Freeport-McMoRan, Inc. (FCX) Earnings

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Dec 2026upcoming

Next quarter

Expected to report Jan 21, 2027 — estimated from last year’s reporting date.

Consensus is $0.89 EPS for Dec 2026 across 8 estimates, ranging $0.58 to $1.18.

FCX Sep 2026

Reported Oct 27, 2026 · before the open

: 10.00%

: $0.80
: $0.88
: —
: —

Highlights

Earnings beat: Adjusted EPS was $0.88, 10% above the $0.80 consensus; GAAP EPS was $0.81. Revenue of $7.55 billion and operating income of $2.35 billion both rose about 9% sequentially and year over year.
Higher realized prices: Copper averaged $6.54 per pound versus $4.68 a year earlier, gold $4,273 per ounce versus $3,539, and molybdenum $32.46 per pound versus $24.07.
Grasberg ramp-up: Indonesia’s mill throughput averaged 141,000 metric tons per day, or 67% of capacity. Management continues to target 80% by mid-2027 and near-full capacity by year-end 2027.
Production-sales gap: Copper production was 832 million pounds and sales 749 million; gold production was 234,000 ounces but sales only 105,000, partly because about 60,000 ounces of refined gold sales shifted into Q4.
Cash generation and spending: Operating cash flow was $2.0 billion after $0.4 billion of working-capital and other uses. FCX expects about $8.5 billion for 2026 and $4.4 billion of capital expenditures.
2026 sales outlook: Full-year sales are expected at about 3.0 billion pounds of copper, 649,000 ounces of gold and 93 million pounds of molybdenum; Q4 copper and gold sales are forecast at 875 million pounds and 300,000 ounces.
Growth options: Leach initiatives added 55 million pounds in Q3 and 156 million year to date; FCX targets 300 million pounds annually in 2027, versus a current run rate near 220 million.
Balance sheet and returns: Net debt was $1.8 billion excluding $3.2 billion of PTFI downstream-facility debt. FCX returned $955 million to shareholders in the first nine months of 2026.

Analysis

Freeport delivered adjusted EPS of $0.88, 10% above the $0.80 consensus, while GAAP EPS was $0.81 after $0.07 per share of excluded charges. Revenue reached $7.55 billion and operating income $2.35 billion, each up about 9% from Q2 and Q3 2025. Common-stock net income was $1.17 billion, versus $984 million in Q2 and $674 million a year ago. The principal earnings driver was stronger realized pricing: copper averaged $6.54 per pound, up from $4.68 a year earlier, with gold and molybdenum prices also higher. Those gains outweighed lower year-over-year production and sales, particularly in Indonesia.

The quarter was also a progress update on Grasberg’s recovery and a bridge to higher expected volumes. Copper production of 832 million pounds was below sales of 977 million a year ago, while gold sales fell to 105,000 ounces from 336,000; management attributed the gap partly to inventory in Indonesian smelting and refining and the timing of gold sales. Grasberg throughput reached 67% of capacity, with 80% targeted by mid-2027 and near-full capacity by year-end. FCX expects Q4 copper sales of 875 million pounds and gold sales of 300,000 ounces. Cash generation remained substantial at $2.0 billion in operating cash flow, and management forecast $8.5 billion for 2026 at specified commodity-price assumptions. Growth investment and shareholder returns remain priorities, with net debt excluding downstream project debt at $1.8 billion.

Price-led earnings

Stronger commodity realizations lifted results despite lower consolidated volumes. Revenue of $7.55 billion compared with $6.92 billion in Q2 and $6.97 billion in Q3 2025; operating income of $2.35 billion compared with $2.00 billion and $1.97 billion, respectively. Adjusted net income was $1.3 billion, or $0.88 per share, versus $1.275 billion and $0.88 per share in Q3 2025. GAAP net income attributable to common stock was $1.17 billion, or $0.81 per share, including $101 million of after-tax charges, primarily related to idle-facility and restoration costs at PTFI.

