Freeport-McMoRan's Copper and Gold Prices Lift Earnings But Stock Takes Post-Earnings Dip

Freeport-McMoRan's recent earnings report showed strong numbers driven by high copper and gold prices, but the stock took a post-earnings dip. The company reported $984 million in net income for the second quarter of 2026, or 68 cents per share, with adjusted EPS of 74 cents after backing out one-time charges tied to the Grasberg incident.

Copper and gold realizations jumped by 36% and 37%, respectively, year over year. However, copper sales volumes were down significantly due to the phased restart of the Grasberg mine in Indonesia.

The company's production at Grasberg is expected to reach full capacity by the end of 2027, providing a continued tailwind to consolidated margins. Net debt stood at just $2.1 billion, well below the company's target ceiling.