Results
Freeport Reports
Third-Quarter and Nine-Month 2026 Results
Third-quarter 2026 consolidated copper and gold production in line with expectations
Copper sales volumes approximated prior estimates
Gold sales volumes impacted by previously reported timing of gold sales in Indonesia
Ramp-up of mining operations in the Grasberg minerals district met expectations with significant growth expected in 2027 and 2028
Operations at PTFI’s smelter re-commenced in late August 2026
Advancing organic copper growth projects, including:
Opportunities for scaling innovative leach and technology initiatives in the Americas and potential significant brownfield expansions in the U.S.
Potential major expansion at El Abra in Chile
Strong margins and cash flow generation; positive future outlook
Net income attributable to common stock in third-quarter 2026 totaled $1.2 billion, $0.81 per share, and adjusted net income attributable to common stock totaled $1.3 billion, $0.88 per share.
Consolidated production totaled 832 million pounds of copper, 234 thousand ounces of gold and 22 million pounds of molybdenum in third-quarter 2026.
Consolidated sales totaled 749 million pounds of copper, 105 thousand ounces of gold and 22 million pounds of molybdenum in third-quarter 2026.
Consolidated sales are expected to approximate 3.0 billion pounds of copper, 649 thousand ounces of gold and 93 million pounds of molybdenum for the year 2026, including 875 million pounds of copper, 300 thousand ounces of gold and 22 million pounds of molybdenum in fourth-quarter 2026.
Average realized prices were $6.54 per pound for copper, $4,273 per ounce for gold and $32.46 per pound for molybdenum in third-quarter 2026.
Average unit net cash costs were $2.07 per pound of copper in third-quarter 2026 and are expected to average $1.90 per pound of copper for the year 2026.
Operating cash flows totaled $2.0 billion, net of $0.4 billion of working capital and other uses, in third-quarter 2026.
Assuming prices of $6.50 per pound for copper, $4,000 per ounce for gold and $32.00 per pound for molybdenum in fourth-quarter 2026, operating cash flows are expected to approximate $8.5 billion, net of $0.6 billion of working capital and other uses, for the year 2026.
Capital expenditures totaled $1.2 billion, including $0.7 billion for major mining projects, in third-quarter 2026.
Capital expenditures are expected to approximate $4.4 billion, including $3.0 billion for major mining projects, for the year 2026.
At September 30, 2026, consolidated debt totaled $9.4 billion and consolidated cash and cash equivalents totaled $4.3 billion.
At September 30, 2026, net debt totaled $1.8 billion, excluding $3.2 billion of debt for PT Freeport Indonesia’s (PTFI) downstream processing facilities.
Refer to the supplemental schedule, “Net Debt,” on page IX.
During third-quarter 2026, FCX purchased 1.4 million shares of its common stock for a total cost of $102 million ($70.75 average cost per share), bringing share purchases for the first nine months of 2026 to 4.9 million shares for $305 million ($62.69 average cost per share).
PHOENIX, AZ, October 27, 2026 – Freeport (NYSE: FCX) reported third-quarter 2026 net income attributable to common stock of $1.2 billion, $0.81 per share, and adjusted net income attributable to common stock of $1.3 billion, $0.88 per share, after excluding after-tax net charges totaling $101 million, $0.07 per share, primarily for idle facility and restoration costs associated with PTFI’s September 2025 external mud rush incident.
For additional information, refer to the supplemental schedule, “Adjusted Net Income,” beginning on page VII.
Kathleen Quirk, President and Chief Executive Officer, said, “The Freeport team delivered strong financial results in the third quarter and achieved several important milestones to drive value and support future growth.
We made continued steady progress with our Grasberg ramp-up and advanced innovative leach and technology initiatives in our Americas business to enhance performance and growth options.
Favorable pricing for our products, particularly for copper and molybdenum, drove strong margins with substantial conversion to bottom-line results, highlighting the strength of our diversified portfolio.
We remain focused on operational excellence, delivering growing volumes at Grasberg safely and sustainably and expanding production from our existing asset base to increase margins, cash flow and earnings.
Freeport is strongly positioned as America’s Copper Champion ® and as a global copper leader with large-scale, geographically diverse operations and a pipeline of attractive growth options to support a growing market and build value for stakeholders.”
SUMMARY FINANCIAL DATA
For segment financial results, refer to the supplemental schedule, “Business Divisions and Segments,” beginning on page X.
