Freeport reported first-quarter 2026 net income attributable to common stock of $881 million, up from $352 million in the same quarter a year earlier. Earnings per share rose to $0.61 from $0.24.
Revenue increased to $6.234 billion from $5.728 billion, while operating income climbed to $2.137 billion from $1.303 billion.
Operating cash flow rose to $1.495 billion from $1.058 billion. Capital expenditures fell to $973 million from $1.172 billion.
At March 31, cash and cash equivalents were $3.737 billion, down from $4.385 billion a year earlier. Total debt was essentially flat at $9.414 billion, versus $9.404 billion.
Copper production in the quarter totaled 662 million pounds, down from 868 million pounds a year earlier. Copper sales were 657 million pounds, down from 872 million pounds. The average realized copper price increased to $5.78 per pound from $4.44.
Gold production fell to 97 thousand ounces from 287 thousand ounces, while gold sales declined to 121 thousand ounces from 128 thousand ounces. The average realized gold price jumped to $4,889 per ounce from $3,072.
Molybdenum production edged down to 22 million pounds from 23 million pounds, while sales rose to 24 million pounds from 20 million pounds. The average realized molybdenum price increased to $25.21 per pound from $21.67.
Unit net cash costs for copper dropped to $1.91 per pound from $2.07 a year earlier, and were well below the January 2026 estimate of $2.60. Freeport said first-quarter copper and gold sales also beat January estimates: copper sales came in at 657 million pounds versus 640 million expected, and gold sales were 121 thousand ounces versus 60 thousand expected.
For 2026, Freeport now expects sales of about 3.1 billion pounds of copper, 650 thousand ounces of gold and 90 million pounds of molybdenum. That compares with January estimates of 3.4 billion pounds of copper and 0.8 million ounces of gold.
The company said 2026 second-quarter sales are expected to reach 690 million pounds of copper, 140 thousand ounces of gold and 22 million pounds of molybdenum.
Freeport’s 2026 capital spending forecast is $4.3 billion, including $3.0 billion for major mining projects. Operating cash flow for the year is expected to approximate $8.7 billion.
The company repurchased 1.7 million shares during the quarter for $93 million, at an average price of $54.25 per share. Today the company's shares have moved -2.21% to a price of $55.83. For the full picture, make sure to review FREEPORT-MCMORAN INC's 8-K report.
