Freeport-McMoRan Inc. reported its financial results for the second quarter and first half of 2026, revealing a decline in revenues and net income compared to the same periods in 2025. The company generated revenues of $7.029 billion in the second quarter, down from $7.582 billion in the prior year, and $13.263 billion for the first half of 2026, slightly lower than $13.310 billion in the first half of 2025. Net income attributable to common stockholders was $984 million for the second quarter, an increase from $772 million in the same quarter of 2025, and $1.865 billion for the first half of 2026, compared to $1.124 billion in the previous year.
The decrease in revenues was primarily attributed to lower sales volumes of copper and gold, which were impacted by ongoing operational adjustments at the Grasberg Block Cave underground mine in Indonesia following a mud rush incident in September 2025. Copper sales volumes fell to 710 million pounds in the second quarter of 2026 from 1.016 billion pounds in the same quarter of 2025. However, the average realized price for copper increased significantly, averaging $6.17 per pound in the second quarter of 2026, compared to $4.54 per pound in the same quarter of 2025.
Strategically, Freeport-McMoRan made notable moves, including the acquisition of an additional 2 million shares of Cerro Verde common stock for $107 million, raising its ownership interest from 55.08% to 55.66%. The company is also advancing innovative leaching technologies aimed at increasing copper production, targeting an annual run rate of 300 million pounds by the end of 2026. Additionally, Freeport-McMoRan is evaluating a potential major expansion at its El Abra mine in Chile and plans to finalize cost estimates for doubling the concentrator capacity at its Bagdad operation in Arizona.
Operationally, Freeport-McMoRan reported a total consolidated cash and cash equivalents of $4.1 billion as of June 30, 2026, with consolidated debt totaling $9.4 billion. The company generated operating cash flows of $3.543 billion in the first half of 2026, compared to $3.253 billion in the same period of 2025. The outlook for the remainder of 2026 includes projected consolidated sales volumes of 3.057 billion pounds of copper, 654 thousand ounces of gold, and 93 million pounds of molybdenum, with expectations for increased production as operations at the Grasberg mine ramp up.
About FREEPORT-MCMORAN INC
Freeport-McMoRan Inc. is a leading international metals company specializing in the exploration, mining, and processing of copper, gold, and molybdenum. Its core assets include large, long-lived operations in North America, South America, and Indonesia, with a focus on copper production for electrical, construction, and renewable energy markets. The company emphasizes responsible mining, tailings safety, and sustainable growth through diverse, high-quality mineral reserves.
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