1Includes favorable adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $52 million ($17 million to net income attributable to common stock or $0.01 per share) in third-quarter 2026, $11 million ($1 million to net income attributable to common stock or less than $0.01 per share) in third-quarter 2025, $58 million ($24 million to net income attributable to common stock or $0.02 per share) for the first nine months of 2026 and $63 million ($21 million to net income attributable to common stock or $0.01 per share) for the first nine months of 2025.
For further discussion, refer to the supplemental schedule, “Derivative Instruments,” beginning on page IX.
FCX defers recognizing profits on intercompany sales until final sales to third parties occur.
Changes in these deferrals attributable to variability in intercompany volumes resulted in net additions to operating income totaling $24 million ($8 million to net income attributable to common stock or $0.01 per share) in third-quarter 2026, $13 million ($15 million to net income attributable to common stock or $0.01 per share) in third-quarter 2025, $76 million ($25 million to net income attributable to common stock or $0.02 per share) for the first nine months of 2026 and $161 million ($58 million to net income attributable to common stock or $0.04 per share) for the first nine months of 2025.
Refer to the supplemental schedule, “Deferred Profits,” on page X.
Includes after-tax net charges totaling $101 million ($0.07 per share) in third-quarter 2026, $48 million ($0.04 per share) in third-quarter 2025, $146 million ($0.10 per share) for the first nine months of 2026 and $72 million ($0.05 per share) for the first nine months of 2025, that are described in the supplemental schedule, “Adjusted Net Income,” beginning on page VII.
Cash used for working capital totaled $0.4 billion in third-quarter 2026, $0.1 billion in third-quarter 2025, $0.8 billion for the first nine months of 2026 and $0.5 billion for the first nine months of 2025.
SUMMARY OPERATING DATA
Reflects per pound weighted-average production and delivery costs and unit net cash costs (net of by-product credits) for all copper mines, before net noncash and other costs.
For reconciliations of per pound unit net cash costs (credits) by operating division to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIV.
Excludes idle facility, direct recovery and restoration costs associated with PTFI’s September 2025 external mud rush incident.
Refer to “Adjusted Net Income,” beginning on page VII for a summary of these charges.
Consolidated Production and Sales Volumes
Copper
Third-quarter 2026 production of 832 million pounds was in line with expectations, with slightly better results from Indonesia and South America operations offsetting lower production in the U.S. Third-quarter 2026 production exceeded sales by approximately 11%, primarily reflecting in-process inventories at smelting operations in Indonesia.
Third-quarter 2026 sales of 749 million pounds were in line with the July 2026 estimate of 750 million pounds.
As expected, third-quarter 2026 sales were below third-quarter 2025 sales of 1.0 billion pounds, primarily reflecting lower operating rates at PTFI during the ramp-up of the Grasberg Block Cave underground mine and timing of shipments.
Gold
Third-quarter 2026 production of 234 thousand ounces was in line with expectations.
2Third-quarter 2026 sales of 105 thousand ounces were significantly below third-quarter 2026 production primarily resulting from in-process inventories at smelting and refining operations and timing of sales.
Third-quarter 2026 gold sales were lower than the July 2026 estimate of 160 thousand ounces, primarily reflecting the timing of refined gold sales in Indonesia.
Third-quarter 2026 sales were below third-quarter 2025 sales, reflecting the timing of sales and lower operating rates at PTFI during the ramp-up of the Grasberg Block Cave underground mine.
Molybdenum
3Third-quarter 2026 sales of 22 million pounds were in line with the July 2026 estimate and higher than third-quarter 2025 sales of 19 million pounds, primarily reflecting timing of shipments.
Consolidated sales volumes for the year 2026 are expected to approximate 3.0 billion pounds of copper, 649 thousand ounces of gold and 93 million pounds of molybdenum, including 875 million pounds of copper, 300 thousand ounces of gold and 22 million pounds of molybdenum in fourth-quarter 2026.
With the projected significant increase in gold sales in fourth-quarter 2026, PTFI may sell gold in the export market to the extent not required by
the domestic market.
PTFI is seeking clarity from the Indonesia government on administrative procedures for PTFI’s refined gold exports since current regulations (specifying a 10% export duty) conflict with the terms in PTFI’s special mining business license (IUPK) (which do not require the payment of duties on refined gold exports).
