Freeport-McMoRan (FCX)
Market Price (8/12/2026): $68.7 | Market Cap: $98.8 BilInvestor Relations Sector: Materials | Industry: Copper
Freeport-McMoRan (FCX)
Market Price (8/12/2026): $68.7Market Cap: $98.8 BilSector: MaterialsIndustry: Copper
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, CFO LTM is 5.9 Bil Low stock price volatilityVol 12M is 50% Megatrend and thematic driversMegatrends include Renewable Energy Transition, Electrification of Everything, and Battery Technology & Metals. Themes include Solar Energy Generation, Show more. | Trading close to highsDist 52W High is -3.7%, Dist 3Y High is -3.7% Weak multi-year price returns3Y Excs Rtn is -4.6% | Weak revenue growthRev Chg QQuarterly Revenue Change % is -7.3% Key risksFCX key risks include [1] operational and geopolitical instability at its cornerstone Grasberg mine in Indonesia, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, CFO LTM is 5.9 Bil |
| Low stock price volatilityVol 12M is 50% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Electrification of Everything, and Battery Technology & Metals. Themes include Solar Energy Generation, Show more. |
| Trading close to highsDist 52W High is -3.7%, Dist 3Y High is -3.7% |
| Weak multi-year price returns3Y Excs Rtn is -4.6% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -7.3% |
| Key risksFCX key risks include [1] operational and geopolitical instability at its cornerstone Grasberg mine in Indonesia, Show more. |
Qualitative Assessment
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Updated on 8/10/2026
Freeport-McMoRan (FCX) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Strong Commodity Price Environment. Freeport-McMoRan benefited from sustained high copper and gold prices during the period. The company's average realized copper price in fiscal Q2 2026 was $6.17 per pound, with gold at $4,520 per ounce. Copper prices reached new all-time highs, driven by global demand for electrification, electric vehicles, power-grid investment, and data center infrastructure, with LME copper prices projected to rise from approximately US$9,500-10,000 per ton in late 2025 to over US$13,000-14,000 per ton in 2026.
2. Robust Fiscal Q2 2026 Earnings Beat. Freeport-McMoRan reported strong financial results for its fiscal Q2 2026, which ended June 30, 2026, on July 23, 2026. The company posted an adjusted earnings per share (EPS) of $0.74, significantly exceeding analysts' consensus estimates of $0.62 by $0.12, representing a 19.35% beat. Additionally, quarterly revenue of $7.03 billion surpassed analyst expectations of $6.62 billion. This contributed to a 65% year-over-year increase in consolidated net income for the first half of fiscal 2026.
Show more
Freeport-McMoRan (FCX) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Strong Commodity Price Environment. Freeport-McMoRan benefited from sustained high copper and gold prices during the period. The company's average realized copper price in fiscal Q2 2026 was $6.17 per pound, with gold at $4,520 per ounce. Copper prices reached new all-time highs, driven by global demand for electrification, electric vehicles, power-grid investment, and data center infrastructure, with LME copper prices projected to rise from approximately US$9,500-10,000 per ton in late 2025 to over US$13,000-14,000 per ton in 2026.
2. Robust Fiscal Q2 2026 Earnings Beat. Freeport-McMoRan reported strong financial results for its fiscal Q2 2026, which ended June 30, 2026, on July 23, 2026. The company posted an adjusted earnings per share (EPS) of $0.74, significantly exceeding analysts' consensus estimates of $0.62 by $0.12, representing a 19.35% beat. Additionally, quarterly revenue of $7.03 billion surpassed analyst expectations of $6.62 billion. This contributed to a 65% year-over-year increase in consolidated net income for the first half of fiscal 2026.
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Updated on 8/10/2026
Freeport-McMoRan (FCX) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Strong Commodity Price Environment. Freeport-McMoRan benefited from sustained high copper and gold prices during the period. The company's average realized copper price in fiscal Q2 2026 was $6.17 per pound, with gold at $4,520 per ounce. Copper prices reached new all-time highs, driven by global demand for electrification, electric vehicles, power-grid investment, and data center infrastructure, with LME copper prices projected to rise from approximately US$9,500-10,000 per ton in late 2025 to over US$13,000-14,000 per ton in 2026.
2. Robust Fiscal Q2 2026 Earnings Beat. Freeport-McMoRan reported strong financial results for its fiscal Q2 2026, which ended June 30, 2026, on July 23, 2026. The company posted an adjusted earnings per share (EPS) of $0.74, significantly exceeding analysts' consensus estimates of $0.62 by $0.12, representing a 19.35% beat. Additionally, quarterly revenue of $7.03 billion surpassed analyst expectations of $6.62 billion. This contributed to a 65% year-over-year increase in consolidated net income for the first half of fiscal 2026.
3. Operational Momentum and Growth Project Advancement. The company demonstrated strong operational execution, including the successful ramp-up of the Grasberg Block Cave mine in Indonesia, where production rates doubled from 34,000 tonnes/day in April to 69,000 tonnes/day in June 2026. Freeport-McMoRan is also advancing significant organic growth projects, such as the Bagdad mine expansion in Arizona, which is nearing a final investment decision in the second half of fiscal 2026 with an estimated capital cost of approximately $4.5 billion. In June 2026, the company submitted a formal application to extend PT Freeport Indonesia's mining rights for the life of the resource, enhancing long-term stability and prospects.
4. Enhanced Shareholder Returns and Strategic Investments. Freeport-McMoRan reinforced its commitment to shareholder returns by distributing $600 million to shareholders in the first half of fiscal 2026, which included $200 million in share repurchases. The company also declared a cash dividend of $0.15 per share for fiscal Q2 2026. Furthermore, a strategic investment in May 2026 involved the purchase of 2.0 million Cerro Verde shares for $107 million, increasing FCX's ownership interest to 55.66% and strengthening its portfolio of valuable assets.
Show less
Freeport-McMoRan (FCX) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Strong Commodity Price Environment. Freeport-McMoRan benefited from sustained high copper and gold prices during the period. The company's average realized copper price in fiscal Q2 2026 was $6.17 per pound, with gold at $4,520 per ounce. Copper prices reached new all-time highs, driven by global demand for electrification, electric vehicles, power-grid investment, and data center infrastructure, with LME copper prices projected to rise from approximately US$9,500-10,000 per ton in late 2025 to over US$13,000-14,000 per ton in 2026.
