Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
FCX delivered solid Q2 FY2026 results, as net income jumped 27.5% to $984 million despite a 7% revenue decline. Sharply higher realized prices for copper, gold and molybdenum — up 36%, 37% and 36% respectively — more than offset a 30% drop in copper sales volumes stemming from the ongoing phased ramp-up of the Grasberg Block Cave mine. Operating income from U.S. copper mines more than doubled, aided by favorable pricing and leaching initiatives, while idle facility costs of $284 million at PTFI weighed on margins. The outlook hinges on stable commodity prices and the pace at which PTFI returns to full capacity, with full-year copper sales targeted at 3.057 billion pounds.
Revenue
$7.03B
-7.29% YoY
EPS (Diluted)
$0.68
+28.30% YoY
Operating Income
$2B
-17.64% YoY
Source: SEC XBRL
FREEPORT-MCMORAN (FCX) reported Q2 FY2026 revenue of $7.03B, down 7.3% year over year. Operating margin was 28.5%, down 3.6 points from 32.1% a year earlier. FCX's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026This filing | 0.74 | 0.60 | Beat +24.2% |
| Mar 2026 | 0.57 | 0.46 | Beat +23.1% |
| Dec 2025 | 0.47 | 0.29 | Beat +62.0% |
| Sep 2025 | 0.50 | 0.41 | Beat +21.4% |
Adjusted (non-GAAP) EPS of $0.74 versus the $0.60 analyst consensus — a +24.2% beat for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was $0.68.
5 reported segments · SEC XBRL
Segment revenue totals $7B; with $34M of reconciling items (corporate, unallocated and eliminations) it ties to the $7.03B of consolidated revenue on the income statement.
Profit above is reported as operating income, the measure FCX itself discloses in this filing. Each company chooses its own measure here, so these margins are not comparable with another company's.
Compiled by AI from 10-Q Item 2 of this filing
Operating income from U.S. copper mines more than doubled in the first six months of 2026 compared to the prior-year period, primarily reflecting higher average realized copper and molybdenum prices. This performance helped offset lower income from Indonesia during the Grasberg Block Cave ramp-up.
Source: 10-Q Item 2 MD&A
In first-quarter 2026, PTFI recognized a $0.7 billion gain ($0.2 billion after taxes and noncontrolling interests) from an insurance settlement related to the September 2025 external mud rush incident. The proceeds were collected in April 2026.
Source: 10-Q Item 2 MD&A
FCX is advancing testing of innovative technologies at its U.S. and South American operations to increase incremental copper production from leaching. The company is targeting an annual run rate of 300 million pounds by the end of 2026 and sees potential for further significant increases in future years.
Source: 10-Q Item 2 MD&A
Expected capital expenditures for 2026 total $4.3 billion, including $3.0 billion for major projects, with $1.6 billion for discretionary growth initiatives such as the Kucing Liar development in Indonesia and tailings infrastructure at Bagdad. A potential investment decision on a Bagdad concentrator expansion is planned for the second half of 2026.
Source: 10-Q Item 2 MD&A
FCX expects consolidated copper sales volumes of 3.057 billion pounds for 2026, with third-quarter sales of approximately 750 million pounds, reflecting a second-half increase driven by the continued Grasberg ramp-up and incremental leaching production.
Source: 10-Q Item 2 MD&A
Compiled by AI from this SEC filing · 3 high, 2 medium, 0 low
FCX is investigating potential violations of the FCPA and other laws at PT Smelting, an Indonesian joint venture. While the SEC declined to pursue enforcement, other jurisdictions may still take action, and any adverse finding could result in fines or penalties.
Source: 10-Q Part II Item 1A
The phased ramp-up of the Grasberg Block Cave underground mine after the 2025 mud rush incident could face further delays or cost overruns. Idle facility and restoration costs are expected to reach $1.2 billion in 2026, and lower operating rates significantly reduce copper and gold sales volumes.
Source: 10-Q Item 2 MD&A
FCX's financial performance is highly sensitive to copper, gold, and molybdenum prices. A $0.10 per pound change in the average copper price in the second half of 2026 would impact operating cash flows by approximately $150 million, with similar sensitivities for gold and moly.
Source: 10-Q Item 2 MD&A
PTFI’s operations are subject to Indonesian mining regulations, including royalties and export duties. Although the export license expired in 2025, future changes in fiscal terms or operating requirements could adversely affect profitability at one of FCX’s largest assets.
Source: 10-Q Item 2 MD&A
FCX is evaluating major expansions at Bagdad (Arizona) and El Abra (Chile) and developing the Kucing Liar deposit. Cost overruns, permitting delays, or technical challenges could postpone expected production increases from leaching and new concentrator capacity.
Source: 10-Q Item 2 MD&A
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 7.03 $B | 7.58 $B | -7.29% |
Cost of Revenue $B | 4.84 $B | 4.95 $B | -2.16% |
Operating Income $B | 2.00 $B | 2.43 $B | -17.64% |
Net Income $M | 984.00 $M | 772.00 $M | +27.46% |
EPS (Basic) $ | 0.68 $ | 0.53 $ | +28.30% |
EPS (Diluted) $ | 0.68 $ | 0.53 $ | +28.30% |
SG&A Expense $M | 135.00 $M | 127.00 $M | +6.30% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
FCX delivered a strong Q1 FY2026 with revenue rising 8.8% YoY to $6.23B and operating income surging 64% to $2.14B, driven by significantly improved margins and robust operating cash flow of $1.50B.
FCX delivered modest revenue growth of 1.8% to $25.9B in FY2025, but operating income declined 5.0% to $6.5B as rising costs and a 21.6% drop in operating cash flow to $5.6B signal increasing cost pressures on the business.