Rio Tinto reported full-year 2025 consolidated sales revenue of $57.6 billion, representing a 7% increase compared to 2024. Underlying EBITDA rose 9% to $25.4 billion, while underlying earnings per share remained stable at $6.69. The performance was primarily driven by record iron ore production from Pilbara operations and a significant 61% jump in copper production from the Oyu Tolgoi underground mine. Net earnings attributable to owners fell 14% to $10.0 billion, impacted by higher capital expenditure and impairment charges, despite a strong 8% growth in copper-equivalent production.
Note: Rio Tinto's FY'25 ended on December 31, 2025.
Rio Tinto successfully closed the acquisition of Arcadium Lithium ahead of schedule in March 2026, marking a transformative entry into the battery minerals sector. This strategic pivot integrates world-class lithium assets in Argentina and Canada into Rio Tinto's newly formed Aluminum & Lithium product group. The move positions the company as a top-tier lithium producer, with initial production from the Sal de Vida and Fenix 1B projects expected in the second half of 2026, targeting an unmatchable portfolio mix to meet global energy transition demand.
Below are key drivers of Rio Tinto's value that present opportunities for upside or downside to the current Trefis price estimate:
For additional details, select a division from the interactive Trefis split for Rio Tinto at the top of the page.
Rio Tinto is a leading global mining group focused on finding, mining, and processing Earth's mineral resources. The company operates through a decentralized structure consisting of three core product groups: Iron Ore, Aluminum & Lithium, and Copper. While iron ore remains the dominant cash generator, Rio Tinto is aggressively diversifying into energy transition materials, leveraging large-scale, low-cost assets to maintain high margins and a consistent dividend payout policy.
The Iron Ore segment remains the cornerstone of Rio Tinto's valuation due to its world-class asset base and industry-leading margins.
Rio Tinto's massive, integrated network of 17 mines, four port terminals, and a self-driving rail system in Western Australia allows it to maintain one of the lowest cash cost positions globally. This scale provides a significant moat, enabling the company to remain highly profitable even during cyclical troughs in iron ore prices.
The completion of the Oyu Tolgoi underground mine development has transformed Rio Tinto into a major copper producer. With copper demand expected to outpace supply due to electric vehicle and grid infrastructure needs, this segment provides a high-growth counterweight to the more mature iron ore business.
Macro demand for copper and lithium is accelerating as the world decarbonizes. Rio Tinto's acquisition of Arcadium Lithium and the expansion of the Kennecott and Oyu Tolgoi copper operations position the company to capture a larger share of the value chain in green energy minerals, reducing its long-term reliance on the steel cycle.
Management has streamlined the organization from four product groups to three, shifting decision-making closer to the assets. This strategy aims to deliver $650 million in annual productivity benefits by the end of Q1 2026, focusing on cost discipline and operational excellence to offset inflationary pressures in the mining sector.
