Freeport-McMoRan Q2 Earnings Beat, Raises Cash Flow Guidance as Copper Hits All-Time Highs
FCX sits 94% above its 52-week low of $35.15.
Summary
Freeport-McMoRan reported strong Q2 2026 results, beating earnings estimates and raising full-year cash flow guidance, as copper prices surged to all-time highs. The Grasberg ramp-up is on track, and the company continues to return cash to shareholders via buybacks and dividends.
Key Events · Earnings and Guidance · FCX
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Q2 Earnings Beat
Adjusted EPS of $0.74 beat consensus by $0.15; net income attributable to common stockholders was $984 million ($0.68 per share) on revenues of $7.0 billion.
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Raised Cash Flow Guidance
Full-year 2026 operating cash flow guidance raised to ~$8.3 billion, reflecting higher realized metal prices and improved operational outlook.
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Copper Prices at All-Time Highs
LME copper settled at $6.56/lb on August 6 and COMEX at $6.70/lb on August 5, both record highs, driven by supply concerns and strong demand.
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Grasberg Ramp-Up Progress
Steady progress in Q2; expected to reach 65% of capacity in H2 2026, 80% by mid-2027, and full capacity by end of 2027. Idle facility costs were $284 million in Q2.
Analysis · FCX · Energy & Transportation
Freeport-McMoRan delivered a strong Q2, with adjusted EPS of $0.74 beating consensus by $0.15, and raised its full-year operating cash flow guidance to $8.3 billion. The results were driven by higher realized copper, gold, and molybdenum prices, with copper hitting all-time highs above $6.50/lb in early August. The Grasberg Block Cave ramp-up is progressing on schedule, though idle facility costs remain a drag. The company also increased its Cerro Verde stake and secured a new $3 billion credit facility, strengthening its financial position. The combination of record copper prices, improving operations, and raised guidance makes this a significant positive update for investors.
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In the 30 days to Nov 1, 2026, 39.9% of the 1106 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.34%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, FCX was trading at $68.02 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $98B. The 52-week trading range was $35.15 to $72.28. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.