FCX Q4 Earnings & Revenues Top Estimates, Sales Fall Y/Y on Lower Volumes

Freeport-McMoRan Inc. FCX recorded net income of $406 million or 28 cents per share for the fourth quarter of 2025, up around 48.2% from $274 million or 19 cents in the year-ago quarter. 

Barring one-time items, adjusted earnings per share were 47 cents, topping the Zacks Consensus Estimate of 28 cents. 

Revenues fell roughly 1.5% year over year to $5,633 million. The figure surpassed the Zacks Consensus Estimate of $5,175.4 million. Although volumes declined, the company witnessed a sharp increase in copper and gold prices in the reported quarter. 

Freeport-McMoRan Inc. Price, Consensus and EPS Surprise

FCX's Operational Highlights

Copper production fell around 38.5% year over year to 640 million pounds in the reported quarter. 

Consolidated sales also fell approximately 28.5% year over year, reaching 709 million pounds of copper. The downside primarily resulted from reduced production in Indonesia. The company sold 80,000 ounces of gold in the quarter, down around 77.1% year over year. FCX also sold 22 million pounds of molybdenum, up 22.2% year over year. 

Consolidated average unit net cash costs per pound of copper were $2.22, up from $1.66 a year ago. The figure was lower than our estimate of $2.47. 

The average realized copper price was $5.33 per pound, up around 28.4% year over year. The figure outpaced our estimate of $4.75 per pound. The average realized price per ounce for gold rose around 55.2% year over year to $4,078. The figure topped our estimate of $4,000. 

Freeport's Financial Position

Cash and cash equivalents at the end of the quarter were $3,824 million, down around 2.5% year over year. The company’s total debt was $9,379 million, up 4.8% year over year. 

Cash flows provided by operations were around $693 million in the reported quarter, down 51% year over year. 

FCX's Guidance

For full-year 2026, consolidated sales volumes are projected to be around 3.4 billion pounds of copper, 0.8 million ounces of gold, and 90 million pounds of molybdenum. This includes an estimated 640 million pounds of copper, 60,000 ounces of gold, and 22 million pounds of molybdenum expected to be sold in the first quarter. 

FCX also noted that it remains on track to start a phased restart of the Grasberg Block Cave underground mine beginning in second-quarter 2026.  

Freeport's Price Performance

Shares of FCX have risen 57.4% over the past year compared with the industry’s 70.8% growth. 

FCX’s Zacks Rank & Key Picks

FCX currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the basic materials space are Royal Gold, Inc. RGLD, Coeur Mining, Inc. CDE and Southern Copper Corporation SCCO.

Royal Gold is scheduled to report fourth-quarter results on Feb. 18. The Zacks Consensus Estimate for RGLD’s fourth-quarter earnings is pegged at $2.66 per share. RGLD’s earnings beat the Zacks Consensus Estimate in three of the last four quarters and missed the same in one, with the average surprise being 4%. Royal Gold currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Coeur Mining is slated to report fourth-quarter results on Feb. 18. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 33 cents per share. CDE’s earnings beat the Zacks Consensus Estimate in two of the last four quarters and missed in the other two, with the average surprise being 107%. Coeur Mining flaunts a Zacks Rank #1 at present. 

Southern Copper is expected to report fourth-quarter results on Feb. 11. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at $1.44 per share. SCCO carries a Zacks Rank #2 (Buy) at present. Southern Copper’s earnings beat the consensus estimate in three of the last four quarters and missed once, with the average surprise being 6.32%. 

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This article originally published on Zacks Investment Research (zacks.com).

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