Freeport-McMoRan stock weighs stronger profit against lower copper outlook

Published on 10/31/2026 at 10:41 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Freeport-McMoRan stock faces a lower copper outlook after a stronger quarter. Grasberg's recovery remains the key driver for expected growth.

Profit rises as copper outlook softens

Third-quarter revenue rose 8 percent, while adjusted earnings exceeded market expectations.
Grasberg reached 67 percent of capacity, with 80 percent targeted by mid-2027.
Higher costs, lower copper guidance and a potential Bagdad expansion shape the outlook.

Freeport-McMoRan, US35671D8570, Illustration mit AI erstellt.

Freeport-McMoRan reported a stronger third quarter on October 27, with higher copper prices lifting earnings despite lower sales volumes. The company also trimmed its copper sales outlook for 2026 and 2027, keeping the focus on the pace of the Grasberg recovery.

The Northern Miner reported that revenue rose 8 percent to USD 7.55 billion in the third quarter. Net income attributable to common shareholders reached USD 1.17 billion, while adjusted earnings came to USD 1.28 billion, or USD 0.88 per diluted share, above expectations. Operating cash flow increased to USD 1.98 billion.

Grasberg recovery leads growth outlook

Freeport said Grasberg operated at 67 percent of mine capacity in the third quarter. Management continues to target 80 percent by mid-2027 and an approach to full capacity by the end of 2027. Material-handling upgrades are scheduled for completion early next year, while preparations continue for the restart of Production Block 1S.

The recovery supports the company's medium-term volume plan, but the outlook was moderated. Consolidated copper sales are now projected at 3.0 billion pounds in 2026 and 3.7 billion pounds in 2027, down from previous forecasts of 3.1 billion and 3.8 billion pounds. The 2028 estimate remains 4.1 billion pounds.

Freeport-McMoRan stock traded at 55.85 euros on Lang & Schwarz at 10:39 CET on Saturday, October 31, 2026.

Costs and investment remain in focus

Third-quarter copper sales fell to 749 million pounds from 977 million pounds a year earlier, although the realized copper price rose to USD 6.54 per pound from USD 4.68. Unit net cash costs increased to USD 2.07 per pound, while the company expects capital spending of USD 4.4 billion in 2026 and USD 5.2 billion in 2027.

A decision on the potential Bagdad expansion in Arizona is expected in the fourth quarter. Freeport estimates that the project could add 200 million to 250 million pounds of annual copper production, with capital costs of about USD 4.5 billion.

For investors, the central balance is improving Grasberg output against lower near-term guidance, higher operating costs and significant capital requirements. The earnings improvement benefited from stronger metal prices, while the production recovery remains dependent on operational execution.

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