BHP Group Limited (BHP) Cash Flow Statement
Where BHP’s cash came from and went, FY2026
June 30, 2026 · U.S. dollars- Cash from operations
- $21.78B +16.7% vs FY2025
- Capital expenditures
- $9.85B 16.8% of revenue
- Free cash flow
- $11.93B 20.3% margin
- Returned to shareholders
- $6.76B 57% of free cash flow
- Change in cash
- $6.64B cash at year-end $18.53B
Cash from operations
$21.78B
Capital expenditures
−$9.85B
Investments (net)
−$2.38B
Acquisitions & other
+$218.0M
Dividends
−$6.76B
Net borrowing (repayment)
+$1.59B
Other financing
+$1.88B
Currency & other
+$152.0M
Change in cash
$6.64B
Drawn to scale: where the cash came from and how it was used. Hover for values.
BHP operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
BHP cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $16.80BFY2017 | $21.78BFY2026 | +2.9%/yr | |
| Capital expenditures | $4.25BFY2017 | $9.85BFY2026 | +9.8%/yr | |
| Free cash flow | $12.55BFY2017 | $11.93BFY2026 | −0.6%/yr | |
| Free cash flow margin | 34.9%FY2017 | 20.3%FY2026 | −14.6 pts | |
| Operating cash flow / net income | 1.63FY2017 | 0.97FY2026 | −0.66 | |
| Stock-based compensation | $105.0MFY2017 | $112.0MFY2024 | +0.9%/yr | |
| Dividends paid | $2.92BFY2017 | $6.76BFY2026 | +9.8%/yr | |
| Share buybacks (net) | $108.0MFY2017 | $0FY2025 | −100.0% | |
| Capex / revenue | 11.8%FY2017 | 16.8%FY2026 | +4.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BHP cash flow by activity
OperatingInvestingFinancingChange in cash
BHP net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BHP cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $22.41B | $9.00B | $7.90B | $21.40B | $30.90B | $24.29B | $13.51B | $8.65B | $14.75B | $10.32B |
| Depreciation & amortization | $6.20B | $5.54B | $5.29B | $5.06B | $5.68B | $5.08B | $6.11B | $5.83B | $6.29B | $6.18B |
| Stock-based compensation | — | — | $112.0M | $97.0M | $109.0M | $88.0M | $90.0M | $138.0M | $123.3M | $105.0M |
| Change in working capital | −$1.66B | $474.2M | −$1.32B | −$132.0M | −$1.57B | −$1.16B | $9.0M | $368.0M | −$118.0M | −$352.0M |
| Other non-cash items | −$5.18B | $3.64B | $8.68B | −$7.73B | −$2.95B | −$1.07B | −$4.01B | $2.89B | −$2.58B | $545.0M |
| Cash from operating activities | $21.78B | $18.66B | $20.66B | $18.70B | $32.17B | $27.23B | $15.71B | $17.87B | $18.46B | $16.80B |
| Investing activities | ||||||||||
| Capital expenditures | −$9.85B | −$9.38B | −$8.82B | −$6.73B | −$6.11B | −$5.61B | −$6.90B | −$7.12B | −$4.98B | −$4.25B |
| Investments (net) | −$2.38B | −$13.35B | −$8.76B | −$13.06B | −$266.0M | −$578.0M | −$7.62B | $2.61B | −$5.92B | −$4.16B |
| Acquisitions & other investing | $218.0M | $9.40B | $8.82B | $6.73B | −$582.0M | −$1.66B | $6.90B | $7.12B | $4.98B | $4.25B |
| Cash from investing activities | −$12.01B | −$13.33B | −$8.76B | −$13.06B | −$6.96B | −$7.84B | −$7.62B | $2.61B | −$5.92B | −$4.16B |
| Financing activities | ||||||||||
| Dividends paid | −$6.76B | −$6.39B | −$7.67B | −$13.27B | −$17.85B | −$7.90B | −$6.88B | −$11.39B | −$5.22B | −$2.92B |
| Share repurchases & issuance (net) | — | $0 | $0 | −$88.0M | −$149.0M | −$234.0M | −$143.0M | −$5.22B | −$171.0M | −$108.0M |
| Net borrowing (repayment) | $1.59B | $2.45B | −$2.24B | $4.89B | −$2.19B | −$7.83B | −$1.53B | −$2.35B | −$3.66B | −$5.54B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.88B | −$2.02B | −$1.76B | −$1.85B | −$2.57B | −$1.96B | −$1.20B | −$1.56B | −$1.84B | −$567.0M |
| Cash from financing activities | −$3.28B | −$5.96B | −$11.67B | −$10.31B | −$22.77B | −$17.92B | −$9.75B | −$20.53B | −$10.89B | −$9.13B |
| Summary | ||||||||||
| Net change in cash | $6.64B | −$607.0M | $75.0M | −$4.81B | $1.99B | $1.82B | −$2.17B | −$258.0M | $1.71B | $3.83B |
| Cash at end of period | $18.53B | $11.89B | $12.50B | $12.42B | $17.24B | $15.25B | $13.43B | $15.61B | $15.81B | $14.11B |
| Free cash flow | $11.93B | $9.28B | $11.85B | $11.97B | $26.06B | $21.62B | $8.81B | $10.75B | $13.48B | $12.55B |
| Free cash flow margin | 20.3% | 18.1% | 21.3% | 22.2% | 40.0% | 37.8% | 22.5% | 24.1% | 31.3% | 34.9% |
| Capex / revenue | 16.8% | 18.3% | 15.8% | 12.5% | 9.4% | 9.8% | 17.6% | 16.0% | 11.5% | 11.8% |
| Operating cash flow / net income | 0.97 | 2.07 | 2.62 | 0.87 | 1.04 | 1.12 | 1.16 | 2.07 | 1.25 | 1.63 |
