Record‑Breaking Earnings Propel BHP Shares to New All‑Time High

BHP Group Limited, the world’s largest publicly listed mining company, delivered a first‑half 2026 earnings report that surpassed market expectations and propelled its share price to a record high.

Earnings Beat and Profit Surge

On 17 February 2026, BHP announced that its net profit for the period ending 31 December 2025 rose 28 % to AUD 5.64 billion (US $5.64 billion), a jump largely attributed to higher copper prices and robust operational performance. The company’s revenue increased 11 %, reflecting a stronger output mix and the shift in its commodity portfolio. The earnings call, held on the same day, highlighted that copper had become the leading contributor to BHP’s top line, overtaking iron ore for the first time in the company’s history.

Strategic Commodity Pivot

BHP’s management underscored a deliberate pivot toward copper, a metal that has become essential for the global energy transition, electric‑vehicle production, and digital infrastructure. The company’s copper production has expanded through new acquisitions and production ramp‑ups, positioning it as a key supplier to the burgeoning clean‑energy sector. The profit surge has been described as a “pivot to copper” that has paid dividends for shareholders and reinforced BHP’s competitive advantage in a commodity‑driven market.

Landmark Silver Streaming Deal

In a separate transaction announced the same day, BHP and Wheaton Precious Metals signed a $4.3 billion silver‑streaming agreement. The deal is the largest silver streaming contract ever executed and will provide Wheaton with a portion of BHP’s future silver production in exchange for an upfront payment and a share of the metal’s market price. The transaction is expected to generate significant cash flow for BHP while diversifying its revenue base beyond base metals.

Following the earnings announcement, BHP shares closed at AUD 52.74, a 4.73 % gain that set a new all‑time high for the stock. The price uplift pushed the company’s market‑capitalisation above AUD 260 billion, and its P/E ratio settled at 20.35, reflecting investor confidence in the company’s growth prospects. The Australian S&P/ASX 200 index rose in response, with BHP identified as one of the day’s top performers.

Market and Analyst Reactions

Financial analysts and institutional investors noted the company’s willingness to raise its interim dividend following the earnings beat, signalling confidence in future cash‑flow generation. A report from Macquarie retained a “Hold” rating on BHP, citing the company’s solid fundamentals and the favorable commodity backdrop. Meanwhile, market observers highlighted the company’s leadership role in the metals & mining sector, with BHP’s performance helping to lift the broader resources sector.

Outlook

BHP’s 2026 first‑half results underscore its strategic emphasis on copper and silver, both of which are poised to benefit from long‑term demand growth. The company’s record earnings, combined with its aggressive commodity pivot and the sizeable silver streaming agreement, position BHP to continue delivering value to shareholders while maintaining its status as a global leader in the metals and mining industry.