EarningsQ2 2026 Earnings Report
MX:FCX Q2 2026 EPS Results
Actual EPS$12.55
Consensus EPS$10.43
Beat/MissBeat by +$2.12
One Year Ago EPS$9.16
MX:FCX Q2 2026 Revenue Results
Actual Revenue$116.71B
Expected Revenue$113.89B
Beat/MissBeat by +$2.82B
YoY Revenue Growth-8.48%
Earnings Announcement Details
QuarterQ2 2026
Date07/23/2026
TimeBefore Open
Conference CallThursday, July 23, 2026
MX:FCX Upcoming Earnings
Freeport-McMoRan's next earnings date is estimated for October 15, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:FCX Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized clear operational progress (Grasberg ramp, Morenci mine-rate gains), strong financial leverage to rising copper prices, a robust organic growth pipeline (Baghdad, El Abra, leach scaling) and disciplined capital allocation including shareholder returns. Challenges include capital cost inflation (notably Baghdad and higher 2027 capex), energy and input volatility, timing/sequencing impacts on quarterly sales, and regulatory timing risk for the Grasberg license extension. On balance, the positives — operational execution, market backdrop, and financial strength — outweigh the manageable risks and cost pressures.Company Guidance
Grasberg Ramp-Up Strong Execution
Grasberg Block Cave production rates doubled in Q2 from an April average of ~34,000 tpd to ~69,000 tpd in June; management targets district rates of approximately ~65% of full capacity by mid-2027 and approaching full capacity by end-2027.
U.S. Operations and Morenci Operational Gains
U.S. Mining operations delivered substantially higher profitability — contributing 2.4x more operating income in 1H 2026 versus 1H 2025; Morenci mining rates in Q2 were ~30% higher than the five‑year average, supporting future production growth.
Significant YoY Net Income Improvement
Consolidated net income for the first half of 2026 rose ~65% versus the first half of 2025, reflecting improved sales, margins and cost performance.
Favorable Copper Price Backdrop
LME copper prices averaged $5.93/lb YTD through June and closed at $6.30/lb (an ~12% increase since the start of the year); COMEX trades at ~2% premium to LME, with tight inventories in China and outside-US exchanges.
Leach Initiative and Near-Term Scaling
Leach innovation shows promise: company is near a ~300 million lb run rate target by year-end (current ~200+ mln lbs), with a longer-term objective toward an ~800 million lb/year pathway via additives, heated-leach pilots and geothermal support.
Baghdad Expansion with Clear Economics
Preliminary Baghdad (Arizona) expansion capital estimate ~ $4.5 billion (~30% above 2023 estimate due to commodity/labor escalation); management states the project remains supported at a ~$4/lb copper incentive price and could be delivered in ~3–4 years after final approval.
Capital Allocation and Shareholder Returns
Returned ~$600 million to shareholders in 1H 2026 (including ~$200 million share repurchases); since 2021 Freeport has distributed ~$6.3 billion via dividends and repurchases; opportunistic purchases increased Cerro Verde stake by ~2% (>$300 million over ~2 years) to >55% ownership.
Strong Financial Position and Price Leveraging
Investment-grade ratings, no significant 2026 debt maturities and flexibility for 2027 maturities. Modeled annual EBITDA ranges from ~$13B at $5/lb copper to ~$20B at $7/lb; sensitivity: ~$390M EBITDA per $0.10/lb copper move, ~$105M per $100/oz gold, ~$85M per $1/lb moly.
MX:FCX Earnings History
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.
Beat
Missed