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FCX's Q1 Earnings and Revenues Top Estimates on Higher Copper Prices
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Key Takeaways
Freeport posted Q1 EPS of 57 cents, beating estimates, with net income up 150% year over year.
FCX revenues rose 8.8% despite lower copper volumes, driven by stronger prices.
Freeport revised 2026 sales guidance, citing timing changes in the Grasberg Block Cave ramp-up schedule.
Freeport-McMoRan Inc. (FCX - Free Report) recorded net income of $881 million or 61 cents per share for the first quarter of 2026, up around 150% from $352 million or 24 cents in the year-ago quarter.
Barring one-time items, adjusted earnings per share were 57 cents, topping the Zacks Consensus Estimate of 47 cents.
Revenues climbed roughly 8.8% year over year to $6,234 million. The figure surpassed the Zacks Consensus Estimate of $5,613.5 million. Although volumes declined, the company witnessed an increase in copper, gold and molybdenum prices in the reported quarter.
Freeport-McMoRan Inc. Price, Consensus and EPS Surprise
Copper production fell around 23.7% year over year to 662 million pounds in the reported quarter.
Consolidated sales also fell approximately 24.7% year over year, reaching 657 million pounds of copper. The downside primarily resulted from lower operating rates at PTFI following the September 2025 mud rush incident. The company sold 121,000 ounces of gold in the quarter, down around 5.5% year over year. FCX also sold 24 million pounds of molybdenum, up 20% year over year.
Consolidated average unit net cash costs per pound of copper were $1.91, down from $2.07 a year ago. The figure was lower than our estimate of $2.60.
The average realized copper price was $5.78 per pound, up around 30.2% year over year. The figure outpaced our estimate of $5.70 per pound. The average realized price per ounce for gold rose around 59% year over year to $4,889. The figure topped our estimate of $4,695. The average realized molybdenum price was $25.21, up 16.3% year over year. It surpassed our estimate of $22.52.
Freeport's Financial Position
Cash and cash equivalents at the end of the quarter were $3.7 billion, down around 16% year over year. The company’s total debt remained at $9.4 billion.
Cash flows provided by operations were around $1.5 billion in the reported quarter, up 36% year over year.
FCX's Guidance
For full-year 2026, consolidated sales volume projections were revised to around 3.1 billion pounds of copper, 650,000 ounces of gold, and 90 million pounds of molybdenum. This includes an estimated 690 million pounds of copper, 140,000 ounces of gold, and 22 million pounds of molybdenum expected to be sold in the second quarter.
FCX’s guidance revisions reflect timing adjustments to the Grasberg Block Cave ramp-up schedule.
Freeport's Price Performance
Shares of FCX have risen 87% over the past year compared with the industry’s 95.9% growth.
Image Source: Zacks Investment Research
FCX’s Zacks Rank & Key Picks
FCX currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Aura Minerals Inc. (AUGO - Free Report) , Air Products and Chemicals, Inc. (APD - Free Report) and Albemarle Corporation (ALB - Free Report) .
Aura Minerals is slated to report first-quarter 2026 results on May 6. The Zacks Consensus Estimate for earnings is pegged at $1.84 per share, indicating 397.3% year-over-year growth. AUGO sports a Zacks Rank #1 (Strong Buy) at present. You can seethe complete list of today’s Zacks #1 Rank stocks here.
Air Products is scheduled to report second-quarter fiscal 2026 results on April 30. The Zacks Consensus Estimate for APD’s second-quarter earnings per share is pegged at $3.05, indicating 13.38% year-over-year growth. APD carries a Zacks Rank #2 (Buy) at present.
Albemarle is slated to report first-quarter 2026 results on May 6. The consensus estimate for ALB’s earnings per share is pegged at $1.07. ALB presently carries a Zacks Rank #2.
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FCX's Q1 Earnings and Revenues Top Estimates on Higher Copper Prices
Key Takeaways
Freeport-McMoRan Inc. (FCX - Free Report) recorded net income of $881 million or 61 cents per share for the first quarter of 2026, up around 150% from $352 million or 24 cents in the year-ago quarter.
Barring one-time items, adjusted earnings per share were 57 cents, topping the Zacks Consensus Estimate of 47 cents.
Revenues climbed roughly 8.8% year over year to $6,234 million. The figure surpassed the Zacks Consensus Estimate of $5,613.5 million. Although volumes declined, the company witnessed an increase in copper, gold and molybdenum prices in the reported quarter.
Freeport-McMoRan Inc. Price, Consensus and EPS Surprise
Freeport-McMoRan Inc. price-consensus-eps-surprise-chart | Freeport-McMoRan Inc. Quote
FCX's Operational Highlights
Copper production fell around 23.7% year over year to 662 million pounds in the reported quarter.
Consolidated sales also fell approximately 24.7% year over year, reaching 657 million pounds of copper. The downside primarily resulted from lower operating rates at PTFI following the September 2025 mud rush incident. The company sold 121,000 ounces of gold in the quarter, down around 5.5% year over year. FCX also sold 24 million pounds of molybdenum, up 20% year over year.
Consolidated average unit net cash costs per pound of copper were $1.91, down from $2.07 a year ago. The figure was lower than our estimate of $2.60.
The average realized copper price was $5.78 per pound, up around 30.2% year over year. The figure outpaced our estimate of $5.70 per pound. The average realized price per ounce for gold rose around 59% year over year to $4,889. The figure topped our estimate of $4,695. The average realized molybdenum price was $25.21, up 16.3% year over year. It surpassed our estimate of $22.52.
Freeport's Financial Position
Cash and cash equivalents at the end of the quarter were $3.7 billion, down around 16% year over year. The company’s total debt remained at $9.4 billion.
Cash flows provided by operations were around $1.5 billion in the reported quarter, up 36% year over year.
FCX's Guidance
For full-year 2026, consolidated sales volume projections were revised to around 3.1 billion pounds of copper, 650,000 ounces of gold, and 90 million pounds of molybdenum. This includes an estimated 690 million pounds of copper, 140,000 ounces of gold, and 22 million pounds of molybdenum expected to be sold in the second quarter.
FCX’s guidance revisions reflect timing adjustments to the Grasberg Block Cave ramp-up schedule.
Freeport's Price Performance
Shares of FCX have risen 87% over the past year compared with the industry’s 95.9% growth.
Image Source: Zacks Investment Research
FCX’s Zacks Rank & Key Picks
FCX currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the basic materials space include Aura Minerals Inc. (AUGO - Free Report) , Air Products and Chemicals, Inc. (APD - Free Report) and Albemarle Corporation (ALB - Free Report) .
Aura Minerals is slated to report first-quarter 2026 results on May 6. The Zacks Consensus Estimate for earnings is pegged at $1.84 per share, indicating 397.3% year-over-year growth. AUGO sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Air Products is scheduled to report second-quarter fiscal 2026 results on April 30. The Zacks Consensus Estimate for APD’s second-quarter earnings per share is pegged at $3.05, indicating 13.38% year-over-year growth. APD carries a Zacks Rank #2 (Buy) at present.
Albemarle is slated to report first-quarter 2026 results on May 6. The consensus estimate for ALB’s earnings per share is pegged at $1.07. ALB presently carries a Zacks Rank #2.