As earnings season continues, investors were hit with full-year results from two of Australia's most recognisable mining companies.
There is plenty to unpack from the results, and brokers have quickly updated their outlook on Whitehaven Coal Ltd (ASX: WHC) and BHP Group Ltd (ASX: BHP) shares following the release.
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What did Whitehaven Coal and BHP report?
Highlights from BHP's full-year results included a record US$32.9 billion underlying EBITDA (up 27%) and US$8.7 billion in dividends for shareholders.
BHP maintained strong operational performance across its key segments, with copper now accounting for 54% of group EBITDA, and iron ore at record production.
Underlying attributable profit was US$13.2 billion, up 30%, while Net operating cash flow hit US$21.8 billion, up 17%.
BHP shares were essentially flat following these results.
Meanwhile, Whitehaven Coal posted revenue of $5,401 million, down 7% on FY25.
Net profit after tax (NPAT) attributable to members was $385 million, down 41%.
Underlying NPAT of $227 million was down 29% and underlying EBITDA of $1,250 million was down 8%
The company announced a final fully-franked dividend of 6 cents per share.
View the original announcements here:
What are experts saying about BHP shares?
Following the results, the team at Morgans provided commentary on BHP shares.
The broker said it was a solid FY26 result.
With an upsized final dividend of US 99cps, against a share price that appears to already factor in more upside, we lower our rating to TRIM. Metal prices were a key driver, but BHP also maintained a solid operating performance on controllable factors against a tough backdrop in FY26.
BHP shares have flown higher in recent months, and are up almost 40% year to date.
Morgan Stanley had a recent share price target of $67 on the mining giant.
This indicates it is hovering close to fair value.
What are experts saying about Whitehaven Coal shares?
Following the full-year results announcement, Bell Potter provided updated guidance on Whitehaven Coal shares.
Whitehaven Coal's FY26 underlying result was below Bell Potter's expectations, with EBITDA of $1.25 billion and NPAT of $227 million, although the balance sheet remains sound with $0.8 billion of cash and $1.6 billion of net debt.
Shareholder returns were strong at $159 million, including a 6 cent per share fully-franked final dividend and an equal allocation to the buyback.
However, the broker saw FY27 guidance was underwhelming.
Based on this guidance, the broker has a hold rating on the mining stock, along with a reduced price target of $7.50.
From yesterday's closing price, this indicates the stock is currently trading close to fair value.
We maintain a Hold recommendation. In the medium term, WHC are positioned to capitalise when coal markets sustainably improve with a diversified portfolio of assets in Queensland and New South Wales and strong organic growth optionality.
