Revenue by destination and product

12 Months Ended

Dec. 31, 2025

Revenue [abstract]

Revenue by destination and product

Revenue by destination and productRecognition and measurement

We recognise sales revenue related to the transfer of promised

goods or services when control of the goods or services passes to

the customer. The amount of revenue recognised reflects the

consideration to which the Group is, or expects to be, entitled in

exchange for those goods or services.

Sales revenue is recognised on individual sales when control

transfers to the customer. In most instances, control passes and

sales revenue is recognised when the product is delivered to the

vessel or vehicle on which it will be transported once loaded, the

destination port or the customer’s premises. There may be

circumstances when judgement is required based on the 5

indicators of control below:

•The customer has the significant risks and rewards of ownership

and has the ability to direct the use of, and obtain substantially all

of the remaining benefits from, the good or service.

•The customer has a present obligation to pay in accordance with

the terms of the sales contract. For shipments under the

Incoterms cost, insurance and freight (CIF)/carriage paid to

(CPT)/cost and freight (CFR), this is generally when the ship is

loaded, at which time the obligation for payment is for both

product and freight.

•The customer has accepted the asset. Sales revenue may be

subject to adjustment if the product specification does not

conform to the terms specified in the sales contract but this does

not impact the passing of control. Assay and specification

adjustments have historically been immaterial.

•The customer has legal title to the asset. The Group usually retains

legal title until payment is received for credit risk purposes only.

•The customer has physical possession of the asset. This indicator

may be less important as the customer may obtain control of an

asset prior to obtaining physical possession, which may be the

case for goods in transit.

Revenue is principally derived from sale of commodities. We sell the

majority of our products on CFR or CIF Incoterms. This means that

the Group is responsible (acts as principal) for providing shipping

services and, in some instances, insurance after the date at which

control of goods passes to the customer at the loading port. The

Group, therefore, has separate performance obligations for freight

and insurance services that are provided solely to facilitate the sale

of the products it produces. Other Incoterms commonly used by the

Group are free on board (FOB), where the Group has no

responsibility for freight or insurance once control of the goods has

passed at the loading port, and delivered at place (DAP), where

control of the goods passes when the product is delivered to the

agreed destination. For these Incoterms, there is only one

performance obligation, being the provision of product at the point

where control passes.

Within each sales contract, each unit of product shipped is a

separate performance obligation. Revenue is generally recognised

at the contracted price as this reflects the standalone selling price.

Sales revenue excludes any applicable sales taxes. Sales of copper

concentrate are stated net of the treatment and refining charges

which will be required to convert it to an end product.

The Group’s products are sold to customers under contracts that

vary in tenure and pricing mechanisms, including some volumes

sold on the spot market. Pricing for iron ore is on a range of terms,

the majority being either monthly or quarterly average pricing

mechanisms, with a smaller proportion of iron ore volumes being

sold on the spot market.

Certain of the Group’s products may be provisionally priced at the

date revenue is recognised and a provisional invoice issued;

however, substantially all iron ore and aluminium sales are reflected

at final prices in the results for the period. Provisionally priced

receivables are subsequently measured at fair value through the

income statement under IFRS 9 “Financial Instruments” as

described in note 25. The final selling price for all provisionally

priced products is based on the price for the quotational period

stipulated in the contract. Final prices for copper concentrate are

normally determined between 30 and 120 days after delivery to the

customer. The change in value of the provisionally priced receivable

is based on relevant forward market prices and is included in sales

revenue. Refer to “Other revenue” within the sales by product

disclosure below.

Revenues from the sale of significant by-products, such as gold, are

included in sales revenue. Third-party commodity swap arrangements

principally for delivery and receipt of smelter-grade alumina are offset

within operating costs. The sale and purchase of third-party production

for own use or to mitigate shortfalls in our production are accounted for

on a gross basis with sales presented within revenue from contracts with

customers. Other operating income includes revenue incidental to the

main revenue-generating activities of the operations and is treated as a

credit to operating costs.

Typically, the Group has a right to payment before or at the point

that control of the goods passes, including a right, where applicable,

to payment for provisionally priced products and unperformed freight

and insurance services. Cash received before control passes is

recognised as a contract liability. The amount of consideration does

not contain a significant financing component as payment terms are

less than one year. We have a number of long-term contracts to

supply products to customers in future periods. Generally, revenue

is recognised on an invoice basis, as each unit sold is a separate

performance obligation and therefore the right to consideration from

a customer corresponds directly with our performance completed to

date.

We do not disclose sales revenue from freight and insurance

services separately as we do not consider that this is necessary in

order to understand the impact of economic factors on the Group.

Our Chief Executive, the CODM as defined under IFRS 8 “Operating

Segments”, does not review information specifically relating to these

sources of revenue in order to evaluate the performance of business

segments and Group information on these sources of revenue is not

provided externally.

Consolidated sales revenue by destination(a)

	2025 %	2024 %	2023 %	2025 US$m	2024 US$m	2023 US$m
Greater China	57.3	57.4	59.6	33,038	30,814	32,193
US	16.7	16.8	13.9	9,657	9,007	7,516
Japan	5.7	6.5	6.9	3,266	3,470	3,727
Europe (excluding UK)	5.8	4.8	5.3	3,364	2,580	2,859
South Korea	3.4	3.6	4.3	1,958	1,940	2,300
Asia (excluding Greater China, Japan and South Korea)	3.5	3.3	2.9	2,007	1,778	1,581
Canada	3.0	2.9	2.9	1,722	1,562	1,588
Australia	1.6	2.0	1.7	909	1,076	923
UK	0.2	0.3	0.1	92	143	81
Other countries	2.8	2.4	2.4	1,625	1,288	1,273
Consolidated sales revenue	100	100	100	57,638	53,658	54,041

(a)Consolidated sales revenue by geographical destination is based on the ultimate country of the product’s destination, if known. Where the ultimate destination is not known, we have

defaulted to the shipping address of the customer. Rio Tinto is domiciled in both the UK and Australia.

Consolidated sales revenue by product

We have sold the following products to external customers during the year:

	2025			2024			2023
	Revenue from contracts with customers US$m	Other revenue(a) US$m	Consolidated sales revenue US$m	Revenue from contracts with customers US$m	Other revenue(a) US$m	Consolidated sales revenue US$m	Revenue from contracts with customers US$m	Other revenue(a) US$m	Consolidated sales revenue US$m
Iron ore	28,529	(153)	28,376	31,334	(530)	30,804	33,383	389	33,772
Aluminium, alumina and bauxite	15,245	150	15,395	12,947	48	12,995	12,039	(63)	11,976
Copper	6,303	361	6,664	4,791	(63)	4,728	3,219	(1)	3,218
Industrial minerals (comprising titanium dioxide slag, borates and salt)	2,373	(3)	2,370	2,678	(3)	2,675	2,806	(8)	2,798
Gold	1,883	39	1,922	788	9	797	470	6	476
Lithium	944	–	944	–	–	–	–	–	–
Other products and freight services(b)	1,963	4	1,967	1,664	(5)	1,659	1,804	(3)	1,801
Consolidated sales revenue	57,240	398	57,638	54,202	(544)	53,658	53,721	320	54,041

(a)Consolidated sales revenue includes both revenue from contracts with customers, accounted for under IFRS 15 “Revenue from Contracts with Customers”, and subsequent movements

in provisionally priced receivables, accounted for under IFRS 9, and included in “Other revenue” above.

(b)“Other products and freight services” includes metallic co-products, diamonds, molybdenum, silver and other commodities.