$FCX · FREEPORT-MCMORAN INC
Freeport-McMoRan reported Q3 2026 results with net income attributable to common stock of $1.174B ($0.81/share) on revenues of $7.546B, up from $674M ($0.46/share) in Q3 2025. Adjusted net income was $1.3B ($0.88/share) after excluding $101M in after-tax charges related to PTFI's mud rush incident. Copper production of 832M lbs met expectations; gold sales of 105K oz missed the July estimate of 160K oz due to smelter inventory timing.
- Q3 2026 net income attributable to common stock: $1.174B ($0.81/share), up from $674M ($0.46/share) in Q3 2025.
- Adjusted net income: $1.3B ($0.88/share), excluding $101M in after-tax charges tied to PTFI mud rush incident.
- Consolidated copper production: 832M lbs; sales: 749M lbs, with ~11% production surplus reflecting in-process smelter inventories.
- Average realized copper price: $6.54/lb (vs. $4.68/lb in Q3 2025); gold: $4,273/oz; molybdenum: $32.46/lb.
- Operating cash flows: $1.98B in Q3; FY2026 guidance of ~$8.5B assuming $6.50 copper, $4,000 gold, $32.00 moly in Q4.
Extended-hours trading shows FCX at $65.50, +0.52% vs regular close, indicating modestly positive initial reception to the Q3 beat and strong realized pricing. The $93.67B market cap reflects a mature mega-cap miner where earnings beats are partially priced in.
FCX's earnings nearly doubled YoY on surging copper prices, but the gold sales miss and Grasberg inventory buildup create a Q4 execution test.
FCX's $6.54/lb realized copper price reflects the strong copper market, well above the $4.68/lb a year ago. The Grasberg ramp-up trajectory and Americas leach technology initiatives position FCX to capture volume growth as peers also expand copper exposure.
Gold sales of 105K oz significantly missed the July 2026 estimate of 160K oz due to timing of refining and smelter inventory builds. PTFI's Grasberg ramp-up remains subject to ongoing restoration from the September 2025 mud rush incident, with idle facility costs still flowing through adjusted net income.