Consolidated copper and gold production volumes for the year 2026 are expected to exceed sales volumes, reflecting deferrals of approximately 100 million pounds of copper and 70 thousand ounces of gold associated with inventory held at PTFI’s smelting operations.
Consolidated Unit Net Cash Costs
Consolidated unit net cash costs (net of by-product credits and excluding idle facility, direct recovery and restoration costs associated with the ramp-up of the Grasberg Block Cave underground mine) for FCX’s copper mines averaged $2.07 per pound of copper in third-quarter 2026, which was 4% above the July 2026 estimate of $2.00 per pound, primarily reflecting lower by-product credits as a result of the deferral of gold sales from third-quarter 2026 to fourth-quarter 2026.
Third-quarter 2026 average unit net cash costs were higher than third-quarter 2025 average unit net cash costs of $1.40 per pound of copper, primarily reflecting the impact of lower copper and gold volumes at PTFI and higher production costs, including for energy and other consumables.
During the ramp-up period of the Grasberg Block Cave underground mine and until PTFI’s operations return to normal capacity, a portion of PTFI's production and delivery costs will be recognized as idle facility costs, which are non-inventoriable.
Idle facility, direct recovery and restoration costs totaled $244 million in third-quarter 2026, $934 million for the first nine months of 2026 and $171 million in both third-quarter 2025 and for the first nine months of 2025, which were excluded from consolidated net cash costs.
Based on achievement of current sales volume and cost estimates and assuming average prices of $4,000 per ounce of gold and $32.00 per pound of molybdenum in fourth-quarter 2026, consolidated unit net cash costs (net of by-product credits and excluding idle facility and restoration costs) for FCX’s copper mines are expected to average $1.90 per pound of copper for the year 2026 (including $1.68 per pound of copper in fourth-quarter 2026).
The impact of price changes on consolidated unit net cash costs for the year 2026 would approximate $0.01 per pound of copper for each $100 per ounce change in the average price of gold during fourth-quarter 2026 and $0.01 per pound of copper for each $2 per pound change in the average price of molybdenum during fourth-quarter 2026.
Projected sales volumes and unit net cash costs for the year 2026 are dependent on operational performance; the ramp-up of the Grasberg Block Cave underground mine and smelter at PTFI; impacts related to the conflict in the Middle East, including changes in energy costs and other consumables; weather-related conditions; timing of shipments and sales and other factors detailed in the “Cautionary Statement” below.
OPERATIONS
Leaching and Technology Innovation Initiatives.
FCX is incorporating new applications, technologies and data analytics into its leaching processes across its United States (U.S.) and South America operations to strengthen long-term cost competitiveness and unlock significant value.
Incremental copper production from these initiatives totaled 55 million pounds in third-quarter 2026 and 156 million pounds for the first nine months of 2026.
FCX is targeting an increase in production from these initiatives from the current run rate of approximately 220 million pounds of copper per annum to 300 million pounds in 2027, with potential for further significant increases in recoverable metal in future years.
FCX continues to deploy large-scale testing of an internally developed additive at its Morenci operations, where early results have been encouraging.
In addition, FCX has developed two customized additives that are being manufactured and are expected to be deployed at multiple stockpiles in the first half of 2027.
Laboratory testing of these newly developed additives has demonstrated significant improvements in copper recoveries.
FCX is also advancing projects to use heat sources to increase the temperature of its stockpiles to boost copper recoveries.
Success with these initiatives has the potential to contribute to additions in recoverable copper in leach stockpiles and favorably impact average unit net cash costs.
In addition to its innovative leaching initiatives, FCX is pursuing opportunities to leverage new technologies and analytic tools in automation and operating practices with a goal of improving operating efficiencies and reducing costs and capital intensity of its current operations and future development projects.
FCX believes its innovative leaching and technology initiatives will strengthen its operational performance and enhance opportunities for profitable growth.
United States.
FCX manages seven copper operations in the U.S. – Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico.
FCX also operates a copper smelter and rod mill in Miami, Arizona, and a copper refinery and rod mill in El Paso, Texas.
In addition to copper, certain of these operations produce molybdenum concentrate, gold and silver.
All of FCX’s U.S. operations are wholly owned, except for Morenci.
FCX records its 72% undivided joint venture interest in Morenci using the proportionate consolidation method.
Development Activities.
