The result was down 40% on FY21's record result but was in line with analysts' expectations.

Revenue was down 22% to $17.4 billion on record iron ore sales of 189 million tonnes.

Underlying EBITDA was $10.6 billion at a margin of 61%.

Operating cashflow was $6.6 billion, while free cashflow was $3.6 billion after capital expenditure of $3.1 billion.

The results represented the second-highest earnings and operating cashflow in FMG's history.

FMG declared a final fully franked dividend of A$1.21 per share, higher than consensus estimates of $1.06.

It took full-year returns to $2.07 per share, or $6.4 billion, representing 75% of NPAT.

The company closed the year with cash on hand of US$5.2 billion and net debt of $900 million.

Delivering her final set of results, CEO Elizabeth Gaines said FMG's unique culture and values had contributed to the second-highest profit in the company's history.

She said the company was continuing its decarbonisation journey with the start-up of the 60 megawatt Chichester solar gas hybrid project, which displaced 78 million litres of diesel usage in FY22.

"The execution of our decarbonisation strategy was further enhanced through Fortescue's acquisition of Williams Advanced Engineering and the strategic partnership with tier one global heavy equipment manufacturer, Liebherr for the development and supply of zero emission green mining haul trucks," Gaines said.

FMG has announced a target of achieving net zero scope 3 emissions by 2040.

"We are accelerating our transition to a vertically integrated green energy and resources company and are leading the way in decarbonisation," Gaines said.

"In FY22 our global economic contribution was A$27.6 billion demonstrating our important contribution to the economy and the communities in which we operate."

As previously announced, FY23 guidance is 187-192Mt at C1 cost guidance of $18-18.75 per wet metric tonne.

Capital expenditure guidance is $2.7-3.1 billion, while total expenditure for FMG's green arm, Fortescue Future Industries, is expected to be $600-700 million, inclusive of $100 million of capital expenditure and $500-600 million of operating expenditure.

"We have experienced a strong start to FY23 and through operational excellence, a sustained focus on productivity and a disciplined approach to capital allocation, we will continue to deliver benefits to all our stakeholders," Gaines said.

Gaines, chairman and founder Dr Andrew Forrest, FMG chief financial officer Ian Wells, FFI CEO Mark Hutchinson and FFI CFO Guy Debelle will speak to media and analysts later today.

FMG shares dropped 2.3% to A$19.40, in line with broader falls across the ASX.