FCX Stock Soars on Strong Copper Demand and Upbeat Earnings

Freeport-McMoRan Inc.'s stock is surging by 4.1 percent after the company reported strong copper demand and upbeat earnings expectations in its Q2 2026 results.

The company's revenue of $7.03B topped expectations, while adjusted EPS of $0.74 crushed the $0.62 consensus. This 'beat and raise' quarter was driven by strong production across copper, gold, and molybdenum, as well as the ongoing Grasberg ramp-up.

FCX guided copper sales up from 3.1B pounds in 2026 to 4.1B pounds in 2028, backed by a hefty $4.8B capex plan in 2027 and about $4.3B of capex planned for FY26. The company expects around $8.3B of FY26 operating cash flow at assumed commodity prices.

Wall Street is taking notice, with major banks lifting FCX targets into a $70, $78 range, while the broader Wall Street view sits at an Overweight rating and ~$73, $74 average target.