Rio Tinto dividend
Rio Tinto's dividend per share was 304.39 GBp in 2025. Its own free cash flow per share was 186.06 GBp, so 2025's post-investment cash generation did not comfortably cover the distribution.
How much does Rio Tinto pay over the years?
Iron ore production reached 289,616 thousand tonnes in 2025, up from 276,557 thousand tonnes in 2021. Realised price fell to US$90.0 per tonne in 2025 from US$143.8 in 2021. Rio’s own free cash flow per share fell to 186.06 GBp in 2025, below its 304.39 GBp dividend per share.
Is Rio Tinto's dividend covered by its cash?
The dividend was US$4.02 per share while calculated free cash flow was US$2.75 per diluted share. Different denominators and payment dates prevent a precise coverage calculation, but the direction is clear: 2025’s post-investment cash generation did not comfortably cover the distribution.
| Year to Dec 2025 | Year to Dec 2024 | Year to Dec 2023 | Year to Dec 2022 | Year to Dec 2021 | |
|---|---|---|---|---|---|
| Real free cash flow (after stock pay) (calculated) | 4,260 | 5,806 | 7,930 | 9,262 | 17,835 |
| Dividends paid | 6,145 | 7,025 | 6,470 | 11,727 | 15,357 |
| Shares bought back | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 6,022 | 346 | 834 | 850 | 0 |
| Returned to shareholders, share of real free cash flow (calculated) | 144.2% | 121.0% | 81.6% | 126.6% | 86.1% |
What could change Rio Tinto's dividend?
The latest full-year dividend was US$4.02 per share, while the H1 2026 interim was US$2.11. The base path rises from US$4.90 in 2027 to US$5.20 in 2028 and US$5.50 in 2029, consistent with a broadly stable payout within policy.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| EBITDA | 26,500 (23,000 / 30,000) | 28,000 (20,500 / 34,000) | 29,500 (21,500 / 38,000) |
| Shares (millions) | 1,628 (1,629 / 1,628) | 1,630 (1,631 / 1,629) | 1,632 (1,633 / 1,630) |
| Dividends per share | 4.90 (3.30 / 5.50) | 5.20 (2.80 / 6.10) | 5.50 (2.50 / 6.80) |
| Enterprise value to ebitda | 6.00 (5.00 / 7.00) | 6.00 (4.50 / 7.50) | 6.00 (4.50 / 8.00) |
| Net debt | 11,640 (11,661 / 9,989) | 10,291 (12,022 / 5,601) | 8,314 (11,154 / -640) |
What is Rio Tinto's dividend yield today?
| Today (Oct 9, 2026) | |
|---|---|
| Share price | 7126.00 |
| Market value (calculated) | 11,594,036.76 |
| Enterprise value (calculated) | 12,529,935.96 |
| P/E, next 12 months (calculated) | 15.1x |
| Free cash flow yield (calculated) | 3.6% |
| Dividend yield (calculated) | 4.3% |