Freeport-McMoRan, Inc.
FCX · NYSE
Next quarter
Expected to report Oct 22, 2026 — estimated from last year’s reporting date.
Consensus is $0.72 EPS for Sep 2026 across 9 estimates, ranging $0.62 to $0.85.
FCX Jun 2026
- 19.35%
- -1.42%
- $0.62
- $0.74
- —
- $6.92B
Reported results
- $6.92B
- 29.98%
- $2.00B
- 28.96%
- $984.00M
- $0.68
Highlights
- Consolidated revenue was $7.029 billion, down from $7.582 billion in Q2 2025, while net income was $0.98 billion versus $0.77 billion a year earlier.
- Indonesia Operations generated $1.483 billion of segment revenue and $499 million of operating income, compared with $3.417 billion and $1.868 billion in Q2 2025.
- Cerro Verde produced $1.487 billion of segment revenue and $736 million of operating income, while Morenci generated $756 million of revenue and $265 million of operating income.
- U.S. Rod & Refining revenue increased to $2.239 billion from $1.701 billion, but operating income was $22 million; Atlantic Copper reported $1.030 billion of revenue and $26 million of operating income.
- Total consolidated capital expenditures were $1.104 billion, compared with $1.261 billion in Q2 2025; first-half consolidated revenue was $13.263 billion versus $13.310 billion a year earlier.
Analysis
No consensus figures are available for comparison. Revenue was $7.029 billion, below $7.582 billion in Q2 2025 but above $6.25 billion in Q1 2026, while net income rose from $0.77 billion a year earlier and fell from $1.39 billion sequentially. The quarter was carried by Cerro Verde and Morenci, whose operating income increased to $736 million and $265 million, respectively, and by higher U.S. Rod & Refining revenue. Indonesia was the principal drag: revenue declined to $1.483 billion from $3.417 billion and operating income fell to $499 million from $1.868 billion. Total reportable-segment operating income dropped to $1.548 billion from $2.360 billion, despite the improved net income comparison, and consolidated income before taxes declined to $1.930 billion from $2.391 billion. Indonesia also recorded $284 million of idle-facility and restoration charges and $79 million of idle-facility costs tied to the September 2025 external mud rush incident.
Guidance
The supplied filing provides no forward guidance ranges for revenue, production, earnings, margins, capital expenditures or other periods ahead. It reports current-quarter and first-half results, including $1.104 billion of consolidated capital expenditures for the quarter and $13.263 billion of first-half revenue, but does not compare those figures with a prior management forecast or provide assumptions for the balance of 2026. Accordingly, there is no stated guidance change, range, or management caveat about the outlook in the supplied material.
What drove it
- Cerro Verde — Segment revenue was $1.487 billion and operating income was $736 million, up from $1.029 billion and $340 million in Q2 2025.
- Indonesia Operations — Revenue fell to $1.483 billion from $3.417 billion, while operating income declined to $499 million from $1.868 billion.
- Morenci — Segment revenue increased to $756 million from $622 million and operating income rose to $265 million from $132 million.
- Rod & Refining — Revenue increased to $2.239 billion from $1.701 billion, but operating income was only $22 million.
- Capital spending — Consolidated capital expenditures were $1.104 billion in the quarter, versus $1.261 billion in Q2 2025.
Watch items
- Indonesia Operations showed a sharp deterioration, with revenue falling from $3.417 billion to $1.483 billion and operating income dropping from $1.868 billion to $499 million.
- Total reportable-segment operating income declined from $2.360 billion to $1.548 billion, indicating substantial operating pressure despite higher net income year over year.
- The filing includes $284 million of idle-facility and restoration charges and $79 million of idle-facility costs associated with the September 2025 external mud rush incident.
- Gold product revenue fell to $640 million from $1.833 billion in Q2 2025, while consolidated revenue declined to $7.029 billion from $7.582 billion.
