Freeport-McMoRan (FPMB) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Apr 16, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

0.37

Last Year’s EPS

0.2

Same Quarter Last Year

Analyst Consensus

Strong Buy

Based on 15 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Jan 22, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call emphasized clear operational recovery momentum (notably progress toward Grasberg PB2/PB3 restart), strong market fundamentals with copper prices materially higher year-to-date (~30% above 2025 average), robust U.S. performance (production +5% and Q4 U.S. operating income 3.5x year-ago), and significant upside from the leach initiative and large reserve additions (including >17 billion pounds at El Abra). These positives are tempered by ongoing impacts from the Grasberg mudflow (~10% volume hit in 2025), execution risks (PB1C uncertainty, autonomous haul truck performance), regional cost pressures (South America unit costs ~$2.57/lb), and capex/project cost uncertainty for Baghdad expansion. On balance, highlights notably outweigh the lowlights given price strength, cash-flow leverage, reserve growth, and concrete restart progress, supporting a constructive near- to medium-term outlook.

Company Guidance

Freeport's 2026 guidance calls for a ~1 billion‑pound quarterly run rate, consolidated unit net cash costs of about $1.75/lb for 2026 (assumes $4,000/oz gold and $20/lb moly) with H1 above the annual average and H2 near $1.25/lb; the company includes 250–300M lbs of leach production in 2026 (it produced >200M in 2025, is targeting ~300M in 2026, ~400M in 2027 and 800M by 2030). Modeled 2027–28 results show EBITDA of roughly $11B at $4/lb copper to >$19B at $6/lb (operating cash flow ≈ $8B–$14B), with sensitivities of ≈ $400M EBITDA per $0.10/lb copper and ≈ $120M EBITDA per $100/oz gold. CapEx is forecast at $4.3–4.5B in 2026–27 (2025 capex $3.9B) with discretionary spend of ~$1.6–1.7B/yr and a $150M 2026 add for the Baghdad study; Grasberg’s phased restart targets PB2/PB3 in Q2 2026 to restore ~85% district production in H2 2026 (PB1S/PB1C targeted in 2027); reserves were increased by >17 billion lbs at El Abra, and market context: LME averaged $4.51/lb in 2025 (range $3.87–$5.68) and 2026 YTD prices are ~30% above the 2025 average.

Strong Financial Results and EBITDA

Adjusted EBITDA for 2025 was nearly $10 billion (similar to 2024). Modeled annual EBITDA for 2027-2028 ranges from ~$11 billion at $4/lb copper to >$19 billion at $6/lb copper, with operating cash flow ~$8 billion to >$14 billion across that price range.

Cost Discipline and Guidance Accuracy

Consolidated unit net cash cost for 2025 was $1.65 per pound, within ~3% of guidance for the year despite the Grasberg incident that reduced volumes. Company expects unit net cash costs averaging $1.75/lb for 2026 with second-half costs ~ $1.25/lb.

Copper Price Strength

2025 LME copper averaged $4.51/lb (range $3.87–$5.68). Year-to-date 2026 LME prices were ~30% higher than the 2025 average, materially improving near-term cash flow outlook and leverage to copper (each $0.10/lb change ≈ $400 million annual EBITDA).

U.S. Operating Performance

U.S. production increased ~5% versus the year-ago fourth quarter and year-over-year 2025 vs 2024. U.S. operating income in Q4 was 3.5x the level of Q4 2024, demonstrating strong price leverage and conversion to the bottom line.

Progress on Grasberg Restart (PB2 and PB3)

Deep MLZ and Bigas mines restarted in Q4. Mud removal for PB2 and PB3 is substantially complete (~97% of required mud removal for PB2/PB3), protective plugs being installed, infrastructure repairs expected by quarter-end, and on track for phased restart beginning in Q2 2026 to restore ~85% of district production in H2 2026.

Leach Initiative — Near-Term Low-Cost Growth

Leach initiative produced >200 million pounds of copper in 2025, targeting 300 million pounds in 2026 (50% increase YoY), 400 million in 2027, and a path to 800 million pounds by 2030. Field deployment of proprietary additives and planned heated-solution injection tests in 2026 are described as pivotal for scaling.

Reserve Additions and Project Optionality (El Abra and Others)

Reserve additions in 2025 substantially exceeded production, including >17 billion pounds of copper added for the El Abra expansion (previously a resource). Significant long-life reserves and resources support multiple growth options across The Americas and Indonesia.

Capital Allocation, Cash Returns and Balance Sheet Strength

2025 capex was $3.9 billion ( ~$0.5 billion below plan). 2026–2027 capex expected ~$4.3–$4.5 billion annually. Company has returned $5.7 billion to shareholders via dividends and buybacks, maintains investment-grade ratings, no significant debt maturities in 2026, and flexibility to fund growth and returns.

Freeport-McMoRan (DE:FPMB) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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DE:FPMB Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 16, 2026	2026 (Q1)	0.37 / -	0.202	―	―	―
Jan 22, 2026	2025 (Q4)	0.24 / 0.40	0.262	51.61% (+0.13)
Oct 23, 2025	2025 (Q3)	0.36 / 0.42	0.321	31.58% (+0.10)		―
Jul 23, 2025	2025 (Q2)	0.38 / 0.46	0.388	17.39% (+0.07)
Apr 24, 2025	2025 (Q1)	0.20 / 0.20	0.27	-25.00% (-0.07)
Jan 23, 2025	2024 (Q4)	0.18 / 0.26	0.228	14.81% (+0.03)
Oct 22, 2024	2024 (Q3)	0.30 / 0.32	0.329	-2.56% (>-0.01)
Jul 23, 2024	2024 (Q2)	0.33 / 0.39	0.295	31.43% (+0.09)
Apr 23, 2024	2024 (Q1)	0.23 / 0.27	0.439	-38.46% (-0.17)
Jan 24, 2024	2023 (Q4)	0.20 / 0.23	0.439	-48.08% (-0.21)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DE:FPMB Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 22, 2026	€52.15	€50.46	-3.24%
Oct 23, 2025	€34.79	€36.02	+3.54%
Jul 23, 2025	€38.96	€38.30	-1.71%
Apr 24, 2025	€31.05	€32.20	+3.72%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.