Anglo American plc

Name: Anglo American plc financial statements and ratios
Creator: Annalist

AAL · LSE · Materials, metals and mining · United Kingdom · IFRS · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025. Snapshot FY2025_3941b290.

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Overview

Revenue, fiscal year

+4.5% year on year

Operating profit, fiscal year

n.m. year on year

Net income, fiscal year

n.m. year on year

Diluted EPS, fiscal year

n.m. year on year

Operating margin, fiscal year

+12.8pp year on year

Return on equity, fiscal year

−5.9pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2025 was US$18.5 billion, 4.5% higher than in the previous fiscal year.
Newin FY2025 · first stated
Rule: Revenue against the previous fiscal year · Sources Annual financial report 2025-12
History of this finding, 4 records
1. FY2025 NewRevenue for the fiscal year ended 31 December 2025 was US$18.5 billion, 4.5% higher than in the previous fiscal year.Recorded from FY2025_3941b290 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_3941b290 · data update
3. FY2024 WeakenedRevenue for the fiscal year ended 31 December 2024 was US$17.7 billion, 11.0% lower than in the previous fiscal year.Reconstructed · data update
4. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was US$30.7 billion, 12.7% lower than in the previous fiscal year.Reconstructed · initial
The company reported a net loss of US$3.7 billion for fiscal 2025, against a net loss of US$3.1 billion in the previous fiscal year.
Strengthenedin FY2025 · stated since FY2024
Rule: Net income against the previous fiscal year · Sources Annual financial report 2025-12
History of this finding, 4 records
1. FY2025 StrengthenedThe company reported a net loss of US$3.7 billion for fiscal 2025, against a net loss of US$3.1 billion in the previous fiscal year.Recorded from FY2025_3941b290 · data update
2. FY2024 NewThe company reported a net loss of US$3.1 billion for fiscal 2024, against net income of US$283 million in the previous fiscal year.Reconstructed · data update
3. FY2024 RetiredThe finding changed to a loss.Reconstructed · data update
4. FY2023 NewNet income attributable to the company for fiscal 2023 was US$283 million, 93.7% lower than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2025 was 7.3%, 12.8 percentage points higher than a year earlier.
Newin FY2025 · first stated
Rule: Operating margin against a year earlier · Sources Annual financial report 2025-12
History of this finding, 4 records
1. FY2025 NewThe operating margin for fiscal 2025 was 7.3%, 12.8 percentage points higher than a year earlier.Recorded from FY2025_3941b290 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_3941b290 · data update
3. FY2024 StrengthenedThe operating margin for fiscal 2024 was -5.5%, 18.2 percentage points lower than a year earlier.Reconstructed · data update
4. FY2023 NewThe operating margin for fiscal 2023 was 12.7%, 13.6 percentage points lower than a year earlier.Reconstructed · initial
Return on equity for fiscal 2025 was -19.3%, against -13.4% a year earlier.
Weakenedin FY2025 · stated since FY2023
Rule: Return on equity against a year earlier · Sources Annual financial report 2025-12, Annual financial report 2024-12
History of this finding, 3 records
1. FY2025 WeakenedReturn on equity for fiscal 2025 was -19.3%, against -13.4% a year earlier.Recorded from FY2025_3941b290 · data update
2. FY2024 WeakenedReturn on equity for fiscal 2024 was -13.4%, against 1.1% a year earlier.Reconstructed · data update
3. FY2023 NewReturn on equity for fiscal 2023 was 1.1%, against 16.4% a year earlier.Reconstructed · initial
Free cash flow for fiscal 2025 was US$2.2 billion, and operating cash flow was -1.5 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Weakenedin FY2025 · stated since FY2023
Rule: Free cash flow · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedFree cash flow for fiscal 2025 was US$2.2 billion, and operating cash flow was -1.5 times net income attributable to the company.Recorded from FY2025_3941b290 · data update
2. FY2024 StrengthenedFree cash flow for fiscal 2024 was US$4.1 billion, and operating cash flow was -2.6 times net income attributable to the company.Reconstructed · data update
3. FY2023 NewFree cash flow for fiscal 2023 was US$620 million, and operating cash flow was 23.0 times net income attributable to the company.Reconstructed · initial
Net debt was US$9.1 billion at 31 December 2025, 2.5 times EBITDA for fiscal 2025.
Weakenedin FY2025 · stated since FY2023
Rule: Net debt or net cash · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedNet debt was US$9.1 billion at 31 December 2025, 2.5 times EBITDA for fiscal 2025.Recorded from FY2025_3941b290 · data update
2. FY2024 WeakenedNet debt was US$10.1 billion at 31 December 2024, 8.3 times EBITDA for fiscal 2024.Reconstructed · data update
3. FY2023 NewNet debt was US$10.8 billion at 31 December 2023, 1.6 times EBITDA for fiscal 2023.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents5 documents, latest Annual financial report for the year to 31 December 2025List

