The earnings call reflected a strong financial performance with significant achievements such as the Indonesian smelter start-up and progress in the leach initiative. However, revisions in gold production forecasts and challenges related to tariffs and Indonesian operations presented notable concerns.

Company Guidance -

Q3 2025

During the second quarter of 2025, Freeport-McMoRan reported significant financial achievements, including a net unit cash production cost of $1.13 per pound, which was an improvement from prior guidance. The company realized an average copper price of over $4.50 per pound, exceeding the international benchmark by $0.20, contributing to quarterly EBITDA of $3.2 billion and operating cash flows of $2.2 billion. Freeport's copper sales in the second half are expected to rise by nearly 10% compared to the first half, and gold sales are projected to remain stable. The startup of their Indonesian smelter was a major milestone, anticipated to reach design capacity by year-end. The U.S. copper premium, which recently tripled, is enhancing margins and cash flows, with Freeport's U.S. copper sales currently enjoying a substantial premium over international benchmarks. Looking ahead, the company expects continued volume growth and lower costs to drive expanded margins and cash flows into 2026 and 2027.

Strong Financial Performance

Generated quarterly EBITDA of $3.2 billion and operating cash flows of $2.2 billion, driven by strong copper and gold sales and improved production costs.

Indonesian Smelter Start-Up

Started up the new copper smelter in Indonesia a month ahead of schedule, progressing towards design capacity by the end of the year.

Leach Initiative Progress

Field trial at Morenci mine with an internally developed leach additive showing promising results, with potential to produce 800 million pounds per annum.

U.S. Copper Premium Increase

U.S. copper premium tripled from second quarter levels, providing additional margins and cash flows.

Continued Commitment to Shareholder Returns

Purchased 1.5 million shares in Q2, totaling 2.9 million shares in the first half of the year, maintaining a target of 50% of excess cash flow for shareholder returns.

Freeport-McMoRan (FCX) Earnings, Revenues Date & History

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FCX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 16, 2025	2025 (Q3)	0.47 / -	0.38	―	―	―
Jul 23, 2025	2025 (Q2)	0.45 / 0.54	0.46	17.39% (+0.08)
Apr 24, 2025	2025 (Q1)	0.24 / 0.24	0.32	-25.00% (-0.08)
Jan 23, 2025	2024 (Q4)	0.22 / 0.31	0.27	14.81% (+0.04)
Oct 22, 2024	2024 (Q3)	0.36 / 0.38	0.39	-2.56% (-0.01)
Jul 23, 2024	2024 (Q2)	0.40 / 0.46	0.35	31.43% (+0.11)
Apr 23, 2024	2024 (Q1)	0.27 / 0.32	0.52	-38.46% (-0.20)
Jan 24, 2024	2023 (Q4)	0.23 / 0.27	0.52	-48.08% (-0.25)
Oct 19, 2023	2023 (Q3)	0.34 / 0.39	0.26	50.00% (+0.13)
Jul 20, 2023	2023 (Q2)	0.36 / 0.35	0.58	-39.66% (-0.23)

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

FCX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 23, 2025	$45.80	$44.84	-2.10%
Apr 24, 2025	$35.07	$37.51	+6.96%
Jan 23, 2025	$38.79	$38.20	-1.52%
Oct 22, 2024	$47.39	$47.97	+1.22%

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.