Form 10-Q · Quarterly report
Freeport-McMoRan 10-Q, filed Aug 6, 2026
- Filed
- CIK
- 0000831259
- Accession no.
- 0000831259-26-000036
Summary
Freeport-McMoRan reported second-quarter 2026 net income attributable to common stockholders of $984 million, up from $772 million in the same quarter of 2025, with first-half 2026 net income of $1.9 billion. The company said its Grasberg Block Cave underground mine in Indonesia is continuing a phased ramp-up following the September 2025 external mud rush incident, and it is finalizing cost estimates for a potential decision in the second half of 2026 on more than doubling concentrator capacity at its Bagdad operation in Arizona.
Key points
- Freeport-McMoRan projected 2026 consolidated copper sales of about 3,057 million pounds, 654 thousand ounces of gold and 93 million pounds of molybdenum.
- Consolidated operating cash flows are expected to approximate $8.3 billion for 2026 and capital expenditures $4.3 billion, assuming second-half average prices of $6.00 per pound of copper, $4,000 per ounce of gold and $30.00 per pound of molybdenum.
- Idle facility and restoration costs are expected to approximate $1.2 billion for 2026 during the Grasberg Block Cave ramp-up, and the company is targeting a 300-million-pound annual copper run rate from leaching initiatives by the end of 2026.
- In May 2026 Freeport-McMoRan bought 2.0 million Cerro Verde shares for $107 million, raising its ownership from 55.08% to 55.66%, and during the first half of 2026 repurchased 3.4 million of its own shares for $203 million.
Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.
From the filing
Item 2.Management’s Discussion OVERVIEW We are a leading international metals company with the objective of being foremost in copper. Headquartered in Phoenix, Arizona, we operate large, long-lived, geographically diverse assets with significant proven and probable mineral reserves of copper, gold and molybdenum. We are one of the world’s largest publicly traded copper producers. Our portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; and significant operations in the U.S. and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru. …
An excerpt of the text as filed with the SEC, cut for length.
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