10-K · February 13, 2026
Freeport-McMoRan positions itself as a leading, vertically integrated copper producer with significant reserves and growth projects, having completed PTFI’s downstream processing facilities in 2025 and targeting higher…
Earnings analysis · 10-Q
FCX earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
Freeport-McMoRan Inc. reported strong Q1 2026 earnings with total revenue of $6.23 billion, a 9% increase year-over-year, and a diluted EPS of $0.57, exceeding market expectations. Key performance drivers included…
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Freeport-McMoRan Inc. reported strong Q1 2026 earnings with total revenue of $6.23 billion, a 9% increase year-over-year, and a diluted EPS of $0.57, exceeding market expectations. Key performance drivers included robust copper prices averaging $5.78 per pound and a gain from an insurance settlement related to the Mud Rush Incident.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.57
What stood out
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Revenue Growth
Total revenue increased to $6.23 billion from $5.73 billion year-over-year, a 9% rise.
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EPS Surprises to the Upside
Diluted EPS rose to $0.57, beating expectations of $0.47 by 21%.
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Higher Copper Prices
Average realized copper prices were significantly higher at $5.78 per pound compared to $4.44 a year ago.
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Significant Insurance Settlement
Recognized a $699 million gain from an insurance settlement related to the Mud Rush Incident.
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Strong Cash Flow
Operating cash flows reached $1.5 billion, up from $1.1 billion year-over-year.
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Improved Financial Structure
Net debt decreased to $2.4 billion, providing adequate liquidity for future operations.
What to watch
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Operational Headwinds from Mud Rush Incident
Resulted in lower copper sales volumes of 82 million pounds, down from 290 million a year ago.
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Higher Unit Costs
Average site production and delivery costs rose to $3.29 per pound due to idle facility costs attributed to the Mud Rush.
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Geopolitical and Regulatory Risks
Ongoing investigations into PT Smelting for potential violations of the FCPA could lead to regulatory challenges.
Management's outlook
2026 sales expected at approximately 3.1 billion pounds of copper, revised down from 3.4 billion.
Earlier filings 4
10-Q · August 8, 2025
Freeport‑McMoRan reported a strong Q2 2025 with revenue of $7,582 million and diluted EPS of $0.53, beating the prior-year quarter and showing material sequential improvement. Gross margin expanded to 34.7% and…
10-K · February 14, 2025
Freeport‑McMoRan highlights execution on long‑lived copper assets in 2024, including completion of PT‑FI’s new downstream facilities and commencement of PMR gold production in December 2024. The company reported…
10-Q · November 8, 2024
Freeport-McMoRan reported a stronger Q3: revenues rose to $6,790 million (Q3 2023: $5,824 million), operating income increased to $1,938 million (Q3 2023: $1,492 million) and diluted EPS improved to $0.36 (Q3 2023:…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.