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Freeport-McMoRan (FCX) investor relations material
Freeport-McMoRan Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary23 Jul, 2025
Executive summary
Achieved strong operating performance in Q2 2025, with copper and gold sales volumes and pricing exceeding guidance, and net income attributable to common stockholders rising to $772 million.
Indonesian smelter startup commenced in May 2025, with first copper cathode produced in July, ahead of schedule after a 2024 fire.
U.S. copper operations benefited from a 50% tariff on imports, driving a 28% COMEX premium over LME and boosting margins and cash flow.
Advancing innovative copper leaching and organic growth projects, including Bagdad expansion and Kucing Liar mine development.
Strong balance sheet with $4.5B in cash, net debt at $1.5B, and investment grade ratings.
Financial highlights
Q2 2025 revenues reached $7.6B, up 14% year-over-year, with net income of $772M and diluted EPS of $0.53.
Adjusted EBITDA for Q2 2025 was $3.2B; operating cash flows were $2.2B; capital expenditures $1.3B.
Q2 2025 copper sales: 1.0B lbs; gold sales: 522K oz; copper realization: $4.54/lb; gold: $3,291/oz.
Net unit cash production costs improved to $1.13/lb, significantly below prior guidance.
Share repurchases totaled 2.9M shares in H1 2025 at an average $36.41/share.
Outlook and guidance
2025 copper sales projected at 3.95B lbs, gold at 1.3M oz, molybdenum at 82M lbs; Q3 2025: 1.0B lbs copper, 350K oz gold, 18M lbs molybdenum.
2025 unit net cash cost for copper expected at $1.55/lb; operating cash flows estimated at $7.0B, or $7.9B including U.S. premium.
2025 capital expenditures expected at $4.9B, including $2.7B for major mining projects and $0.6B for Indonesia downstream facilities.
EBITDA sensitivity: $11.5B at $4 copper, $15.5B at $5 copper; each $0.10/lb copper change equals ~$425M EBITDA.
Ongoing ramp-up of Indonesian smelter and leaching initiatives targeting 300M lbs incremental copper by year-end.
Assess impact of potential 50% tariff on U.S. copper imports.
Explain PTFI's updated ore grade modeling impact.
Elaborate on FCX's U.S. expansion project economics.
Tariffs impact on cost outlook?
Discuss U.S. growth incentives.
Grasberg smelter's internal cost?
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Next Freeport-McMoRan earnings date
Q3 202521 Oct, 2025
Next Freeport-McMoRan earnings date
Q3 202521 Oct, 2025
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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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