Freeport-McMoRan Revenue Slumps 7.3% in Q2 as Grasberg Mine Output Decreases

Freeport-McMoRan Inc reported its second-quarter results for 2026, with revenue reaching $7.03 billion and diluted earnings per share (EPS) of $0.68. The company's revenue and net income declined compared to the prior-year quarter.

The decline in revenue and net income was largely due to lower operational output at Indonesia's Grasberg mine during its phased ramp-up. However, higher realized copper and gold prices helped offset this decrease, driving operating income. In fact, realized copper prices were approximately 35% higher year-to-date, while realized gold prices rose around 37%.

The company has made significant progress in integrating the PT Freeport Indonesia (PTFI) smelter into its operations. PTFI is now fully integrated as a refined copper/gold producer, contributing to refined volumes from Atlantic Copper and other smelters.