Rio Tinto plc

Name: Rio Tinto plc financial statements and ratios
Creator: Annalist

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

Latest report: FY2025, the fiscal year ended 31 December 2025. Snapshot FY2025_b2b52484.

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Overview

Revenue, fiscal year

+7.4% year on year

Operating profit, fiscal year

−4.6% year on year

Net income, fiscal year

−13.7% year on year

Diluted EPS, fiscal year

−14.0% year on year

Operating margin, fiscal year

−3.3pp year on year

Return on equity, fiscal year

−4.1pp 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$57.6 billion, 7.4% 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$57.6 billion, 7.4% higher than in the previous fiscal year.Recorded from FY2025_b2b52484 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_b2b52484 · data update
3. FY2024 WeakenedRevenue for the fiscal year ended 31 December 2024 was US$53.7 billion, 0.7% lower than in the previous fiscal year.Reconstructed · data update
4. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was US$54.0 billion, 2.7% lower than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was US$10.0 billion, 13.7% lower 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, 5 records
1. FY2025 NewNet income attributable to the company for fiscal 2025 was US$10.0 billion, 13.7% lower than in the previous fiscal year.Recorded from FY2025_b2b52484 · data update
2. FY2025 RetiredThe finding changed to lower than a year earlier.Recorded from FY2025_b2b52484 · data update
3. FY2024 NewNet income attributable to the company for fiscal 2024 was US$11.6 billion, 14.9% higher than in the previous fiscal year.Reconstructed · data update
4. FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
5. FY2023 NewNet income attributable to the company for fiscal 2023 was US$10.1 billion, 18.8% lower than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2025 was 25.9%, 3.3 percentage points lower 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, 5 records
1. FY2025 NewThe operating margin for fiscal 2025 was 25.9%, 3.3 percentage points lower than a year earlier.Recorded from FY2025_b2b52484 · data update
2. FY2025 RetiredThe finding changed to lower than a year earlier.Recorded from FY2025_b2b52484 · data update
3. FY2024 NewThe operating margin for fiscal 2024 was 29.2%, 1.7 percentage points higher than a year earlier.Reconstructed · data update
4. FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
5. FY2023 NewThe operating margin for fiscal 2023 was 27.4%, 8.5 percentage points lower than a year earlier.Reconstructed · initial
Return on equity for fiscal 2025 was 17.0%, against 21.0% 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, 5 records
1. FY2025 NewReturn on equity for fiscal 2025 was 17.0%, against 21.0% a year earlier.Recorded from FY2025_b2b52484 · data update
2. FY2025 RetiredThe finding changed to lower than a year earlier.Recorded from FY2025_b2b52484 · data update
3. FY2024 NewReturn on equity for fiscal 2024 was 21.0%, against 19.1% a year earlier.Reconstructed · data update
4. FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
5. FY2023 NewReturn on equity for fiscal 2023 was 19.1%, against 24.3% a year earlier.Reconstructed · initial
Net debt was US$14.6 billion at 31 December 2025, 0.7 times EBITDA for fiscal 2025.
Strengthenedin FY2025 · stated since FY2023
Rule: Net debt or net cash · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedNet debt was US$14.6 billion at 31 December 2025, 0.7 times EBITDA for fiscal 2025.Recorded from FY2025_b2b52484 · data update
2. FY2024 StrengthenedNet debt was US$5.4 billion at 31 December 2024, 0.2 times EBITDA for fiscal 2024.Reconstructed · data update
3. FY2023 NewNet debt was US$4.7 billion at 31 December 2023, 0.2 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_b2b52484

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

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.

