Glencore has beaten its earnings expectations in 2025, despite the figure dropping by 6% to $13.5bn.

The Anglo-Swiss mining firm reported that while its adjusted earnings outcome was modestly lower year-on-year, the underlying momentum in H2 was "clear". Its adjusted earnings in this period increased by 49% on H1, reflecting higher metal prices and improved production volumes, especially copper.

Glencore’s revenue increased by 7% year-on-year in 2025 to $247bn, while its total assets rose by 9% to $142bn.

The results come after the firm outlined its pathway to become one of the "world’s largest producers over the next decade". It is now targeting the production of 1.6 million tonnes of copper by 2035.

Chief executive officer at Glencore, Gary Nagle, stated: "[Last year] was a year of significant progress, marked by a strong operational performance, continued portfolio optimisation and clear momentum for our copper-led growth strategy.

"At our recent Capital Markets Day, we highlighted our exceptional portfolio of copper assets and projects, outlining our pathway, from an already significant copper producer, to become one of the world's largest producers over the next decade."

Glencore has outlined a special dividend of seven cents per share, alongside an increased ordinary dividend of 10 cents per share.

The firm said this special dividend is funded by the rising value of its stake in Bunge, and the combined payout increases its dividend yield from around 1.5% to 2.5%.

It stated that it remains focused on delivering on its 2026 priorities, achieving its operational targets and progressing its organic production growth options in order to support long-term value creation for shareholders.

Following the announcement, shares in Glencore increased by 4%. This follows an increase of 75% over the last six months and merger talks with Rio Tinto collapsing earlier this month.

Energy and materials analyst at Quilter Cheviot, Maurizio Carulli, stated: "Glencore’s balance sheet remains solid, with net debt unchanged year-on-year at $11.2bn and better than analysts expected.

"The elephant in the room is obviously the failed merger talks with Rio Tinto. It is likely that Glencore will now implement its own "internal M&A", possibly IPOing its coal assets in Australia, and very likely doing partial divestments or partnership deals for some of its individual mines and greenfield projects.

"Glencore has an excellent pipeline of copper mines development projects, and investors will likely focus on that going forward."

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