Q2 25 EPS
$0.54
BEAT +20.99%
Est. $0.45
Q2 25 Revenue
$7.58B
BEAT +5.44%
Est. $7.19B
vs S&P Since Q2 25
+11.8%
BEATING MARKET
FCX +25.4% vs S&P +13.6%
Market Reaction
Did FCX Beat Earnings? Q2 2025 Results
Freeport-McMoRan delivered a standout second quarter, posting adjusted EPS of $0.54 against a consensus estimate of $0.45, a beat of nearly 21%, while revenue of $7.58 billion cleared expectations by 5.44% and climbed 19.0% year over year. The headli… Read more Freeport-McMoRan delivered a standout second quarter, posting adjusted EPS of $0.54 against a consensus estimate of $0.45, a beat of nearly 21%, while revenue of $7.58 billion cleared expectations by 5.44% and climbed 19.0% year over year. The headline driver was a combination of favorable copper and gold pricing alongside exceptional cost discipline, with consolidated unit net cash costs coming in at just $1.13 per pound, well below the guided $1.50, largely due to stronger-than-expected gold by-product credits. Copper sales volumes of 1.0 billion pounds also exceeded April guidance, adding further lift to the quarter. Looking ahead, the company sees a significant tariff-driven tailwind; with a 50% levy on U.S. Copper imports on the horizon, Freeport stands to benefit as America's dominant domestic copper producer. Management guides full-year 2025 operating cash flows of approximately $7.9 billion when factoring in a $1.25 per pound COMEX premium, with annual copper sales targeted at 3.95 billion pounds.
Key Takeaways
- • Favorable U.S. copper pricing with COMEX settlement approximately 28% above LME settlement price
- • Strong gold prices averaging $3,291 per ounce in Q2 2025 driving higher by-product credits
- • Unit net cash costs of $1.13/lb significantly below $1.50/lb guidance due to higher by-product credits
- • Copper sales volumes above April 2025 guidance driven by timing of shipments
- • Gold sales of 522 thousand ounces exceeded guidance of 500 thousand ounces
- • Higher milling rates and ore grades in U.S. operations
- • Molybdenum mines swung to gross profit of $26 million from loss of $12 million year ago on lower unit costs
- • Indonesia operations gross profit increased to $1,903 million from $1,347 million year ago driven by higher gold volumes and pricing
FCX YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
FCX Revenue by Segment
With YoY comparisons, source: SEC Filings
“As a leading copper producer, our role is increasingly important in providing essential metals to a growing market. Our global team is committed to producing and growing our production safely, efficiently and responsibly, and we are challenging ourselves to improve efficiencies and leverage new technologies to drive better performance and grow production more quickly with lower capital intensity. We achieved a major milestone during the second quarter with the startup of our new large-scale copper smelter in Indonesia. We are well positioned for the future, both domestically, as America's copper champion, and internationally, with large-scale production of copper, gold and molybdenum, a highly qualified and experienced team, a portfolio of attractive organic growth opportunities and a strong balance sheet and financial position.”
— Kathleen Quirk, Q2 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% |