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

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

Credit MetricsDebt to EBITDA 1.09x, FFO to debt 69.9% · 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 1.1 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 69.9% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.
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 minimal band is number 1 of 6, and a higher number means more debt against earnings.
Confirmedin FY2025 · stated since FY2023
Rule: Debt against the S&P benchmark bands · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedLease-adjusted debt was 1.1 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 69.9% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.Recorded from FY2025_b2b52484 · data update
2. FY2024 ConfirmedLease-adjusted debt was 0.6 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 120.7% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.Reconstructed · data update
3. FY2023 NewLease-adjusted debt was 0.7 times adjusted EBITDA for fiscal 2023, and funds from operations equalled 103.9% of that debt. Both ratios are within the minimal band of the S&P standard volatility table.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 1.1 years of adjusted EBITDA; a year of funds from operations equals 69.9% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	1.09xbelow 1.5x	1.5x to 2x	2x to 3x	3x to 4x	4x to 5x	5x and above
FFO to debt	69.9%60% and above	45% to 60%	30% to 45%	20% to 30%	12% to 20%	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	minimal	minimal	minimal
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	minimal	minimal	minimal
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
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
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / finance costs, which include 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	$12.2bn	$11.1bn	$13.0bn	$12.4bn	$21.9bn
Lease liabilities	$1.4bn	$1.2bn	$1.4bn	$1.4bn	$1.6bn
Borrowings and lease liabilities presented as one line	$0	$0	$0	$0	$0
Lease-adjusted debt	$13.5bn	$12.3bn	$14.4bn	$13.9bn	$23.5bn
EBIT	$29.8bn	$19.9bn	$14.8bn	$15.7bn	$14.9bn
Depreciation and amortisation, with the impairment reported with them	$4.7bn	$5.0bn	$5.3bn	$5.9bn	$6.6bn
Share-based payments	$0	$0	$0	$0	$0
Adjusted EBITDA	$34.5bn	$24.9bn	$20.2bn	$21.6bn	$21.5bn
Cash interest	−$438m	−$573m	−$612m	−$685m	−$862m
Cash taxes	−$8.5bn	−$6.9bn	−$4.6bn	−$4.2bn	−$4.2bn
Funds from operations	$25.6bn	$17.5bn	$14.9bn	$16.7bn	$16.4bn

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.

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
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 −5.9%, Operating cash flow to EBITDA 0.78x · 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 5.9% 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).
Strengthenedin FY2025 · stated since FY2023
Rule: Cash backing of earnings · Sources Annual financial report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 5.9% of average total assets.Recorded from FY2025_b2b52484 · data update
2. FY2024 WeakenedOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 3.9% 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 5.1% 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
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)

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'' 5.04 · FY2021

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

The Altman Z'' score for fiscal 2021 was 5.04, 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 FY2021 · first stated
Rule: Altman Z'' zone · Sources Annual financial report 2022-12, Annual financial report 2023-12
History of this finding, 1 record
1. FY2021 NewThe Altman Z'' score for fiscal 2021 was 5.04, above the safe threshold of 2.60.Reconstructed · initial

By Fiscal Year

Ratio	FY202031 Dec 2020	FY202131 Dec 2021
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

Altman Z'' Score

fiscal 2021

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

5.04Safe zone, above 2.60

The score of 5.04 is in the safe zone of the model, above 2.60. The largest part is operating profit, at 1.95.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.115	6.560	0.753
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.324	3.260	1.056
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.290	6.720	1.947
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	1.222	1.050	1.283
Score			5.039

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	4 Mar 2026, added to the index	AFR:213800YOEO5OQ72G2R82-2025-12-31-0
Annual financial report for the year to 31 December 2024 Search page of the FCA National Storage Mechanism	25 Feb 2025, added to the index	AFR:213800YOEO5OQ72G2R82-2024-12-31-0
Annual financial report for the year to 31 December 2023 Search page of the FCA National Storage Mechanism	27 Feb 2024, added to the index	AFR:213800YOEO5OQ72G2R82-2023-12-31-0
Annual financial report for the year to 31 December 2022 Search page of the FCA National Storage Mechanism	23 Feb 2023, added to the index	AFR:213800YOEO5OQ72G2R82-2022-12-31-0
Annual financial report for the year to 31 December 2021 Search page of the FCA National Storage Mechanism	15 Mar 2022, added to the index	AFR:213800YOEO5OQ72G2R82-2021-12-31-0

Checks

250246 of 250 checks passed, 4 warnings

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.

Agreement with the 20-F221 of 223 passedEach figure equals the figure of the annual report on Form 20-F that the company files with the SEC for the same fiscal year. A figure that differs is withheld. Checked at warning level.

Property, plant and equipment, Q4 FY2020: $62,882m against $62,007m

Property, plant and equipment, Q4 FY2021: $64,927m against $63,793m

Withheld values2 values withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Property, plant and equipment, Q4 FY2020: withheld, another official report of the company gives it differently

Property, plant and equipment, Q4 FY2021: withheld, another official report of the company gives it differently

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	224
Proven by a check	98.7%, 221 values
Confirmed by a second document	98.7%, 221 values
Derived from reported figures	0.0%, 0 values
Values withheld	2
Restated figures tracked	27
Changes compared on one basis	2
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Rio Tinto plc, snapshot rio-tinto/FY2025_b2b52484 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_b2b52484 · dataset SHA-256 b2b52484a4be43ba5c4b78b8ae7a7250366f98d36a93a2f3e5b132b5665193ab · findings rules 0.4

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