Glencore dividend
Glencore's forecast base dividends are $0.12 for the first two periods and $0.13 thereafter. In 2025, free cash flow was negative while shareholders were still paid.
How much does Glencore pay per share?
Base dividends are $0.12 for the first two periods and $0.13 thereafter. The bear path cuts them from $0.05 to $0.02; the bull raises them from $0.17 to $0.22. The fixed-plus-variable policy supports the base, but cyclical cash flow and discretionary top-ups justify the spread.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| EBITDA | 16,500 (12,500 / 21,000) | 17,000 (11,500 / 23,000) | 18,000 (12,000 / 25,500) |
| Shares (millions) | 11,633 (11,699 / 11,567) | 11,579 (11,705 / 11,426) | 11,531 (11,712 / 11,300) |
| Dividends per share | 0.12 (0.05 / 0.17) | 0.12 (0.03 / 0.20) | 0.13 (0.02 / 0.22) |
| Net debt | 39,030 (41,219 / 35,300) | 37,419 (43,270 / 29,585) | 35,168 (44,854 / 21,871) |
Does Glencore's cash cover its dividend?
The balance shifted in 2023, when dividends and buybacks exceeded that year’s free cash flow. A buyback uses cash to retire shares, increasing the remaining owners’ proportional claim, but its value depends on the price Glencore paid. Accumulated cash and earlier earnings can fund a payout, yet the year’s operations did not cover the year’s distribution.
In 2024, acquisitions and continued investment were supported by new borrowing. In 2025, free cash flow was negative while shareholders were still paid. Cash nevertheless rose because borrowing, asset sales and working-capital movements can offset weak operating cash.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | -1,201 | 3,600 | 5,936 | 8,905 | 4,608 |
| − Dividends paid | 1,192 | 1,580 | 6,450 | 4,832 | 2,115 |
| − Share buybacks | 1,992 | 230 | 3,672 | 2,503 | 746 |
| = Free cash flow not paid out | 1,706 | 1,128 | 1,584 | ||
| = Paid out more than the free cash flow | 4,667 | 4,194 | |||
| Paid out, % of free cash flow | not meaningful | 50.3% | 170.5% | 82.4% | 62.1% |
What is Glencore's dividend yield today?
The last-date range runs from bear 59.07 GBp to bull 1133.82 GBp. Today’s 584.60 GBp therefore sits above the weighted outcome but inside the very wide scenario range.
| Today (Oct 12, 2026) | |
|---|---|
| Share price | 584.6 |
| Free cash flow yield (calculated) | -1.3% |
| Real free cash flow yield (calculated) | -1.6% |
| Dividend yield (calculated) | 1.3% |