2. Robust Fiscal Q2 2026 Earnings Beat. Freeport-McMoRan reported strong financial results for its fiscal Q2 2026, which ended June 30, 2026, on July 23, 2026. The company posted an adjusted earnings per share (EPS) of $0.74, significantly exceeding analysts' consensus estimates of $0.62 by $0.12, representing a 19.35% beat. Additionally, quarterly revenue of $7.03 billion surpassed analyst expectations of $6.62 billion. This contributed to a 65% year-over-year increase in consolidated net income for the first half of fiscal 2026.
3. Operational Momentum and Growth Project Advancement. The company demonstrated strong operational execution, including the successful ramp-up of the Grasberg Block Cave mine in Indonesia, where production rates doubled from 34,000 tonnes/day in April to 69,000 tonnes/day in June 2026. Freeport-McMoRan is also advancing significant organic growth projects, such as the Bagdad mine expansion in Arizona, which is nearing a final investment decision in the second half of fiscal 2026 with an estimated capital cost of approximately $4.5 billion. In June 2026, the company submitted a formal application to extend PT Freeport Indonesia's mining rights for the life of the resource, enhancing long-term stability and prospects.
4. Enhanced Shareholder Returns and Strategic Investments. Freeport-McMoRan reinforced its commitment to shareholder returns by distributing $600 million to shareholders in the first half of fiscal 2026, which included $200 million in share repurchases. The company also declared a cash dividend of $0.15 per share for fiscal Q2 2026. Furthermore, a strategic investment in May 2026 involved the purchase of 2.0 million Cerro Verde shares for $107 million, increasing FCX's ownership interest to 55.66% and strengthening its portfolio of valuable assets.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 19.5% change in FCX stock from 4/30/2026 to 8/11/2026 was primarily driven by a 33.9% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8112026 | Change |
|---|---|---|---|
| Stock Price ($) | 57.64 | 68.87 | 19.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 25,915 | 25,868 | -0.2% |
| Net Income Margin (%) | 8.5% | 11.4% | 33.9% |
| P/E Multiple | 37.6 | 33.6 | -10.5% |
| Shares Outstanding (Mil) | 1,437 | 1,438 | -0.1% |
| Cumulative Contribution | 19.5% |
Market Drivers
4/30/2026 to 8/11/2026| Return | Correlation | |
|---|---|---|
| FCX | 19.5% | |
| Market (SPY) | 7.2% | 69.7% |
| Sector (XLB) | 3.4% | 61.4% |
Fundamental Drivers
The 14.9% change in FCX stock from 1/31/2026 to 8/11/2026 was primarily driven by a 42.9% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8112026 | Change |
|---|---|---|---|
| Stock Price ($) | 59.95 | 68.87 | 14.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26,002 | 25,868 | -0.5% |
| Net Income Margin (%) | 8.0% | 11.4% | 42.9% |
| P/E Multiple | 41.6 | 33.6 | -19.1% |
| Shares Outstanding (Mil) | 1,437 | 1,438 | -0.1% |
| Cumulative Contribution | 14.9% |
Market Drivers
1/31/2026 to 8/11/2026| Return | Correlation | |
|---|---|---|
| FCX | 14.9% | |
| Market (SPY) | 11.7% | 66.6% |
| Sector (XLB) | 8.5% | 62.9% |
Fundamental Drivers
The 73.0% change in FCX stock from 7/31/2025 to 8/11/2026 was primarily driven by a 60.1% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8112026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.81 | 68.87 | 73.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 24,862 | 25,868 | 4.0% |
| Net Income Margin (%) | 7.1% | 11.4% | 60.1% |
| P/E Multiple | 32.4 | 33.6 | 3.9% |
| Shares Outstanding (Mil) | 1,438 | 1,438 | 0.0% |
| Cumulative Contribution | 73.0% |
Market Drivers
7/31/2025 to 8/11/2026| Return | Correlation | |
|---|---|---|
| FCX | 73.0% | |
| Market (SPY) | 22.9% | 57.7% |
| Sector (XLB) | 23.1% | 59.2% |
Fundamental Drivers
The 59.9% change in FCX stock from 7/31/2023 to 8/11/2026 was primarily driven by a 41.9% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8112026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.06 | 68.87 | 59.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 21,566 | 25,868 | 19.9% |
| Net Income Margin (%) | 12.1% | 11.4% | -5.7% |
| P/E Multiple | 23.7 | 33.6 | 41.9% |
| Shares Outstanding (Mil) | 1,433 | 1,438 | -0.3% |
| Cumulative Contribution | 59.9% |
Market Drivers
7/31/2023 to 8/11/2026| Return | Correlation | |
|---|---|---|
| FCX | 59.9% | |
| Market (SPY) | 74.3% | 57.9% |
| Sector (XLB) | 31.1% | 66.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FCX Return | 61% | -7% | 14% | -10% | 35% | 40% | 191% |
| Peers Return | 38% | 7% | 11% | 8% | 80% | 27% | 306% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| FCX Win Rate | 58% | 42% | 42% | 33% | 67% | 50% | |
| Peers Win Rate | 53% | 57% | 58% | 47% | 70% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FCX Max Drawdown | -32% | -51% | -29% | -30% | -32% | -24% | |
| Peers Max Drawdown | -29% | -45% | -30% | -31% | -26% | -35% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SCCO, NEM, GOLD, AEM, TECK. See FCX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/11/2026 (YTD)
How Low Can It Go
| Event | FCX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.4% | -18.8% |
| % Gain to Breakeven | 32.3% | 23.1% |
| Time to Breakeven | 38 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -23.2% | -7.8% |
| % Gain to Breakeven | 30.2% | 8.5% |
| Time to Breakeven | 50 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.6% | -9.5% |
| % Gain to Breakeven | 30.9% | 10.5% |
| Time to Breakeven | 125 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.8% | -6.7% |
| % Gain to Breakeven | 26.3% | 7.1% |
| Time to Breakeven | 50 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.8% | -24.5% |
| % Gain to Breakeven | 63.3% | 32.4% |
| Time to Breakeven | 176 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.1% | -33.7% |
| % Gain to Breakeven | 127.9% | 50.9% |
| Time to Breakeven | 110 days | 140 days |
In The Past
Freeport-McMoRan's stock fell -24.4% during the 2025 US Tariff Shock. Such a loss loss requires a 32.3% gain to breakeven.
