FCX
FY2026 Q2 · Calendar Q3 2026
Freeport-McMoRan Inc.
Freeport-McMoRan beat Q2 consensus on both lines — EPS of $0.68 versus $0.60 estimated and revenue of $7.03B versus $6.62B estimated — driven by higher copper prices and lower unit cash costs. The Grasberg ramp-up doubled production rates, and U.S. mining improved with Morenci rates up 30%. Strategically, management submitted a formal application for the Grasberg mine-rights extension beyond 2041, increased Cerro Verde ownership above 55% through open-market purchases, and advanced leach technology toward a 300-million-pound annual run-rate by year-end. The Bagdad expansion decision is expected in H2, with management indicating the project remains attractive at $4/lb copper despite higher capex. Guidance was maintained. The stock rose approximately 4% on the print but has since drifted about 5% lower, suggesting the initial positive reaction was not fully sustained.
EPS surprise+13.3%
Market move+3.9%