Grasberg recovery

Ramp-up progress: Indonesia mill throughput averaged 141,000 metric tons of ore per day, 67% of capacity, including 70,000 metric tons per day from the Grasberg Block Cave. FCX targets 80% of capacity by mid-2027 and near-full capacity by year-end 2027.
Restart milestones: The PTFI smelter resumed operations in late August, joining PT Smelting, which restarted in late 2025. Upgrades to the Block Cave material-handling system are expected to finish by early 2027; Production Block 1 South is targeted to restart by mid-2027.
Costs and production timing: PTFI recorded $244 million of idle-facility, direct-recovery and restoration costs in Q3, excluded from reported unit net cash credits. Management said these costs are largely fixed and will be included in unit costs as volumes rise, rather than disappearing. Copper and gold held in Indonesian processing inventories contribute to expected 2026 production exceeding sales by about 100 million pounds and 70,000 ounces, respectively.

Volumes and guidance

Quarterly volumes: Consolidated copper production was 832 million pounds, down from 912 million a year earlier; copper sales were 749 million pounds versus 977 million. Gold production was 234,000 ounces versus 287,000, while sales were 105,000 versus 336,000. Copper sales were in line with the July estimate; gold sales missed the 160,000-ounce estimate because refined sales in Indonesia shifted into Q4.
Fourth quarter and year: Q4 sales are forecast at 875 million pounds of copper, 300,000 ounces of gold and 22 million pounds of molybdenum. Full-year 2026 sales guidance is approximately 3.0 billion pounds, 649,000 ounces and 93 million pounds, respectively. Management said its copper-sales estimate was trimmed about 2% and its 2027 estimate about 2.5% from prior guidance.
Costs: Consolidated unit net cash costs were $2.07 per pound in Q3, versus $1.40 a year ago, reflecting lower PTFI volumes, higher production costs and reduced by-product credits from deferred gold sales. FCX maintained full-year guidance of $1.90 per pound, including an expected $1.68 in Q4.

Organic growth pipeline

Leach and technology: Leach initiatives generated 55 million incremental copper pounds in Q3 and 156 million in the first nine months. FCX aims to grow the current annual run rate of about 220 million pounds to 300 million in 2027. Next-generation additives are expected to enter field testing in 2027; the longer-term 800-million-pound ambition is not included in current forecasts and depends on field results.
Bagdad expansion: FCX expects an investment decision in Q4 2026 on a potential project adding 200–250 million pounds of copper and 10–12 million pounds of molybdenum annually. Current estimated incremental capital is about $4.5 billion, with a three-to-four-year construction period; the project is not included in 2027 capital guidance.
Other options: El Abra’s potential expansion could add more than 700 million pounds of copper annually, with preliminary capital estimates of about $7.5 billion and permitting under way. FCX is also studying a significant expansion in the Safford/Lone Star district, with initial studies expected in 2027.

Cash and capital allocation

Cash outlook: Q3 operating cash flow was $1.98 billion, net of $0.4 billion of working-capital and other uses; nine-month cash flow was $5.52 billion. FCX expects about $8.5 billion for 2026, assuming Q4 prices of $6.50 per pound for copper, $4,000 per ounce for gold and $32 per pound for molybdenum.
Investment: Capital expenditures were $1.16 billion in Q3 and $3.24 billion year to date. Full-year guidance is about $4.4 billion, including $3.0 billion for major mining projects. Management cited higher energy and input costs, including roughly $500 million of 2026 energy-cost pressure versus 2025.
Liquidity and shareholder returns: September-end cash was $4.3 billion and consolidated debt $9.4 billion. Net debt was $1.8 billion excluding PTFI downstream-facility debt. FCX returned $955 million to shareholders through nine months, including $650 million in dividends and $305 million in repurchases; the declared Q3 dividend was $0.15 per share.

Freeport-McMoRan, Inc.

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