the production of commodities such as iron ore, copper, and coal. The company operates in over 90 locations worldwide and is a major player in the mining industry. BHP's competitors include Rio Tinto and Vale, both of which are also significant players in the global mining sector.

On February 16, 2026, BHP reported its earnings, revealing an earnings per share (EPS) of $2.24, which fell short of the estimated $2.41. Despite this, the company exceeded revenue expectations, generating $27.9 billion compared to the anticipated $27.34 billion. This revenue performance was bolstered by strong contributions from copper, which has become a central focus for BHP, contributing 51% of the group’s EBITDA with a 66% margin.

RBC Capital Markets described BHP's first-half results as a “clean, copper-led result with solid financial 1H performance.” The company's earnings before interest, tax, depreciation, and amortization (EBITDA) were slightly ahead of expectations, with an underlying EBITDA of $15.5 billion. Free cash flow was strong, and the dividend payout ratio of 60% was a positive surprise, with a dividend per share of 73 cents surpassing RBC’s estimate of 69 cents and the consensus figure of 63 cents.

BHP's underlying net profit after tax of $6.2 billion fell short of RBC's forecast, attributed to factors such as tax, minorities, and finance. Despite this, the company's strategic focus on copper has paid off, with copper's EBITDA of $8 billion exceeding that of iron ore, underscoring its growing importance to the company. BHP is also exploring infrastructure deals to unlock additional value from its asset portfolio, aiming to generate up to $10 billion from these deals.

BHP's financial metrics reflect its market valuation and financial health. The company has a price-to-earnings (P/E) ratio of approximately 20.69, a price-to-sales ratio of about 3.63, and an enterprise value to sales ratio of around 3.88. BHP's enterprise value to operating cash flow ratio is approximately 10.64, and it has an earnings yield of about 4.83%. The company's debt-to-equity ratio is approximately 0.51, indicating a moderate level of debt relative to equity, while its current ratio of about 1.46 suggests a strong ability to cover short-term liabilities with short-term assets.