Freeport-McMoRan (FCX) Q1 2026 earnings summary

Executive summary

• Net income attributable to common stockholders rose to $881 million ($0.61 per share) in Q1 2026, up significantly year-over-year, driven by higher copper and gold prices and a $699 million insurance gain related to the Grasberg Block Cave mud rush incident, despite reduced Indonesian capacity.

• Revenues increased to $6.23 billion from $5.7 billion year-over-year, with higher realized prices for copper (up 30%), gold (up 59%), and molybdenum (up 16%).

• Grasberg Block Cave underground mine ramp-up began in March 2026 after remediation, with production expected to remain below capacity until mid-2027 due to material handling modifications.

• Memorandum of Understanding signed with the Indonesian government extends Grasberg operating rights beyond 2041, supporting long-term growth and operational stability.

• Advanced major organic copper growth projects in Chile (El Abra) and Arizona (Bagdad), and innovative leach initiatives in the U.S.

Financial highlights

• Q1 2026 revenues: $6.2–$6.23 billion, up from $5.7 billion in Q1 2025; operating income $2.1–$2.14 billion; operating cash flow $1.5 billion, up from $1.1 billion.

• Adjusted EBITDA: $2.5 billion in Q1 2026 vs. $1.9 billion in Q1 2025.

• Diluted EPS: $0.61 in Q1 2026 vs. $0.24 in Q1 2025.

• Capital expenditures were $973 million–$1.0 billion in Q1 2026, down from $1.2 billion in Q1 2025.

• Cash and cash equivalents stood at $3.7 billion, with total debt at $9.4 billion as of March 31, 2026.

Outlook and guidance

• 2026 sales guidance: 3.08–3.1 billion lbs copper, 650,000 oz gold, 90 million lbs molybdenum, all lower than previous estimates due to the delayed Grasberg ramp-up.

• Consolidated unit net cash costs for copper expected to average $1.95/lb for 2026, with higher costs in Q2 due to energy and consumables inflation.

• Operating cash flows for 2026 projected at $8.7 billion, with capital expenditures of $4.3 billion, including $3.0 billion for major projects.

• Quarterly copper sales expected to rise through 2026 as Grasberg ramps up, with full ramp-up expected by year-end 2027.

• H2 volumes projected to be significantly higher for copper and gold versus H1, boosting earnings and cash flow.