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Asset Allocation
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| Event | FCX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.4% | -18.8% |
| % Gain to Breakeven | 32.3% | 23.1% |
| Time to Breakeven | 38 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -23.2% | -7.8% |
| % Gain to Breakeven | 30.2% | 8.5% |
| Time to Breakeven | 50 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.6% | -9.5% |
| % Gain to Breakeven | 30.9% | 10.5% |
| Time to Breakeven | 125 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.8% | -6.7% |
| % Gain to Breakeven | 26.3% | 7.1% |
| Time to Breakeven | 50 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -38.8% | -24.5% |
| % Gain to Breakeven | 63.3% | 32.4% |
| Time to Breakeven | 176 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.1% | -33.7% |
| % Gain to Breakeven | 127.9% | 50.9% |
| Time to Breakeven | 110 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -29.6% | -19.2% |
| % Gain to Breakeven | 42.1% | 23.8% |
| Time to Breakeven | 113 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -63.3% | -12.2% |
| % Gain to Breakeven | 172.7% | 13.9% |
| Time to Breakeven | 63 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -89.3% | -6.8% |
| % Gain to Breakeven | 834.8% | 7.3% |
| Time to Breakeven | 1862 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -46.3% | -17.9% |
| % Gain to Breakeven | 86.4% | 21.8% |
| Time to Breakeven | 3754 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -27.6% | -15.4% |
| % Gain to Breakeven | 38.2% | 18.2% |
| Time to Breakeven | 74 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -83.8% | -53.4% |
| % Gain to Breakeven | 518.7% | 114.4% |
| Time to Breakeven | 699 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -22.7% | -8.6% |
| % Gain to Breakeven | 29.4% | 9.5% |
| Time to Breakeven | 28 days | 47 days |
In The Past
Freeport-McMoRan's stock fell -24.4% during the 2025 US Tariff Shock. Such a loss loss requires a 32.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Freeport-McMoRan (FCX)
Freeport-McMoRan Inc. is a leading global natural resources company primarily engaged in the mining of diverse mineral properties across North America, South America, and Indonesia. The company's core business revolves around the exploration and extraction of key industrial and precious metals, with a significant focus on copper, gold, molybdenum, and silver. Beyond its extensive mining operations, Freeport-McMoRan also maintains a portfolio of oil and gas properties, primarily located offshore California and in the Gulf of Mexico.
The company's substantial mineral assets include the world-renowned Grasberg district in Indonesia, several major sites in Arizona and New Mexico within North America, and significant operations like Cerro Verde in Peru and El Abra in Chile. Through these widespread operations, Freeport-McMoRan acts as a fundamental supplier of raw materials.
These primary products – copper, gold, molybdenum, and silver – serve various global industrial and consumer markets. Copper is critical for electronics, construction, and automotive industries, while gold and silver are utilized in jewelry, investment, and high-tech applications. Molybdenum is essential for specialty steel alloys. Freeport-McMoRan's customers are typically manufacturers and industries worldwide that rely on these foundational metals for their products and processes.
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Think of them as the 'ExxonMobil of essential metals' like copper and gold.
They are a global mining supermajor for industrial metals, similar to how BP or Shell are supermajors for oil and gas.
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- Copper: A base metal extracted from mineral properties primarily in North America, South America, and Indonesia.
- Gold: A precious metal mined from various mineral districts, including the Grasberg minerals district.
- Molybdenum: A refractory metal primarily explored for and produced from its mining operations.
- Silver: A precious metal obtained as a byproduct or primary product from its mineral properties.
- Oil and Gas: Hydrocarbon energy resources extracted from a portfolio of properties, mainly located offshore California and in the Gulf of Mexico.
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Freeport-McMoRan (FCX) sells its products primarily to other companies, not to individuals. As a major producer of raw materials like copper, gold, and molybdenum, its customers are typically industrial buyers and commodity markets. The provided company description does not list specific major customer companies by name. Therefore, the major customers of Freeport-McMoRan can be described by the following categories of businesses:
Freeport-McMoRan (FCX) sells its products primarily to other companies. As a major producer of raw materials such as copper concentrates, refined copper, gold, silver, and molybdenum, its major customers fall into the following categories:
- Smelters and Refiners: These companies purchase mineral concentrates (e.g., copper concentrate) and doré (unrefined gold/silver alloy) from Freeport-McMoRan and process them into refined metals. These refined metals are then sold to other industrial end-users.
- Industrial Fabricators and Manufacturers: Businesses across various industries, including electronics, automotive, construction, and general manufacturing, purchase refined metals (copper, gold, molybdenum, silver) for use as components or raw materials in their production processes.
- Metal Traders and Brokers: Firms that specialize in the global buying and selling of base and precious metals, facilitating the distribution of Freeport-McMoRan's products to a wide range of industrial consumers worldwide.
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Kathleen L. Quirk, President and Chief Executive Officer
Kathleen L. Quirk joined Freeport-McMoRan in 1989 and has held a broad range of corporate functions, including Tax, Investor Relations, Corporate Development, and Treasury. She was named Chief Financial Officer in 2003, President of FCX in 2021, and became Chief Executive Officer effective June 11, 2024. Prior to joining Freeport-McMoRan, she worked in tax accounting at Mobil Oil. Ms. Quirk is a graduate of Louisiana State University with a B.S. in Accounting. She serves on the Board of Directors of Vulcan Materials Company.
Maree E. Robertson, Executive Vice President and Chief Financial Officer
Maree E. Robertson joined Freeport-McMoRan in March 2022. Before her role at Freeport-McMoRan, she served as Chief Financial Officer, Energy and Minerals, at Rio Tinto Group. She also had a 17-year career at BHP Group, where she held a variety of international finance functions.
Richard C. Adkerson, Chairman of the Board
Richard C. Adkerson served as President and Chief Executive Officer of Freeport-McMoRan from 2003 to June 2024, and has been Chairman of the Board since February 2021. He joined Freeport-McMoRan in 1989. Before that, he was a Partner and Managing Director at Arthur Andersen & Co., where he led the firm's Worldwide Oil and Gas Industry Practice. He also served as a Professional Accounting Fellow with the Securities and Exchange Commission from 1976 to 1978. Mr. Adkerson holds a B.S. degree in Accounting and an M.B.A. from Mississippi State University. He was instrumental in the company's acquisition of Phelps Dodge in 2007.
Douglas N. Currault II, Executive Vice President and General Counsel
Douglas N. Currault II is responsible for leading Freeport-McMoRan's legal, compliance, and regulatory affairs globally.
