Freeport-McMoRan (FCX) reported strong third-quarter earnings for 2026, with net income reaching $1.2 billion, or $1.20 per share, a significant jump from $0.46 per share in the same period last year. Adjusted net income stood at $0.88 per share, or $1.3 billion, after accounting for $101 million in after-tax charges. Revenue increased to $7.5 billion, up from $7.0 billion in the third quarter of 2025, driven by favorable metal pricing and operational execution in Indonesia.
The company's copper sales met expectations at 749 million pounds, while gold sales fell short at 105,000 ounces due to timing issues in Indonesia. Molybdenum sales rose to 22 million pounds. The average realized copper price surged 40% to $6.54 per pound, and gold prices increased to $4,273 per ounce. Operating income reached $2.4 billion, supported by strong pricing and operational efficiency.
Freeport-McMoRan updated its full-year 2026 sales guidance, projecting 3.0 billion pounds of copper, 649,000 ounces of gold, and 93 million pounds of molybdenum. For 2027, copper sales are expected to rise over 20% to 3.7 billion pounds, with further growth anticipated in 2028. The Grasberg Block Cave mining rate operated at 67% capacity during the quarter, and the company plans significant capital expenditures, including $5.2 billion for 2027, up from previous estimates.
CEO Kathleen Quirk highlighted the company's strong financial position and focus on execution, noting challenges from extreme weather events and inflationary pressures. The company also announced plans to extend its special mining business license in Indonesia beyond 2041 and expects to make a final investment decision on the $4.5 billion Bagdad expansion project in the fourth quarter of 2026.