Freeport-McMoRan Stock Hits Near-Record High Amid Copper Price Rally
Freeport-McMoRan's stock price has reached close to its recent record high of $80.24, trading in the high $70s as of August 28, 2026. The company's market capitalization is around $112.61 billion, a result of the rally in copper prices and expectations for structural demand.
The second quarter 2026 results showed adjusted earnings of $0.74 per share, beating consensus forecasts by $0.15 per share, and revenue reaching $7.03 billion, exceeding projections by $0.32 billion. This performance has led to the current valuation multiples that embed future growth.
The company's guidance for 2026 includes a trimmed consolidated copper sales volume forecast of 3.1 billion pounds, down from a prior target of 3.4 billion pounds, due to delays in achieving full ramp-up at the Grasberg Block Cave underground mine in Indonesia. However, Freeport-McMoRan still expects robust cash generation with operating cash flow projected at $8.3 billion for 2026.