Jun 2026 (Q2 FY26) — Jul 23, 2026
Freeport-McMoRan Q2 FY26 — Grasberg Ramp-up and Americas Growth Drive Strong Results
Read the full callFreeport-McMoRan (FCX) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Freeport-McMoRan earnings: last reported Thu, 23 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 7,029 | −7.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 28.5 | −3.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 984 | +27.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
6 of 11 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| PT-FI application to extend Indonesian operating rights beyond 2041 | file the application during 2024 | Jun 2024 | we submitted a formal extension application in June in accordance with the agreed MOU terms | Achieved* |
| Innovative leach initiative annual run rate of incremental copper | 300 million pounds per annum run rate by the end of 2025 | Dec 2024 | we're just around 200 plus or minus today. We are targeting getting to the run rate of 300 by the end of this year. | Missed |
| Bagdad expansion incremental project capital cost | $3.5 billion | Dec 2024 | preliminary indications based on current market conditions indicate capital in the $4.5 billion range, which is approximately 30% above the estimate prepared in 2023 | Revised Down |
5 of FREEPORT-MCMORAN INC's 31 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 28 more targets are in the full ledger.
Claimed
- Grasberg Block Cave production doubled during the quarter, from 34,000 tons per day in April to 69,000 tons per day in June.
- U.S. mining operations contributed 2.4x more operating income in H1 FY26 compared to H1 FY25, with Morenci mining rates 30% higher than the 5-year average.
- Consolidated net income for H1 FY26 increased by 65% compared to H1 FY25.
- Unit net cash cost for FY26 is estimated at $1.90 per pound, slightly below the prior estimate of $1.95 per pound.
- Increased ownership in Cerro Verde by 2% to over 55% through opportunistic purchases totaling over $300 million.
Qualified
- Preliminary capital cost estimate for Bagdad expansion increased to $4.5 billion, approximately 30% above the 2023 estimate, due to commodity and labor escalation, scope revisions, and updated engineering.
- Volatility in oil and related products, as well as sulfur and acids, continues to impact business costs.
- Third-quarter copper sales are expected to be significantly lower than production due to inventory build-up for the new Indonesian smelter.
Price
$69.75 +0.30% · +$0.21
Performance +69.4% 1Y
1Y: $41.18 on 17 Oct 2025 → $69.75. High $79.91 (25 Aug 2026), low $38.65 (6 Nov 2025).
- Previous close
- $69.54
- 52-week range
- $38.65 – $79.91
- One year
- +65.32%
Overview
- Symbol
- FCX
- Sector
- Materials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
6 of 11 judged targets kept · 20 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| PT-FI application to extend Indonesian operating rights beyond 2041 | file the application during 2024 | Jun 2024 | we submitted a formal extension application in June in accordance with the agreed MOU terms | Achieved* |
| Innovative leach initiative annual run rate of incremental copper | 300 million pounds per annum run rate by the end of 2025 | Dec 2024 | we're just around 200 plus or minus today. We are targeting getting to the run rate of 300 by the end of this year. | Missed |
| Bagdad expansion incremental project capital cost | $3.5 billion | Dec 2024 | preliminary indications based on current market conditions indicate capital in the $4.5 billion range, which is approximately 30% above the estimate prepared in 2023 | Revised Down |
Claimed
- Grasberg Block Cave production doubled during the quarter, from 34,000 tons per day in April to 69,000 tons per day in June.
- U.S. mining operations contributed 2.4x more operating income in H1 FY26 compared to H1 FY25, with Morenci mining rates 30% higher than the 5-year average.
- Consolidated net income for H1 FY26 increased by 65% compared to H1 FY25.
- Unit net cash cost for FY26 is estimated at $1.90 per pound, slightly below the prior estimate of $1.95 per pound.
- Increased ownership in Cerro Verde by 2% to over 55% through opportunistic purchases totaling over $300 million.
Qualified
- Preliminary capital cost estimate for Bagdad expansion increased to $4.5 billion, approximately 30% above the 2023 estimate, due to commodity and labor escalation, scope revisions, and updated engineering.
- Volatility in oil and related products, as well as sulfur and acids, continues to impact business costs.
- Third-quarter copper sales are expected to be significantly lower than production due to inventory build-up for the new Indonesian smelter.
