| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 6.9K | 10.6% | 8.1% |
| Total Income | 6.9K | 10.6% | 8.1% |
| Expenditure | 5.0K | 22.7% | 2.4% |
| PBT | 1.9K | 5.1% | 19.3% |
| Net Profit | 984.00 | 11.7% | 27.5% |
| OPM | 28.96% | 5.21pp | 3.36pp |
| NPM | 14.23% | 0.14pp | 3.97pp |
| EPS | 0.68 | 11.5% | 28.3% |
Freeport-McMoRan Reports Second-Quarter 2026 Results
23 Jul 2026 · 23 Jul, 5:42 pm
Summary
Freeport-McMoRan reported second-quarter 2026 net income attributable to common stock of $984 million ($0.68 per share) and adjusted net income of $1.1 billion ($0.74 per share). The company highlighted strong operational execution, with consolidated copper sales exceeding estimates and unit net cash costs being favorable. The Grasberg Block Cave underground mine ramp-up is progressing on schedule, and the company is advancing organic growth projects. Management expressed a positive outlook, focusing on restoring full operations at Grasberg and building momentum on initiatives to grow margins, cash flow, and earnings.
Key Highlights
- 1
Freeport reported second-quarter 2026 net income attributable to common stock of $984 million, or $0.68 per share.
- 2
Adjusted net income attributable to common stock for the second quarter of 2026 totaled $1.1 billion, or $0.74 per share.
- 3
Consolidated copper sales for the second quarter of 2026 were 710 million pounds, exceeding the April 2026 estimate.
- 4
Consolidated unit net cash costs for copper averaged $1.97 per pound in second-quarter 2026, favorable to the April 2026 estimate.
- 5
The ramp-up of the Grasberg Block Cave underground mine is progressing on schedule, with PTFI achieving planned operating rates for the second quarter.
- 6
FCX is advancing organic copper growth projects, including innovative leach and technology initiatives and potential brownfield expansions in the U.S. and Chile.
- 7
At June 30, 2026, consolidated debt totaled $9.4 billion and consolidated cash and cash equivalents totaled $4.1 billion, resulting in net debt of $2.1 billion.
Management Comments
Kathleen Quirk
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. As we look forward, we remain focused on restoring full operations at Grasberg safely and sustainably and continuing to build momentum on initiatives across our global footprint to grow margins, cash flow and earnings. Freeport is firmly positioned as “America’s Copper Champion” and as a global leader in copper with large-scale, geographically diverse operations and a pipeline of attractive growth options to support a growing market and build value for stockholders.
Informational and educational content only. Not investment advice.