Freeport-McMoRan reported adjusted earnings per share of $0.47 for the fourth quarter of 2025, surpassing the consensus range of $0.28 to $0.29. Revenue for the period reached $6.1 billion, up 8% sequentially, driven by stronger realized copper sales and a 5% increase in gold and molybdenum byproducts. Net income attributable to shareholders totaled $1.1 billion, compared with $650 million in the prior quarter.

The company faced significant operational challenges during the quarter, including unplanned downtime at its Grasberg mining complex in Indonesia and higher energy costs in North America. Unit cash costs for copper production rose to $1.45 per pound, compared to $1.30 in the third quarter, reflecting inflationary pressure on fuel, labor and freight. Maintenance turnarounds at two key smelter sites also contributed to a 4% year-over-year decline in total copper output to 1.2 billion pounds.

Freeport-McMoRan reaffirmed its 2026 copper production guidance of 4.7 to 5.0 billion pounds, anticipating sequential improvement as maintenance projects conclude. Capital expenditure is forecast at $3.8 billion, focused on expanding the Morenci mine fleet and advancing the Lone Star project. The company plans to allocate $1.5 billion to debt reduction, targeting a net debt to EBITDA ratio below 1.5x by year‐end.

At quarter-end, Freeport held $4.2 billion in cash and equivalents against $12.6 billion in total debt, a net leverage of 1.8x on an adjusted EBITDA basis. The board declared a quarterly dividend of $0.20 per share and authorized a new $1.0 billion share repurchase program. Management reiterated commitment to maintaining the investment-grade credit profile while sustaining returns through cycles.