Q4 25 EPS
$0.47
BEAT +51.61%
Est. $0.31
Q4 25 Revenue
$5.63B
BEAT +3.40%
Est. $5.45B
vs S&P Since Q4 25
-11.2%
TRAILING MARKET
FCX -6.6% vs S&P +4.6%
Full Year 2025 Results
FY 25 EPS
$1.77
BEAT +12.91%
Est. $1.57
FY 25 Revenue
$25.92B
BEAT +1.41%
Est. $25.56B
Market Reaction
Did FCX Beat Earnings? Q4 2025 Results
Freeport-McMoRan delivered a decisive earnings beat in Q4 2025, posting adjusted EPS of $0.47 against a consensus estimate of $0.31, a 51.61% positive surprise, even as the September 2025 mud rush at its Grasberg Block Cave mine in Indonesia cast a l… Read more Freeport-McMoRan delivered a decisive earnings beat in Q4 2025, posting adjusted EPS of $0.47 against a consensus estimate of $0.31, a 51.61% positive surprise, even as the September 2025 mud rush at its Grasberg Block Cave mine in Indonesia cast a long shadow over the quarter. Revenue of $5.63 billion edged past the $5.45 billion consensus by 3.40%, though it fell 4.2% year-over-year as the Grasberg disruption slashed copper production to 640 million pounds from 1.0 billion in the year-ago period and collapsed gold output to just 65 thousand ounces from 432 thousand, with Indonesia's operations recording a gross loss of $51 million on $585 million in noncash and incident-related charges. Higher realized copper prices of $5.33 per pound, up sharply from $4.15 a year earlier, helped cushion the volume hit. FCX's recovery roadmap calls for a phased Grasberg restart beginning Q2 2026, with roughly 85% of normal production rates targeted for H2 2026, and the company projects copper sales rebounding to approximately 4.1 to 4.2 billion pounds annually by 2027 and 2028, though shares have faced pressure as copper prices softened on rising exchange inventories.
Key Takeaways
- • Higher average realized copper prices ($5.33/lb vs $4.15/lb YoY in Q4)
- • Higher average realized gold prices ($4,078/oz vs $2,628/oz YoY in Q4)
- • Favorable provisional pricing adjustments of $144 million in Q4 2025
- • Higher U.S. copper mine sales volumes (342M lbs vs 318M lbs in Q4 YoY)
- • Incremental copper from leaching innovations totaled 60 million pounds in Q4 and 214 million pounds for full year 2025
- • Impact of September 2025 mud rush incident at PTFI significantly reduced Indonesia production
- • U.S. copper mining operating income improved approximately 3.5x versus Q4 2024
- • Cerro Verde mill exceeded 400,000 metric tons per day in 2025
FCX YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
FCX Revenue by Segment
With YoY comparisons, source: SEC Filings
“Freeport is strongly positioned for the future as a leading producer of copper with large scale, geographically diverse operations and an exciting portfolio of growth projects to provide additional supplies of copper to a growing market. As we enter 2026, our team has a clear focus on restoring operations at Grasberg safely and sustainably, and on continuing to build values in the Americas through our innovative growth and efficiency initiatives. Our experienced team is committed to value creation through strong execution of our plans, operational excellence and advancing opportunities for long-term organic growth.”
— Kathleen Quirk, Q4 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% |