Freeport-McMoRan stock weighs stronger profit against lower outlook

Published on 11/02/2026 at 12:46 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Freeport-McMoRan stock posted higher quarterly profit as copper prices offset weaker sales. Grasberg's recovery remains central to the miner's 2027 growth.

Profit rises as Grasberg rebuilds

Third-quarter revenue rose to 7.55 billion US dollars, while adjusted earnings reached 88 cents per share.
Freeport-McMoRan lowered its 2026 and 2027 copper-sales forecasts because of operating issues in the United States, Chile and updated mine plans.
Grasberg operated at 67% of capacity, with 80% targeted by mid-2027 and near-full output by year-end.

Freeport-McMoRan, US35671D8570, Illustration mit AI erstellt.

Freeport-McMoRan reported stronger third-quarter earnings on October 27, 2026, as higher copper prices offset lower sales volumes during the recovery of its Grasberg operation in Indonesia. The Northern Miner reported that revenue rose 8% to 7.55 billion US dollars and net income attributable to common shareholders increased to 1.17 billion US dollars from 674 million US dollars a year earlier.

Freeport-McMoRan stock traded at 56.71 euros on Lang & Schwarz at 12:40 CET on Monday, November 2, 2026. The real-time quote of Freeport-McMoRan stock provides the latest trading reference for investors.

Higher profit, lower copper guidance

Adjusted earnings, which exclude 101 million US dollars in net charges, reached 88 cents per share and exceeded analyst expectations, according to The Northern Miner. Reported diluted earnings were 81 cents per share, compared with 46 cents in the third quarter of 2025.

The improvement came despite copper sales falling to 749 million pounds from 977 million pounds a year earlier. Freeport's realized copper price increased to 6.54 US dollars per pound from 4.68 US dollars, helping to offset the lower volumes. Quarterly copper production was 832 million pounds, with inventory accounting for part of the gap between production and sales.

Freeport reduced its consolidated copper-sales forecast to 3.0 billion pounds for 2026 from 3.1 billion pounds in its July forecast. The 2027 estimate fell to 3.7 billion pounds from 3.8 billion pounds, while the 2028 outlook remained 4.1 billion pounds. The company attributed the changes to lower operating rates in the United States and Chile and to updated mine plans.

Grasberg remains the growth engine

The phased Grasberg restart remains the central driver of Freeport's volume outlook. The operation ran at 67% of capacity in the third quarter, up from earlier recovery levels, and mining rates at the Grasberg Block Cave averaged about 70,000 tonnes per day, compared with 53,000 tonnes in the second quarter.

Freeport expects Grasberg to reach 80% of capacity by mid-2027 and approach full capacity by the end of that year. Material-handling upgrades are scheduled for completion in early 2027, while preparations continue for a restart of Production Block 1S around mid-2027. The Northern Miner quoted BMO Capital Markets analyst Katja Jancic as saying the ramp-up was becoming increasingly de-risked.

Execution remains important because costs have risen during the recovery. Third-quarter unit net cash costs were 2.07 US dollars per pound, compared with 1.40 US dollars a year earlier. Freeport also recorded 244 million US dollars in idle-facility, direct-recovery and restoration costs excluded from that measure.

Capital plans add another catalyst

Capital spending is now expected to reach 4.4 billion US dollars in 2026 and 5.2 billion US dollars in 2027, above the July forecasts. Freeport also expects to decide in the fourth quarter on an expansion of its Bagdad mine in Arizona. The proposed project could add 200 million to 250 million pounds of annual copper production, but would require three to four years to complete.