Stephen T. Higgins, Executive Vice President and Chief Administrative Officer
Stephen T. Higgins is responsible for corporate safety and security, communications, sustainability, and human resources at Freeport-McMoRan.
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Here are the key risks to Freeport-McMoRan's business:
- Commodity Price Volatility: Freeport-McMoRan's financial performance is highly susceptible to fluctuations in the market prices of copper, gold, and molybdenum. These commodity prices are inherently volatile, influenced by global economic cycles, geopolitical events, and shifts in supply and demand dynamics. A significant downturn in global growth or an unexpected increase in commodity supply could negatively impact the company's revenue and profitability.
- Operational Risks, Particularly at Grasberg: The company faces inherent operational risks associated with large-scale mining, especially its significant underground operations at the Grasberg minerals district in Indonesia. A notable example is the September 2025 mud rush incident at the Grasberg Block Cave mine, which resulted in fatalities, a temporary suspension of mining operations, and increased costs. There is ongoing risk associated with the phased restart and ramp-up of production at Grasberg, which may not proceed as planned.
- Geopolitical and Regulatory Risks in Indonesia: Freeport-McMoRan's substantial operations in Indonesia, particularly at the Grasberg minerals district, expose it to geopolitical and regulatory complexities. While a recent Memorandum of Understanding aims to extend mining rights for PT Freeport Indonesia (PTFI) through 2041, the long-term regulatory environment and the planned 2041 ownership transfer of a 12% stake to Indonesian government interests introduce an element of uncertainty. Additionally, compliance with evolving environmental laws and the potential for increased costs due to changes in mining regulations pose ongoing risks.
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Freeport-McMoRan (FCX) operates in the addressable markets of copper, gold, molybdenum, silver, and oil and gas.
- Copper: The global copper market size was estimated at approximately USD 241.88 billion in 2024 and is projected to reach USD 339.95 billion by 2030. Another source states the global copper market was valued at USD 236.09 billion in 2024. The U.S. copper market size was estimated at USD 14.39 billion in 2024 and is projected to reach USD 19.68 billion by 2030. Other estimates for the U.S. market include USD 45.01 billion in 2024 and approximately USD 14.55 billion in 2024, projected to reach around USD 26.33 billion by 2034.
- Gold: The global gold market size was valued at USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030. In terms of volume, the global gold market size was estimated at 4.42 kilotons in 2024, and is expected to reach 6.32 kilotons by 2029. The U.S. gold demand rose to 679 tons in 2025. The U.S. gold bullion market is poised for sustainable growth.
- Molybdenum: The global molybdenum market size was valued at approximately USD 4.60 billion in 2024 and is estimated to hit approximately USD 6.29 billion by 2034. Another report valued the global molybdenum market at USD 4.77 billion in 2024, projected to reach USD 6.82 billion by 2033. In terms of volume, the global molybdenum market size reached 6,000.8 tons in 2025, with an estimate to reach 7,317.0 tons by 2034. The U.S. molybdenum and metal ore mining market size was USD 1.7 billion in 2024.
- Silver: The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow from USD 95.20 billion in 2025 to USD 202.07 billion by 2033. Another source reported the global silver market size at USD 21.21 billion in 2024, anticipated to reach USD 21.91 billion in 2025. The U.S. silver market is projected to grow at a 3.19% CAGR from 2025 to 2035, reaching a value of USD 4.2 billion by 2035.
- Oil and Gas: The global oil and gas market size was valued at USD 6.10 trillion in 2024 and is expected to hit around USD 8.79 trillion by 2034. Another estimate for the global market was USD 4,438.74 billion in 2024, projected to grow to USD 15,499.08 billion by 2032. The U.S. oil and gas market size is calculated at USD 1.55 trillion in 2024 and is projected to reach around USD 2.24 trillion by 2034. Other data indicates the U.S. oil and gas market was valued at USD 474.5 billion in 2025 and is projected to reach USD 717.39 billion by 2034.
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Freeport-McMoRan (FCX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and favorable market conditions:
- Favorable Copper Market Fundamentals and Pricing: Global demand for copper is anticipated to remain robust, driven by the ongoing energy transition, including automotive electrification (electric vehicles and charging stations), significant investments in power grids, and growth in renewable energy and technology infrastructure. This strong demand environment is expected to support higher copper prices, directly contributing to Freeport-McMoRan's revenue.
- Increased Production Volumes from Indonesian Operations: Freeport-McMoRan anticipates higher copper and gold sales volumes from its Grasberg minerals district in Indonesia. The company is focused on underground optimization and achieving sustained higher-grade panels and productivity gains. The ramp-up of the new Manyar smelter and the precious metals refinery in Indonesia are also crucial, aiming to reduce concentrate exports and capture domestic premiums by mid-2025.
- Organic Growth Initiatives and Enhanced Efficiencies in the Americas: The company is pursuing brownfield projects and innovative leach initiatives across its North and South American assets. Projects such as the potential El Abra sulfide concentrator in Chile and expansions at Bagdad and Lone Star in Arizona are under evaluation to add significant copper production capacity. Innovative leach initiatives are also projected to substantially increase copper production at low costs.
- Higher Gold Sales Volumes: Freeport-McMoRan's outlook for 2024 and beyond includes higher gold sales volumes, particularly from its Indonesian operations. This increase in gold production is expected to be a notable contributor to the company's overall revenue growth.
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Share Repurchases
- In November 2021, Freeport-McMoRan's Board of Directors authorized a new share repurchase program of up to $3.0 billion of common stock.
- As of October 23, 2025, the company had repurchased 51,964,178 shares for $2,000.7 million under the November 1, 2021, authorization.
- Annual share buybacks included $505.14 million in December 2021, $644.54 million in June 2022, $59 million in 2024, and $107 million in 2025.
Share Issuance
- Freeport-McMoRan's shares outstanding showed minor fluctuations, with 1.43 billion in 2023, increasing by 0.14% to 1.445 billion in 2024, and then declining by 0.14% to 1.443 billion in 2025.
Inbound Investments
- Capital International Investors increased its stake in Freeport-McMoRan by 19.5% in the third quarter of a recent period, holding 11,548,801 shares valued at approximately $452.2 million.
Outbound Investments
- Freeport-McMoRan prioritizes operational enhancements and development of existing assets, with CEO Kathleen Quick stating in December 2025 that the company is not relying on mergers and acquisitions for growth.
