Business earnings report

Rio Tinto Misses Earnings, Copper Shines

Analysis based on 11 articles · First reported Feb 19, 2026 · Last updated Feb 19, 2026

Sentiment

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Market Impact

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Market Impact

The market reacted to Rio Tinto's flat earnings and missed expectations, with its London shares falling. However, the strong performance of the Copper division and the broader industry's pivot towards Copper are seen as positive for the future of mining companies.

Mining Metals and Mining

Event Summary

Rio Tinto reported flat annual underlying earnings of $10.87 billion for the year ended December 31, missing Visible Alpha's consensus of $11.03 billion. This was primarily due to lower Iron ore prices and higher unit costs for its Pilbara output, exacerbated by China's property downturn. However, a strong performance from its Copper division, with average realized prices rising 17% and output climbing 11% due to the ramp-up at the Oyu Tolgoi mine in Mongolia, helped offset the decline. The results highlight a sector-wide shift towards Copper, driven by demand from AI data centers and clean energy, a trend also seen in rival BHP's earnings where Copper surpassed Iron ore for the first time. Rio Tinto also declared a final dividend of 254 U.S. cents per share and is exploring asset sales, including its titanium and borates division, after merger talks with Glencore collapsed.

Key Actions

90 Rio Tinto reported flat annual earnings

80 Copper overtook Iron ore in earnings BHP

70 Rio Tinto declared a final dividend of 254 U.S. cents per share

60 Rio Tinto walked away from merger talks Glencore

50 Rio Tinto gauging interest for sale of titanium and borates division

40 BHP announced a deal to provide silver Wheaton Precious Metals

Entities Involved

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Rio Tinto

Rio Tinto reported flat annual earnings that missed expectations due to lower iron ore prices, but its copper division performed strongly. The company declared a final dividend of 254 U.S. cents per share and is exploring asset sales to raise capital.

Importance 100 Sentiment 10

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Copper

Stronger Copper prices and increased output significantly boosted Rio Tinto's copper division earnings, offsetting the weakness in Iron ore. Copper is increasingly a focus for miners due to demand from AI data centers and clean energy.

Importance 90 Sentiment 60

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Iron ore

Lower Iron ore prices negatively impacted Rio Tinto's core business, with its contribution to group earnings shrinking. Pilbara unit costs are also forecast to rise further.

Importance 80 Sentiment -20

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BHP

BHP's earnings saw copper surpass iron ore for the first time, highlighting a sector-wide shift towards copper. BHP also announced a deal with Wheaton Precious Metals to provide silver from a mine in Peru.

Importance 50 Sentiment 20

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Glencore

Rio Tinto's merger talks with Glencore collapsed in February due to disagreements on valuation and ownership terms. This ended discussions that would have created the world's largest listed mining company.

Importance 40 Sentiment 0

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Wheaton Precious Metals

BHP announced a deal with Wheaton Precious Metals to provide silver from a mine in Peru for an upfront payment of $4.3 billion.

Importance 20 Sentiment 10

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China

China's prolonged property downturn contributed to soft steel demand, which weighed on the Iron ore market and affected Rio Tinto's shipments and prices.

Importance 20 Sentiment -10

+ 4 more entities View on Dashboard

Relationships

Rio Tinto related ↔ Glencore

Rio Tinto related ↔ BHP

Rio Tinto related ↔ Mongolia

BHP related ↔ Wheaton Precious Metals

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