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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

Glencore

GLN · A2X Markets · Consolidated statements

On this page
Company details
Legal name
Glencore plc
Listing
GLN on the A2X Markets, active · ISIN JE00B4T3BW64 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · annual report, signed / final · source

Read with these figures

  • Auditor's emphasis of matter. No emphasis-of-matter or material-uncertainty paragraph.
Full wording and sources

  • Auditor's emphasis of matter

    No emphasis-of-matter or material-uncertainty paragraph. Key audit matters: impairments and impairment reversals of non-current assets; potential impact of climate change on the valuation of energy coal and oil related non-current assets; valuation of deferred tax assets and uncertain tax positions (p126). Materiality $500 million.

    Source: Glencore 2025 Annual Report (dated 2026-03-10)

  • Revenue

    USD 248 billion

    247,535 USD millions · p138

    +7.2% vs 2024

  • Operating profit / (loss)

    Not reported in this filing

  • Profit / (loss) for the year

    USD 120 million

    120 USD millions · p138

    Moved from loss to profit (FY2024: (2,694) USD millions)

  • Total assets

    USD 142 billion

    142,199 USD millions · p140

    +9.0% vs 2024

  • Total equity

    USD 33.6 billion

    33,606 USD millions · p140

    −5.8% vs 2024

  • Cash from operations

    USD 5.64 billion

    5,642 USD millions · p141

    −43.9% vs 2024

Large amounts are rounded for reading (USD million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in USD millions unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — annual report, signed / final; reported for the year · source
  • FY2024 — annual report, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, USD millions. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Revenue 247,535 230,944
Cost of goods sold (241,672) (224,294)
Net expected credit losses (150) (186)
Selling and administrative expenses1 (2,378) (2,023)
Share of income from associates and joint ventures 1,267 1,417
Gain/(loss) on disposals of non-current assets2 223 (337)
Other income 193 191
Other expense (835) (2,117)
Impairments of non-financial assets3 (868) (2,258)
Impairments of financial assets4 (321) (8)
Dividend income5 56 7
Interest income 517 587
Interest expense (3,246) (2,921)
Income/(loss) before income taxes 321 (998)
Income tax expense (201) (1,696)
Income/(loss) for the year 120 (2,694)
Non-controlling interests6 (243) (1,060)
Other comprehensive income 923 21
Total comprehensive income/(loss) 1,043 (2,673)
Notes and alternative reported figures (6)
  1. “Selling and administrative expenses”: mapping to a shared definition is uncertain. Selling and administrative expenses, one line (p138).
  2. “Gain/(loss) on disposals of non-current assets” is an issuer-specific line, not mapped to a shared definition: Note 4.
  3. “Impairments of non-financial assets” is an issuer-specific line, not mapped to a shared definition: Note 7.
  4. “Impairments of financial assets” is an issuer-specific line, not mapped to a shared definition: Note 7.
  5. “Dividend income” is an issuer-specific line, not mapped to a shared definition: Note 11.
  6. “Non-controlling interests” is an issuer-specific line, not mapped to a shared definition: Share of income/(loss) for the year attributable to non-controlling interests.

Balance sheet

Balance sheet, USD millions. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Property, plant and equipment 49,304 50,206
Intangible assets 5,770 5,928
Investments in associates and joint ventures 10,023 9,304
Other investments1 3,735 468
Advances and loans2 3,321 3,118
Other financial assets3 402 197
Inventories4 1,073 517
Deferred tax assets 1,541 1,208
Unlabelled subtotal 75,169 70,946
Inventories 32,882 29,580
Accounts receivable 23,826 17,781
Other financial assets3 4,274 4,389
Income tax receivable 2,733 1,495
Prepaid expenses5 370 288
Cash and cash equivalents 2,945 2,389
Unlabelled subtotal6 67,030 55,922
Assets held for sale7 –8 3,592
Unlabelled subtotal 67,030 59,514
Total assets 142,199 130,460
Share capital –9 136
Stated capital10 23,353 –9
Reserves and retained earnings11 15,507 40,533
Unlabelled subtotal 38,860 40,669
Non-controlling interests (5,254) (5,009)
Total equity 33,606 35,660
Borrowings 26,992 25,264
Deferred income12 1,371 1,109
Provisions13 10,262 10,714
Post-retirement and other employee benefits 838 764
Other financial liabilities14 1,220 2,033
Deferred tax liabilities 4,820 5,207
Unlabelled subtotal 45,503 45,091
Borrowings 14,494 12,843
Accounts payable 35,614 28,968
Deferred income12 2,434 1,786
Provisions 1,196 1,326
Other financial liabilities14 7,217 2,835
Income tax payable 2,135 1,951
Unlabelled subtotal 63,090 49,709
Total equity and liabilities 142,199 130,460
  1. Printed “–”, read as nil: subtotal_arithmetic: bs.current_assets.
  2. Printed “–”, read as nil: subtotal_arithmetic: bs.equity_attributable_to_owners.
Notes and alternative reported figures (12)
  1. “Other investments” is an issuer-specific line, not mapped to a shared definition: Non-current other investments (note 11).
  2. “Advances and loans” is an issuer-specific line, not mapped to a shared definition: Non-current advances and loans (note 12).
  3. “Other financial assets” is an issuer-specific line, not mapped to a shared definition: Note 28.
  4. “Inventories” is an issuer-specific line, not mapped to a shared definition: Non-current inventories (note 13).
  5. “Prepaid expenses” is an issuer-specific line, not mapped to a shared definition: Prepaid expenses.
  6. “Unlabelled subtotal” is an issuer-specific line, not mapped to a shared definition: Unlabelled subtotal of current assets before assets held for sale.
  7. “Assets held for sale” is an issuer-specific line, not mapped to a shared definition: Note 16 (2025 printed '–').
  8. “Stated capital” is an issuer-specific line, not mapped to a shared definition: No-par stated capital (note 17; 2024 printed '–').
  9. “Reserves and retained earnings” is an issuer-specific line, not mapped to a shared definition: Reserves and retained earnings, one line.
  10. “Deferred income” is an issuer-specific line, not mapped to a shared definition: Note 22.
  11. “Provisions” is an issuer-specific line, not mapped to a shared definition: Note 23.
  12. “Other financial liabilities” is an issuer-specific line, not mapped to a shared definition: Note 28.

