Freeport-McMoRan (NYSE:FCX) Announces Quarterly Earnings Results

Freeport-McMoRan (NYSE:FCX) posted its earnings results on Tuesday. The natural resource company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.06, FiscalAI reports. The firm had revenue of $7.55 billion during the quarter, compared to analyst estimates of $7.36 billion. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter last year, the business posted $0.50 earnings per share.

Here are the key takeaways from Freeport-McMoRan’s conference call:

• Third-quarter results were strong, with consolidated net income up more than 80% year over year, supported by higher copper prices, improved execution, and more than doubled operating income from U.S. mining operations.
• Grasberg’s ramp-up reached 67% of capacity, with production expected to increase through 2027 and approach full capacity by the end of next year; fourth-quarter copper sales are expected to be the strongest of 2026.
• Freeport trimmed 2026 copper sales guidance by about 2% and 2027 guidance by approximately 2.5% because of lower-than-expected production in the U.S. and Chile. Energy costs were also about $500 million higher than in 2025, while capital-cost inflation prompted 2027 CapEx to rise to roughly $5.2 billion.
• Management expects copper sales to grow more than 20% in 2027 and another 10% in 2028, reaching approximately 3.7 billion pounds and over 4 billion pounds, respectively, largely through Grasberg’s recovery and improved U.S. operations.
• Freeport highlighted substantial growth options, including a potential $4.5 billion Bagdad expansion that could add roughly 200–250 million pounds of copper annually, and a proprietary leach additive that could significantly increase recoveries; the company also returned nearly $1 billion to shareholders year to date.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $65.92 on Wednesday. The stock has a 50 day moving average price of $71.82 and a 200 day moving average price of $65.11. The stock has a market capitalization of $94.66 billion, a PE ratio of 32.47 and a beta of 1.39. Freeport-McMoRan has a 52 week low of $38.54 and a 52 week high of $80.24.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Thursday, October 15th will be issued a dividend of $0.0750 per share. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date is Thursday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 14.78%.

Insider Buying and Selling

In other news, EVP Douglas Currault, II sold 80,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the sale, the executive vice president owned 211,016 shares in the company, valued at $16,577,416.96. This represents a 27.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Ellie Mikes sold 4,773 shares of the business’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total transaction of $334,110.00. Following the transaction, the chief accounting officer owned 36,000 shares in the company, valued at approximately $2,520,000. The trade was a 11.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 110,398 shares of company stock worth $8,387,271 over the last 90 days. Company insiders own 0.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on FCX shares. Erste Group Bank initiated coverage on shares of Freeport-McMoRan in a research report on Thursday, August 27th. They issued a “buy” rating for the company. Freedom Broker lowered Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 3rd. The Goldman Sachs Group reiterated a “buy” rating on shares of Freeport-McMoRan in a report on Thursday, September 10th. Morgan Stanley boosted their target price on Freeport-McMoRan from $70.00 to $75.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 7th. Finally, Bank of America raised their price objective on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $76.27.

Key Stories Impacting Freeport-McMoRan

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: Q3 earnings and revenue beat expectations: Freeport-McMoRan reported adjusted earnings of $0.88 per share, above the $0.82 consensus estimate, while revenue rose 8.2% year over year to $7.55 billion, exceeding the $7.36 billion forecast. Net income increased to approximately $1.2 billion from $674 million a year earlier. Freeport-McMoRan Q3 Net Income Rises to $1.2 Billion From $674 Million
• Positive Sentiment: Commodity prices supported profitability: Copper prices were reportedly about 40% higher than a year earlier, while stronger copper and molybdenum prices offset weaker sales volumes and helped the company surpass Wall Street estimates. Freeport McMoRan Q3 revenue rises as copper prices boost earnings
• Positive Sentiment: Long-term copper demand remains a catalyst: Management emphasized that global demand for copper is expected to require substantially more supply, supporting the investment case for Freeport’s production growth and potentially higher realized prices. The world requires a lot more copper: Freeport-McMoRan chairman sounds alarm on tight supplies
• Positive Sentiment: Potential molybdenum expansion: The company is evaluating ways to increase molybdenum supply from its Colorado mine, which could provide additional output and benefit from firm demand for the specialty metal. Freeport-McMoRan weighs boosting molybdenum supply at Colorado mine
• Neutral Sentiment: Operational recovery is still important: Production and sales volumes at Indonesian operations were lower, but continued Grasberg recovery could improve future results. Gold sales also declined sharply, limiting the benefit of higher metal prices. Freeport tops profit estimates on copper rally as Grasberg recovery continues
• Negative Sentiment: Costs and project competition remain concerns: Rising production costs could pressure margins if metal prices weaken, while a local miner outbid Freeport for a Colombia exploration opportunity, reducing potential future growth there. Local miner outbids Freeport for Colombia exploration

About Freeport-McMoRan

Freeport-McMoRan Inc (NYSE: FCX) is a global mining company primarily engaged in the exploration, development, and production of copper. Copper is used extensively in electrical wiring, construction, transportation, renewable energy systems, and other industrial applications. The company also produces gold and molybdenum, a metal used in steelmaking and other industrial processes, as well as certain other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America, and Indonesia.