Freeport-McMoRan Inc. (FCX) Earnings Call Transcripts

Freeport-McMoRan Inc.'s Latest Earnings Call - Q2 FY2026

In the second quarter of 2026, Freeport-McMoRan Inc. (FCX) reported significant progress, with a consolidated net income increase of 65% year-over-year, driven by strong operational execution and favorable copper prices. Revenue for the quarter was $7.5 billion, slightly below expectations, while earnings per share (EPS) came in at $1.10, beating estimates by $0.05. Management maintained a positive outlook, signaling continued growth in copper production and cash flow generation, particularly from the ramp-up of the Grasberg mine and advancements in U.S. operations.

Reported metrics

Guidance from management

Management maintained guidance for a significant increase in copper sales volumes in the second half of 2026, projecting over 20% higher sales compared to the first half. They expect annual copper sales to increase by more than 20% in 2027 compared to 2026.

What management said

Yes. Over the 5 years, it's very similar to what we had presented in April. We did have some lower grades in 2028 compared to the prior estimate. But in terms of the operating rates and the plans, they're all very, very similar. There was some sequencing timing changes in the 2028 time frame.

We do have ability at Climax. That mine could produce more moly. We also have a lot of byproduct moly. And this Bagdad mine, as you point out, has got significant byproducts. The Sierrita mine which is one of the lowest-grade copper mines, is one of our lowest cost, so -- the lowest cost in the U.S. and benefit from its significant moly production. So with El Abra, we'll have moly, and the new projects. So the byprod...

What analysts pressed on

Analysts expressed concerns regarding the timing of production versus sales, particularly in relation to the Grasberg mine and the new smelter's operational readiness. There were also questions about the potential impact of rising costs on future profitability.

Main topics on the call

• Grasberg Ramp-Up Progress — The Grasberg Block Cave mine's production rates doubled during the quarter, from an average of 34,000 tons per day in April to 69,000 tons per day in June. Management stated, "We look forward to ongoing progress with the...
• Strong Financial Performance — Freeport achieved a 65% increase in consolidated net income for the first half of 2026 compared to the same period last year, with strong margins and cash flows. "Our financial position remains strong and markets for our...
• Increased Ownership in Cerro Verde — Freeport increased its ownership in Cerro Verde by 2% to over 55% through a $300 million purchase. This strategic move reflects management's confidence in the asset's long-term value.
• Future Growth Projects — Management highlighted ongoing projects, including a major expansion at the Bagdad mine and regulatory advancements for the El Abra mine in Chile. They stated, "We are nearing an investment decision for a major expansion...

Read the full Freeport-McMoRan Inc. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 52 Freeport-McMoRan Inc. earnings call transcripts on record, spanning January 23, 2020 to July 23, 2026. Based on this history, Freeport-McMoRan Inc. reports quarterly. The most recent call on file is dated July 23, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

FCX

Exchange

NYSE

Country

US

Sector

Materials

Industry

Metals and Mining

Calls on record

52

First call

January 23, 2020

Most recent

July 23, 2026

Reporting cadence

quarterly