Cash flow

Cash flow, USD millions. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Income/(loss) before income taxes1 321 (998)
Depreciation and amortisation2 6,772 6,598
Share of income from associates and joint ventures3 (1,267) (1,417)
Streaming revenue and other non-current provisions4 (89) (44)
(Gain)/loss on disposals of non-current assets5 (223) 337
Unrealised mark-to-market movements on other investments6 (61) (115)
Impairments7 1,189 2,266
Other non-cash items – net18 1,220 2,219
Interest expense – net9 2,729 2,334
Cash generated by operating activities before working capital changes, interest and tax10 10,591 11,180
(Increase) in accounts receivable211 (7,146) (80)
(Increase)/decrease in inventories12 (3,529) 2,770
Increase/(decrease) in accounts payable313 9,672 (629)
Total working capital changes14 (1,003) 2,061
Income taxes paid (1,948) (1,660)
Interest received 480 533
Interest paid15 (2,478) (2,059)
Net cash generated by operating activities 5,642 10,055
Investment in long-term advances and loans16 –17 (75)
Net cash used in acquisition of subsidiaries18 (20) (6,949)
Net cash used in disposal of subsidiaries19 (57) (22)
Purchase of investments20 (397) (215)
Proceeds from sale of investments21 1,488 192
Purchase of property, plant and equipment (5,932) (5,611)
Proceeds from sale of property, plant and equipment 76 143
Dividends received from associates and joint ventures22 677 812
Net cash used by investing activities (4,165) (11,725)
Proceeds from issuance of capital market notes223 5,451 4,797
Repayment of capital market notes24 (3,194) (2,806)
(Repayment of)/proceeds from revolving credit facility25 (1,500) 1,995
Proceeds from other non-current borrowings26 95 –27
Repayment of other non-current borrowings28 (12) (137)
Repayment of lease liabilities (911) (844)
Margin receipts/(payments) in respect of financing-related hedging activities29 1,045 (693)
Proceeds from current borrowings30 559 1,916
Proceeds from/(repayment of) US commercial papers31 953 (187)
Acquisition of non-controlling interests in subsidiaries32 (4) (5)
Distributions to non-controlling interests33 (282) (84)
Purchase of own shares34 (1,992) (230)
Distributions paid to equity holders of the Parent (1,192) (1,580)
Net cash (used)/generated by financing activities (984) 2,142
Increase in cash and cash equivalents 493 472
Effect of foreign exchange rate changes 63 (70)
Cash and cash equivalents, beginning of year 2,389 1,987
Cash and cash equivalents, end of year 2,945 2,389
  1. Printed “–”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  2. Printed “–”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (32)
  1. “Income/(loss) before income taxes” is an issuer-specific line, not mapped to a shared definition: Opening line of the operating cash flows.
  2. “Depreciation and amortisation” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  3. “Share of income from associates and joint ventures” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  4. “Streaming revenue and other non-current provisions” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  5. “(Gain)/loss on disposals of non-current assets” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  6. “Unrealised mark-to-market movements on other investments” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  7. “Impairments” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  8. “Other non-cash items – net1” is an issuer-specific line, not mapped to a shared definition: Adjustment (reconciled below the statement).
  9. “Interest expense – net” is an issuer-specific line, not mapped to a shared definition: Adjustment.
  10. “Cash generated by operating activities before working capital changes, interest and tax” is an issuer-specific line, not mapped to a shared definition: Printed subtotal.
  11. “(Increase) in accounts receivable2” is an issuer-specific line, not mapped to a shared definition: Includes other financial assets, prepaid expenses and certain long-term advances and loans (footnote 2).
  12. “(Increase)/decrease in inventories” is an issuer-specific line, not mapped to a shared definition: Working-capital change.
  13. “Increase/(decrease) in accounts payable3” is an issuer-specific line, not mapped to a shared definition: Includes other financial liabilities, provisions and deferred income (footnote 3).
  14. “Total working capital changes” is an issuer-specific line, not mapped to a shared definition: Printed subtotal.
  15. “Interest paid” is an issuer-specific line, not mapped to a shared definition: Interest paid, within operating activities.
  16. “Investment in long-term advances and loans” is an issuer-specific line, not mapped to a shared definition: 2025 printed '–'.
  17. “Net cash used in acquisition of subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 26.
  18. “Net cash used in disposal of subsidiaries” is an issuer-specific line, not mapped to a shared definition: Note 26.
  19. “Purchase of investments” is an issuer-specific line, not mapped to a shared definition: Investing.
  20. “Proceeds from sale of investments” is an issuer-specific line, not mapped to a shared definition: Investing.
  21. “Dividends received from associates and joint ventures” is an issuer-specific line, not mapped to a shared definition: Investing.
  22. “Proceeds from issuance of capital market notes2” is an issuer-specific line, not mapped to a shared definition: Net of issuance costs (footnote 2).
  23. “Repayment of capital market notes” is an issuer-specific line, not mapped to a shared definition: Financing.
  24. “(Repayment of)/proceeds from revolving credit facility” is an issuer-specific line, not mapped to a shared definition: Financing, net.
  25. “Proceeds from other non-current borrowings” is an issuer-specific line, not mapped to a shared definition: 2024 printed '–'.
  26. “Repayment of other non-current borrowings” is an issuer-specific line, not mapped to a shared definition: Financing.
  27. “Margin receipts/(payments) in respect of financing-related hedging activities” is an issuer-specific line, not mapped to a shared definition: Financing.
  28. “Proceeds from current borrowings” is an issuer-specific line, not mapped to a shared definition: Financing.
  29. “Proceeds from/(repayment of) US commercial papers” is an issuer-specific line, not mapped to a shared definition: Financing, net.
  30. “Acquisition of non-controlling interests in subsidiaries” is an issuer-specific line, not mapped to a shared definition: Financing.
  31. “Distributions to non-controlling interests” is an issuer-specific line, not mapped to a shared definition: Financing.
  32. “Purchase of own shares” is an issuer-specific line, not mapped to a shared definition: Note 17.

