The earnings call reflected a strong financial performance with significant achievements in operational milestones, especially the start-up of the Indonesian smelter and cost reduction initiatives. However, some challenges remain with gold production timing and cost pressures from tariffs. Despite these issues, Freeport's strategic positioning and innovation efforts create a positive outlook.

Company Guidance

During Freeport-McMoRan's second quarter conference call for fiscal year 2025, the company provided detailed guidance on its operational and financial expectations. The firm reported strong margins and cash flows, with copper and gold sales exceeding expectations, and a significant reduction in net unit cash production costs to $1.13 per pound. The average realized copper price was over $4.50 per pound, contributing to a quarterly EBITDA of $3.2 billion and operating cash flows of $2.2 billion. Looking ahead, Freeport expects a 10% increase in copper sales in the second half of the year compared to the first half. The recent start-up of its Indonesian smelter is anticipated to enhance margins further, and the company is advancing its innovative leach program with a targeted production increase of 800 million pounds per annum. Freeport also highlighted the impact of a recent U.S. tariff on copper imports, which has significantly increased domestic copper price premiums, potentially providing substantial financial benefits. Additionally, the company remains focused on reducing costs and expanding production capabilities in the U.S., while continuing to distribute 50% of excess cash flows to shareholders.

Strong Financial Performance

Freeport reported strong margins and cash flows, with a quarterly EBITDA of $3.2 billion and operating cash flows of $2.2 billion. Copper sales in the second half are expected to be nearly 10% higher than the first half.

Indonesian Smelter Start-up

The start-up of the new copper smelter in Indonesia was a major milestone, commencing a month ahead of schedule, with first cathode production expected by the end of the month.

U.S. Copper Premium

The U.S. copper sales premium tripled from second quarter levels, implying a significant financial benefit. This premium adds additional margins and cash flows.

Innovation and Cost Reduction

Progress in leach additive technology at the U.S. Morenci mine shows promising lab results, aiming to produce 800 million pounds per annum. Efforts to reduce costs in the U.S. are ongoing, targeting $2.50 per pound range by 2027.

Strategic Positioning

Freeport is well-positioned with significant copper resources, with operations in the U.S., Indonesia, and South America. The company is advancing several expansion projects and exploring innovative leach processes.

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
Oct 16, 2025	2025 (Q3)	0.46 / -	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.