FCX has substantial reserves, resources and future opportunities for organic growth in the U.S. associated with existing operations.
Several initiatives are underway to target significant future growth in U.S. copper operations, including the leaching and technology innovation initiatives discussed above.
FCX has conducted technical and economic studies to more than double the concentrator capacity of the Bagdad operation in northwest Arizona.
Bagdad’s reserve life currently exceeds 80 years and supports an expanded operation.
FCX expects to reach an investment decision on the expansion project in fourth-quarter 2026.
4The studies indicate the opportunity to construct new concentrating facilities to increase copper production by 200 to 250 million pounds per year and increase molybdenum production by 10 to 12 million pounds per year.
Expanded operations would position Bagdad as the second-largest copper mine in the U.S. (behind FCX’s flagship Morenci mine) and among the lowest cost mines in FCX’s U.S. portfolio, and Bagdad would benefit from economies of scale, modernized operating models, improved efficiency and lower long-term unit net cash costs.
Capital cost estimates for the Bagdad expansion are being finalized, taking into account current estimates, including for materials, equipment and labor.
5Current estimates, which remain under review, indicate future incremental capital costs for a new concentrator, mining equipment and expanded infrastructure to approximate $4.5 billion.
The project economics are supported at an incentive copper price of approximately $4.00 per pound and would require three to four years to complete.
The decision to proceed with and timing of the potential expansion will take into account overall copper market conditions and other factors.
FCX is advancing pre-feasibility studies in the Safford/Lone Star district to define a potential significant expansion opportunity.
Positive drilling conducted in recent years indicates a large, mineralized district with opportunities to pursue a large expansion project.
FCX expects to complete initial studies in 2027.
The decision to proceed with and timing of the potential expansion will take into account results of technical and economic studies, overall copper market conditions and other factors.
Operating Data.
Following is summary consolidated operating data for the U.S. copper mines:
Refer to summary operating data on page 3 for FCX’s consolidated molybdenum sales, which include sales of molybdenum produced at FCX’s U.S. copper mines.
For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIV.
6FCX’s consolidated copper sales volumes from its U.S. copper mines of 333 million pounds in third-quarter 2026 were slightly lower than third-quarter 2025 copper sales volumes of 339 million pounds.
Consolidated copper sales from FCX’s U.S. copper mines are expected to approximate 1.3 billion pounds for the year 2026.
FCX’s U.S. copper mines faced challenging operating conditions in third-quarter 2026 associated with an increased frequency of extreme weather conditions, which adversely affected operating rates and productivity.
7Although third-quarter 2026 operating rates at FCX’s U.S. copper mines were 10% higher than those in third-quarter 2025, they were approximately 3% to 5% below expectations and operating rates achieved in second-quarter 2026.
Average unit net cash costs (net of by-product credits) for the U.S. copper mines of $3.16 per pound of copper in third-quarter 2026 were higher than third-quarter 2025 average unit net cash costs of $3.11 per pound of copper.
Unit costs in third-quarter 2026 were adversely impacted by lower volumes from reduced productivity and higher costs for energy and other inputs, partially offset by higher by-product credits.
Based on achievement of current sales volume and cost estimates and assuming an average price of $32.00 per pound of molybdenum in fourth-quarter 2026, average unit net cash costs (net of by-product credits) for the U.S. copper mines are expected to approximate $3.08 per pound of copper for the year 2026.
The U.S. copper mines’ average unit net cash costs for the year 2026 would change by approximately $0.01 per pound for each $2 per pound change in the average price of molybdenum in fourth-quarter 2026.
South America.
FCX manages two copper operations in South America – Cerro Verde in Peru (55.66%-owned) and El Abra in Chile (51%-owned).
These operations are consolidated in FCX’s financial statements.
In addition to copper, the Cerro Verde mine produces molybdenum concentrate and silver.
Development Activities .
At the El Abra operations in Chile, FCX is advancing the permitting process for a significant expansion opportunity to include a major mill facility similar to the large-scale concentrator at Cerro Verde.
The project could result in the addition of over 700 million pounds of copper production per year.
In March 2026, El Abra submitted an environmental impact study to Chile regulatory authorities and continues to advance the regulatory process.
Preliminary estimates, which remain under review, indicate project capital costs of approximately $7.5 billion (based on estimates prepared in 2024) with project economics supported using an incentive copper price of less than $4.00 per pound.
