Q1 26 EPS
$0.57
Q1 26 Revenue
$6.23B
BEAT +4.64%
Est. $5.96B
vs S&P Since Q1 26
-20.5%
TRAILING MARKET
FCX -19.5% vs S&P +0.9%
Market Reaction
Did FCX Beat Earnings? Q1 2026 Results
Freeport-McMoRan delivered a clear-cut beat in the first quarter of 2026, posting adjusted earnings of $0.57 per share against a consensus estimate of $0.47, a 21.79% positive surprise that marked the company's fourth consecutive quarter of beating E… Read more Freeport-McMoRan delivered a clear-cut beat in the first quarter of 2026, posting adjusted earnings of $0.57 per share against a consensus estimate of $0.47, a 21.79% positive surprise that marked the company's fourth consecutive quarter of beating EPS expectations. Revenue climbed 12.2% year over year to $6.23 billion, topping the $5.96 billion consensus by 4.64%, as surging realized metal prices, copper averaging $5.78 per pound and gold $4,889 per ounce, more than compensated for reduced output from the Grasberg minerals district in Indonesia, where a September 2025 mud-rush continues to constrain production. With Grasberg now expected to run at roughly 65% of capacity in the second half of 2026, revised down from a prior 85% estimate, full recovery to nameplate capacity is not anticipated until late 2027. Freeport also highlighted momentum in its U.S. Operations, where innovative leaching is tracking toward 300 million incremental copper pounds for the full year, supporting a progressive quarterly sales ramp that targets 900 million pounds of copper in the fourth quarter.
Key Takeaways
- • Higher realized copper prices ($5.78/lb vs $4.44/lb year-over-year)
- • Higher realized gold prices ($4,889/oz vs $3,072/oz year-over-year)
- • Higher U.S. copper sales volumes (327 million pounds vs 307 million)
- • Higher by-product credits reducing unit net cash costs
- • $699 million PTFI mud rush insurance settlement
- • Favorable unit net cash costs of $1.91/lb vs January 2026 estimate of $2.60/lb
- • Adjusted EBITDA of $2,473 million vs $1,888 million year-over-year
FCX Forward Guidance & Outlook
FCX expects 2026 consolidated sales of approximately 3.1 billion pounds of copper, 650 thousand ounces of gold, and 90 million pounds of molybdenum — reduced from January estimates of 3.4 billion pounds of copper and 0.8 million ounces of gold due to the delayed Grasberg Block Cave ramp-up. Quarterly copper sales are projected to ramp progressively: 657 million pounds in Q1, 690 million in Q2, 830 million in Q3, and 900 million in Q4. Gold sales follow a similar trajectory from 121 thousand ounces in Q1 to 200 thousand ounces in Q4. Second-quarter 2026 molybdenum sales are projected at 22 million pounds. Average unit net cash costs are expected at $1.95 per pound of copper for 2026 (excluding PTFI idle facility costs). Operating cash flows are projected at approximately $8.7 billion assuming $6.00/lb copper, $4,500/oz gold, and $25/lb molybdenum. Capital expenditures are expected at approximately $4.3 billion, including $3.0 billion for major mining projects. PTFI's overall production rates are now expected to approximate 65% of capacity in the second half of 2026 (down from prior 85% estimate), 80% by mid-2027, and approach full capacity by the end of 2027. GBC mining in April month-to-date averaged 31,000 tonnes per day. The consolidated effective tax rate for 2026 is estimated at approximately 30%. Rising energy costs from the Middle East conflict and higher consumables prices represent incremental cost headwinds. The Atlantic Copper CirCular recycling facility is expected to commence production in the second half of 2026 with projected incremental EBITDA of approximately $80 million per annum.
FCX YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
FCX Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our first quarter financial results reflect the strength of our diversified portfolio with growth in revenues, cash flow and earnings, compared with last year's first quarter, despite reduced capacity at our Indonesia operations. Freeport's global team is focused on restoring operations at Grasberg safely and sustainably, driving new technologies and efficiency programs to increase the profitability of our Americas operations and pursing our highly attractive portfolio of organic growth options to generate value for shareholders. Freeport is strongly positioned as "America's Copper Champion" and as a global leader in copper with large scale, geographically diverse operations and a pipeline of near-, medium- and long-term growth options to support a growing market.”
— Kathleen Quirk, Q1 2026 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% |