Freeport-McMoRan reported fourth-quarter revenue of $5.63 billion, surpassing consensus forecasts by nearly $270 million. Adjusted earnings per share came in at $0.47, well above the $0.29 analysts had projected. Net income attributable to common stockholders reached $406 million, or $0.28 per share, reflecting strong commodity prices and disciplined cost management during the period.

Copper production totaled 640 million pounds, down year over year due to the September mud rush incident at the Grasberg Block Cave mine in Papua. Gold output fell to 65,000 ounces, while molybdenum production stood at 25 million pounds. Sales volumes were 709 million pounds of copper, 80,000 ounces of gold and 22 million pounds of molybdenum, with average realized prices of $5.33 per pound of copper, $4,078 per ounce of gold and $23.77 per pound of molybdenum.

At quarter end, Freeport held $3.8 billion in cash and equivalents against total debt of $9.4 billion. Capital expenditures reached $1.0 billion, including $600 million dedicated to major mining projects. Unit net cash costs for copper rose to $2.22 per pound from $1.66 a year earlier, driven by higher operating expenses related to the Grasberg suspension and higher input prices.

For full-year 2026, the company forecasts sales of approximately 3.4 billion pounds of copper, 0.8 million ounces of gold and 90 million pounds of molybdenum. This outlook assumes a phased restart of Grasberg Block Cave operations beginning in the second quarter, with roughly 60% of copper and 75% of gold sales expected in the second half. Capital spending is projected at about $4.3 billion, including $3.0 billion for major growth and sustaining projects.