DownloadsExcel workbook · JSON

SnapshotFY2025_3941b290

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, US dollars

Operating Profit

By fiscal year, US dollars

Profit Attributable to Owners of the Parent

By fiscal year, US dollars

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, US dollars

Net Debt

Total debt less cash and short-term investments, at fiscal year end, US dollars

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2025

Annual financial report for the year to 31 December 2025. Changes are against the previous report, and each figure shows its period.

0changes1threshold crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 1

NewDebt Against the S&P Benchmark Bands
Lease-adjusted debt was 4.1 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 10.7% of that debt. Debt to EBITDA is within the aggressive band of the S&P standard volatility table and FFO to debt within the highly leveraged band.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the aggressive band is number 5 of 6, and a higher number means more debt against earnings.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsAggressive bandDebt to EBITDA 4.09x, FFO to debt 10.7% · FY2025

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt was 4.1 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 10.7% of that debt. Debt to EBITDA is within the aggressive band of the S&P standard volatility table and FFO to debt within the highly leveraged band.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the aggressive band is number 5 of 6, and a higher number means more debt against earnings.
Newin FY2025 · first stated
Rule: Debt against the S&P benchmark bands · Sources Annual financial report 2025-12
History of this finding, 5 records
1. FY2025 NewLease-adjusted debt was 4.1 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 10.7% of that debt. Debt to EBITDA is within the aggressive band of the S&P standard volatility table and FFO to debt within the highly leveraged band.Recorded from FY2025_3941b290 · data update
2. FY2025 RetiredThe finding changed to the aggressive band.Recorded from FY2025_3941b290 · data update
3. FY2024 NewLease-adjusted debt was 13.3 times adjusted EBITDA for fiscal 2024, and funds from operations equalled -4.9% of that debt. Both ratios are within the highly leveraged band of the S&P standard volatility table.Reconstructed · data update
4. FY2024 RetiredThe finding changed to the highly leveraged band.Reconstructed · data update
5. FY2023 NewLease-adjusted debt was 2.5 times adjusted EBITDA for fiscal 2023, and funds from operations equalled 24.0% of that debt. Debt to EBITDA is within the intermediate band of the S&P standard volatility table and FFO to debt within the significant band.Reconstructed · initial

Position in the S&P Standard Volatility Table, Fiscal 2025

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 4.1 years of adjusted EBITDA; a year of funds from operations equals 10.7% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	below 1.5x	1.5x to 2x	2x to 3x	3x to 4x	4.09x4x to 5x	5x and above
FFO to debt	60% and above	45% to 60%	30% to 45%	20% to 30%	12% to 20%	10.7%below 12%

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet
Adjusted EBITDAOperating profit before depreciation, amortisation, the impairment reported with them and pay in shares: the earnings that credit analysts set against debt.EBIT + depreciation and amortisation, with the impairment that the company reports together with them, + share-based payments; depreciation includes that of right-of-use assets, so no lease cost is added
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - cash taxes; cash interest includes the interest on lease liabilities
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	minimal	minimal	intermediate	highly leveraged	aggressive
FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt	minimal	minimal	significant	highly leveraged	highly leveraged
Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA
Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Operating cash flow after interest paid - capital expenditure) / lease-adjusted debt
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Operating cash flow after interest paid - capital expenditure - dividends - purchases of own shares) / lease-adjusted debt
Retained cash flow to net debtFunds from operations left after dividends, as a share of debt net of cash.(FFO - dividends) / (lease-adjusted debt - cash - short-term investments)
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest) / cash interest; cash interest includes the interest on lease liabilities
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Borrowings	$0	$0	$0	$0	$0
Lease liabilities	$0	$0	$0	$0	$0
Borrowings and lease liabilities presented as one line	$12.9bn	$14.4bn	$16.9bn	$18.2bn	$15.5bn
Lease-adjusted debt	$12.9bn	$14.4bn	$16.9bn	$18.2bn	$15.5bn
EBIT	$17.6bn	$9.2bn	$3.9bn	−$975m	$1.4bn
Depreciation and amortisation, with the impairment reported with them	$2.7bn	$2.4bn	$2.7bn	$2.2bn	$2.3bn
Share-based payments	$189m	$215m	$175m	$152m	$129m
Adjusted EBITDA	$20.5bn	$11.9bn	$6.8bn	$1.4bn	$3.8bn
Cash interest	−$433m	−$420m	−$701m	−$823m	−$798m
Cash taxes	−$4.3bn	−$2.7bn	−$2.0bn	−$1.4bn	−$1.3bn
Funds from operations	$15.7bn	$8.8bn	$4.1bn	−$885m	$1.7bn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesLiquidity cover 2.51x, Debt due within 12 months $1.1bn · FY2025

