FREEPORT-MCMORAN (FCX) Company Report

Freeport closed 2025 with unit net cash costs of $1.65/lb and Adjusted EBITDA of ~$10 billion, despite a ~10% volume shortfall from the Grasberg incident.
Q4 2025 US production rose 5% YoY, lifting operating income to 3.5× Q4 2024 levels, while Indonesian sales exceeded production by ~60 million lbs ahead of smelter restarts.
Grasberg Block Cave recovery is on schedule: Blocks 2 & 3 to restart in Q2 2026 (restoring ~85% of district output in H2 2026); PB1S by mid-2027 and PB1C by late 2027.
For 2026, Freeport targets a H2 run rate of ~1 billion lbs copper sales per quarter, unit net cash costs of $1.75/lb (with H2 at ~$1.25/lb), and capex of $4.3–4.5 billion.

11 hours ago

Transcript

Freeport-McMoRan reports Q4 and full-year 2025 results

FCX

Earnings

Guidance Update

New Projects/Investments

Reported Adjusted EBITDA of nearly $10 billion in 2025 and delivered a unit net cash cost of $1.65/lb (within 3% of guidance), underpinned by a diversified copper portfolio.
U.S. operations drove strong Q4 results—with operating income 3.5× Q4 2024 and production up 5% YoY—and the Grasberg block cave restart remains on track for Q2 2026, restoring ~85% of district output by H2 2026.
2026 outlook calls for a unit net cash cost of $1.75/lb, with H2 costs normalizing to $1.25/lb, and modeled EBITDA of $11–$19 billion at copper prices of $4–$6/lb.
Advancing low-cost growth: scaling leach recovery (targeting ~$300 million cash in 2026 en route to $800 million p.a.), pursuing a Bagdad expansion FID in H2 2026, and adding over 17 billion lbs of copper reserves at the El Abra expansion.

13 hours ago

Transcript

Freeport reports Q4 2025 results and 2026 outlook

FCX

Earnings

Guidance Update

New Projects/Investments

Freeport delivered nearly $10 billion Adjusted EBITDA in 2025, with consolidated net unit cash costs of $1.65/lb, despite the Grasberg incident reducing annual copper volumes by ~10%.
For 2026, Freeport forecasts average unit net cash costs of $1.75/lb (with H2 costs around $1.25/lb) and a quarterly sales run rate of $1 billion in H2 2026, with modest volume adjustments from prior guidance.
Grasberg Block Cave restart remains on track: PB2/3 startup in Q2 2026 (97% mud removal complete), PB1S by mid-2027 and PB1C by end-2027, targeting restoration of 85% of district production in H2 2026.
U.S. operations grew production 5% in 2025 vs. 2024 and are targeting 8% growth in 2026 driven by leach recovery initiatives that generated $200 million in 2025 and aim for $300 million in 2026.
Key growth projects include adding 17 billion lbs of copper reserves at El Abra, advancing Bagdad SX-EW expansion FEED for a mid-2026 investment decision, and ramping up Kucing Liar post-2030.

13 hours ago

Transcript

Freeport reports Q4 2025 results

FCX

Earnings

Guidance Update

New Projects/Investments

Net income attributable to common stock of $406 million ($0.28 per share) and adjusted net income of $688 million ($0.47 per share) in Q4 2025.
Consolidated Q4 production of 640 million lbs of copper, 65 thousand oz of gold and 25 million lbs of molybdenum, with sales of 709 million lbs of copper, 80 thousand oz of gold and 22 million lbs of molybdenum.
2026 guidance: copper sales ~3.4 billion lbs, gold ~0.8 million oz, molybdenum ~90 million lbs; unit net cash costs ~$1.75/lb; operating cash flow ~$8 billion (up to ~$11 billion at recent prices).
Phased restart of Grasberg Block Cave underground mine planned in 2Q 2026; ongoing progression of organic copper growth projects.
Strong financial position at Dec 31, 2025: consolidated debt $9.4 billion, cash $3.8 billion, net debt $2.3 billion; capex of $1.0 billion in Q4 and $4.5 billion for full year 2025, with ~$4.3 billion expected in 2026.

