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

6,269 Followers

Earnings Data

Report Date

Jul 29, 2026

Before Open (Confirmed)

Period Ending

2026 (Q2)

Consensus EPS Forecast

0.58

Last Year’s EPS

0.54

Same Quarter Last Year

Analyst Consensus

Strong Buy

Based on 15 Analysts Ratings

Earnings Call Summary

Q1 2026

Earnings Call Date:Apr 23, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presented a mix of material near-term operational challenges at Grasberg and industry-wide input-cost pressures, but emphasized strong portfolio diversity, significant growth options (notably leach scaling, El Abra and Bagdad), a solid balance sheet, an insurance recovery, and meaningful recent operating gains in the U.S. Management characterized Grasberg issues as timing and engineering challenges (not resource loss), with concrete mitigation plans and only modest incremental capex. Given the magnitude of long-term value drivers and current financial strength versus the primarily timing-related setbacks, the tone is constructive with manageable near-term headwinds.

Company Guidance

Freeport’s guidance updated for 2026 reflects softer near‑term output at Grasberg and higher input costs but strong long‑term cash‑flow leverage to copper: copper has averaged >$5.80/lb YTD (peaked >$6), modeled 2027–28 EBITDA of ~$14B at $5/lb to ~$21B at $7/lb (operating cash flow ~$10B–$16B) with each $0.10/lb ≈ $400M EBITDA and each $100/oz gold ≈ $110M (gold assumed $4,500/oz, moly $25/lb). Grasberg PB2/3 is now forecast at ~60,000 tpd in H2‑2026 (vs prior 100,000 tpd) ramping toward ~90,000 tpd by mid‑2027; of 635 active draw points wet points rose from 30% (Sep‑2025) to 45% and 10 of 23 panels now fail the 1:1 dry:wet blend, driving a timing‑only 5‑year production revision of ~–9% copper and –7% gold (largest in 2026–27). Unit costs are now expected to average $1.95/lb in 2026 (prior $1.75), a March diesel spike equates to ≈$500M annualized cost, idle‑cost exclusions rose to $1.3B (from $900M), incremental chute mods add ~$60–70M, and company capex is ~$4.3B in 2026 and ~$4.5B in 2027 with $1.6–1.7B discretionary (≈50% Kucing Liar/LNG); management also expects to collect a $700M insurance recovery in Q2, scale leach to 300–400M lb/year in 2026–27 with a path to 800M lb/year by 2030, pursue ~60% U.S. production growth over several years, and returned ~$300M to shareholders in Q1 (1.7M shares repurchased).

Year-over-Year Financial and Operational Improvement

Sales of copper and gold, and unit costs, were better than forecast; revenues, EBITDA and operating cash flow grew compared with Q1 2025 despite reduced Indonesia capacity.

U.S. Operations Strong Contribution

U.S. mining operations generated 2.5x more operating income in Q1 2026 versus Q1 2025, with sustained conversion to the bottom line and expected copper production growth through the year.

Grasberg Remediation and Restart Progress

Required remediation completed to commence phased ramp-up of Grasberg Block Cave production blocks 2 and 3; limited mining commenced in March and management reports engineered solutions in place to resolve bottlenecks.

Long-Term Operating Rights in Indonesia Secured (MOU)

Memorandum of understanding signed with the Government of Indonesia in February extending operating rights beyond 2041 (life-of-resource), viewed as a meaningful long-term value driver.

Insurance Recovery Secured

Agreement reached with insurers for a $700 million insurance recovery (maximum under policy) expected to be collected in Q2 2026, providing balance sheet and cash-flow support.

Innovative Leach Initiative — Large Upside Potential

Leach program advancing: internal additive deployed and next-gen additives in testing; pilot of heated stockpile injections underway. Company targets 300–400 million lbs/year in 2026–2027 and a path to ~800 million lbs/year by ~2030, unlocking substantial low-cost incremental copper from stockpiles (42 billion lbs in inventory).

Operational Wins at Key Mines

Morenci mining rate improved 19% versus Q1 2025 and appliance of innovation/AI tools expected to further drive operating performance; Cerro Verde managed severe flooding and mill challenges and maintained stable production.

Capital Allocation and Shareholder Returns

Returned approximately $300 million to shareholders in Q1 (dividends + repurchase of 1.7 million shares); since 2021 distributed $6 billion. 2026 capex guidance maintained at ~$4.3 billion (2027 ~$4.5 billion) with discretionary spend ~$1.6–1.7 billion focused on high-return projects.

Financial Position and Price Leverage

Solid balance sheet with investment-grade ratings, no significant debt maturities through 2026, and high leverage to copper prices (each $0.10/lb copper ≈ $400 million annual EBITDA in 2027–28).

Freeport-McMoRan (FCX) 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

Daily Earnings Calendar >

FCX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 29, 2026	2026 (Q2)	0.58 / -	0.54	―	―	―
Apr 23, 2026	2026 (Q1)	0.47 / 0.57	0.24	137.50% (+0.33)
Jan 22, 2026	2025 (Q4)	0.28 / 0.47	0.31	51.61% (+0.16)
Oct 23, 2025	2025 (Q3)	0.42 / 0.50	0.38	31.58% (+0.12)		―
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)

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
Apr 23, 2026	$70.36	$61.48	-12.62%
Jan 22, 2026	$60.45	$58.72	-2.86%
Oct 23, 2025	$40.59	$41.04	+1.10%
Jul 23, 2025	$45.42	$44.47	-2.10%

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.