The decision to proceed with and timing of the potential project will take into account required permitting, market conditions and other factors.
Operating Data.
Following is summary consolidated operating data for South America operations:
Refer to summary operating data on page 3 for FCX’s consolidated molybdenum sales, which include sales of molybdenum produced at Cerro Verde.
For a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in FCX’s consolidated financial statements, refer to the supplemental schedules, “Product Revenues and Production Costs,” beginning on page XIV.
8FCX’s consolidated copper sales volumes from South America operations of 263 million pounds in third-quarter 2026 were lower than third-quarter 2025 copper sales volumes of 278 million pounds, primarily reflecting slightly lower production resulting from lower ore grades and the timing of shipments.
Copper sales from South America operations are expected to approximate 1.0 billion pounds for the year 2026.
Average unit net cash costs (net of by-product credits) for South America operations were $2.39 per pound of copper in third-quarter 2026 compared to average unit net cash costs of $2.30 per pound of copper in third-quarter 2025.
In addition to the impact of lower volumes, unit net cash costs were impacted by higher costs for employee profit sharing at Cerro Verde, energy and other inputs, and maintenance and contractor costs at El Abra, partially offset by higher by-product credits.
Based on achievement of current sales volume and cost estimates and assuming an average price of $32.00 per pound of molybdenum in fourth-quarter 2026, average unit net cash costs (net of by-product credits) for South America operations are expected to approximate $2.59 per pound of copper for the year 2026.
South America operations’ average unit net cash costs for the year 2026 would change by approximately $0.02 per pound for each $2 per pound change in the average price of molybdenum in fourth-quarter 2026.
Indonesia.
PTFI operates one of the world’s largest copper and gold mines at the Grasberg minerals district in Central Papua, Indonesia.
In addition to copper and gold, the Grasberg minerals district also produces silver.
With the completion of its downstream processing facilities, PTFI is a fully integrated producer of refined copper, gold and silver.
FCX has a 48.76% ownership interest in PTFI and manages its operations.
PTFI’s results are consolidated in FCX’s financial statements.
Operating, Development and Exploration Activities.
Over a multi-year investment period, PTFI has successfully commissioned three large-scale underground mines in the Grasberg minerals district (Grasberg Block Cave, Deep Mill Level Zone (DMLZ) and Big Gossan) and completed related expansion of the milling facilities.
At normal operating rates, PTFI’s underground operations produce approximately 1.7 billion pounds of copper and 1.3 million ounces of gold per year and are among the lowest-cost copper mining operations in the world.
PTFI has identified additional exploration targets to leverage its infrastructure in the Grasberg minerals district, including a potential extension below the DMLZ underground mine, which requires further drilling and evaluation.
Kucing Liar .
Since 2022, PTFI has conducted long-term mine development activities at its Kucing Liar deposit in the Grasberg minerals district.
PTFI’s long-term mine plans include a ramp-up of Kucing Liar, commencing in the 2030 timeframe, to a design capacity of approximately 130,000 metric tons of ore per day.
The project start-up schedule is under review.
Average annual production from Kucing Liar at full operating rates would approximate 750 million pounds of copper and 735 thousand ounces of gold and would enable continuity of large-scale production in the Grasberg minerals district.
As of September 30, 2026, PTFI has incurred approximately $1.6 billion for Kucing Liar development, and capital investments are estimated to approximate an additional $4 billion through 2033 (averaging approximately $0.5 billion per year).
Long-Term Mining Rights .
In February 2026, FCX and PTFI entered into a Memorandum of Understanding (MOU) with the Indonesia government for a life of resource extension of operating rights in the Grasberg minerals district beyond the current expiration in 2041.
Under the terms of the MOU, FCX would maintain its current ownership interest in PTFI of 48.76% through 2041 and hold approximately 37% beginning in 2042.
The existing governance and operating structure, and terms of the existing shareholder agreement, IUPK and other agreements in effect will continue over the life of the resource.
An extension would enable continuity of large-scale operations for the benefit of all stakeholders and provide growth options through additional resource development opportunities in the highly attractive Grasberg minerals district.
In June 2026, PTFI submitted its application for extension of its IUPK, and FCX and PTFI are working with the Indonesia government to complete the formal license process.
The extension of operating rights and other terms are subject to, among other things, the Indonesia government’s issuance of an amended IUPK.