- The company's growth strategy emphasizes high-return organic brownfield expansions and disciplined partnerships over large, dilutive acquisitions.
Capital Expenditures
- Capital expenditures were $4.8 billion in 2024, consistent with 2023, focusing on major mining projects and new downstream processing facilities in Indonesia.
- Cash from investing activities, largely reflecting capital expenditures, ranged from USD -2.0 billion in 2021 to a peak of USD -5.0 billion in 2023 and 2024, before moderating to USD -4.5 billion in 2025.
- The company projects capital expenditures of $3.9 billion for 2025 and between $4.3 billion and $4.5 billion for both 2026 and 2027, with a focus on high-return brownfield expansions and low-capex leach recovery, including the Bagdad mine expansion in Arizona and the evaluation of a large-scale mill conversion at El Abra in Chile.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 93.04 |
| Mkt Cap | 95.1 |
| Rev LTM | 19,404 |
| Op Inc LTM | 7,333 |
| FCF LTM | 3,237 |
| FCF 3Y Avg | 2,295 |
| CFO LTM | 6,318 |
| CFO 3Y Avg | 4,991 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 36.7% |
| Rev Chg 3Y Avg | 24.4% |
| Rev Chg Q | 37.8% |
| QoQ Delta Rev Chg LTM | 7.9% |
| Op Inc Chg LTM | 84.2% |
| Op Inc Chg 3Y Avg | 56.0% |
| Op Mgn LTM | 40.8% |
| Op Mgn 3Y Avg | 31.2% |
| QoQ Delta Op Mgn LTM | 1.3% |
| CFO/Rev LTM | 37.9% |
| CFO/Rev 3Y Avg | 33.1% |
| FCF/Rev LTM | 22.5% |
| FCF/Rev 3Y Avg | 14.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 95.1 |
| P/S | 4.3 |
| P/Op Inc | 9.8 |
| P/EBIT | 9.8 |
| P/E | 15.1 |
| P/CFO | 11.1 |
| Total Yield | 7.5% |
| Dividend Yield | 0.9% |
| FCF Yield 3Y Avg | 4.2% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 11.7% |
| 3M Rtn | 1.5% |
| 6M Rtn | -2.2% |
| 12M Rtn | 86.8% |
| 3Y Rtn | 115.9% |
| 1M Excs Rtn | 11.8% |
| 3M Excs Rtn | -3.2% |
| 6M Excs Rtn | -14.8% |
| 12M Excs Rtn | 65.0% |
| 3Y Excs Rtn | 40.0% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Indonesia Operations | 8,622 | 10,318 | 8,437 | 8,426 | 7,523 |
| United States Rod & Refining | 6,890 | 6,239 | 5,926 | 6,312 | 6,385 |
| Other segments’ revenue - intersegment | 5,480 | 4,581 | |||
| Cerro Verde | 4,706 | 4,256 | 4,117 | 3,950 | 4,196 |
| Other segments’ revenue - unaffiliated customers | 3,213 | 2,757 | |||
| Atlantic Copper Smelting & Refining | 3,169 | 3,017 | 2,810 | 2,443 | 2,961 |
| Morenci | 2,648 | 2,347 | 2,419 | 2,689 | 2,810 |
| Elimination of intersegment revenue | -8,813 | -8,060 | |||
| Corporate, Other & Eliminations | -6,252 | -6,394 | -6,209 | ||
| Molybdenum Mines | 677 | 565 | 444 | ||
| South America Operations - Other | 824 | 768 | 720 | ||
| United States Copper Mines - Other | 3,897 | 4,021 | 4,015 | ||
| Total | 25,915 | 25,455 | 22,855 | 22,780 | 22,845 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Indonesia Operations | 3,840 | 5,622 | 4,708 | 4,598 | 3,938 |
| Cerro Verde | 1,818 | 1,327 | 1,174 | 1,211 | 1,822 |
| Corporate, Other & Eliminations | 695 | -86 | -970 | -700 | -759 |
| Morenci | 607 | 315 | 502 | 963 | 1,417 |
| United States Rod & Refining | 31 | 29 | 20 | -23 | -1 |
| Atlantic Copper Smelting & Refining | 11 | 49 | 36 | -61 | 21 |
| Corporate expenses and elimination of intersegment operating income | -484 | -392 | |||
| Molybdenum Mines | 172 | 129 | 123 | ||
| South America Operations - Other | 46 | 8 | 244 | ||
| United States Copper Mines - Other | 537 | 912 | 1,561 | ||
| Total | 6,518 | 6,864 | 6,225 | 7,037 | 8,366 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Other segments | 36,309 | 34,844 | |||
| Indonesia Operations | 27,270 | 27,309 | 25,548 | 22,727 | 18,971 |
| Cerro Verde | 9,074 | 8,096 | 8,120 | 8,398 | 8,694 |
| Morenci | 3,407 | 3,228 | 3,195 | 3,052 | 2,708 |
| Atlantic Copper Smelting & Refining | 2,170 | 1,705 | 1,326 | 1,262 | 1,318 |
| United States Rod & Refining | 333 | 202 | 172 | 183 | 228 |
| Corporate, Other & Eliminations | -20,396 | -20,536 | 4,437 | 6,349 | 7,261 |
| Molybdenum Mines | 1,782 | 1,697 | 1,713 | ||
| South America Operations - Other | 1,930 | 1,873 | 1,921 | ||
| United States Copper Mines - Other | 5,996 | 5,552 | 5,208 | ||
| Total | 58,167 | 54,848 | 52,506 | 51,093 | 48,022 |
Price Behavior
Price Behavior
| Market Price | $68.87 | |
| Market Cap ($ Bil) | 99.1 | |
| First Trading Date | 07/10/1995 | |
| Distance from 52W High | -3.7% | |
| 50 Days | 200 Days | |
| DMA Price | $64.15 | $57.81 |
| DMA Trend | up | indeterminate |
| Distance from DMA | 7.4% | 19.1% |
| 3M | 1YR | |
| Volatility | 52.1% | 49.9% |
| Downside Capture | 296.28 | 259.95 |
| Upside Capture | 263.38 | 261.89 |
| Correlation (SPY) | 69.0% | 58.4% |
