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FCX · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
A price-over-volume quarter — copper sales volumes fell 30% during the Grasberg Block Cave ramp-up, yet realized prices of $6.17/lb (+36%) plus a smaller PTFI noncontrolling-interest share and lower DD&A drove attributable net income UP 27% on revenue that was DOWN 7%.
Net Income (consolidated)
$1,391M
down 10.1% y/y
Revenues
$7,029M
down 7.3% y/y
Operating Income
$2,003M
down 17.6% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Revenues | $7,029 · -7.3% |
| Gain on Asset Sales | $18 |
| Production & Delivery | $4,320 · +0.9% |
| DD&A* | $523 · -21.7% |
| SG&A | $135 · +6.3% |
| Exploration & Research | $53 · +15.2% |
| Environmental & Shutdown | $13 · -51.9% |
| Operating Income | $2,003 · -17.6% · 28.5% margin |
| Interest Expense, net | $95 · +15.9% |
| Other Income, net | $22 · -46.3% |
| Pre-Tax Income | $1,930 · -19.3% |
| Income Tax | $544 · ETR 28.2% |
| Equity in Affiliates | $5 |
| Net Income (consolidated) | $1,391 · -10.1% |
| Noncontrolling Interests | $407 · -47.5% |
| Net Income to Shareholders | $984 · +27.5% · 14.0% of revenue |
Verdict: a price-over-volume quarter — copper sales volumes fell 30% during the Grasberg Block Cave ramp-up, yet realized prices of $6.17/lb (+36%) plus a smaller PTFI noncontrolling-interest share and lower DD&A drove attributable net income UP 27% on revenue that was DOWN 7%.
Q2 operating cash flow $2,048M; capex $1,104M; dividend $0.15/sh. FY2026 guidance: 3.1B lbs copper, 650koz gold, ~$1.90/lb unit net cash cost (H2 assumes $4,000/oz gold).
Source and notation
* marks non-cash / ≈ estimated. Source: Freeport-McMoRan press release 8-K EX-99.1 (SEC EDGAR).
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Chart: “FCX Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/fcx/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/fcx/q2-2026"><img src="https://whoreportstoday.com/t/fcx/q2-2026/sankey.png" alt="FCX Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/fcx/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/fcx/q2-2026">FCX Q2 2026 earnings chart (Who Reports Today)</a>
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- The quarter's math is price vs volume: copper sales fell to 710M lbs (vs 1,016M) and gold sales collapsed 76% to 123koz during the phased Grasberg Block Cave ramp-up after the September 2025 mud rush — but realized copper averaged $6.17/lb (+36%) and gold $4,520/oz (+37%).
- Attributable income rose while consolidated income fell: noncontrolling interests (PTFI, Cerro Verde, El Abra) took only $407M vs $775M a year ago — the volume pain sits disproportionately at PTFI, where minorities share it.
- Unit net cash costs jumped to $1.97/lb from $1.13 on lower volumes; $284M of Grasberg idle-facility and restoration costs are excluded from that metric but stay in the GAAP P&L.
- DD&A fell 21.7% to $523M — less depletion with lower Indonesian output; production & delivery costs stayed flat on 30% less copper.
- Effective tax rate improved to 28.2% from 35.6%; the H1 number also carries a one-time $699M insurance settlement gain for the mud rush (booked in Q1, not in this quarter).
- Leaching innovation added 47M lbs of incremental copper in the quarter; the target is a 300M lbs/yr run rate by end-2026.
- Bagdad doubling decision expected in H2 2026: +200-250M lbs/yr copper, but capex now estimated ~30% above the 2023 $3.5B figure — supported at ~$4.00/lb incentive price.
- An $18M gain on asset sales slightly flattered operating income.
What distorts the picture in this report and what to watch beyond the headlines.
FCX — Freeport-McMoRan is a mining company primarily engaged in the exploration, mining, and processing of copper, gold, and molybdenum.
It operates significant mining complexes in North and South America and is headquartered in Phoenix, Arizona.
Heads-up
- net income fell 10% y/y in Q2 2026
- revenue fell 7% y/y in Q2 2026
Net income for Q2 2026: $1,391M, −10% y/y. In the report's figures: revenue −7% y/y; costs grew faster than revenue: interest expense, net +16% y/y, exploration & research +15% y/y. Based on the Q2 2026 report.
Company filings on SEC EDGAR ↗Revenue for Q2 2026: $7,029M, −7% y/y. Based on the Q2 2026 report.
Company filings on SEC EDGAR ↗More reports: IFF · Q2 2026 · IP · Q2 2026 · LIN · Q2 2026 · LYB · Q2 2026 · MLM · Q2 2026 · MOS · Q2 2026 · NEM · Q3 2026 · NUE · Q3 2026 · PKG · Q3 2026 · PPG · Q3 2026 · all reports