Quarterly ResultJul 23, 2026, 08:12 AM
Freeport-McMoRan Q2 Net Income $984M, EPS $0.68
AI Summary
Freeport-McMoRan Inc. reported strong second-quarter 2026 results with net income attributable to common stock of $984 million, or $0.68 per share, and adjusted net income of $1.1 billion, or $0.74 per share. The company achieved strong operational execution, with consolidated copper sales exceeding estimates and unit net cash costs favorable to estimates. The ramp-up of the Grasberg Block Cave underground mine is on schedule, and the company is advancing organic copper growth projects, including innovative leach initiatives and potential expansions at Bagdad and El Abra. Freeport-McMoRan also increased its ownership in Cerro Verde and repurchased its common stock.
Key Highlights
- Net income attributable to common stock was $984 million ($0.68 per share) in Q2 2026.
- Adjusted net income attributable to common stock was $1.1 billion ($0.74 per share) in Q2 2026.
- Consolidated copper sales totaled 710 million pounds, exceeding April 2026 estimates.
- Consolidated average unit net cash costs were $1.97 per pound of copper, favorable to estimates.
- Operating cash flows totaled $2.0 billion in Q2 2026.
- Purchased 2.0 million shares of Cerro Verde for $107 million, increasing ownership to 55.66%.
- Purchased 1.7 million shares of its common stock for $110 million.
- Grasberg Block Cave underground mine ramp-up is progressing on schedule.
Price Impact
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