The full ledger
Open FREEPORT-MCMORAN INC’s full ledger
A free account opens 5 company ledgers a month. All 31 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 23, 2026
Freeport-McMoRan Q1 FY26 — US mining profits surge as Grasberg ramp-up is pushed out on wet-ore bottleneck
Read the full callDec 2025 (Q4 FY25) — Jan 22, 2026
Freeport-McMoRan Q4 FY25 — Grasberg Recovery and U.S. Leach Opportunity Drive Optimism
Read the full callEvery analysed call
Freeport-McMoRan earnings calls (FCX)
Financials
What the filings say
Net profit, year on year: +27% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 6,790 | 5,720 | 5,728 | 7,582 | 6,972 | 5,633 | 6,234 | 7,029 |
| Expenses | 4,852 | 4,477 | 4,425 | 5,150 | 5,000 | 4,822 | 4,097 | 5,026 |
| Operating profit | 1,938 | 1,243 | 1,303 | 2,432 | 1,972 | 811 | 2,137 | 2,003 |
| Operating margin | 28.5% | 21.7% | 22.8% | 32.1% | 28.3% | 14.4% | 34.3% | 28.5% |
| Profit before tax | 1,963 | 1,240 | 1,291 | 2,391 | 1,924 | 766 | 2,034 | 1,930 |
| Tax rate | 37.5% | 41.9% | 38.7% | 35.5% | 34.8% | 26.4% | 32.1% | 28.2% |
| Net profit | — | — | — | 772 | — | — | — | 984 |
| EPS ($ per share) | 0.36 | — | 0.24 | 0.53 | 0.46 | — | 0.61 | 0.68 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 158 | 158 | 159 | 160 | 161 | 162 | 162 | 163 |
| Reserves | -12,041 | -12,280 | -11,681 | -7,375 | -3,907 | -2,059 | -170 | 1,385 |
| Total liabilities | 24,324 | 23,361 | 23,476 | 25,003 | 26,222 | 25,196 | 26,070 | 27,401 |
| Fixed assets | 28,010 | 29,584 | 29,818 | 30,345 | 32,627 | 35,295 | 38,514 | 40,736 |
| Total assets | 42,216 | 40,809 | 42,144 | 48,022 | 51,093 | 52,506 | 54,848 | 58,167 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 3,863 | 1,482 | 3,017 | 7,715 | 5,139 | 5,279 | 7,160 | 5,610 |
| Cash from investing | -5,018 | -2,103 | -1,264 | -1,964 | -3,440 | -4,956 | -5,028 | -4,472 |
| Cash from financing | 900 | -1,556 | -128 | -1,340 | -1,623 | -2,650 | -3,284 | -1,876 |
| Net cash flow | -255 | -2,177 | 1,625 | 4,411 | 76 | -2,327 | -1,152 | -738 |
| Capital expenditure | -1,971 | -2,652 | -1,961 | -2,115 | -3,469 | -4,824 | -4,808 | -4,494 |
| Free cash flow | 1,892 | -1,170 | 1,056 | 5,600 | 1,670 | 455 | 2,352 | 1,116 |
FCX revenue by segment
Grasberg grew from 17% to 21% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Rod and Refining | 23% | 25% | 29% | 22% | 26% | 30% | 33% | 32% | +32.3% |
| Cerro Verde | 13% | 14% | 16% | 11% | 14% | 33% | 22% | 21% | +77.9% |
| Grasberg | 43% | 36% | 28% | — | 39% | — | 17% | 21% | — |
| Atlantic Copper Smelting and Refining | 11% | 12% | 13% | 11% | 11% | 14% | 15% | 15% | +26.4% |
| Morenci | 1% | <1% | 1% | 1% | 1% | 41% | 12% | 11% | +1100.0% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q4 FY2025 · share of revenue
- ID -91% ↓ 134 pt
As FCX cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
59 filings between Nov 29, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$46.05M
14 sales by 6 insiders
Compensation
not trading decisions- 28
- Award — granted as compensation
- 4
- Option exercise — converted options into shares
- 11
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| ADKERSON RICHARD C | — | $25.46M | Feb 11, 2026 |
| Currault Douglas N. II | — | $11.12M | Aug 25, 2026 |
| Higgins Stephen T. | — | $4.70M | Aug 5, 2026 |
| Robertson Maree E. | — | $2.99M | Feb 13, 2026 |
| Mikes Ellie L. | — | $1.47M | Aug 5, 2026 |
| KENNARD LYDIA H | — | $300.5K | Aug 27, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | GRANT HUGH Director | Award | 482 | $33.7K |
| Oct 1, 2026 | STEPHENS JOHN JOSEPH Director | Award | 294 | $20.6K |
| Aug 27, 2026 | KENNARD LYDIA H Director | Sale | 3,798 | $300.5K |
| Aug 25, 2026 | Currault Douglas N. II EVP & General Counsel | Option exercise | 15,000 | $422.1K |
| Aug 25, 2026 | Currault Douglas N. II EVP & General Counsel | Sale | 80,000 | $6.28M |