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash, short-term investments and operating cash flow for fiscal 2025 equalled 2.5 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow pay for the debt due in the next 12 months, capital expenditure and dividends, without new borrowing. Undrawn credit lines are not counted.
Confirmedin FY2025 · stated since FY2023
Rule: Liquidity cover · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedCash, short-term investments and operating cash flow for fiscal 2025 equalled 2.5 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2025_3941b290 · data update
2. FY2024 StrengthenedCash, short-term investments and operating cash flow for fiscal 2024 equalled 2.3 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
3. FY2023 NewCash, short-term investments and operating cash flow for fiscal 2023 equalled 1.4 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Fiscal 2025

Sources	Amount
Cash and short-term investments	$6.4bn
Operating cash flow	$5.5bn
Sources	$11.9bn

Uses	Amount
Debt due within 12 months	$1.1bn
Capital expenditure	$3.3bn
Dividends paid	$344m
Uses	$4.8bn

Liquidity cover 2.51x

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −15.3%, Operating cash flow to EBITDA 1.51x · FY2025

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 15.3% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Weakenedin FY2025 · stated since FY2023
Rule: Cash backing of earnings · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 15.3% of average total assets.Recorded from FY2025_3941b290 · data update
2. FY2024 StrengthenedOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 17.0% of average total assets.Reconstructed · data update
3. FY2023 NewOperating cash flow for fiscal 2023 exceeded net income attributable to the company by an amount equal to 9.3% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202431 Dec 2024	FY202531 Dec 2025
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company	n/a	n/a

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 4.58 · FY2020

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2020 was 4.58, above the safe threshold of 2.60.
Interpretation. By this model, the balance sheet and earnings look like those of companies that did not go bankrupt in its original study: above 2.60 means safe, below 1.10 distress.
Newin FY2020 · first stated
Rule: Altman Z'' zone · Sources Annual financial report 2021-12
History of this finding, 1 record
1. FY2020 NewThe Altman Z'' score for fiscal 2020 was 4.58, above the safe threshold of 2.60.Reconstructed · initial

By Fiscal Year

Ratio

FY202031 Dec 2020

Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60

safe zone

Altman Z'' Score

fiscal 2020

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

Grey zone, 1.10 to 2.60

4.58Safe zone, above 2.60

The score of 4.58 is in the safe zone of the model, above 2.60. The largest part is retained earnings, at 1.94.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.135	6.560	0.883
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.595	3.260	1.939
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.090	6.720	0.605
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	1.101	1.050	1.156
Score			4.583

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which the public index of structured annual reports added it.

Document	Date	Id
Annual financial report for the year to 31 December 2025 Search page of the FCA National Storage Mechanism	24 Mar 2026, added to the index	AFR:549300S9XF92D1X8ME43-2025-12-31-0
Annual financial report for the year to 31 December 2024 Search page of the FCA National Storage Mechanism	15 Apr 2025, added to the index	AFR:549300S9XF92D1X8ME43-2024-12-31-0
Annual financial report for the year to 31 December 2023 Search page of the FCA National Storage Mechanism	2 Apr 2024, added to the index	AFR:549300S9XF92D1X8ME43-2023-12-31-0
Annual financial report for the year to 31 December 2022 Search page of the FCA National Storage Mechanism	22 Mar 2023, added to the index	AFR:549300S9XF92D1X8ME43-2022-12-31-0
Annual financial report for the year to 31 December 2021 Search page of the FCA National Storage Mechanism	5 Apr 2022, added to the index	AFR:549300S9XF92D1X8ME43-2021-12-31-0

Checks

2525 checks, all passed

Fiscal calendar11 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity6 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Earnings per share6 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	225
Proven by a check	8.0%, 18 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	0.0%, 0 values
Values withheld	0
Restated figures tracked	21
Changes compared on one basis	3
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Anglo American plc, snapshot anglo-american/FY2025_3941b290 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_3941b290 · dataset SHA-256 3941b2909a446510ccacfac80ee5a94b020ac842c91b2d218b360131df67f985 · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json