Freeport-McMoRan Q2 FY26 net income rises to $1 billion; revenue falls to $7 billion

Grasberg Block Cave ramp-up met expectations and stayed on schedule; 2026 outlook reiterated at 3.1 billion pounds of copper and $4.3 billion of capex.

Copper sales totaled 710 million pounds at an average realized price of $6.17 per pound; unit net cash costs rose to $1.97 per pound from $1.13.

Adjusted EBITDA, a non-GAAP measure, climbed to $2.9 billion from $2 billion; capital expenditures declined to $1.1 billion from $1.3 billion.

Freeport-McMoRan posted 2Q26 net income attributable to common stock of $1 billion, or $0.68 per diluted share, up from $0.8 billion a year earlier.

Revenue fell to $7 billion from $7.6 billion, while operating cash flows eased to $2 billion from $2.2 billion.