FCX · Freeport-McMoRan Inc.

Freeport-McMoRan reported strong first-quarter 2026 results, with net income attributable to common stock of $881 million ($0.61 per share) compared to $352 million ($0.24 per share) in the prior-year quarter. Adjusted net income was $830 million ($0.57 per share), excluding after-tax net credits of $51 million primarily from an insurance settlement related to the September 2025 mud rush incident. Revenue increased to $6.23 billion from $5.73 billion a year ago, driven by higher realized prices for copper ($5.78/lb vs. $4.44/lb), gold ($4,889/oz vs. $3,072/oz), and molybdenum ($25.21/lb vs. $21.67/lb). Operating income nearly doubled to $2.14 billion from $1.30 billion. Consolidated copper sales of 657 million pounds and gold sales of 121 thousand ounces exceeded January 2026 estimates, though copper sales were lower year-over-year due to reduced operating rates at PTFI following the mud rush. Unit net cash costs were $1.91 per pound, favorable to the January estimate of $2.60, reflecting higher by-product credits. The company commenced a phased ramp-up of the Grasberg Block Cave underground mine in March 2026, but adjusted the ramp-up schedule due to modifications to material handling systems, impacting full-year sales guidance. FCX signed a memorandum of understanding with the Indonesian government for a life-of-resource extension of PT Freeport Indonesia's operating rights. Operating cash flow was $1.5 billion, and capital expenditures totaled $1.0 billion. The company repurchased 1.7 million shares for $93 million. Management highlighted progress on organic growth projects, including an environmental impact statement for a potential expansion at El Abra and innovative leaching technologies in Arizona. The company provided 2026 guidance for copper sales of approximately 3.1 billion pounds, gold sales of 650 thousand ounces, and unit net cash costs of $1.95 per pound, assuming average prices of $6.00/lb copper, $4,500/oz gold, and $25.00/lb molybdenum for the remainder of the year.