Freeport-McMoRan Q2 2026: EPS beats, revenue falls 8.8%
Freeport beat the $0.596 consensus EPS with $0.68 GAAP and $0.74 adjusted, and net income rose 27.5% to $984 million, even as revenue fell 8.8% to $6.92 billion. Read this quarter as a price story with a volume hole: copper realized at $6.17 per pound did the work while Grasberg output stayed suppressed. The recovery timetable, not the quarter, is the real question.
1 · Expected vs. Actual
Free preview belowGAAP EPS of $0.68 beat the $0.596 consensus by 14.1%, and adjusted EPS of $0.74 beat it by 24.2%. Adjusted net income was $1.1 billion after excluding $96 million of after-tax charges, mainly idle facility and restoration costs tied to the September 2025 mud rush. Net income was up 27.5% from $772 million a year ago, but that came from a $6.17 per pound realized copper price against $4.54 a year ago, not from selling more metal.
Revenue came in at $6.92 billion, down 8.8% from $7.58 billion a year earlier. The drop is volume, not price: consolidated copper sales fell to 710 million pounds from 1.016 billion pounds because PTFI was still ramping up. Gross margin slipped to 30.0% from 34.2%, so the smaller top line did cost the company margin.
Log in to read 35 analyses a week for free
Create a free account to read 35 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.