Freeport Revenue Rises to $7.546 Billion on Higher Metal Prices

Key Facts

Freeport-McMoRan reported third-quarter 2026 revenue of $7.546 billion, compared with $6.972 billion in the same period last year, while net income attributable to common stockholders rose to $1.174 billion from $674 million. Diluted earnings were $0.81 per share, versus $0.46 a year earlier, according to the results statement. Adjusted earnings per share also topped analysts' estimate of $0.80, while revenue exceeded the $7.36 billion estimate, according to Investing.com. Chief Executive Kathleen Quirk said, "Favorable prices for our products, particularly copper and molybdenum, supported strong margins." The stronger financial results coincided with the continued recovery of operations at Grasberg in Indonesia, where lower production weighed on sales compared with the prior year.

Copper sales totaled 749 million pounds in the third quarter, down from 977 million pounds in the same period last year. The company attributed the decline primarily to lower operating rates at its Indonesian operations as it ramped up production at the Grasberg Block Cave mine, according to Investing.com. In its operating update issued on October 2, the company had forecast copper sales of about 750 million pounds, along with about 100 thousand ounces of gold. The comparison shows copper sales came close to the October estimate but remained below the year-earlier level. Freeport said gold sales were affected by inventory in process at its smelting and refining operations and the timing of sales. The October update had indicated that about 60 thousand ounces of refined gold in Indonesia would be deferred from the third quarter to the fourth quarter.

The recovery at Grasberg is linked to the external mudflow incident on September 8, 2025, which led to the closure of Grasberg Block Cave, according to the company's filing with the U.S. Securities and Exchange Commission. Freeport said it is working to restore operations by gradually increasing production. Average ore processing at Grasberg was about 140 thousand metric tons per day in the third quarter, or about 67% of pre-incident normal rates, according to the October 2 update. These figures provide context for the year-over-year decline in copper sales, as operating rates remain below pre-incident levels. Quirk also said the company had made continued progress in increasing Grasberg production, linking that progress and favorable prices to support for margins.

The company expects fourth-quarter sales of 875 million pounds of copper and 300 thousand ounces of gold, within 2026 annual estimates of about 3.0 billion pounds of copper and 649 thousand ounces of gold, according to Investing.com. The refined gold deferred from the third quarter is part of the context for the coming period's gold sales outlook, according to the company update. Freeport also estimated 2026 operating cash flow at about $8.5 billion, assuming fourth-quarter prices of $6.50 per pound of copper, $4,000 per ounce of gold and $32.00 per pound of molybdenum. These assumptions underpin the company's cash flow estimate, while the annual outlook reflects the sales volume it aims to achieve in the remaining quarter. The company held its investor call to discuss the results on October 27 at 10:00 a.m. Eastern time, with a replay available through November 27.

EL7 data showed Freeport shares closed at $65.16 on October 26, before the results announcement, while copper closed at $6.542 per pound that day and then at $6.6493 on October 27. These are closing prices for the specified periods and do not by themselves indicate a reaction in the stock or copper after the results announcement. Copper's move on the day after the previous close provides price context for the commodity whose sales are central to the company's results. The cited share price predates the results announcement and therefore does not reflect trading after their release. The clearest comparison in the quarterly figures remains higher revenue and net income on one hand, against lower year-over-year copper sales and the deferral of some gold sales on the other.