Companies · FCX
Freeport-McMoRan
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Latest analysis
Updated Aug 6, 2026
FCX Q2 2026: Record copper prices drive earnings despite Grasberg ramp-up drag; Bagdad expansion decision imminent at revised $4.5B capex
Freeport-McMoRan delivered net income of $984 million in Q2 2026, up from $772 million in Q2 2025, driven by copper, gold and molybdenum realized prices that were 36-37% higher year-over-year — offsetting a near-halving of Indonesia copper and gold sales volumes during the Grasberg Block Cave phased ramp-up. The single most consequential disclosure is the Bagdad expansion capital cost estimate revision to approximately $4.5 billion, 30% above the 2023 estimate of $3.5 billion, with an investment decision expected in H2 2026. PTFI's operating rights MOU with the Indonesian government — extending the Grasberg license beyond 2041 with FCX retaining 48.76% through 2041 and approximately 37% thereafter — removes the most significant long-term jurisdictional overhang on the asset.
Tone: mixedRevenue
$25.9B
FCX 10-K · FY 2025
Revenue FY2024
$25.5B
Headquarters
Phoenix, AZ
Profile
FCX 10-K Item 1 · Feb 13, 2026Freeport-McMoRan Inc. is a leading international mining company with significant operations producing copper, gold, and molybdenum. Its principal operations include large-scale mining in the United States, South America, and Indonesia, anchored by the Grasberg minerals district in Indonesia. The company is one of the world's largest publicly traded copper producers.
Read filing description ↓ Collapse description ↑
Freeport-McMoRan Inc. is a premier U.S.-based natural resources company with a portfolio of mineral assets. The company's operations include copper mines in North America (including Morenci, Safford, Lone Star, and Sierrita in Arizona), South America (including Cerro Verde in Peru and El Abra in Chile), and Indonesia (the Grasberg minerals district operated through PT Freeport Indonesia). The company also produces molybdenum and gold as significant co-products. Freeport-McMoRan characterizes copper as central to the global transition to renewable power, electric vehicles, data centers, artificial intelligence developments, and continued urbanization in developing countries. The company operates smelting and refining facilities, including through PT Smelting in Indonesia, enabling downstream processing of its concentrates. Its Indonesian operations are conducted under a special mining business license (IUPK) through PT Freeport Indonesia (PTFI). The company pursues organic growth through mine development and exploration, and has articulated sustainability commitments including 2030 climate targets and a 2050 net zero aspiration. Freeport-McMoRan operates as a holding company with subsidiaries conducting its mining, smelting, and refining activities across multiple continents.
Primary products
- Copper
- Gold
- Molybdenum
Business segments
End markets
Geographies
Revenue commentary · FY 2025
Revenues increased from $25,455 million in 2024 to $25,915 million in 2025, reflecting modest year-over-year growth driven by the company's copper, gold, and molybdenum production.
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