FCX Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.69 | 2.51 | 2.68 | 2.52 | 2.19 | 1.63 |
| Up Beta | 4.27 | 1.65 | 1.92 | 2.27 | 1.86 | 1.49 |
| Down Beta | 1.70 | 2.82 | 2.72 | 2.03 | 1.65 | 1.66 |
| Up Capture | 264% | 294% | 352% | 378% | 592% | 569% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 21 | 31 | 65 | 143 | 382 |
| Down Capture | 243% | 236% | 249% | 214% | 165% | 110% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 22 | 32 | 61 | 109 | 369 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FCX | |
|---|---|---|---|---|
| FCX | 66.6% | 49.8% | 1.19 | - |
| Sector ETF (XLB) | 22.4% | 17.8% | 0.98 | 59.4% |
| Equity (SPY) | 22.1% | 12.8% | 1.28 | 58.4% |
| Gold (GLD) | 28.2% | 28.4% | 0.86 | 55.9% |
| Commodities (DBC) | 37.4% | 20.1% | 1.47 | 0.3% |
| Real Estate (VNQ) | 12.5% | 13.8% | 0.61 | 13.9% |
| Bitcoin (BTCUSD) | -45.3% | 42.9% | -1.28 | 29.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FCX | |
|---|---|---|---|---|
| FCX | 15.0% | 45.3% | 0.45 | - |
| Sector ETF (XLB) | 6.9% | 19.1% | 0.25 | 70.5% |
| Equity (SPY) | 13.3% | 17.2% | 0.60 | 57.3% |
| Gold (GLD) | 18.8% | 18.6% | 0.82 | 38.3% |
| Commodities (DBC) | 9.3% | 19.6% | 0.36 | 33.8% |
| Real Estate (VNQ) | 1.9% | 18.9% | -0.00 | 36.9% |
| Bitcoin (BTCUSD) | 10.9% | 52.8% | 0.39 | 28.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FCX | |
|---|---|---|---|---|
| FCX | 19.9% | 48.4% | 0.56 | - |
| Sector ETF (XLB) | 10.3% | 20.7% | 0.44 | 70.7% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 59.2% |
| Gold (GLD) | 12.0% | 16.2% | 0.61 | 26.3% |
| Commodities (DBC) | 7.9% | 18.0% | 0.35 | 39.3% |
| Real Estate (VNQ) | 4.5% | 20.7% | 0.18 | 39.8% |
| Bitcoin (BTCUSD) | 59.4% | 66.1% | 0.99 | 20.9% |
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Returns Analyses
Earnings Returns History
Updated 8/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/23/2026 | -2.3% | -7.7% | |
| 4/23/2026 | -12.6% | -19.1% | -11.4% |
| 1/22/2026 | -2.9% | 5.0% | 6.2% |
| 10/23/2025 | 1.1% | 3.5% | -2.8% |
| 7/23/2025 | -2.1% | -5.6% | -9.8% |
| 4/24/2025 | 6.9% | 2.4% | 7.1% |
| 1/23/2025 | -1.5% | -7.2% | -5.4% |
| 10/22/2024 | 1.2% | -2.5% | -8.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 10 |
| # Negative | 14 | 13 | 13 |
| Median Positive | 2.8% | 5.0% | 10.6% |
| Median Negative | -2.6% | -5.0% | -6.4% |
| Max Positive | 6.9% | 17.6% | 30.7% |
| Max Negative | -12.6% | -19.1% | -26.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/23/2026 | -2.3% | -7.7% | |
| 4/23/2026 | -12.6% | -19.1% | -11.4% |
| 1/22/2026 | -2.9% | 5.0% | 6.2% |
| 10/23/2025 | 1.1% | 3.5% | -2.8% |
| 7/23/2025 | -2.1% | -5.6% | -9.8% |
| 4/24/2025 | 6.9% | 2.4% | 7.1% |
| 1/23/2025 | -1.5% | -7.2% | -5.4% |
| 10/22/2024 | 1.2% | -2.5% | -8.0% |
| 7/23/2024 | -1.6% | -3.5% | -5.4% |
| 4/23/2024 | -2.0% | 7.1% | 11.0% |
| 1/24/2024 | 4.1% | 4.7% | 1.3% |
| 10/19/2023 | -1.1% | -5.0% | -0.2% |
| 7/20/2023 | 3.0% | 6.7% | -2.6% |
| 4/21/2023 | -4.1% | -9.4% | -13.6% |
| 1/25/2023 | 4.6% | 0.1% | -9.0% |
| 10/20/2022 | 2.7% | 17.6% | 28.2% |
| 7/21/2022 | 1.2% | 2.5% | 9.3% |
| 4/21/2022 | -9.9% | -16.5% | -26.4% |
| 1/26/2022 | -3.0% | -1.5% | 10.3% |
| 10/21/2021 | -1.3% | -5.0% | -0.4% |
| 7/22/2021 | 0.4% | 5.9% | -6.4% |
| 4/22/2021 | -3.2% | 9.6% | 14.8% |
| 1/26/2021 | -6.8% | -2.6% | 30.7% |
| 10/22/2020 | 3.6% | -4.8% | 19.1% |
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 10 |
| # Negative | 14 | 13 | 13 |
| Median Positive | 2.8% | 5.0% | 10.6% |
| Median Negative | -2.6% | -5.0% | -6.4% |
| Max Positive | 6.9% | 17.6% | 30.7% |
| Max Negative | -12.6% | -19.1% | -26.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/15/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/15/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/15/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/16/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/07/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/14/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
Recent Forward Guidance
Updated 7/24/2026Latest: Q2 2026 Earnings Reported 7/23/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Consolidated Copper Sales | 750.00 Mil | ||||||
| Q3 2026 Consolidated Gold Sales | 0.16 Mil | ||||||
| Q3 2026 Consolidated Molybdenum Sales | 22.00 Mil | ||||||
| Q3 2026 Unit Net Cash Costs | 2 | ||||||
| 2026 Consolidated Copper Sales | 3.10 Bil | 0.0% | Affirmed | Guidance: 3.10 Bil for 2026 | |||
| 2026 Consolidated Gold Sales | 0.65 Mil | 0.0% | Affirmed | Guidance: 0.65 Mil for 2026 | |||
| 2026 Consolidated Molybdenum Sales | 93.00 Mil | 3.3% | Raised | Guidance: 90.00 Mil for 2026 | |||
