Freeport-McMoRan reported fourth-quarter adjusted earnings of $0.47 per share on revenues of $5.63 billion, beating consensus estimates by $0.19 and $210 million respectively. Revenue declined 1.5% year-over-year due to lower volumes at Grasberg, but net margin remained at a healthy 8.5%. Return on equity stood at 8.5%, driven by cost discipline and by-product credits, while operating cash flow for the quarter reached $1.9 billion.

For 2026 the company forecasts copper sales of 3.4 billion pounds, with U.S. leach asset production up 8% despite a temporary Grasberg shutdown. Grasberg is scheduled for a phased restart in Q2 and to reach 85% capacity by H2. Capital expenditures are pegged at $4.3–$4.5 billion, including $150 million for early works at the Bagdad mine. Management expects to leverage tightening global inventories—projected at just 14 days of supply—to support higher long-term copper prices.

Twenty-two brokerages cover Freeport-McMoRan: sixteen recommend Buy, three Strong Buy and three Hold. The average 12-month price objective is $58.40. UBS and Morgan Stanley have both raised targets to $70, while CICC Research lifted its target to $64.40. The consensus Buy rating reflects broad optimism on supply constraints, demand from data centers and electrification trends.

Corporate insiders sold a combined 38,000 shares in December, including CAO Stephen Higgins (28,423 shares) and CAO Ellie Mikes (9,572 shares), reducing their holdings by over 20%. Institutional ownership stands at 80.77%. Notable moves include Lebenthal Global Advisors adding 10,855 shares to reach a 24,109-share position worth $946,000, while Mirae Asset Global trimmed 36,212 shares. Key balance-sheet metrics: debt-to-equity ratio of 0.29, current ratio of 2.29 and quick ratio of 1.05.