Rio Tinto Net Profit Jumps 47 Percent to $6.7 Billion

Rio Tinto reported a 47 percent increase in net profit to $6.7 billion for the six months ended June 30, 2026. Underlying earnings rose 28 percent to $14.8 billion, while free cash flow surged 75 percent to $3.83 billion. Following the announcement, company shares jumped 5 percent to $167.20.

Financial growth was driven by iron ore operations in Western Australia and a massive 84 percent surge in copper earnings to $5.7 billion. Aluminum earnings rose 31 percent to $3.1 billion, and lithium earnings improved 419 percent over the previous year to $200 million. The company declared a $3.4 billion interim ordinary dividend of $2.11 per share, representing a 43 percent increase.

Chief Executive Simon Trott attributed the results to accelerating productivity and the company's exposure to electrification, artificial intelligence, and digital trends. He noted that the firm has banked $870 million in cost-saving benefits, with a target of $1.8 billion by the end of 2026. To support future growth in the tech and EV sectors, the company is targeting one million tonnes of copper output by 2030, supported by operations at the Kennecott mine in Utah and the Oyu Tolgoi site in Mongolia.