Freeport-McMoRan earns $1.2 billion as copper averages $6.54 a pound

Freeport-McMoRan earned $1.2 billion in the third quarter of 2026 as high copper and gold prices fed strong margins, and the miner said the ramp-up at its Grasberg district in Indonesia is on track for significant growth in 2027 and 2028.

Net income attributable to common stock was $0.81 per share, and adjusted net income was $1.3 billion, or $0.88 per share, according to the earnings release attached to its 8-K on Tuesday. The adjustments excluded $101 million of after-tax charges, mainly idle facility and restoration costs tied to the September 2025 mud rush incident at PT Freeport Indonesia.

Average realized prices were $6.54 per pound of copper, $4,273 per ounce of gold and $32.46 per pound of molybdenum. Unit net cash costs averaged $2.07 per pound of copper.

Production and outlook

Freeport produced 832 million pounds of copper and 234,000 ounces of gold in the quarter, in line with expectations. Copper sales of 749 million pounds roughly matched prior estimates, while gold sales were held back by the previously reported timing of gold sales in Indonesia. PTFI's smelter restarted in late August.

For 2026, the company expects sales of about 3.0 billion pounds of copper, 649,000 ounces of gold and 93 million pounds of molybdenum, with 875 million pounds of copper and 300,000 ounces of gold in the fourth quarter. It expects unit net cash costs to average $1.90 per pound for the year.

CEO Kathleen Quirk said "favorable pricing for our products, particularly for copper and molybdenum, drove strong margins."

Cash and buybacks

Operating cash flow was $2.0 billion in the quarter. At $6.50 copper, $4,000 gold and $32 molybdenum for the fourth quarter, Freeport expects full-year operating cash flow of about $8.5 billion against capital spending of about $4.4 billion.

The company bought back 1.4 million shares for $102 million in the quarter, bringing 2026 repurchases to $305 million. Net debt was $1.8 billion at Sept. 30, excluding $3.2 billion tied to PTFI's downstream processing facilities.

By the numbers

• Adjusted EPS: $0.88
• Copper production: 832 million pounds
• Realized copper price: $6.54 per pound
• 2026 copper sales outlook: about 3.0 billion pounds
• Q3 operating cash flow: $2.0 billion

Sources

1. FREEPORT-MCMORAN INC, Form 8-K with third quarter 2026 earnings release, filed Oct. 27, 2026 (accession 0000831259-26-000045)

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