Q1 25 EPS
$0.24
BEAT +2.52%
Est. $0.23
Q1 25 Revenue
$5.73B
BEAT +4.81%
Est. $5.47B
vs S&P Since Q1 25
+23.0%
BEATING MARKET
FCX +53.8% vs S&P +30.9%
Market Reaction
Did FCX Beat Earnings? Q1 2025 Results
Freeport-McMoRan delivered a modest but clear beat in the first quarter of 2025, with earnings of $0.24 per diluted share edging past the $0.23 consensus estimate by 2.52%, while revenue of $5.73 billion topped expectations by 4.81% despite falling 7… Read more Freeport-McMoRan delivered a modest but clear beat in the first quarter of 2025, with earnings of $0.24 per diluted share edging past the $0.23 consensus estimate by 2.52%, while revenue of $5.73 billion topped expectations by 4.81% despite falling 7.8% year over year from $6.32 billion. The year-over-year revenue decline was largely explained by a planned major maintenance project at the Grasberg minerals district in Indonesia, which weighed heavily on copper and gold sales volumes, though stronger realized prices, with copper averaging $4.44 per pound versus $3.94 a year earlier and gold jumping to $3,072 per ounce from $2,145, provided meaningful support. Unit net cash costs rose to $2.07 per pound from $1.51 in the prior-year period, though management expects that figure to normalize to $1.50 per pound for the full year as Indonesian volumes recover. With analysts pointing to a compelling free cash flow outlook driven by rising volumes and cost improvements, Freeport guided for roughly $7.0 billion in operating cash flows for 2025, assuming copper at $4.15 per pound.
Key Takeaways
- • Higher average realized copper price of $4.44/lb vs $3.94/lb in Q1 2024
- • Higher average realized gold price of $3,072/oz vs $2,145/oz in Q1 2024
- • Copper sales volumes exceeding January 2025 guidance of 850 million pounds
- • COMEX copper premium of approximately 13% over LME for U.S. mines
- • Favorable adjustments to prior period provisionally priced sales of $70 million
- • Strong mill rates helping mitigate lower grades vs Q1 2024 in U.S. operations
- • Molybdenum gross profit per pound improved to $3.15 from $1.26 in Q1 2024
FCX YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
FCX Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our team remains focused on providing metals essential for the economy and everyday life. Our work to produce our products and grow safely, efficiently and responsibly has never been more important. We remain vigilant in our efforts to reduce costs, improve efficiencies and carefully manage operating, administrative and capital spending in this uncertain macroeconomic environment. Freeport is well positioned for the future with large-scale production of copper, gold and molybdenum, a highly qualified and experienced team with a proven track record, a portfolio of attractive organic growth opportunities and a strong balance sheet and financial position.”
— Kathleen Quirk, Q1 2025 Earnings Press Release
FCX Earnings Trends
FCX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
FCX EPS Trend
Earnings per share: estimate vs actual
FCX Revenue Trend
Quarterly revenue: estimate vs actual
FCX Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $0.57 | — | $6.23B | +4.64% |
| Q4 25 BEAT FY | $0.31 | $0.47 | +51.61% | $5.63B | +3.40% |
| FY Full Year | $1.57 | $1.77 | +12.91% | $25.92B | +1.41% |
| Q3 25 BEAT | $0.41 | $0.50 | +21.01% | $6.97B | +3.57% |
| Q2 25 BEAT | $0.45 | $0.54 | +20.99% | $7.58B | +5.44% |
| Q1 25 BEAT | $0.23 | $0.24 | +2.52% | $5.73B | +4.81% |