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Freeport-McMoRan posts Q2 profit lift as copper, gold prices rise
Q2 net income came in at $984 million, with revenue of $7 billion and operating cash flow of $2 billion, even as copper sales volumes fell due to the Grasberg restart.
Freeport-McMoRan delivered its Q2 2026 results on July 23, with performance driven by strength in copper and gold prices alongside progress toward full production at its Grasberg mine in Indonesia, which had been closed in 2025 after a mining accident.
MarketBeat Ratings said the company’s realized copper price averaged $6.17 per pound, up about 36% from $4.54 a year earlier, while gold realizations rose to $4,520 per ounce from $3,291, roughly a 37% year over year gain. It also reported molybdenum realizations increased to $28.75 per pound from $21.10 last year.
The outlet noted that copper sales volumes declined to 710 million pounds from 1.0 billion, reflecting a phased restart at Grasberg, meaning the quarter combined higher profit per unit with lower tonnage sold. Freeport posted second-quarter net income of $984 million, or 68 cents per share, with adjusted EPS of 74 cents after backing out one-time charges tied to the Grasberg incident.
According to MarketBeat Ratings, the Grasberg Block Cave ramp-up met expectations in Q2, with mining rates rising from 34,000 tons per day in April to 69,000 tons per day in June. Management expects PTFI overall production capacity to reach about 65% in the second half of 2026, 80% by mid-2027, and near full capacity by the end of 2027.
Latest closeGold $4,051.10 ▼2.3%|Copper $6.329 ▼1.9%