Freeport-McMoRan Inc. (NYSE:FCX) on Thursday reported fourth-quarter fiscal 2025 results, with revenue standing at $5.63 billion, beating the consensus of $5.36 billion.
Adjusted EPS of 47 cents beat the consensus of 29 cents.
Net income attributable to common stock totaled $406 million, or 28 cents per share, in the quarter.
Production And Sales Volumes
- Copper production totaled 640 million pounds, with sales volume of 709 million.
- Gold production was 65,000 ounces, with sales volume of 80,000 ounces.
- Molybdenum production totaled 25 million pounds, while sales totaled 22 million pounds.
Copper and gold production declined year over year (Y/Y) due to the temporary suspension of operations since the September 2025 mud rush incident at PTFI.
Notably, on September 8, the Grasberg copper and gold mine in Papua experienced a massive mud rash that trapped seven workers. The surge, originating from the former Grasberg open pit, impacted several mine levels, and Freeport-McMoRan temporarily suspended operations at the mine to focus on search efforts.
Other Key Metrics
During the fourth quarter, average realized prices stood at $5.33 per pound for copper, $4,078 per ounce for gold, and $23.77 per pound for molybdenum.
Unit net cash costs for copper averaged $2.22 per pound, up from $1.66 a year earlier.
Capital expenditures reached $1.0 billion in the quarter, including $600 million for major mining projects.
As of December 31, 2025, Freeport-McMoRan held $3.8 billion in cash and equivalents and total debt of $9.4 billion.
Outlook
For 2026, the company expects sales of roughly 3.4 billion pounds of copper, 0.8 million ounces of gold, and 90 million pounds of molybdenum.
These estimates assume a phased restart and ramp-up of the Grasberg Block Cave underground mine at PTFI starting in the second quarter of 2026. Approximately 60% of copper and 75% of gold sales are expected in the second half.
For the year, the company anticipates production volumes for copper and gold to exceed sales, reflecting deferrals of about 100 million pounds of copper and 100 thousand ounces of gold tied up in inventory at PTFI's smelting operations.
For the first quarter, Freeport sees sales of 640 million pounds of copper, 60 thousand ounces of gold, and 22 million pounds of molybdenum.
For 2026, the company projects capital expenditure of around $4.3 billion, including $3.0 billion for major mining projects.
President and CEO Kathleen Quirk said Freeport is entering 2026 with strong momentum, backed by its global copper footprint and a robust slate of growth projects. "Our team has a clear focus on restoring operations at Grasberg safely and sustainably," Quirk said, noting that the company remains committed to driving long-term value through efficiency, innovation and disciplined execution.
FCX Price Action: Freeport-McMoRan shares were down 1.73% at $59.53 at the time of publication on Thursday. The stock is approaching its 52-week high of $62.12, according to Benzinga Pro data.
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