Boyce has released the 2025 Australian Cotton Comparative Analysis, providing cotton growers, advisors and industry stakeholders independent benchmarking data on the economics of irrigated cotton production across Australia.
Produced annually by Boyce since 1986, the report has become one of the cotton industry's most trusted benchmarking resources. Its consistent format over almost 40 years gives growers and industry stakeholders valuable long-term insights into performance, profitability and trends.
The 2025 report reflects a year of improved water availability across most cotton-growing valleys, resulting in increased planting areas and strong crop performance. Average growers achieved yields of 12.42 bales per hectare, up from 12.00 bales per hectare in 2024, while growers in the top 20% achieved 13.75 bales per hectare.
While yields improved, cotton prices eased from the exceptional highs experienced in recent seasons. The average value per bale fell to $587, compared with $664 in 2024. Despite this, lower operating costs and improved production conditions helped support profitability across the industry. Average growers recorded a farm net profit of $1,780 per hectare, while top 20% growers achieved $3,480 per hectare.
The report reinforces a consistent theme seen throughout the analysis over many years: the highest-performing cotton businesses combine strong yields with disciplined cost control. Over the past five years, the top 20% of growers have achieved nearly 60% higher net profit than average growers, driven primarily by greater land productivity and lower operating costs.
The 2025 report also explores one of the biggest strategic questions facing irrigated agriculture: how growers balance operating returns with rising land and water values. It notes that many businesses are seeing a greater proportion of total return generated through capital growth, rather than annual operating profit.
The report helps growers benchmark their performance against industry averages and top-performing businesses. It provides independent data on yield performance, cost of production, profitability, water-use economics, long-term industry trends and the characteristics of top-performing cotton businesses.
The report remains an essential annual resource for growers looking to improve profitability, understand industry benchmarks and learn what sets top-performing businesses apart.
Head of Agribusiness at Boyce, Angas Swann, said the report gives growers practical insights they can use to understand performance and make more informed business decisions.
“The Australian Cotton Comparative Analysis helps growers see where their business sits against the broader industry and what top-performing businesses do differently,” Mr Swann said.
“Strong yields remain important, but the data shows that disciplined cost control, land productivity and long-term planning all play a critical role in business performance.”
Growers, advisors and industry stakeholders can register to receive a digital copy of the 2025 Australian Cotton Comparative Analysis.
Boyce has also released the two-page 2026 Australian Cotton Comparative Analysis Interim Report, providing a mid-season snapshot of cotton production in Australia.
