Fortescue (ASX:FMG) is looking at a $US1.5 billion-plus boost to revenue and a corresponding boost to earnings for the year ending June, judging by a comparison of average iron ore prices received by the company over the past two years.

Fortescue stated in the June quarter production and sales report that its average iron ore price was around $US103 per tonne, just over $US8 per tonne more than the $US94.74 received for 2022-23.

The boost from the higher price will more than offset the small dip in shipments: 191.6 million tonnes, including 1.2 million tonnes of magnetite from its 69% owned Iron Bridge mine, compared with 192 million tonnes in 2022-23, with all tonnes shipped in that year consisting of hematite fines.

The boost of just over $US1.5 billion equates to around $A2.4 billion, which will be important for the final dividend, which is paid in Australian currency while the company reports everything else in U.S. dollars.

Total dividends for 2022-23 were $A1.73, with a final of $1 per share. After paying an interim dividend earlier this year of $1.08 per share, a final dividend of well over $A1 per share would not be too much to expect.

Looking at earnings, the company reported a net after-tax profit of $US4.796 billion for the year ending June 2023, with an underlying figure of $US5.5 billion.

The company's margin fell to 59% from 61% a year ago.

Interim earnings for the June 2024 year were $US3.3 billion, so a figure well above $US5 billion is possible given the $US1.5 billion boost to revenues, which should top $US17 billion ($US16.87 billion for 2022-23).

Despite rising costs, which led to the recent cuts of 700 jobs and a significant restructuring, the data in the quarterly and final reports confirm that Fortescue is swimming in cash.

As of June 30, 2023, the company had net debt of $US1 billion. On Thursday, the company said it had net debt of half a billion dollars, down from $US1.2 billion on March 31 this year.

Cash on hand rose to $US4.9 billion from $US4.1 billion on March 31 and $US4.3 billion in June 2023.

The cash surge supports the confidence Fortescue showed in Thursday's report about its energy business.

On Thursday, the company announced it will step up spending on its energy division to advance several new green hydrogen projects next year, reaffirming its commitment to the division.

Fortescue will initially focus on four green hydrogen projects in Australia, the United States, Norway, and Brazil. Additional projects in Morocco, Oman, Egypt, and Jordan are set to follow.

Fortescue plans to boost capital expenditure for its energy division to $US500 million and its net operating expenditure to around $US700 million next year, up from $US300 million and $US400-$US500 million, respectively, anticipated for 2024.

The ramp-up to full production capacity at its Iron Bridge magnetite project is still expected in the September quarter of the 2025 financial year.