Freeport-McMoRan stock weighs stronger profit against copper cuts

Published on 11/04/2026 at 16:56 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Freeport-McMoRan stock faces lower copper guidance despite stronger quarterly profit. Grasberg remains central to the miner's 2027 recovery plan.

Profit growth meets copper execution risks

Third-quarter profit rose as higher realized copper prices offset lower sales volumes.
Freeport-McMoRan lowered its 2026 and 2027 copper sales forecasts while keeping the 2028 outlook unchanged.
Grasberg's recovery remains central to the planned 2027 increase in copper output.

Freeport-McMoRan, US35671D8570, Illustration mit AI erstellt.

Freeport-McMoRan reported stronger third-quarter profit on October 27, 2026, but reduced its copper sales outlook for 2026 and 2027. The Northern Miner reported on October 28 that the revisions reflected lower production in the United States and Chile and updated mine plans.

Freeport-McMoRan stock traded at 56.03 euros on Lang & Schwarz at 16:41 CET on Wednesday, November 4, 2026. The real-time quote of Freeport-McMoRan stock is available on the company snapshot page.

Profit rises as volumes weaken

Net income attributable to common shareholders reached 1.17 billion US dollars in the third quarter, compared with 674 million US dollars a year earlier. Diluted earnings per share rose to 81 cents from 46 cents, while revenue increased 8% to 7.55 billion US dollars.

Adjusted earnings, excluding 101 million US dollars in net charges, reached 1.28 billion US dollars, or 88 cents per share. Operating cash flow rose to 1.98 billion US dollars from 1.69 billion US dollars. Copper sales fell to 749 million pounds from 977 million pounds, while the realized copper price increased to 6.54 US dollars per pound from 4.68 US dollars.

Grasberg drives the recovery case

The Northern Miner said Grasberg's Block Cave mining rate averaged about 70,000 tonnes per day in the third quarter, up from 53,000 tonnes in the second quarter. Freeport expects the Indonesian operation to reach 80% of capacity by mid-2027 and approach full capacity by year-end.

Consolidated copper sales are forecast at 3 billion pounds in 2026 and 3.7 billion pounds in 2027, down from earlier forecasts of 3.1 billion and 3.8 billion pounds. The 2028 forecast remains 4.1 billion pounds. Fourth-quarter copper sales are expected to reach 875 million pounds.

Costs keep execution in focus

Third-quarter unit net cash costs rose to 2.07 US dollars per pound of copper from 1.40 US dollars a year earlier. Capital spending is expected to reach 4.4 billion US dollars in 2026 and 5.2 billion US dollars in 2027, increasing the importance of operating delivery and cost control.

The broader U.S. equity market remains the relevant market backdrop for Freeport-McMoRan stock; see the latest S&P 500 market coverage.

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