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Consolidated cash flow statement - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of cash flows [abstract]      
Cash flows from consolidated operations [1] $ 21,153 $ 19,859 $ 20,251
Dividends from equity accounted units 1,070 1,067 610
Cash flows from operations 22,223 20,926 20,861
Net interest paid (862) (685) (612)
Dividends paid to holders of non-controlling interests in subsidiaries (314) (477) (462)
Tax paid (4,215) (4,165) (4,627)
Net cash generated from operating activities 16,832 15,599 15,160
Cash flows from investing activities      
Purchases of property, plant and equipment and intangible assets [2] (12,335) (9,621) (7,086)
Sales of property, plant and equipment and intangible assets 50 30 9
Acquisitions of subsidiaries, joint ventures and associates, net of cash acquired (6,022) (346) (834)
Disposals of subsidiaries, joint ventures, joint operations and associates 0 427 0
Purchases of financial assets (385) (113) (39)
Sales of financial assets [3] 223 677 1,220
Net funding of equity accounted units [2] (669) (784) (144)
Other investing cash flows (197) 136 (88)
Net cash used in investing activities (19,335) (9,594) (6,962)
Cash flows before financing activities (2,503) 6,005 8,198
Cash flows from financing activities      
Equity dividends paid to owners of Rio Tinto (6,145) (7,025) (6,470)
Proceeds from additional borrowings, net of issue costs 16,019 261 1,833
Repayment of borrowings and associated derivatives (8,189) (860) (310)
Lease principal payments (522) (455) (426)
Proceeds from issue of equity to non-controlling interests [2] 1,628 1,574 127
Purchase of non-controlling interest 0 (591) (33)
Other financing cash flows (2) 2 2
Net cash from/(used in) financing activities 2,789 (7,094) (5,277)
Effects of exchange rates on cash and cash equivalents 95 (99) (23)
Net increase/(decrease) in cash and cash equivalents 381 (1,188) 2,898
Opening cash and cash equivalents less overdrafts 8,484 9,672 6,774
Closing cash and cash equivalents less overdrafts $ 8,865 $ 8,484 $ 9,672
[1]
(a) Cash flows from consolidated operations
Note
2025
US$m
2024
US$m
2023
US$m
Profit after tax for the year
10,249
11,574
9,953
Adjustments for:
– Taxation
4,319
4,041
3,832
– Finance items
1,846
876
1,713
– Share of profit after tax of equity accounted units
(1,478)
(838)
(675)
Gains on consolidation and disposal of interests in businesses
5
(1,214)
– Net impairment charges
4
341
538
936
– Depreciation and amortisation
6,577
5,918
5,334
– Provisions (including exchange differences on provisions)
998
398
1,470
Utilisation of other provisions
19
(402)
(94)
(104)
Utilisation of provisions for close-down and restoration
14
(1,049)
(1,142)
(777)
Utilisation of provisions for post-retirement benefits and other employment costs
27
(183)
(133)
(277)
Change in inventories
(377)
205
(422)
Change in receivables and other assets
(460)
(202)
(418)
Change in trade and other payables
593
54
(86)
Other items(d)
179
(122)
(228)
21,153
19,859
20,251
[2]
In 2025, our net cash outflow in relation to the Simandou iron ore project, excluding cash generated from operating activities, was US$1,455 million (2024: US$1,292 million). This
includes cash outflows of US$2,219 million (2024: US$1,832 million) for purchases of property, plant and equipment, and US$557 million as net funding of equity accounted units for
the funding of shared infrastructure in the WCS Rail and Port Holding Entities (2024: US$652 million, in addition to an initial US$313 million for the acquisition of the WCS Rail and
Port Holding Entities). We received related cash inflows of US$1,321 million from Chalco Iron Ore Holdings Ltd (CIOH) for cash calls by SimFer Jersey Limited (2024: US$1,505
million, of which US$411 million related to CIOH’s share of expenditure incurred up until the end of December 2023 to progress critical works).
[3]
In 2025, we received net proceeds of US$218 million (2024: US$675 million and 2023: US$1,157 million) from our sales and purchases of investments within a separately managed
portfolio of fixed income instruments. Refer to note 20 for details. Purchases and sales of these securities are reported on a net cash flow basis within “Sales of financial assets” or
“Purchases of financial assets” depending on the overall net position at each reporting date.