Antofagasta plc

Name: Antofagasta plc financial statements and ratios
Creator: Annalist

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

Latest report: FY2025, the fiscal year ended 31 December 2025. Snapshot FY2025_7a20d57c.

Compare with peers Excel JSON

Overview

Revenue, fiscal year

+30.3% year on year

Operating profit, fiscal year

+67.9% year on year

Net income, fiscal year

+60.2% year on year

Diluted EPS, fiscal year

+60.3% year on year

Operating margin, fiscal year

+8.8pp year on year

Return on equity, fiscal year

+4.4pp 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$8.6 billion, 30.3% higher than in the previous fiscal year.
Strengthenedin FY2025 · stated since FY2023
Rule: Revenue against the previous fiscal year · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedRevenue for the fiscal year ended 31 December 2025 was US$8.6 billion, 30.3% higher than in the previous fiscal year.Recorded from FY2025_7a20d57c · data update
2. FY2024 WeakenedRevenue for the fiscal year ended 31 December 2024 was US$6.6 billion, 4.6% higher than in the previous fiscal year.Reconstructed · data update
3. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was US$6.3 billion, 7.9% higher than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was US$1.3 billion, 60.2% higher than in the previous fiscal year.
Newin FY2025 · first stated
Rule: Net income against the previous fiscal year · Sources Annual financial report 2025-12
History of this finding, 4 records
1. FY2025 NewNet income attributable to the company for fiscal 2025 was US$1.3 billion, 60.2% higher than in the previous fiscal year.Recorded from FY2025_7a20d57c · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_7a20d57c · data update
3. FY2024 WeakenedNet income attributable to the company for fiscal 2024 was US$829 million, 0.7% lower than in the previous fiscal year.Reconstructed · data update
4. FY2023 NewNet income attributable to the company for fiscal 2023 was US$835 million, 45.5% lower than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2025 was 39.1%, 8.8 percentage points higher than a year earlier.
Strengthenedin FY2025 · stated since FY2023
Rule: Operating margin against a year earlier · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedThe operating margin for fiscal 2025 was 39.1%, 8.8 percentage points higher than a year earlier.Recorded from FY2025_7a20d57c · data update
2. FY2024 StrengthenedThe operating margin for fiscal 2024 was 30.4%, 2.2 percentage points higher than a year earlier.Reconstructed · data update
3. FY2023 NewThe operating margin for fiscal 2023 was 28.2%, 0.3 percentage points higher than a year earlier.Reconstructed · initial
Return on equity for fiscal 2025 was 13.4%, against 9.0% a year earlier.
Newin FY2025 · first stated
Rule: Return on equity against a year earlier · Sources Annual financial report 2025-12, Annual financial report 2024-12
History of this finding, 4 records
1. FY2025 NewReturn on equity for fiscal 2025 was 13.4%, against 9.0% a year earlier.Recorded from FY2025_7a20d57c · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_7a20d57c · data update
3. FY2024 WeakenedReturn on equity for fiscal 2024 was 9.0%, against 9.5% a year earlier.Reconstructed · data update
4. FY2023 NewReturn on equity for fiscal 2023 was 9.5%, against 18.1% a year earlier.Reconstructed · initial
Purchases of property, plant and equipment exceeded operating cash flow by US$613 million in fiscal 2025.
Interpretation. The company spent more on capital expenditure than its operating cash flow, and paid the difference from cash, borrowing or asset sales.
Strengthenedin FY2025 · stated since FY2024
Rule: Free cash flow · Sources Annual financial report 2025-12
History of this finding, 4 records
1. FY2025 StrengthenedPurchases of property, plant and equipment exceeded operating cash flow by US$613 million in fiscal 2025.Recorded from FY2025_7a20d57c · data update
2. FY2024 NewPurchases of property, plant and equipment exceeded operating cash flow by US$130 million in fiscal 2024.Reconstructed · data update
3. FY2024 RetiredThe finding changed to negative.Reconstructed · data update
4. FY2023 NewFree cash flow for fiscal 2023 was US$204 million, and operating cash flow was 2.8 times net income attributable to the company.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_7a20d57c

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

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.

The statements are loading. They are also available as JSON and CSV.

Ratios

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

The ratios are loading.

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

StrengthenedFree Cash Flow
Purchases of property, plant and equipment exceeded operating cash flow by US$613 million in fiscal 2025.
Interpretation. The company spent more on capital expenditure than its operating cash flow, and paid the difference from cash, borrowing or asset sales.

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

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

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

These ratios have no value for the figures of this company.

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

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

These ratios have no value for the figures of this company.

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 −7.1% · 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 7.1% 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).
Confirmedin FY2025 · stated since FY2023
Rule: Cash backing of earnings · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 7.1% of average total assets.Recorded from FY2025_7a20d57c · data update
2. FY2024 WeakenedOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 6.9% 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 7.9% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	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
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

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'' 4.53 · FY2025

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

The Altman Z'' score for fiscal 2025 was 4.53, 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.
Confirmedin FY2025 · stated since FY2023
Rule: Altman Z'' zone · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedThe Altman Z'' score for fiscal 2025 was 4.53, above the safe threshold of 2.60.Recorded from FY2025_7a20d57c · data update
2. FY2024 WeakenedThe Altman Z'' score for fiscal 2024 was 4.31, above the safe threshold of 2.60.Reconstructed · data update
3. FY2023 NewThe Altman Z'' score for fiscal 2023 was 4.70, above the safe threshold of 2.60.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
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	safe zone	safe zone	safe zone	safe zone

Altman Z'' Score

fiscal 2025

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

4.53Safe zone, above 2.60

The score of 4.53 is in the safe zone of the model, above 2.60. The largest part is equity against liabilities, at 1.26.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.177	6.560	1.163
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.382	3.260	1.244
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.128	6.720	0.858
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	1.204	1.050	1.264
Score			4.529

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	7 Apr 2026, added to the index	AFR:213800MY6QVH4FVLD628-2025-12-31-0
Annual financial report for the year to 31 December 2024 Search page of the FCA National Storage Mechanism	13 May 2025, added to the index	AFR:213800MY6QVH4FVLD628-2024-12-31-0
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:213800MY6QVH4FVLD628-2023-12-31-0
Annual financial report for the year to 31 December 2022 Search page of the FCA National Storage Mechanism	4 Apr 2023, added to the index	AFR:213800MY6QVH4FVLD628-2022-12-31-0
Annual financial report for the year to 31 December 2021 Search page of the FCA National Storage Mechanism	28 Apr 2022, added to the index	AFR:213800MY6QVH4FVLD628-2021-12-31-0

Checks

2323 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 share4 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	190
Proven by a check	9.5%, 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	5
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Antofagasta plc, snapshot antofagasta/FY2025_7a20d57c (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_7a20d57c · dataset SHA-256 7a20d57c6be29594a04b30fabdcd11393ee09cc7ab2fb06f1824853e41a41f04 · findings rules 0.4

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