Freeport said Grasberg operated at 67% of mine capacity during the third quarter and targets 80 percent by mid-27, with full capacity by the end of next year.
FCX · Freeport-Mcmoran Inc
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Freeport-McMoRan Inc reported third-quarter 2026 net income of $1.2 billion, adjusted net income of $1.3 billion, operating cash flows of $2.0 billion, and an on-expectations Grasberg ramp-up.
Freeport-McMoRan Inc. reported third-quarter 2026 copper production of approximately 830 million pounds and gold production of approximately 230 thousand ounces, while approximately 60 thousand ounces of refined gold sales were deferred to fourth-quarter 2026.
Metrics snapshot
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Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
AI Brief
Q3 FY26 earnings call · Oct 27, 2026TL;DR. Third-quarter profitability improved sharply, Grasberg continued ramping, and projected 2027–2028 volume growth supports the outlook, with fourth-quarter sales expected to be the year’s highest. Copper-sales forecasts for 2026 and 2027 were trimmed, while U.S. operating disruptions, energy inflation, and higher capital spending pressure costs.
- + Consolidated net income increased over 80% year over year as U.S. mining operating income more than doubled.
- + Grasberg reached approximately 67% of normalized rates, with 80% targeted in mid-2027 and full capacity to be approached by year-end 2027.
- + Nearly $1 billion was returned to shareholders year to date, including $300 million of share purchases.
- + U.S. customers reported robust copper demand tied to electricity, energy infrastructure, data centers, and transportation.
- + Fourth-quarter 2026 sales volumes are expected to be the highest of the year, with copper sales up 17% and gold sales nearly tripling from third-quarter levels.
- − Extreme weather caused lower-than-planned U.S. operating rates and disrupted production momentum.
- − The next-generation leaching additive remains unproven in the field, and the 800-million-pound aspiration is not included in the forecast.
- − Grasberg's dry conditions create milling challenges, and Grasberg idle costs will remain in all-in unit costs beginning in 2027.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
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Guidance & track record
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
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Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| consolidated copper production | £830M | third-quarter 2026 | — |
| consolidated gold production | 230K | third-quarter 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Copper — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
FCX
this stock
Freeport-Mcmoran Inc
|
$88.70B | +21.6% | +1.8% | — | 1.8% |
|
SCCO
Southern Copper Corp
|
$147.50B | — | +23.7% | 23.2 | 1.2% |
|
TECK
Teck Resources Ltd
|
$30.40B | +29.1% | — | — | 2.8% |
|
HBM
Hudbay Minerals Inc.
|
$9.52B | +8.0% | — | — | 2.2% |
|
GUNN
Gunnison Copper Corp.
|
$4.23B | — | — | — | 0.3% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Oct 27, 2026
- This year
- 21
Freeport-McMoRan Inc reported third-quarter 2026 net income of $1.2 billion, adjusted net income of $1.3 billion, operating cash flows of $2.0 billion, and an on-expectations Grasberg ramp-up.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| FCX | -6.3% | -14.9% | -8.0% | -1.1% | +21.6% |
| SPY | -2.0% | -3.2% | +1.6% | -0.2% | +10.6% |
| vs SPY | -4.4% | -11.7% | -9.7% | -0.9% | +11.0% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.