Finance
Rio Tinto annual earnings flat as iron ore weakens, copper cushions blow
Published by Global Banking & Finance Review®
Posted on February 19, 2026
2 min readLast updated: February 19, 2026
Quick Summary
Rio Tinto reported flat full-year earnings as stronger copper prices and output balanced weaker iron ore markets. Underlying profit was $10.87B, roughly matching the $11.03B Visible Alpha consensus after ending Glencore merger talks.
Feb 19 (Reuters) - Rio Tinto on Thursday reported flat annual earnings that missed expectations as weaker iron ore prices weighed on its core business, while stronger copper prices and higher output helped limit the impact.
The world's largest iron ore producer, which recently walked away from merger talks with Glencore, posted underlying earnings of $10.87 billion for the year ended December 31, unchanged from a year earlier and below the Visible Alpha consensus of $11.03 billion.
The miner also declared a final dividend of 254 cents per share, implying a payout ratio of 60% of underlying earnings, up from 225 cents in 2024.
The results highlight miners' increasing focus on copper as demand accelerates, driven by the growth of power-hungry AI data centres and the shift toward cleaner energy.
Annual unit costs for Pilbara iron ore were around $0.5 per tonne higher than in 2024 due to inflationary pressures and weather‑related disruptions. Pilbara unit costs are forecast to rise further to between $23.5 and $25.0 per wet metric ton this year.
Rio's copper business delivered stronger results, with average realised prices rising 17% in 2025 and output up 11%, supported by a ramp‑up at the Oyu Tolgoi mine in Mongolia.
The metal also overtook iron ore in rival BHP's earnings for the first time, the world’s largest listed miner said this week.
That strategic pivot has fuelled a wave of dealmaking across the sector as companies race to secure long‑life copper resources.
Rio's own talks with Glencore collapsed in February after the companies failed to agree on valuation and ownership terms, ending discussions that would have created the world's largest listed mining company and significantly boosted copper exposure.
(Reporting by Roushni Nair in Bengaluru and Melanie Burton in Australia; Editing by Nivedita Bhattacharjee)
Key Takeaways
- •Underlying earnings came in at $10.87B, flat year over year.
- •Stronger copper prices and higher output offset weaker iron ore markets.
- •Iron ore division remains pressured by rising global supply.
- •Results broadly in line with Visible Alpha consensus of about $11.03B.
- •Company recently ended merger talks with Glencore after valuation disputes.
Frequently Asked Questions about Rio Tinto annual earnings flat as iron ore weakens, copper cushions blow
1What is the main topic?
Rio Tinto’s full‑year earnings were flat as copper strength and higher output offset weaker iron ore markets, resulting in underlying profit of about $10.87 billion.
2How did copper and iron ore affect results?
Stronger copper prices and improved production supported earnings, while softer iron ore markets and rising global supply weighed on the flagship iron ore division.
3Were results in line with expectations?
Yes. Underlying profit of $10.87B was broadly in line with the roughly $11.03B Visible Alpha consensus, indicating a stable performance.