| 2026 Unit Net Cash Costs | 1.9 | ||||||
| 2026 Operating Cash Flows | 8.30 Bil | ||||||
| 2026 Capital Expenditures | 3.00 Bil | ||||||
Prior: Q1 2026 Earnings Reported 4/23/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Copper Sales | 3.10 Bil | -8.8% | Lowered | Guidance: 3.40 Bil for 2026 | |||
| 2026 Gold Sales | 0.65 Mil | -18.8% | Lowered | Guidance: 0.80 Mil for 2026 | |||
| 2026 Molybdenum Sales | 90.00 Mil | 0 | Affirmed | Guidance: 90.00 Mil for 2026 | |||
| 2026 Free Cash Flow | 8.70 Bil | 8.8% | Raised | Guidance: 8.00 Bil for 2026 | |||
| 2026 Capital Expenditures | 4.30 Bil | 0 | Affirmed | Guidance: 4.30 Bil for 2026 | |||
| 2026 Net Income Attributable to Noncontrolling Interests | 2.00 Bil | ||||||
Q4 2025 Earnings Reported 1/22/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Copper Sales | 640.00 Mil | 0.8% | Higher New | Actual: 635.00 Mil for Q4 2025 | |||
| Q1 2026 Gold Sales | 60,000 | 0 | Same New | Actual: 60,000 for Q4 2025 | |||
| Q1 2026 Molybdenum Sales | 22.00 Mil | 4.8% | Higher New | Actual: 21.00 Mil for Q4 2025 | |||
| 2026 Copper Sales | 3.40 Bil | -2.9% | Lower New | Actual: 3.50 Bil for 2025 | |||
| 2026 Gold Sales | 0.80 Mil | -23.8% | Lower New | Actual: 1.05 Mil for 2025 | |||
| 2026 Molybdenum Sales | 90.00 Mil | 9.8% | Higher New | Actual: 82.00 Mil for 2025 | |||
| 2026 Operating Cash Flows | 8.00 Bil | 45.5% | Higher New | Actual: 5.50 Bil for 2025 | |||
| 2026 Capital Expenditures | 4.30 Bil | -4.4% | Lower New | Actual: 4.50 Bil for 2025 | |||
Q3 2025 Earnings Reported 10/23/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Consolidated Copper Sales | 635.00 Mil | -36.5% | Lower New | Guidance: 1.00 Bil for Q3 2025 | |||
| Q4 2025 Consolidated Gold Sales | 60,000 | -82.9% | Lower New | Guidance: 0.35 Mil for Q3 2025 | |||
| Q4 2025 Consolidated Molybdenum Sales | 21.00 Mil | 16.7% | Higher New | Guidance: 18.00 Mil for Q3 2025 | |||
| Q4 2025 Net Income Attributable to Noncontrolling Interests | 200.00 Mil | ||||||
| 2025 Consolidated Copper Sales | 3.50 Bil | -11.4% | Lowered | Guidance: 3.95 Bil for 2025 | |||
| 2025 Consolidated Gold Sales | 1.05 Mil | -19.2% | Lowered | Guidance: 1.30 Mil for 2025 | |||
| 2025 Consolidated Molybdenum Sales | 82.00 Mil | 0.0% | Affirmed | Guidance: 82.00 Mil for 2025 | |||
| 2025 Unit Net Cash Costs | 1.68 | ||||||
| 2025 Operating Cash Flows | 5.50 Bil | -21.4% | Lowered | Guidance: 7.00 Bil for 2025 | |||
| 2025 Capital Expenditures | 4.50 Bil | -8.2% | Lowered | Guidance: 4.90 Bil for 2025 | |||
| 2025 PTFI Copper Sales | 1.20 Bil | ||||||
| 2025 PTFI Gold Sales | 1.00 Mil | ||||||
| 2025 PTFI Unit Net Cash Credits | 0.53 | ||||||
| 2025 Molybdenum Mines Unit Net Cash Costs | 15.6 | ||||||
| 2025 U.S. Copper Mines Sales | 1.30 Bil | ||||||
| 2025 U.S. Copper Mines Unit Net Cash Costs | 3.03 | ||||||
| 2025 South America Operations Sales | 1.10 Bil | ||||||
| 2025 South America Operations Unit Net Cash Costs | 2.45 | ||||||
| 2025 Net Income Attributable to Noncontrolling Interests | 2.00 Bil | ||||||
Insider Activity
Updated 8/5/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mikes, Ellie L | Chief Accounting Officer | Direct | Sell | 8052026 | 70.00 | 4,773 | 334,110 | 2,520,000 | Form |
| 2 | Higgins, Stephen T | EVP & CAO | Family Trust | Sell | 8052026 | 69.50 | 14,277 | 992,252 | 3,795,951 | Form |
| 3 | Higgins, Stephen T | EVP & CAO | Family Trust | Sell | 8032026 | 63.00 | 7,550 | 475,650 | 4,340,385 | Form |
| 4 | Higgins, Stephen T | EVP & CAO | Family Trust | Sell | 2242026 | 63.00 | 29,654 | 1,868,202 | 4,816,035 | Form |
| 5 | Mikes, Ellie L | Chief Accounting Officer | Direct | Sell | 2182026 | 62.03 | 11,000 | 682,345 | 2,529,206 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mikes, Ellie L | Chief Accounting Officer | Direct | Sell | 8052026 | 70.00 | 4,773 | 334,110 | 2,520,000 | Form |
| 2 | Higgins, Stephen T | EVP & CAO | Family Trust | Sell | 8052026 | 69.50 | 14,277 | 992,252 | 3,795,951 | Form |
| 3 | Higgins, Stephen T | EVP & CAO | Family Trust | Sell | 8032026 | 63.00 | 7,550 | 475,650 | 4,340,385 | Form |
| 4 | Higgins, Stephen T | EVP & CAO | Family Trust | Sell | 2242026 | 63.00 | 29,654 | 1,868,202 | 4,816,035 | Form |
| 5 | Mikes, Ellie L | Chief Accounting Officer | Direct | Sell | 2182026 | 62.03 | 11,000 | 682,345 | 2,529,206 | Form |
| 6 | Robertson, Maree E | EVP & CFO | Direct | Sell | 2182026 | 61.55 | 48,500 | 2,985,175 | 4,917,476 | Form |
| 7 | Adkerson, Richard C | Chairman of the Board | Direct | Sell | 2112026 | 64.65 | 152,960 | 9,889,222 | 216,983,543 | Form |
