Freeport-McMoRan stock faces lower copper outlook despite Q3 beat

Freeport-McMoRan reported stronger third-quarter results on Tuesday, October 27, 2026, but trimmed its copper sales outlook for this year and next. The Northern Miner reported that revenue rose 8 percent to USD 7.55 billion, while net income attributable to common shareholders reached USD 1.17 billion, or USD 0.81 per diluted share, compared with USD 674 million, or USD 0.46, a year earlier.

Adjusted earnings were USD 1.28 billion, or USD 0.88 per share, after the company excluded USD 101 million in net charges related mainly to idle facilities and recovery and restoration work. Operating cash flow increased to USD 1.98 billion from USD 1.69 billion. Higher realized copper prices helped offset lower sales volumes during the recovery of the Grasberg Block Cave in Indonesia.

Lower sales outlook raises execution risk

Freeport sold 749 million pounds of copper in the quarter, down from 977 million pounds a year earlier, while production reached 832 million pounds. The realized copper price rose to USD 6.54 per pound from USD 4.68, according to The Northern Miner. Unit net cash costs nevertheless increased to USD 2.07 per pound from USD 1.40, excluding the separately reported idle-facility, direct recovery and restoration costs.

Management now expects consolidated copper sales of 3.0 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 estimate remains 4.1 billion pounds. Freeport attributed the reductions to lower production in the United States and Chile and to updated mine plans.

Grasberg remains the central catalyst

The phased Grasberg restart is still the main source of expected volume growth. Mining rates at the Grasberg Block Cave averaged about 70,000 tonnes per day in the third quarter, up from 53,000 tonnes in the second quarter. The operation reached 67 percent of mine capacity during the quarter.

Freeport is targeting 80 percent of capacity by mid-2027 and near-full capacity by the end of 2027. Material-handling upgrades for the automated rail system are scheduled to finish around the end of 2026 or early 2027, while preparations for the restart of Production Block 1S are advancing toward mid-2027. Limited water availability remains a constraint on higher milling rates, although the company said the impact has so far been limited.

Freeport-McMoRan stock traded at 57.66 euros on Lang & Schwarz at 11:18 CET on Friday, October 30, 2026; investors can follow the real-time quote of Freeport-McMoRan stock.

Higher investment adds to pressure

Capital spending is now expected at USD 4.4 billion in 2026 and USD 5.2 billion in 2027, above the previous forecasts of USD 4.3 billion and USD 4.8 billion. The higher investment plan reflects additional US mining equipment and inflation. Freeport also expects a decision this quarter on a possible expansion of its Bagdad mine in Arizona, which could require about USD 4.5 billion and add 200 million to 250 million pounds of annual copper production.

The S&P 500 provides the broader market context for the US-listed mining company.

Further operational progress at Grasberg and the delivery of the revised copper plan will remain the key issues for investors. More news and analyses on Freeport-McMoRan stock.

Freeport-McMoRan stock at a glance

• Company: Freeport-McMoRan
• ISIN: US35671D8570
• Lang & Schwarz quote: EUR 57.66 at 11:18 CET on October 30, 2026
• Third-quarter revenue: USD 7.55 billion
• Third-quarter net income: USD 1.17 billion attributable to common shareholders
• 2026 copper sales outlook: 3.0 billion pounds