Anglo dividend: payout and cash cover
Anglo's base dividends rise from $0.40 to $0.76 as earnings recover under the 40% payout policy. In 2025, free cash flow of $1,257 million exceeded shareholder payments of $446 million, though the improvement partly reflected paying less out.
How much does Anglo pay in dividends per share?
Base dividends rise from $0.40 to $0.76 as earnings recover under the 40% payout policy. The first figure is close to the latest ordinary annual run rate, while later payments remain below the implied policy maximum because capital needs continue. The bear path falls from $0.23 to zero as earnings weaken; the bull rises to $1.20 as copper, production and Teck benefits improve cash earnings. The special dividend is excluded.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| EBITDA | 9,700 (8,000 / 10,900) | 11,900 (8,800 / 14,000) | 13,000 (9,000 / 15,500) |
| Dividends per share | 0.40 (0.23 / 0.55) | 0.60 (0.10 / 0.88) | 0.76 (0.00 / 1.20) |
| Net debt | 9,290 (10,119 / 8,234) | 8,241 (9,655 / 5,877) | 7,267 (8,989 / 3,658) |
What this means. Enterprise value to earnings before interest, taxes, depreciation, and amortization shows how much investors pay for each dollar of operating profit.
Is Anglo's dividend covered by its cash?
Shareholder payments fell sharply. They were US$5,131 million in 2021. By 2025 they were US$446 million. Free cash flow, the cash left after the operating and investment spending included in the measure, was US$348 million in 2024 and US$1,257 million in 2025. The improvement partly reflected paying less out, not only better mine performance.
Anglo’s own free-cash-flow measure was $790 million, while the calculation here reaches $1,257 million. A further measure deducts stock pay as an economic cost, producing “real free cash flow” of $1,128 million.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 1,257 | 348 | |||
| − Dividends paid | 344 | 1,026 | 1,564 | 3,549 | 4,047 |
| − Share buybacks | 102 | 112 | 274 | 527 | 1,084 |
| = Free cash flow not paid out | 269 | ||||
| = Paid out more than the free cash flow | 1,260 | ||||
| Paid to shareholders | 446 | 1,138 | 1,838 | 4,076 | 5,131 |
What this means. In 2024, the company paid shareholders more than the cash it made, so it had to use savings or borrow money.
What could change Anglo's dividend?
Management guides to 700–760 kt of copper and 55–59 Mt of premium iron ore in 2026. The 2027 ranges are 750–810 kt and 59–63 Mt. Copper unit-cost guidance is 145 cents per pound in 2026. Premium iron ore guidance is $41 per tonne. Continuing-operations capital expenditure is $3.2 billion in 2026, alongside a 40% dividend payout ratio.
During 2027–2029, evidence of production at guidance, the targeted synergies, dependable water and free-cash-flow conversion above the H1 anchor would move the forecast upward. Persistent Woodsmith spending, integration costs or weak cash conversion would move it downward.
What is Anglo's dividend yield against its share price?
| Today (Oct 13, 2026) | |
|---|---|
| Share price | 4,120.0 |
| Free cash flow yield (calculated) | 2.0% |
| Dividend yield (calculated) | 0.4% |
What this means. The enterprise value is higher than the market value because the business has more debt than cash and short-term investments.