Fortescue Ltd delivered record iron ore shipments of 201.3 million tonnes for the 12 months to 30 June 2026, generating an underlying net profit after tax of US$3.5 billion.

The annual total surpassed the 198.4 million tonnes shipped in FY25. Supported by a seven per cent increase in the realized hematite price to US$91 per dry metric tonne and a two per cent rise in sales to 201.4 million tonnes, total revenue grew nine per cent to US$16.97 billion, up from US$15.54 billion in the previous financial year.

Operating performance underpinned an underlying EBITDA of US$8.64 billion with an underlying EBITDA margin of 51 per cent, while free cash flow reached US$3.2 billion after capital expenditure of US$3.64 billion. Statutory net profit after tax landed at US$2.9 billion, weighed down by a US$525 million non-cash impairment charge relating to the Iron Bridge project and a US$73 million compensation claim expense.

“Our record operating performance this year underpinned a nine per cent increase in Underlying EBITDA and a 25 per cent increase in free cash flow. We invested US$3.6 billion across the business and finished the year with US$5.1 billion in cash and net debt of just US$0.9 billion.”

“That puts us in a strong position to continue investing in growth while delivering returns to shareholders.”

— Dino Otranto, Fortescue Metals and Operations Chief Executive Officer

The company sustained an industry-leading Hematite C1 unit cost of US$18.74 per wet metric tonne during FY26, representing a four per cent increase on FY25 that met guidance despite inflationary pressures and elevated energy prices. Fortescue closed the period with a robust balance sheet comprising US$5.07 billion in cash and gross debt of US$5.93 billion, leaving net debt at US$857 million.

Operational enhancements during the year included implementing a new hematite life of mine plan incorporating the Blacksmith Project, following the April 2025 acquisition of Red Hawk Mining Limited for A$254 million. Project operator subsidiary Pilbara Energy Company also staked three new claims near the project on 29 May 2026. Internationally, Fortescue completed the acquisition of Alta Copper, securing the Cañariaco Copper Project in Peru.

The board declared a fully franked final dividend of A$0.46 per share, taking total dividends declared for FY26 to A$1.08 per share. Payment to shareholders is scheduled for 29 September 2026.

For the 2027 financial year, Fortescue guided iron ore shipments of 197 to 207 million tonnes, including 11 to 14 million tonnes from Iron Bridge on a 100 per cent basis, alongside a hematite C1 unit cost of US$20.50 to US$21.75 per wet metric tonne.

Read the full announcement: FY26 Full Year Results