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Freeport-McMoRan's Q3 earnings rose 74% as realized copper climbed 40% to $6.54 a pound, offsetting copper sales 23% lower than a year ago. Grasberg reached 67% of capacity, and production has recovered three quarters in a row, but 2026 copper guidance was cut a third time to 3.0 billion pounds. US costs and 2027 capex keep rising, and the 2027 capex excludes the roughly $4.5 billion Bagdad expansion.
Freeport-McMoRan targets copper sales exceeding 4 billion pounds by 2028 as Grasberg recovery, leaching innovations and expansion plans drive growth.
Freeport-McMoRan NYSE: FCX said its third-quarter performance benefited from higher copper sales, favorable metals pricing and continued progress in restoring production at its Grasberg operations in Indonesia, while operating challenges in the U.S. and Chile prompted a modest reduction in its 2026 copper-sales outlook.
Freeport-McMoRan Inc. (FCX) Q3 2026 Earnings Call Transcript
Freeport-McMoRan's Q3 2026 earnings beat estimates as higher copper and molybdenum prices offset weaker sales volumes.
The headline numbers for Freeport-McMoRan (FCX) give insight into how the company performed in the quarter ended September 2026, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
Freeport-McMoRan (FCX) came out with quarterly earnings of $0.88 per share, beating the Zacks Consensus Estimate of $0.8 per share. This compares to earnings of $0.5 per share a year ago.
The earnings bonanza in the mining sector continues as one of the world's largest copper and gold producers reported better-than-expected third-quarter earnings, with higher metal prices offsetting rising production costs and a sharp decline in gold sales.