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Freeport-McMoRan
Freeport-McMoRan (FCX) investor relations material
Freeport-McMoRan Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary22 Jan, 2026
Executive summary
Achieved strong financial and operational performance in 2025, with copper and gold sales exceeding estimates and favorable unit net cash costs, despite the Grasberg mudflow incident impacting annual copper volumes by about 10%.
Maintained a diversified copper asset portfolio, with robust U.S. and South American performance, and advanced operational initiatives including leach and Bagdad expansion.
Grasberg Block Cave mine in Indonesia is on track for a phased restart in Q2 2026, with unaffected Indonesian mines already restarted.
Strong financial position with $3.8 billion in cash, investment-grade credit ratings, and $5.7 billion distributed to shareholders since mid-2021.
Positioned for long-term value creation, focusing on execution, innovation, and scaling low-cost leach production.
Financial highlights
2025 copper production: 3.4 billion lbs; gold: 1.1 million ozs; molybdenum: 92 million lbs.
Adjusted EBITDA for 2025 was $9.9 billion, with operating cash flow of $5.6 billion (net of $1.3 billion working capital uses).
2025 revenues: $25.9 billion; net income attributable to common stock: $2.2 billion; diluted EPS: $1.52.
Consolidated unit net cash costs for 2025 were $1.65 per pound, within 3% of guidance.
Capital expenditures for 2025 totaled $4.5 billion.
Outlook and guidance
2026 copper sales expected at 3.4 billion lbs, gold at 0.8 million ozs, and molybdenum at 90 million lbs.
2026 unit net cash costs for copper expected to average $1.75/lb, with Q1 2026 at $2.60/lb, declining as Indonesian operations ramp up.
2026 operating cash flows projected at $8 billion (at $5.00/lb copper), with potential to reach $11 billion at recent spot prices.
Capital expenditures expected at $4.3–4.5 billion in 2026 and 2027, with $3.0 billion for major projects.
Grasberg Block Cave phased restart planned for Q2 2026, ramping up to 100k t/d by 2H26.
Clarify Grasberg insurance recovery vs. deductible
Discretionary growth project funding strategy
What's the impact of PTFI ownership post-2041?
Grasberg Block Cave: PB 1C restart alternatives?
Leach initiative: 800M lbs target conviction?
Bagdad expansion: Non-price approval factors?
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Next Freeport-McMoRan earnings date
Q1 202623 Apr, 2026
Freeport-McMoRan
Next Freeport-McMoRan earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
Freeport-McMoRan Inc. engages in the mining of mineral properties in North America, South America, and Indonesia. It owns and operates copper mines, including the Phoenix mine; molybdenum mines, including the East Boulder Mine; gold mines, including the Tanami mine; uranium and vanadium operations, including the Nichols Ranch property; oil and natural gas assets in Alaska through Chugach Alaska Corporation; copper assets through FCX Minerals Inc.; coal assets through Independence Coal Company LLC; iron ore assets through Cliffs Natural Resources Inc.; oil sands assets through CVR Partners LP; and gold assets through McMoRan Exploration Co. Freeport-McMoRan Inc. was incorporated in 1987 and is headquartered in Phoenix, Arizona.
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