Form 10-Q · Quarterly report
Freeport-McMoRan 10-Q, filed Nov 6, 2026
- Filed
- CIK
- 0000831259
- Accession no.
- 0000831259-26-000051
Summary
Freeport-McMoRan reported third-quarter 2026 net income attributable to common stockholders of $1.2 billion, up from $0.7 billion in the same quarter of 2025, citing higher realized copper and molybdenum prices and lower income taxes and noncontrolling interests from its Indonesia operations. Its board approved a $4.5 billion expansion and modernization program at the Bagdad copper and molybdenum operation in northwest Arizona that would more than double Bagdad's mining and milling rates.
Key points
- Net income attributable to common stockholders was $1.2 billion in third-quarter 2026 and $3.0 billion for the first nine months of 2026, versus $0.7 billion and $1.8 billion in the corresponding 2025 periods.
- Freeport-McMoRan said leaching technology and data analytics initiatives are expected to raise annual copper production from a current run rate of about 220 million pounds to 300 million pounds in 2027.
- At September 30, 2026, the company had consolidated debt of $9.4 billion, cash and cash equivalents of $4.3 billion, and net debt of $1.8 billion.
- Projected 2026 consolidated sales volumes are 3.0 billion pounds of copper, 649 thousand ounces of gold and 93 million pounds of molybdenum, with operating cash flows of about $8.5 billion and capital expenditures of $4.4 billion.
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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