We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
FCX Q3 Earnings Beat Estimates on Strong Copper Pricing
Read MoreHide Full Article
Key Takeaways
FCX's Q3 adjusted EPS jumped 76% to 88 cents, beating estimates by 10%, while revenues rose 8.2% to $7.55B.
Copper sales fell 23.3% amid the Grasberg ramp-up, but realized copper prices surged 39.7% to $6.54 per pound.
FCX projects 2026 copper sales of 3 billion pounds and operating cash flow of $8.5B amid Grasberg recovery.
Freeport-McMoRan Inc. (FCX - Free Report) reported adjusted earnings of 88 cents per share for the third quarter of 2026, up 76% from 50 cents a year earlier. The figure topped the Zacks Consensus Estimate of 80 cents by 10%.
Revenues rose 8.2% year over year to $7.55 billion, beating the Zacks Consensus Estimate of $7.09 billion by 6.5%. Higher realized copper and molybdenum prices supported results despite lower copper and gold sales volumes.
Freeport-McMoRan Inc. Price, Consensus and EPS Surprise
Consolidated copper production declined 8.8% year over year to 832 million pounds.
Copper sales dropped 23.3% to 749 million pounds, largely reflecting lower operating rates at PT Freeport Indonesia (PTFI) during the ramp-up of the Grasberg Block Cave underground mine and shipment timing.
Gold sales plunged 68.8% to 105,000 ounces from 336,000 ounces a year ago. Around 60,000 ounces of refined gold sales in Indonesia shifted from the third to the fourth quarter. Molybdenum sales increased 15.8% to 22 million pounds.
Consolidated unit net cash costs increased 47.9% to $2.07 per pound of copper from $1.40 in the year-ago quarter. The increase reflected lower copper and gold volumes in Indonesia and higher production costs, including energy and other consumables. The figure was above our estimate of $2.01 per pound.
The average realized copper price climbed 39.7% year over year to $6.54 per pound from $4.68. The figure was above our estimate of $6.12 per pound. The average realized gold price increased 20.7% to $4,273 per ounce. The figure fell behind our estimate of $4,508. The molybdenum price rose 34.9% to $32.46 per pound. It exceeded our estimate of $26.52.
FCX's Cash Flow and Balance Sheet
Operating cash flow totaled $1.98 billion, up 17.3% year over year from $1.69 billion. Capital expenditures increased to $1.16 billion from $1.06 billion, including expenditures on major mining projects.
Cash and cash equivalents stood at $4.34 billion at September-end, compared with $4.32 billion a year earlier. Total debt was $9.4 billion versus $9.3 billion. Excluding debt related to PTFI's downstream facilities, net debt was $1.83 billion. Freeport repurchased $102 million of common shares during the quarter.
Freeport’s Outlook
For 2026, consolidated sales are projected at roughly 3 billion pounds of copper, 649,000 ounces of gold and 93 million pounds of molybdenum. Fourth-quarter sales are expected to reach 875 million pounds of copper, 300,000 ounces of gold and 22 million pounds of molybdenum.
Full-year unit net cash costs are forecast at $1.9 per pound of copper. Based on specified fourth-quarter metal price assumptions, operating cash flow is expected to total $8.5 billion, while capital expenditures are projected at $4.4 billion. PTFI expects to reach 80% of milling capacity by mid-2027 and approach full capacity by year-end 2027.
FCX’s Price Performance
Shares of FCX have gained 58.3% over the past year compared with the 25.9% rise in its industry.
Image Source: Zacks Investment Research
FCX’s Zacks Rank & Other Key Picks
FCXcurrently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the Basic Materials space are Reliance, Inc. (RS - Free Report) , Avino Silver & Gold Mines Ltd. (ASM - Free Report) and Avient Corporation (AVNT - Free Report) .
The Zacks Consensus Estimate for RS’ 2026 earnings is pegged at $23.70 per share, indicating a 66.2% year-over-year surge. RS shares have gained 50.6% over the past year.
The Zacks Consensus Estimate for ASM’s current fiscal-year earnings is pinned at 28 cents per share. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 75%.
The Zacks Consensus Estimate for AVNT’s 2026 earnings is pegged at $3.2 per share, indicating a year-over-year rise of 13.48%. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 3.4%.