| Jun '26 | Dec '25 | Jun '25 | Dec '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Dec '22 | Sep '22 | Jun '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $4.21B | $5.65B | $4.60B | $4.42B | $6.97B | $3.48B | $927.0M | $463.5M | $6.46B | $3.23B | $3.23B | $10.73B |
| Depreciation & amortization | $3.29B | $2.93B | $2.89B | $2.65B | $2.66B | $1.33B | $2.63B | $1.31B | $2.59B | $1.23B | $1.23B | $1.42B |
| Stock-based compensation | — | — | — | — | $112.0M | $56.0M | — | — | $97.0M | — | — | $54.5M |
| Change in working capital | $685.5M | −$2.35B | $649.2M | −$174.0M | $248.0M | $124.0M | −$1.54B | −$768.5M | $518.0M | $417.5M | $417.5M | −$565.0M |
| Other non-cash items | $4.28B | $3.16B | $2.23B | $1.43B | $1.79B | $892.5M | $6.87B | $3.43B | $2.27B | −$1.49B | −$1.49B | −$2.19B |
| Cash from operating activities | $12.46B | $9.39B | $10.38B | $8.32B | $11.78B | $5.89B | $8.88B | $4.44B | $11.93B | $3.38B | $3.38B | $9.45B |
| Investing activities | ||||||||||||
| Capital expenditures | −$4.80B | −$5.08B | −$4.39B | −$5.01B | −$4.53B | −$2.26B | −$4.74B | −$2.37B | −$4.06B | −$1.51B | −$1.51B | −$1.62B |
| Investments (net) | — | — | — | — | — | — | — | — | — | −$184.5M | −$184.5M | −$11.0M |
| Acquisitions & other investing | −$770.8M | −$1.40B | −$3.29B | −$663.0M | $846.0M | — | −$335.0M | — | −$5.72B | −$1.59B | $53.5M | −$57.5M |
| Cash from investing activities | −$5.57B | −$6.48B | −$7.69B | −$5.67B | −$3.68B | — | −$5.08B | — | −$9.78B | −$3.29B | −$1.64B | −$1.69B |
| Financing activities | ||||||||||||
| Dividends paid | −$3.69B | −$3.09B | −$2.54B | −$3.87B | −$3.63B | −$1.81B | −$4.04B | −$2.02B | −$4.61B | −$4.33B | −$4.33B | −$3.91B |
| Share repurchases & issuance (net) | — | — | $0 | — | $0 | — | $0 | — | −$87.0M | −$500,000 | −$500,000 | −$74.0M |
| Net borrowing (repayment) | — | — | — | — | — | — | — | — | — | −$670.0M | −$670.0M | −$504.5M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.85B | $1.63B | $1.84B | −$1.41B | −$2.06B | −$1.03B | −$1.94B | −$969.0M | $5.29B | −$455.0M | −$455.0M | −$641.0M |
| Cash from financing activities | −$1.84B | −$1.45B | −$702.9M | −$5.27B | −$5.69B | −$2.84B | −$5.98B | −$2.99B | $596.0M | −$5.46B | −$5.46B | −$5.13B |
| Summary | ||||||||||||
| Net change in cash | $5.07B | $1.57B | $2.33B | −$2.94B | −$10.32B | $1.09B | −$2.11B | −$1.05B | $2.82B | −$3.82B | −$3.82B | $2.44B |
| Cash at end of period | $18.53B | $13.47B | $11.89B | $9.56B | $1.09B | $1.09B | $10.32B | −$1.05B | $12.43B | −$3.82B | −$3.82B | $2.44B |
| Free cash flow | $7.66B | $4.31B | $5.99B | $3.31B | $7.25B | $3.63B | $4.14B | $2.07B | $7.88B | $1.87B | $1.87B | $7.83B |
| Free cash flow margin | 24.7% | 15.4% | 22.9% | 13.2% | 25.5% | — | 15.2% | — | 28.3% | 7.2% | — | 22.6% |
| Capex / revenue | 15.5% | 18.2% | 16.8% | 19.9% | 15.9% | — | 17.4% | — | 14.6% | 5.8% | — | 4.7% |
| Operating cash flow / net income | 2.96 | 1.66 | 2.25 | 1.88 | 1.69 | 1.69 | 9.58 | 9.58 | 1.85 | 1.05 | 1.05 | 0.88 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BHP cash generation
In fiscal 2026 (ended June 30, 2026), BHP generated $21.8 billion of cash from operations (up 16.7%) and spent $9.8 billion on capital expenditures, leaving free cash flow of $11.9 billion, 20.3% of revenue. It returned $6.8 billion to shareholders through dividends ($6.8 billion) and net share buybacks ($0). Cash and equivalents rose by $6.6 billion over the year.
Related: BHP income statement, BHP balance sheet, BHP dividend history. See the BHP stock overview for the latest quote and news.
BHP cash flow FAQ
What is BHP's free cash flow?
BHP's free cash flow was $11.9 billion in fiscal 2026: $21.8 billion of operating cash flow minus $9.8 billion of capital expenditures It was $9.3 billion a year earlier..
How much cash does BHP generate from operations?
BHP generated $21.8 billion of cash from operating activities in fiscal 2026, 0.97 times its net income of $22.4 billion.
How much does BHP spend on capital expenditures?
BHP spent $9.8 billion on capital expenditures in fiscal 2026, 16.8% of revenue, compared with $9.4 billion the year before.
How much does BHP pay in dividends?
BHP paid $6.8 billion in dividends in fiscal 2026, 56.6% of free cash flow.