FREEPORT-MCMORAN INC (FCX) Form 10-Q — Aug 6, 2026

$FCXForm 10-QFiled Aug 6, 2026, 5:17 PM ET0000831259-26-000036Original filing

Freeport-McMoRan reported Q2 2026 net income attributable to common stockholders of $984 million, or $0.68 per diluted share, up 27% from $772 million, or $0.53, a year earlier, on revenues of $7.0 billion versus $7.6 billion. Higher realized prices did the heavy lifting, with copper at $6.17 per pound, gold at $4,520 per ounce and molybdenum at $28.75 per pound, each roughly 36-37% above year-ago levels. Volumes fell sharply as PT Freeport Indonesia ramps up the Grasberg Block Cave mine after the September 2025 mud rush incident, and unit net cash costs rose to $1.97 per pound from $1.13, including $0.40 per pound of idle facility charges.

Key figures

Eps: $0.68 diluted Q2 2026 (vs $0.53); $1.29 diluted 1H 2026 (vs $0.77)
Revenue: $7,029 million Q2 2026 (vs $7,582 million Q2 2025); $13,263 million 1H 2026 (vs $13,310 million 1H 2025)
Net Income: $984 million attributable to common stockholders Q2 2026 (vs $772 million); $1,865 million 1H 2026 (vs $1,124 million); consolidated net income $1,391 million Q2 2026
Total Debt: $9,386 million at June 30, 2026 (weighted-average rate 5.2%)
Revenue Yoy: -7.3% Q2; -0.4% 1H
Total Assets: $59,727 million at June 30, 2026
Cash Position: $4,080 million at June 30, 2026
Shares Outstanding: 1436017523
Capex 1h: $2,077 million vs $2,433 million 1H 2025
Net debt: $2.1 billion at June 30, 2026, excluding $3.2 billion PTFI downstream processing debt
Buybacks 1h: 3.4 million shares for $203 million ($59.30 average); cumulative 55.4 million shares; $2.8 billion remaining under $5.0 billion program
Copper sales q2: 710 million lbs vs 1,016 million lbs a year ago
Cerro verde stake: Increased from 55.08% to 55.66% in May 2026 for $107 million
Dividend declared: $0.15 per share ($0.075 base + $0.075 variable) declared June 24, 2026, paid August 3, 2026
Effective tax rate: 30% 1H 2026 vs 37% 1H 2025; ~30% estimated for FY2026
Idle facility costs: $284 million Q2 2026; $690 million 1H 2026 (September 2025 mud rush incident)
Unit net cash costs: $1.97/lb Q2 2026 vs $1.13/lb Q2 2025, including $0.40/lb mud rush idle facility costs
Copper production q2: 786 million lbs vs 963 million lbs a year ago
Lme copper jul 31 2026: $6.28/lb close
Operating cash flow 1h: $3,543 million vs $3,253 million 1H 2025
Gold avg realized price: $4,520/oz Q2 2026, +37% YoY ($4,704/oz 1H, +44%)
Copper avg realized price: $6.17/lb Q2 2026, +36% YoY ($6.04/lb 1H, +35%)
Insurance settlement gain: $699 million pre-tax recognized Q1 2026, proceeds collected April 2026
Molybdenum avg realized price: $28.75/lb Q2 2026, +36% YoY
Leaching incremental production: 47 million lbs Q2 2026; 101 million lbs 1H 2026; targeting 300 million lbs/yr run rate by end of 2026

Price after filing

1 day: +2.1%7 days: -2.0%30 days: +6.7%

Close on the filing date to close N calendar days later (from $68.18). Historical, not a forecast.

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