17 hours ago

8-K

Freeport-McMoRan reminded of January 12, 2026 class action lead plaintiff deadline

FCX

Legal Proceedings

Lead plaintiff deadline of January 12, 2026 for investors to file in Freeport-McMoRan’s federal securities class action
Class period covers purchases from February 15, 2022 to September 24, 2025
Complaint alleges Freeport failed to disclose heightened safety risks and made false or misleading statements about operations at the Grasberg Block Cave mine in Indonesia
On September 9, 2025, after suspending mining for a “large flow of wet material” that trapped seven workers, stock fell $2.77 (5.9%) to $43.89
On September 24, 2025, after disclosing two fatalities at Grasberg, stock fell $7.69 (17%) to $37.67

Jan 12, 2026, 10:26 PM

Press Release

Freeport-McMoran class action lead plaintiff deadline set for January 12, 2026

FCX

Legal Proceedings

Faruqi & Faruqi is investigating potential securities claims for anyone who acquired Freeport-McMoRan (NYSE: FCX) securities between February 15, 2022 and September 24, 2025, with a lead plaintiff deadline of January 12, 2026.
The complaint alleges Freeport misled investors about safety protocols at its Grasberg Block Cave mine in Indonesia, which preceded a suspension of operations and worker fatalities.
Following disclosures of the incident, Freeport’s stock fell by 5.9% on September 9, 2025, 17% on September 24, 2025, and 6.2% on September 25, 2025, injuring investors.
Investors and whistleblowers with relevant information are encouraged to contact Faruqi & Faruqi to discuss potential participation and lead plaintiff opportunities.

Jan 8, 2026, 6:18 PM

Press Release

Freeport-McMoRan investors deadline to seek lead plaintiff status

FCX

Legal Proceedings

Deadline: Investors who acquired FCX securities between February 15, 2022 and September 24, 2025 have until January 12, 2026 to seek lead plaintiff status in the class action lawsuit.
Allegations: The lawsuit contends that Freeport-McMoRan misled investors by underreporting safety risks at the Grasberg Block Cave mine in Indonesia, exposing the company to heightened regulatory, litigation, and reputational risk.
Market impact: Following disclosures in September 2025—suspension of mine operations on September 9 (≈ 6% share drop), reporting two fatalities and potential 35% production cut on September 24 (≈ 17% drop), and a Bloomberg article on September 25 (> 6% drop)—FCX shares experienced significant volatility.
Lead plaintiff representation: Robbins Geller Rudman & Dowd LLP invites eligible investors to contact by January 12, 2026 to lead the litigation and pursue potential recovery of losses on behalf of the class.

Jan 8, 2026, 5:30 PM

Press Release

Freeport-McMoRan faces securities class action investigation

FCX

Legal Proceedings

Faruqi & Faruqi, LLP is investigating claims that Freeport-McMoRan made false or misleading statements and failed to disclose safety and regulatory risks at its Grasberg Block Cave mine.
The firm reminds investors who purchased Freeport securities between Feb. 15, 2022 and Sept. 24, 2025 of the Jan. 12, 2026 deadline to seek lead plaintiff status in the securities class action.
The complaint alleges undisclosed safety risks led to fatal injuries and regulatory fallout, triggering stock drops of 5.9% on Sept. 9, 17% on Sept. 24, and 6.2% on Sept. 25, 2025.
Investors and whistleblowers with relevant information are encouraged to contact partner Josh Wilson directly at Faruqi & Faruqi.

Jan 6, 2026, 2:50 PM

Press Release

Freeport-McMoRan under shareholder alert for safety disclosure issues

FCX

Legal Proceedings

Faruqi & Faruqi, LLP is investigating claims on behalf of investors who purchased Freeport-McMoRan securities between February 15, 2022 and September 24, 2025.
Investors have until January 12, 2026 to seek appointment as lead plaintiff in the federal securities class action.
The complaint alleges Freeport failed to ensure adequate safety at its Grasberg Block Cave mine, exposing workers to foreseeable fatal risks and creating undisclosed regulatory and reputational liabilities.
Following disclosures of a mining suspension and fatalities, Freeport’s stock fell 5.9% on September 9, 17% on September 24, and 6.2% on September 25, 2025.

Dec 26, 2025, 3:55 PM

Press Release

Freeport-McMoRan shares jump on Wells Fargo boost

FCX

Freeport shares climbed ~2.7%–2.85% on renewed investor enthusiasm amid a sharp copper rally.
Profitability remains strong, with an EBIT margin of ~27.6% and a gross margin of ~70.5%.
Technically, the stock has broken resistance at $52–$53, and analysts have raised targets toward the mid-$50s.
Operating cash flow of $1.664 billion underpins capex and dividends, but valuation is rich at a P/E in the mid-30s, and investors should note operational and legal risks.