Rio Tinto Plc (NYSE:RIO) stock rose Wednesday after the mining giant reported mixed first-half 2026 results, with earnings meeting Wall Street expectations while revenue missed estimates.

Adjusted earnings were $4.21 per share, in line with analyst expectations. Revenue totaled $31.03 billion, below the consensus estimate of $32.03 billion.

Cash Flow And Shareholder Returns

Operating cash flow increased 32% to $9.2 billion, supporting investment in the company’s growth pipeline while maintaining a strong balance sheet.

Underlying EBITDA rose 28% to $14.8 billion, while free cash flow climbed 75% to $3.8 billion during the first half of 2026.

Rio Tinto declared an interim ordinary dividend of $3.4 billion, up 43% from a year earlier, representing a 50% payout ratio.

The company said it remains on track to unlock $5 billion to $10 billion in cash through portfolio optimization, infrastructure initiatives and other capital release measures. It expects to deliver about $5 billion of those cash releases by the end of 2026.

Production And Growth Projects

Copper-equivalent production increased 3% in the first half, driven by higher output across key commodities and progress on major growth projects.

Copper production rose 1% to 442 kilotonnes, while iron ore production increased 5% to 170 million tonnes. The company maintained its 2026 copper production guidance of 800 kilotonnes to 870 kilotonnes.

Rio Tinto said operational execution remained strong, supported by the ramp-up of major growth projects, including the Oyu Tolgoi copper mine. Pilbara recorded its highest first-half iron ore production since 2018, while aluminum operations also delivered solid performance.

Productivity Outlook

The company’s productivity program reached a $1.3 billion annualized run rate during the first half, with $870 million in savings realized year to date.

Rio Tinto remains on track to achieve a $1.8 billion annualized productivity run rate by the end of 2026. The company said the initiative supports an approximately 3% increase in copper-equivalent production and an approximately 4% compound annual reduction in operating unit costs through 2030.

RIO Price Action: Rio Tinto shares were up 1.77% at $93.26 at the time of publication on Wednesday, according to Benzinga Pro data.

Photo via Shutterstock