Financial performance by segment (Tables)

12 Months Ended

Dec. 31, 2025

Disclosure of operating segments [abstract]


	Segmental revenue US$m			Underlying EBITDA US$m			Capital expenditure(b) US$m
	2025	2024 Restated(a)	2023 Restated(a)	2025	2024 Restated(a)	2023 Restated(a)	2025	2024 Restated(a)	2023 Restated(a)
Aluminium & Lithium	17,056	13,650	12,285	4,574	3,552	2,136	3,346	1,848	1,357
Copper	13,729	9,275	6,678	7,369	3,437	1,960	1,872	2,055	1,976
Iron Ore	28,989	31,601	34,539	15,194	16,985	20,915	4,422	3,303	2,952
Reportable segments total	59,774	54,526	53,502	27,137	23,974	25,011	9,640	7,206	6,285
Simandou iron ore project	–	–	–	(96)	(22)	(539)	2,219	1,832	266
Other operations	3,114	3,201	3,576	50	517	532	334	419	413
Inter-segment transactions	(13)	(21)	(21)	–	–	–
Share of equity accounted units(c)	(5,237)	(4,048)	(3,016)
Central pension costs, share-based payments, insurance and derivatives				(74)	153	168
Restructuring, project and one-off costs				(606)	(254)	(190)
Central costs				(818)	(816)	(990)
Central exploration and evaluation expenditures				(230)	(238)	(100)
Proceeds from disposal of property, plant and equipment							50	30	9
Other items							92	134	113
Consolidated sales revenue	57,638	53,658	54,041
Purchases of property, plant and equipment and intangible assets							12,335	9,621	7,086
Underlying EBITDA(d)				25,363	23,314	23,892


(a)	During the year, we simplified our product group structure to 3 product groups: Iron Ore, Aluminium & Lithium and Copper. Accordingly, prior year amounts have been restated for comparability.
(b)	Capital expenditure for reportable segments includes the net cash outflow on purchases less disposals of property, plant and equipment, capitalised evaluation costs and purchases less disposals of other intangible assets. The details provided include 100% of subsidiaries’ capital expenditure and Rio Tinto’s share of the capital expenditure of joint operations.
(c)	Consolidated sales revenue includes subsidiary sales of US$311 million (2024: US$213 million; 2023: US$20 million) to equity accounted units which are not included in segmental revenue. Segmental revenue includes the Group’s proportionate share of product sales by equity accounted units (after adjusting for sales to subsidiaries) of US$5,548 million (2024: US$4,261 million; 2023: US$3,036 million) which are not included in consolidated sales revenue.
(d)	Pre-tax and pre-divestment expenditure on exploration and evaluation charged to the profit and loss account in 2025 was US$795 million (2024: US$935 million; 2023: US$855 million - excluding Simandou). Approximately 40% of the spend was by copper, 32% by central exploration, 19% by Iron Ore (which includes Iron Ore Company of Canada), 8% by other operations and 1% by Aluminium & Lithium. All qualifying expenditure relating to Simandou has been capitalised since October 2023, while qualifying expenditure on the Rincon lithium project has been capitalised since 1 July 2024.


	2025 US$m	2024 US$m	2023 US$m
Profit after tax for the year	10,249	11,574	9,953
Taxation	4,319	4,041	3,832
Profit before taxation	14,568	15,615	13,785
Depreciation and amortisation in subsidiaries, excluding capitalised depreciation(a)	6,271	5,744	4,976
Depreciation and amortisation in equity accounted units	594	559	484
Finance items in subsidiaries	1,846	876	1,713
Taxation and finance items in equity accounted units	1,514	1,002	741
Unrealised (gains)/losses on embedded commodity and currency derivatives not qualifying for hedge accounting (including foreign exchange)	(64)	73	(15)
Gains on consolidation and disposal of interests in businesses(b)	–	(1,214)	–
Impairment charges net of reversals (note 4)	341	573	936
Change in closure estimates (non-operating and fully impaired sites)(c)	293	86	1,272
Underlying EBITDA	25,363	23,314	23,892

Depreciation and amortisation in subsidiaries for the year ended 31 December is net of capitalised depreciation of US$306 million (2024: US$174 million; 2023: US$358 million).

(b)In 2024, gains on consolidation of businesses include the revaluation of our previously held interest in the NZAS joint operation as we acquired the remaining shares during the year and

this became a subsidiary. Disposals include the sale of Wyoming Uranium and Lake MacLeod, as described in note 5.

(c)In 2025, the change in closure estimate charge includes US$233 million related to the Yarwun alumina refinery, due to an acceleration of its forecast closure date as studies had not

identified an economically viable solution for the construction of a second tailings storage facility. This qualified under our accounting policy for exclusion from underlying earnings as it

also resulted in an impairment charge during the year (refer to note 4 for further details). In 2024, the charge to the income statement related to the change in estimates of underlying

closure cash flows, net of the impact of a change in discount rate, expressed in real-terms, from 2.0% to 2.5% as applied to provisions for close-down, restoration and environmental

liabilities at legacy sites where the environmental damage preceded ownership by Rio Tinto. In 2023, the charge includes US$873 million related to the closure provision update

announced by Energy Resources of Australia (ERA) on 12 December 2023, together with the update included in their half year results for the period ended 30 June 2023, published in

August 2023. This update was considered material and therefore it was aggregated with other closure study updates which were similar in nature and have been excluded from

underlying EBITDA.