Freeport Tops Q3 Estimates With 88-Cent Adjusted Profit on Higher Copper Prices

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Freeport posted Q3 adjusted EPS of 88 cents versus the 81 cent consensus, a clean beat driven by higher prices, on revenue of $7.55 billion that beat expectations. Consolidated production totaled 832 million pounds of copper, 234 thousand ounces of gold and 22 million pounds of molybdenum, while consolidated sales were 749 million pounds of copper, 105 thousand ounces of gold and 22 million pounds of molybdenum, at average realized prices of $6.54 per pound for copper, $4,273 per ounce for gold and $32.46 per pound for molybdenum. The beat came from pricing, not volume, following the October 2 operational update that flagged copper output in line at roughly 830 million pounds but warned gold sales would miss. With copper at record highs and Grasberg's Block Cave ramp-up confirmed on schedule toward 80% capacity, the ramp-up of mining operations in the Grasberg Minerals District met expectations with significant growth expected in 2027 and 2028, and the earnings power is holding up despite the gold shortfall. The stock is well off its August record close of $76.66 and now trades near $65.60, so the print gives the market a reason to re-rate the shares. The open question is refined copper tariffs — the White House still hasn't decided, and that overhang sits directly on Freeport's US smelting economics. Looking ahead, the company sees 4Q consolidated sales of 875 million pounds of copper, 300 thousand ounces of gold and 22 million pounds of molybdenum, and FY26 consolidated sales of about 3 billion pounds of copper, 649 thousand ounces of gold and 93 million pounds of molybdenum.

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