The resources giant said underlying profit from continuing operations for the year to June 2022 rose 26 per cent to $US21.3 billion ($A30.3 billion), better than analyst estimates.
Underlying earnings for the year were up 16 per cent to $US40.6 billion ($A57.8 billion).
That enabled the global miner to declare a fully franked final dividend of $US1.75 ($A2.49) a share, taking total dividend for the full year to a record $US3.25 per share.
Chief Executive Mike Henry told reporters it had been a "record" year for BHP.
He attributed the results to "strong operational performance and disciplined cost control" which allowed the miner to capture the value of strong commodity prices.
Mr Henry said tight labour markets will remain a challenge, globally and in Australia.
The direct and indirect impact of the energy crisis in Europe is also a "particular point of concern", he said.
In the near-term, the operating environment is expected to remain "volatile".
But the BHP boss expected China to emerge as a source of stability for commodity demand in the year ahead.
"At the same time, we expect to see a slowdown in advanced economies as monetary policy tightens, as well as ongoing geopolitical uncertainty and inflationary pressures," he said.
BHP had earlier paid an in-specie dividend of $US3.83 for each BHP share held following the merger of its petroleum division with energy giant Woodside, taking the total payout to shareholders for the year to about $US36 billion.