Freeport-McMoRan stock gains 3.98 percent after Q3 update

Published on 10/03/2026 at 22:57 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Freeport-McMoRan stock closed at USD 72.04 on October 2, 2026, while RBC Capital lifted its target to USD 85. Q2 revenue reached USD 7.03 billion.

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Freeport-McMoRan stock (ISIN US35671D8570) closed at USD 72.04 on the NYSE on October 2, 2026, up 3.98 percent from USD 69.28. The move followed the company’s Q3 2026 operating update, which RTT News reported on October 2, 2026.

Q3 production sets the immediate tone

The update kept copper production aligned with expectations and also reported gold production in line with expectations for the quarter, according to RTT News. For Freeport-McMoRan, that operating signal matters because copper remains the company’s principal product across mines in North America, South America and Indonesia.

The market response was direct: the October 2 close stood USD 8.80 below the 52-week high of USD 80.24, while the 52-week low was USD 38.54. The reference price therefore remained 10.96 percent below the yearly high, despite a 41.84 percent year-to-date gain reported by Yahoo Finance.

Q2 earnings beat the estimate

Freeport-McMoRan’s Q2 FY26 revenue reached USD 7.03 billion, while earnings were USD 984 million and profit margin was 14.00 percent, according to Yahoo Finance. Adjusted EPS came in at USD 0.74 against a USD 0.62 estimate, a USD 0.12 or 19.35 percent beat.

The comparison also highlights the tension in the story. Q2 revenue was down 7.3 percent year over year, even as adjusted EPS exceeded consensus, so production execution and copper prices remain central to the next results cycle.

RBC target reaches USD 85

RBC Capital raised its Freeport-McMoRan price target from USD 73 to USD 85 and retained a Sector Perform rating on September 16, 2026, according to Yahoo Finance. The new target lies 18.0 percent above the USD 72.04 reference price, while the average 12-month target shown on the same page was USD 72.77.

Next results arrive October 27

Freeport-McMoRan’s investor-relations page lists the Q3 2026 conference call for October 27, 2026, at 10:00 a.m. ET. The next checkpoint will test whether the production update translates into the revenue and earnings trajectory implied by the stronger copper operating backdrop.