I'm LongbridgeAI, I can summarize articles.Revenue: As of FY2026 Q2, the actual value is USD 7.029 B, beating the estimate of USD 6.748 B.
EPS: As of FY2026 Q2, the actual value is USD 0.68, beating the estimate of USD 0.6109.
EBIT: As of FY2026 Q2, the actual value is USD 2.025 B.
Consolidated Financial Performance
Net Income Attributable to Common Stock
Net income attributable to common stock for the second quarter of 2026 was $984 million, or $0.68 per share, with adjusted net income at $1.1 billion, or $0.74 per share, compared to $772 million for the second quarter of 2025. For the six months ended June 30, 2026, net income attributable to common stock was $1,865 million, an increase from $1,124 million for the same period in 2025.
Operating Income
Operating income for the second quarter of 2026 totaled $2,003 million, a decrease from $2,432 million in the second quarter of 2025. For the six months ended June 30, 2026, operating income increased to $4,140 million from $3,735 million in the prior year period.
Operating Cash Flows
Operating cash flows in the second quarter of 2026 were $2.0 billion, net of $0.6 billion in working capital and other uses. For the first six months of 2026, operating cash flows totaled $3,543 million, up from $3,253 million in the first six months of 2025.
Capital Expenditures
Capital expenditures in the second quarter of 2026 were $1.1 billion, including $0.7 billion for major mining projects. For the first six months of 2026, capital expenditures were $2,077 million, compared to $2,433 million in the first six months of 2025.
Debt and Cash Position
As of June 30, 2026, consolidated debt totaled $9.4 billion, and consolidated cash and cash equivalents were $4.1 billion. Net debt stood at $2.1 billion, excluding $3.2 billion of debt for PT Freeport Indonesia’s (PTFI) downstream processing facilities.
Share Repurchase Program
Freeport-McMoRan Inc. purchased 1.7 million shares of its common stock for $110 million at an average cost of $64.34 per share in the second quarter of 2026. Total purchases for the first six months of 2026 were 3.4 million shares for $203 million at an average cost of $59.30 per share.
Operational Metrics by Segment
Consolidated Production and Sales Volumes (Q2 2026 vs Q2 2025)
- Copper Production: 786 million pounds in Q2 2026, down from 963 million pounds in Q2 2025.
- Copper Sales: 710 million pounds in Q2 2026, down from 1,016 million pounds in Q2 2025.
- Gold Production: 192 thousand ounces in Q2 2026, down from 317 thousand ounces in Q2 2025.
- Gold Sales: 123 thousand ounces in Q2 2026, down from 522 thousand ounces in Q2 2025.
- Molybdenum Production: 23 million pounds in Q2 2026, up from 22 million pounds in Q2 2025.
- Molybdenum Sales: 25 million pounds in Q2 2026, up from 22 million pounds in Q2 2025.
Average Realized Prices (Q2 2026)
- Copper: $6.17 per pound.
- Gold: $4,520 per ounce.
- Molybdenum: $28.75 per pound.
Consolidated Unit Net Cash Costs (Copper)
Average unit net cash costs for copper were $1.97 per pound in the second quarter of 2026, compared to $1.13 per pound in the second quarter of 2025.
U.S. Copper Mines
- Copper Sales: 312 million pounds in Q2 2026, compared to 308 million pounds in Q2 2025.
- Unit Net Cash Costs: $2.94 per pound of copper in Q2 2026, lower than $3.04 per pound in Q2 2025.
- Incremental Production: Leaching initiatives contributed 47 million pounds of copper in Q2 2026 and 101 million pounds for the first six months of 2026.
South America Operations
- Copper Sales: 245 million pounds in Q2 2026, lower than 265 million pounds in Q2 2025.
- Unit Net Cash Costs: $2.48 per pound of copper in Q2 2026, slightly higher than $2.46 per pound in Q2 2025.
Indonesia Operations (PTFI)
- Copper Sales: 153 million pounds in Q2 2026, significantly lower than 443 million pounds in Q2 2025.
- Gold Sales: 118 thousand ounces in Q2 2026, significantly lower than 518 thousand ounces in Q2 2025.
- Unit Net Cash Credits: -$0.81 per pound of copper in Q2 2026, lower than -$0.99 per pound in Q2 2025.
- Idle Facility and Restoration Costs: Totaled $284 million in Q2 2026 and $690 million for the first half of 2026, excluded from unit net cash costs/credits.
Molybdenum Mines
- Production: 8 million pounds of molybdenum in Q2 2026, compared to 9 million pounds in Q2 2025.
- Unit Net Cash Costs: $19.20 per pound of molybdenum in Q2 2026, higher than $14.20 per pound in Q2 2025.
Outlook / Guidance
Freeport-McMoRan Inc. anticipates consolidated sales for 2026 to approximate 3.1 billion pounds of copper, 650 thousand ounces of gold, and 93 million pounds of molybdenum, with Q3 2026 sales projected at 750 million pounds of copper, 160 thousand ounces of gold, and 22 million pounds of molybdenum. The company expects average unit net cash costs for copper to be $1.90 per pound for 2026 and operating cash flows to approximate $8.3 billion. Capital expenditures for 2026 are expected to be $4.3 billion, including $3.0 billion for major mining projects, and PTFI’s production rates are expected to gradually ramp up to full capacity by the end of 2027.