Freeport-McMoRan (FCX) Q3 2026 Earnings Report
CH:FCX Q3 2026 EPS Results
- Actual EPS
- CHF 0.73
- Consensus EPS
- CHF 0.67
- Beat/Miss
- Beat by +CHF 0.05
- One Year Ago EPS
- CHF 0.41
CH:FCX Q3 2026 Revenue Results
- Actual Revenue
- CHF 6.24B
- Expected Revenue
- CHF 6.09B
- Beat/Miss
- Beat by +CHF 153.45M
- YoY Revenue Growth
- +10.68%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/27/2026
- Time
- Before Open
- Conference Call
- Tuesday, October 27, 2026
Freeport-McMoRan's next earnings date is estimated for January 27, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. Management reported higher third-quarter earnings, significant Grasberg ramp-up progress, improving copper and gold volume prospects, a favorable copper-price and demand environment, substantial shareholder returns, and multiple organic growth opportunities. The main challenges were lower 2026 and 2027 copper sales estimates, weather and water constraints, low U.S. ore grades and recovery variability, higher energy and capital costs, and uncertainty around the field performance of the next-generation leach additive.
Freeport expects fourth quarter 2026 sales volumes to be the highest of the year, with copper sales increasing 17% and gold sales nearly tripling from third quarter levels; 2026 copper sales were trimmed by approximately 2% and 2027 by approximately 2.5%, while 2027 copper sales are expected to grow over 20% and gold volumes more than 50%, followed by 10% copper growth and 20% gold growth in 2028. Grasberg is targeted to reach 80% overall rates by mid-2027 and approach full capacity by the end of next year, with copper production positioned to grow from GBP 3 billion this year to GBP 3.7 billion in 2027 and over GBP 4 billion in 2028. Full-year 2026 net unit cash cost guidance remains $1.90 per pound; modeled annual EBITDA ranges from over $12 billion per annum at $5 copper to $19.5 billion at $7 copper, with operating cash flows ranging from over $9 billion per year at $5 to approximately $15 billion at $7 copper. Capital expenditure is estimated to approximate $4.4 billion in 2026 and $5.2 billion for 2027, including discretionary projects of approximately $1.6 billion and $2 billion, respectively. Leach production is targeted at GBP 300 million in 2027 versus just over GBP 200 million in 2026, with an aspiration to reach GBP 800-million by 2030, while the Bagdad expansion remains at a $4.5 billion estimate, is expected to come in around 3.5 years from the final decision, and could add GBP 200 million-GBP 250 million a year of copper and GBP 10 million-GBP 12 million a year of molybdenum.
- Strong Third-Quarter Financial PerformanceStrong operational execution and favorable metal prices generated significant margins, cash flows, and earnings. Operating income from U.S. mining operations more than doubled compared with the year-ago quarter, while consolidated net income increased by over 80%.
- Improving Copper and Gold Sales OutlookCopper sales increased in each of the last three quarters, and fourth-quarter copper sales are expected to be the strongest of 2026. Fourth-quarter copper sales are expected to increase 17% and gold sales to nearly triple from third-quarter levels. For 2027, copper sales are expected to grow by over 20% and gold volumes by more than 50%; 2028 adds 10% copper growth and 20% gold growth.
- Grasberg Ramp-Up ProgressGrasberg Block Cave reached 67% of mine capacity in the third quarter. The company continues to target overall rates of 80% by mid-2027 and near-full capacity by the end of 2027, with material-handling upgrades progressing on schedule and Block One South expected to restart in 2027.
- Indonesia Smelter Restart and Operating Rights SupportFreeport successfully restarted the smelter, with both Indonesian smelters now operating to support the mine ramp-up. Indonesian leaders and the government continue to express support for extending Freeport's operating rights beyond 2041, and the company submitted its application in June.
- Copper Price and Market PositioningLME copper prices averaged $6.09 per pound year-to-date through September and were approximately $6.58 per pound at the time of the call, up 16% since the start of the year. Management cited robust copper demand tied to electricity and energy infrastructure, data-center construction, transportation, China's power grid and technology advancement, and growing manufacturing exports.
- Long-Term Copper Production GrowthFreeport expects copper production to grow from GBP 3 billion this year to GBP 3.7 billion in 2027 and over GBP 4 billion in 2028, primarily driven by the Grasberg recovery and incremental U.S. production. Management said this growth does not require new capital and sees a path to GBP 4.5 billion-GBP 5 billion of annual copper production in the 2030 timeframe.
