Quarterly ResultOct 27, 2026, 08:16 AM
Freeport-McMoRan Reports Q3 2026 Net Income of $1.2 Billion
AI Summary
Freeport-McMoRan Inc. announced its third-quarter and nine-month 2026 financial and operating results. The company reported Q3 2026 net income of $1.2 billion ($0.81 per share) and adjusted net income of $1.3 billion ($0.88 per share). Copper and gold production were in line with expectations, with significant growth anticipated in 2027 and 2028 from the Grasberg minerals district ramp-up. The company also highlighted strong margins, positive cash flow generation, and advancements in organic copper growth projects.
Key Highlights
- Freeport-McMoRan reported Q3 2026 net income of $1.2 billion ($0.81/share), adjusted net income of $1.3 billion ($0.88/share).
- Consolidated copper production was 832 million pounds, and sales were 749 million pounds in Q3 2026.
- Average realized copper price was $6.54/lb, gold $4,273/oz, and molybdenum $32.46/lb in Q3 2026.
- Unit net cash costs for copper averaged $2.07/lb in Q3 2026, expected to average $1.90/lb for the full year 2026.
- Operating cash flows were $2.0 billion in Q3 2026; full-year 2026 operating cash flows expected to approximate $8.5 billion.
- Capital expenditures totaled $1.2 billion in Q3 2026, with $0.7 billion for major mining projects.
- FCX purchased 1.4 million shares for $102 million in Q3 2026 as part of its share repurchase program.
Price Impact
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