$FCX · FREEPORT-MCMORAN INC
Freeport-McMoRan filed its Q3 FY2026 10-Q. Revenue rose 8.2% YoY to $7.546B, operating income climbed to $2.353B from $1.972B, and net income attributable to common stockholders jumped to $1.174B ($0.81 diluted EPS) from $674M ($0.46) a year earlier. Operating margin was 31.2%. Nine-month net income attributable to common stockholders reached $3.039B versus $1.798B, aided by a $699M PTFI mud-rush insurance settlement gain.
- Q3 revenue $7.546B, up 8.2% YoY from $6.972B.
- Diluted EPS $0.81 vs $0.46 a year ago; net income to common $1.174B vs $674M.
- Operating income $2.353B vs $1.972B; operating margin 31.2%.
- Nine-month net income to common $3.039B vs $1.798B, boosted by $699M PTFI insurance settlement gain.
- Cerro Verde stake raised to 55.66% via $107M purchase of 2.0M shares in May 2026.
Shares rose 3.37% to $59.85 in the regular session, up 0.15% since filing, reflecting a positive reception to the strong earnings beat.
A 74% jump in quarterly net income to common stockholders on an 8.2% revenue gain shows strong copper-driven operating leverage.
Copper-heavy results benefit from elevated copper prices; Indonesia (Grasberg) remains the largest profit contributor at $616M segment operating income for the quarter.
Idle facility and restoration charges tied to the September 2025 PTFI mud rush totaled $244M in Q3, with $64M in DD&A, signaling ongoing operational disruption costs.