| 8 | Currault, Douglas N II | EVP & General Counsel | Direct | Sell | 2112026 | 64.52 | 75,000 | 4,838,812 | 14,141,010 | Form |
| 9 | Adkerson, Richard C | Chairman of the Board | Direct | Sell | 2112026 | 62.80 | 248,031 | 15,575,107 | 220,355,128 | Form |
| 10 | Mikes, Ellie L | Chief Accounting Officer | Direct | Sell | 12122025 | 47.66 | 9,572 | 456,202 | 1,847,353 | Form |
| 11 | Higgins, Stephen T | EVP & CAO | Direct | Sell | 12122025 | 47.99 | 28,423 | 1,363,900 | 5,052,617 | Form |
Investor Activity (13F)
Updated Aug 12, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| General Pension Society PZU Joint Stock Co | $164.4 Mil | 25.1% | 15 | ADD +27.8% | 13F |
| Powszechne Towarzystwo Emerytalne Allianz Polska S.A. | $54.2 Mil | 20.2% | 10 | TRIM -33.2% | 13F |
| Crake Asset Management LLP | $545.2 Mil | 19.1% | 20 | Hold | 13F |
| Drummond Knight Asset Management Pty Ltd | $27.0 Mil | 9.5% | 14 | TRIM -65.1% | 13F |
| Generali Powszechne Towarzystwo Emerytalne | $52.4 Mil | 9.3% | 28 | New | 13F |
| Rovida Investment Management Ltd | $51.1 Mil | 6.4% | 17 | New | 13F |
| Albar Capital Partners LLP | $35.8 Mil | 5.8% | 36 | TRIM -36.9% | 13F |
| Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group | $10.5 Mil | 4.0% | 28 | Hold | 13F |
| Bornite Capital Management LP | $23.5 Mil | 4.0% | 17 | TRIM -20.0% | 13F |
| Peconic Partners LLC | $195.0 Mil | 3.4% | 9 | ADD +65.9% | 13F |
| TSP Capital Management Group, LLC | $12.6 Mil | 3.1% | 45 | Hold | 13F |
| Slate Path Capital LP | $203.9 Mil | 3.0% | 44 | TRIM -32.7% | 13F |
| Two Creeks Capital Management, LP | $23.5 Mil | 2.5% | 21 | New | 13F |
| Myriad Asset Management Advisors LLC | $7.5 Mil | 2.2% | 47 | Hold | 13F |
| Cumberland Advisors Inc | $5.3 Mil | 2.1% | 48 | Hold | 13F |
| Nishkama Capital, LLC | $9.8 Mil | 1.4% | 39 | New | 13F |
| Cartenna Capital, LP | $10.3 Mil | 0.4% | 41 | New | 13F |
| Goehring & Rozencwajg Associates, LLC | $7.2 Mil | 0.4% | 43 | TRIM -48.1% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Generali Powszechne Towarzystwo Emerytalne | $52.4 Mil | 9.3% | 28 | New | 13F |
| Rovida Investment Management Ltd | $51.1 Mil | 6.4% | 17 | New | 13F |
| Two Creeks Capital Management, LP | $23.5 Mil | 2.5% | 21 | New | 13F |
| Cartenna Capital, LP | $10.3 Mil | 0.4% | 41 | New | 13F |
| Nishkama Capital, LLC | $9.8 Mil | 1.4% | 39 | New | 13F |
| Peconic Partners LLC | $195.0 Mil | 3.4% | 9 | ADD +65.9% | 13F |
| General Pension Society PZU Joint Stock Co | $164.4 Mil | 25.1% | 15 | ADD +27.8% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| MBB Public Markets I LLC | $5.1 Mil | 0.5% | 27 | Exited | Dec 31, 2025 | 13F |
| Drummond Knight Asset Management Pty Ltd | $27.0 Mil | 9.5% | 14 | TRIM -65.1% | Mar 31, 2026 | 13F |
| Goehring & Rozencwajg Associates, LLC | $7.2 Mil | 0.4% | 43 | TRIM -48.1% | Mar 31, 2026 | 13F |
| Albar Capital Partners LLP | $35.8 Mil | 5.8% | 36 | TRIM -36.9% | Mar 31, 2026 | 13F |
| Powszechne Towarzystwo Emerytalne Allianz Polska S.A. | $54.2 Mil | 20.2% | 10 | TRIM -33.2% | Mar 31, 2026 | 13F |
| Slate Path Capital LP | $203.9 Mil | 3.0% | 44 | TRIM -32.7% | Mar 31, 2026 | 13F |
| Bornite Capital Management LP | $23.5 Mil | 4.0% | 17 | TRIM -20.0% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Crake Asset Management LLP | $545.2 Mil | 19.1% | 20 | Hold | 13F |
| Slate Path Capital LP | $203.9 Mil | 3.0% | 44 | TRIM -32.7% | 13F |
| Peconic Partners LLC | $195.0 Mil | 3.4% | 9 | ADD +65.9% | 13F |
| General Pension Society PZU Joint Stock Co | $164.4 Mil | 25.1% | 15 | ADD +27.8% | 13F |
| Powszechne Towarzystwo Emerytalne Allianz Polska S.A. | $54.2 Mil | 20.2% | 10 | TRIM -33.2% | 13F |
| Generali Powszechne Towarzystwo Emerytalne | $52.4 Mil | 9.3% | 28 | New | 13F |
| Rovida Investment Management Ltd | $51.1 Mil | 6.4% | 17 | New | 13F |
| Albar Capital Partners LLP | $35.8 Mil | 5.8% | 36 | TRIM -36.9% | 13F |
| Drummond Knight Asset Management Pty Ltd | $27.0 Mil | 9.5% | 14 | TRIM -65.1% | 13F |
| Bornite Capital Management LP | $23.5 Mil | 4.0% | 17 | TRIM -20.0% | 13F |
| Two Creeks Capital Management, LP | $23.5 Mil | 2.5% | 21 | New | 13F |
| TSP Capital Management Group, LLC | $12.6 Mil | 3.1% | 45 | Hold | 13F |
| Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group | $10.5 Mil | 4.0% | 28 | Hold | 13F |
| Cartenna Capital, LP | $10.3 Mil | 0.4% | 41 | New | 13F |
| Nishkama Capital, LLC | $9.8 Mil | 1.4% | 39 | New | 13F |
| Myriad Asset Management Advisors LLC | $7.5 Mil | 2.2% | 47 | Hold | 13F |
| Goehring & Rozencwajg Associates, LLC | $7.2 Mil | 0.4% | 43 | TRIM -48.1% | 13F |
| Cumberland Advisors Inc | $5.3 Mil | 2.1% | 48 | Hold | 13F |
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