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Freeport-McMoRan shares rally on copper and gold, Q2 beats expectations

Freeport-McMoRan’s adjusted EPS of $0.74 beat the $0.62 forecast, as revenue came in at $7.0 billion versus $6.5 billion expected.

Thursday, July 30, 2026 · Written up by our desk · Equities

Freeport-McMoRan Inc. has outperformed the broader market over the past year, with shares up 39% versus nearly 16.3% for the S&P 500, according to Yahoo Finance. In 2026, the stock rose 18.3%, ahead of the S&P 500’s 8.5% gain on a year-to-date basis.

The company’s results were supported by historically high copper and gold prices, which boosted realizations across its portfolio. Freeport-McMoRan is also making progress toward restoring full production at its Grasberg mine in Indonesia, after the mine was offline following a 2025 mining accident that severely constrained output.

On July 23, Freeport-McMoRan shares closed down 2.3% after reporting Q2 results. The company reported adjusted earnings per share of $0.74, topping the $0.62 Wall Street expectation, while revenue reached $7.0 billion, above the $6.5 billion forecast.

For the current fiscal year ending in December, analysts expect Freeport-McMoRan’s diluted EPS to grow 39.6% to $2.47. Yahoo Finance also notes that Citigroup reiterated a Buy rating on July 28 with a $66 price target, implying 11.1% upside from current levels.

Latest closeGold $4,292.50 ▼0.6%|Copper $6.751 ▲1.1%|S&P 500 7,675.92 ▼0.4%

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