Per share and shares

Per share and shares. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Earnings / (loss) per share (per share)1 0.03 (0.13)
Profit / (loss) attributable to shareholders (USD millions)2 363 (1,634)
Notes and alternative reported figures (2)
  1. Earnings / (loss) per share: printed as “Basic (US$)”.
  2. Profit / (loss) attributable to shareholders: printed as “Equity holders of the Parent”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividends paid (cash flow statement) Distributions paid to equity holders of the Parent (1,192) USD millions Annual report, p142
31 Dec 2024 Dividends paid (cash flow statement) Distributions paid to equity holders of the Parent (1,580) USD millions Annual report, p142

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Glencore 2025 Annual Report

    Year ended 31 December 2025 · Annual report · signed / final

    Audit: Deloitte LLP, unmodified opinion · signed

    Auditor's sign-off: Robert Topley FCA for and on behalf of Deloitte LLP

    Final status: Independent auditor's report signed ('R J Topley', signature image) by Robert Topley FCA for and on behalf of Deloitte LLP, Recognised Auditor, London, 10 March 2026 (PDF p137, page image); opinion p126. The consolidated statements were authorised for issue by a directors' resolution on 10 March 2026 (note 1, PDF p144); no board signature is printed on the statements.

    Document date
    10 Mar 2026
    Auditor's report
    10 Mar 2026
    Board approval
    10 Mar 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · USD millions (printed “US$ million”)
    • HIDDEN TEXT: PDF pages 140 and 142 carry, after their own text, an unprinted copy of the facing page's text (p140: the comprehensive-income statement printed on p139; p142: the operating and investing cash flows printed on p141). The hidden figures are identical to those printed on the facing pages (compared); none differs from a printed figure. Values are read from the page on which they are printed.
    • No operating-profit, gross-profit or total-liabilities line is printed; non-current assets, current assets (before and after assets held for sale), equity attributable to owners, and non-current and current liabilities are unlabelled subtotals (p140). Basic and diluted earnings per share are printed identically (p138).
    • Reporting currency US dollars; the directory's only listing for this issuer is its A2X line (ZAR trading currency); Glencore's primary listing is in London (LSE) and it has a secondary listing on the JSE.
    Technical details
    File
    249 pages, with a text layer
    SHA-256
    5c1a900adb8fa20291b38b81664a879d035a495c1d88dec2da00bb99420a1cc9
    Entity as printed
    Glencore plc and its subsidiaries (together “the Group”)
    Issuer copy
    retrieved 2026-10-08T18:51:34Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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