View the Zacks #1 Rank List
Image: Bigstock
FCX Q3 Earnings Beat Estimates on Strong Copper Pricing
Key Takeaways
Freeport-McMoRan Inc. (FCX - Free Report) reported adjusted earnings of 88 cents per share for the third quarter of 2026, up 76% from 50 cents a year earlier. The figure topped the Zacks Consensus Estimate of 80 cents by 10%.
Revenues rose 8.2% year over year to $7.55 billion, beating the Zacks Consensus Estimate of $7.09 billion by 6.5%. Higher realized copper and molybdenum prices supported results despite lower copper and gold sales volumes.
Freeport-McMoRan Inc. Price, Consensus and EPS Surprise
Freeport-McMoRan Inc. price-consensus-eps-surprise-chart | Freeport-McMoRan Inc. Quote
FCX's Metal Sales Reflect Grasberg Ramp-Up
Consolidated copper production declined 8.8% year over year to 832 million pounds.
Copper sales dropped 23.3% to 749 million pounds, largely reflecting lower operating rates at PT Freeport Indonesia (PTFI) during the ramp-up of the Grasberg Block Cave underground mine and shipment timing.
Gold sales plunged 68.8% to 105,000 ounces from 336,000 ounces a year ago. Around 60,000 ounces of refined gold sales in Indonesia shifted from the third to the fourth quarter. Molybdenum sales increased 15.8% to 22 million pounds.
Consolidated unit net cash costs increased 47.9% to $2.07 per pound of copper from $1.40 in the year-ago quarter. The increase reflected lower copper and gold volumes in Indonesia and higher production costs, including energy and other consumables. The figure was above our estimate of $2.01 per pound.
The average realized copper price climbed 39.7% year over year to $6.54 per pound from $4.68. The figure was above our estimate of $6.12 per pound. The average realized gold price increased 20.7% to $4,273 per ounce. The figure fell behind our estimate of $4,508. The molybdenum price rose 34.9% to $32.46 per pound. It exceeded our estimate of $26.52.
FCX's Cash Flow and Balance Sheet
Operating cash flow totaled $1.98 billion, up 17.3% year over year from $1.69 billion. Capital expenditures increased to $1.16 billion from $1.06 billion, including expenditures on major mining projects.
Cash and cash equivalents stood at $4.34 billion at September-end, compared with $4.32 billion a year earlier. Total debt was $9.4 billion versus $9.3 billion. Excluding debt related to PTFI's downstream facilities, net debt was $1.83 billion. Freeport repurchased $102 million of common shares during the quarter.
Freeport’s Outlook
For 2026, consolidated sales are projected at roughly 3 billion pounds of copper, 649,000 ounces of gold and 93 million pounds of molybdenum. Fourth-quarter sales are expected to reach 875 million pounds of copper, 300,000 ounces of gold and 22 million pounds of molybdenum.
Full-year unit net cash costs are forecast at $1.9 per pound of copper. Based on specified fourth-quarter metal price assumptions, operating cash flow is expected to total $8.5 billion, while capital expenditures are projected at $4.4 billion. PTFI expects to reach 80% of milling capacity by mid-2027 and approach full capacity by year-end 2027.
FCX’s Price Performance
Shares of FCX have gained 58.3% over the past year compared with the 25.9% rise in its industry.
Image Source: Zacks Investment Research
FCX’s Zacks Rank & Other Key Picks
FCXcurrently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the Basic Materials space are Reliance, Inc. (RS - Free Report) , Avino Silver & Gold Mines Ltd. (ASM - Free Report) and Avient Corporation (AVNT - Free Report) .
RS currently sports a Zacks Rank #1 (Strong Buy), while ASM and AVNT carry a Zacks Rank #2 each. You can see the complete list of today’s Zacks #1 Rank stocks here
The Zacks Consensus Estimate for RS’ 2026 earnings is pegged at $23.70 per share, indicating a 66.2% year-over-year surge. RS shares have gained 50.6% over the past year.
The Zacks Consensus Estimate for ASM’s current fiscal-year earnings is pinned at 28 cents per share. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 75%.
The Zacks Consensus Estimate for AVNT’s 2026 earnings is pegged at $3.2 per share, indicating a year-over-year rise of 13.48%. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 3.4%.