- Innovative Leach Technology ProgressLab testing of Freeport's next-generation proprietary additive is showing incremental recoveries of more than four times those achieved with the initial additive. The additive is being manufactured on a fast-track schedule for commercial field deployment in 2027. Management said the initiative leverages existing infrastructure, is scalable, is not capital intensive, and has low incremental operating costs.
- Leach Production Expansion OpportunityFreeport is targeting GBP 300 million of leach production in 2027, compared with just over GBP 200 million in 2026, and has an aspiration to reach GBP 800 million by 2030 through a combination of additives and increased stockpile temperatures. Management stated that the GBP 800 million aspiration is not included in the forecast and depends on field results.
- Bagdad Expansion AdvancementFreeport expects to make an investment decision on the Bagdad expansion in the fourth quarter of 2026. The current capital estimate remains approximately $4.5 billion, with permits in place to proceed, and the project is expected to take around 3.5 years from the final decision. The expansion is expected to approximately double copper production, adding GBP 200 million-GBP 250 million annually, and add GBP 10 million-GBP 12 million of annual molybdenum production.
- U.S. Technology and Productivity InitiativesFreeport improved mining rates compared with the year-ago quarter and is deploying new technology tools, more efficient trucks, ultra-class haul trucks, improved mine plans, road designs, and a remote operating center in Phoenix. At Bagdad, the haulage fleet has been converted to fully autonomous operation to support scaling.
- Cerro Verde Operating PerformanceCerro Verde in Peru continued to demonstrate solid operating performance and productivity consistent with a large-scale, world-class operation. Freeport cited strong results from ultra-class haul trucks at Cerro Verde as support for deploying additional trucks elsewhere.
- Shareholder Returns and Financial PositionFreeport returned nearly $1 billion to shareholders year-to-date in 2026, including $300 million in share purchases. Since adopting its financial policy in 2021, the company has distributed $6.6 billion through dividends and share purchases. Management described the balance sheet as solid, with investment-grade ratings, robust credit metrics, strong liquidity, flexibility within debt targets, and substantial flexibility for funding upcoming 2027 maturities.
- Cash Flow and EBITDA PotentialUsing average 2027 and 2028 volumes and cost estimates, modeled annual EBITDA ranges from over $12 billion at $5 copper to $19.5 billion at $7 copper. Operating cash flow ranges from over $9 billion at $5 copper to approximately $15 billion at $7 copper. Each $0.10 per pound change in copper prices equates to approximately $390 million in annual EBITDA.
- Molybdenum OptionalityFreeport described itself as the world's largest molybdenum producer and said it is positive on the outlook for molybdenum because of supply challenges and growing uses. The company has opportunities to expand primary production at Climax and is reviewing its prior expansion schedules, while maintaining copper as its priority.
- Brownfield Growth PipelineFreeport is advancing growth options including a large-scale El Abra expansion and development possibilities in the Safford Lone Star district. Management highlighted the advantages of its brownfield pipeline, including existing infrastructure, lower capital intensity, experienced workforces, and relationships with key stakeholders.
CH:FCX Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 27, 2027 | 2026 (Q4) | 0.90- | 0.39 | ― | ― |
| Oct 27, 2026 | 2026 (Q3) | 0.670.73 | 0.41 | 76.00% (+0.31) | |
| Jul 23, 2026 | 2026 (Q2) | 0.510.61 | 0.45 | 37.04% (+0.17) | |
| Apr 23, 2026 | 2026 (Q1) | 0.390.47 | 0.2 | 137.50% (+0.27) | |
| Jan 22, 2026 | 2025 (Q4) | 0.240.39 | 0.26 | 51.61% (+0.13) | |
| Oct 23, 2025 | 2025 (Q3) | 0.350.41 | 0.31 | 31.58% (+0.10) | |
| Jul 23, 2025 | 2025 (Q2) | 0.370.45 | 0.38 | 17.39% (+0.07) | |
| Apr 24, 2025 | 2025 (Q1) | 0.200.20 | 0.26 | -25.00% (-0.07) | |
| Jan 23, 2025 | 2024 (Q4) | 0.180.26 | 0.22 | 14.81% (+0.03) | |
| Oct 22, 2024 | 2024 (Q3) | 0.300.31 | 0.32 | -2.56% (-0.01) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.