| Aug 25, 2026 | Currault Douglas N. II EVP & General Counsel | Option exercise | 65,000 | $782.6K |
| Aug 5, 2026 | Higgins Stephen T. EVP & CAO | Sale | 14,277 | $992.3K |
| Aug 5, 2026 | Mikes Ellie L. Chief Accounting Officer | Sale | 4,773 | $334.1K |
| Jul 30, 2026 | Higgins Stephen T. EVP & CAO | Sale | 7,550 | $475.6K |
| Jul 1, 2026 | STEPHENS JOHN JOSEPH Director | Award | 327 | $20.6K |
| Jul 1, 2026 | GRANT HUGH Director | Award | 536 | $33.7K |
| Jun 1, 2026 | GRANT HUGH Director | Award | 2,800 | $0 |
| Jun 1, 2026 | TOWNSEND FRANCES F Director | Award | 2,800 | $0 |
| Jun 1, 2026 | Lance Ryan Michael Director | Award | 2,800 | $0 |
| Jun 1, 2026 | MCCOY DUSTAN E Director | Award | 2,800 | $0 |
| Jun 1, 2026 | KENNARD LYDIA H Director | Award | 2,800 | $0 |
| Jun 1, 2026 | Lewis Sara Grootwassink Director | Award | 2,800 | $0 |
| Jun 1, 2026 | STEPHENS JOHN JOSEPH Director | Award | 2,800 | $0 |
| Jun 1, 2026 | ABNEY DAVID P Director | Award | 2,800 | $0 |
| Jun 1, 2026 | Donadio Marcela E Director | Award | 2,800 | $0 |
| Apr 1, 2026 | GRANT HUGH Director | Award | 574 | $33.7K |
| Apr 1, 2026 | STEPHENS JOHN JOSEPH Director | Award | 350 | $20.6K |
| Mar 7, 2026 | ADKERSON RICHARD C Chairman of the Board | Gift | 27,693 | $0 |
| Feb 20, 2026 | Higgins Stephen T. EVP & CAO | Sale | 29,654 | $1.87M |
| Feb 18, 2026 | Mikes Ellie L. Chief Accounting Officer | Sale | 11,000 | $682.3K |
| Feb 15, 2026 | Mikes Ellie L. Chief Accounting Officer | Tax withheld | 4,988 | $313.4K |
| Feb 15, 2026 | ADKERSON RICHARD C Chairman of the Board | Tax withheld | 25,469 | $1.60M |
| Feb 15, 2026 | Currault Douglas N. II EVP & General Counsel | Tax withheld | 8,165 | $513.1K |
| Feb 15, 2026 | Robertson Maree E. EVP & CFO | Tax withheld | 10,354 | $650.6K |
| Feb 15, 2026 | Higgins Stephen T. EVP & CAO | Tax withheld | 9,021 | $566.9K |
| Feb 15, 2026 | QUIRK KATHLEEN L President & CEO | Tax withheld | 28,244 | $1.77M |
| Feb 13, 2026 | Robertson Maree E. EVP & CFO | Sale | 48,500 | $2.99M |
| Feb 11, 2026 | ADKERSON RICHARD C Chairman of the Board | Sale | 132,824 | $8.58M |
| Feb 11, 2026 | Currault Douglas N. II EVP & General Counsel | Sale | 75,000 | $4.84M |
| Feb 11, 2026 | Currault Douglas N. II EVP & General Counsel | Option exercise | 50,000 | $595.5K |
| Feb 11, 2026 | Currault Douglas N. II EVP & General Counsel | Option exercise | 25,000 | $296.8K |
| Feb 11, 2026 | ADKERSON RICHARD C Chairman of the Board | Sale | 20,136 | $1.31M |
| Feb 10, 2026 | ADKERSON RICHARD C Chairman of the Board | Sale | 248,031 | $15.58M |
| Feb 10, 2026 | Robertson Maree E. EVP & CFO | Award | 17,000 | $0 |
| Feb 10, 2026 | Robertson Maree E. EVP & CFO | Tax withheld | 8,700 | $527.8K |
| Feb 9, 2026 | ADKERSON RICHARD C Chairman of the Board | Tax withheld | 95,165 | $5.77M |
| Feb 9, 2026 | ADKERSON RICHARD C Chairman of the Board | Award | 27,500 | $0 |
| Feb 9, 2026 | QUIRK KATHLEEN L President & CEO | Tax withheld | 52,979 | $3.21M |
| Feb 9, 2026 | QUIRK KATHLEEN L President & CEO | Award | 132,500 | $0 |
| Feb 9, 2026 | QUIRK KATHLEEN L President & CEO | Award | 47,000 | $0 |
| Feb 9, 2026 | ADKERSON RICHARD C Chairman of the Board | Award | 248,125 | $0 |
| Feb 9, 2026 | Currault Douglas N. II EVP & General Counsel | Tax withheld | 6,253 | $379.4K |
| Feb 9, 2026 | Currault Douglas N. II EVP & General Counsel | Award | 20,625 | $0 |
| Feb 9, 2026 | Currault Douglas N. II EVP & General Counsel | Award | 14,000 | $0 |
| Feb 9, 2026 | Higgins Stephen T. EVP & CAO | Tax withheld | 7,284 | $441.9K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
Your own record
Start an Inve Case for FREEPORT-MCMORAN INC
Free account. Everything above stays public.
Write why you follow FREEPORT-MCMORAN INC and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
Keep reading
Other companies in Materials
Nearest to Freeport-McMoRan by market cap among the sector's top 20 companies at Q2 2026.