Freeport-McMoRan reported second quarter 2026 revenue of $7.03 billion, a decrease from $7.58 billion in the prior year, while earnings per share increased to $0.68 from $0.53 year-over-year. The results were primarily driven by a significant increase in realized copper prices, which offset lower sales volumes resulting from the ongoing ramp-up at the Grasberg mine.
Key Highlights
- Realized copper prices surged to $6.17 per pound, a 36% increase from $4.54 per pound in the same quarter last year, driving profitability despite lower volumes.
- Consolidated copper sales of 710 million pounds were down 30% year-over-year from 1.02 billion pounds, primarily due to lower operating rates at the Grasberg mine in Indonesia.
- Average unit net cash costs increased significantly to $1.97 per pound of copper, up from $1.13 in the prior-year quarter, reflecting the impact of lower production volumes.
- The company reiterated its full-year 2026 sales guidance, expecting to sell approximately 3.1 billion pounds of copper.