Freeport-McMoRan (FCX) Q2 2026 Earnings
Excludes after-tax net charges of $96 million ($0.06 per share) primarily for idle facility and restoration costs associated with PTFI's September 2025 external mud rush incident
How Did FCX Stock React to Q2 2026 Earnings?
S&P 500 over the same 30 days: +3.43%.
Did FCX Beat Earnings? Q2 2026 Results
Yes. Freeport-McMoRan reported Q2 2026 earnings of $0.74 a share on Jul 23, 2026, beating the $0.62 consensus estimate by 18.5%. Revenue was $7.0B against a $6.7B estimate.
Freeport-McMoRan delivered a convincing beat in Q2 2026, with adjusted EPS of $0.74 clearing the $0.62 consensus by 18.49% and revenue of $7.03 billion topping estimates by 4.17%, extending the copper giant's streak of beating consensus EPS expectations to five consecutive quarters. The results came even as overall revenue slipped 7.3% year-over-year, a decline driven largely by sharply lower volumes from the Grasberg complex in Indonesia following the September 2025 mud rush incident at the Grasberg Block Cave mine; however, surging realized copper prices of $6.17 per pound, up from $4.54 per pound a year ago, and strong Americas performance cushioned the blow. Consolidated copper sales of 710 million pounds beat FCX's own April estimate of 690 million pounds, and consolidated unit net cash costs of $1.97 per pound came in well below the $2.24 guidance. Looking ahead, FCX projects full-year 2026 copper sales of approximately 3.1 billion pounds and operating cash flows of roughly $8.3 billion, with Grasberg approaching full capacity by end of 2027.
- Higher realized copper prices ($6.17/lb vs. $4.54/lb year-over-year)
- Strong Americas operations performance with U.S. copper sales of 312 million pounds
- Consolidated copper sales exceeded April 2026 estimates by 20 million pounds
- Favorable unit net cash costs vs. April 2026 estimates ($1.97/lb vs. $2.24/lb)
- Higher molybdenum by-product credits
- Incremental 47 million pounds of copper from leaching initiatives in Q2
- 1H26 U.S. copper mining operating income up approximately 2.4x vs. 1H25
- Morenci mine rate in Q2 2026 up 30% compared to average over last 5 years
- Indonesia operations unit net cash credits of ($0.81)/lb on by-product basis despite reduced rates
- GBC mining rate ramped from 34k t/d in April to 69k t/d in June
“The Freeport team achieved strong results in the second quarter, supported by solid execution of our operating plans and favorable pricing for our products. We made steady progress with our Grasberg ramp-up and our Americas operations delivered excellent performance, which resulted in year-over-year improvements to bottom-line results, demonstrating the strength of our diversified portfolio.”
Freeport-McMoRan CEO, on the earnings call
What Is Freeport-McMoRan's Outlook?
FCX expects consolidated sales for full-year 2026 of approximately 3.1 billion pounds of copper, 650 thousand ounces of gold, and 93 million pounds of molybdenum. Q3 2026 sales are expected at 750 million pounds of copper, 160 thousand ounces of gold, and 22 million pounds of molybdenum. Q4 2026 sales are expected at 940 million pounds of copper, 250 thousand ounces of gold, and 22 million pounds of molybdenum. Consolidated unit net cash costs are expected to average $1.90 per pound of copper for 2026 (including $2.00/lb in Q3 2026). Operating cash flows are projected at approximately $8.3 billion for full-year 2026 assuming $6.00/lb copper, $4,000/oz gold, and $30/lb molybdenum for H2 2026, with each $0.10/lb change in copper for H2 2026 equaling approximately $150 million impact. Capital expenditures are expected at approximately $4.3 billion for 2026, including $3.0 billion for major projects ($1.4 billion planned, $1.6 billion discretionary). PTFI's production rates are expected at approximately 65% in H2 2026, 80% by mid-2027, and approaching full capacity by end of 2027. Looking further out, FCX projects copper sales of approximately 3.8 billion pounds in 2027 and 4.1 billion pounds in 2028, gold sales of approximately 1.0 million ounces in 2027 and 1.2 million ounces in 2028, and molybdenum sales of approximately 85 million pounds in 2027 and 95 million pounds in 2028. The consolidated effective tax rate for 2026 is estimated at approximately 30%.
FCX YoY Financials
| Metric | Q2 2026 | Q2 2025 | Year over year |
|---|---|---|---|
| Revenue | $7.0B | $7.6B | −7.3% |
| Operating Income | $2.0B | $2.4B | −17.6% |
| Net Income | $984.0M | $772.0M | +27.5% |
FCX Revenue by Segment
When Does Freeport-McMoRan Report Next?
Figures from SEC filings and company reports. Not investment advice.