Freeport-McMoRan reported adjusted earnings per share of $0.47 for the fourth quarter of 2025, well above the consensus analyst range of $0.28 to $0.29. Revenue for the period came in at $6.3 billion, driven by higher realized copper prices averaging $4.20 per pound and record sales volumes from the Grasberg operation in Indonesia. The company’s cash operating margin widened to $1.75 per pound of copper sold, compared with $1.50 in the year-ago quarter, reflecting disciplined cost management and ongoing productivity improvements across its North and South American mining complexes.

Despite the robust quarterly performance, Freeport-McMoRan faced significant headwinds including labor disruptions at its Morenci mine in Arizona and higher diesel and power costs in its African operations. Production in 2025 totaled 3.0 billion pounds of copper, down 5% year-over-year, and the company now forecasts 2026 copper output of 2.8 to 3.0 billion pounds, citing ongoing capital work at Grasberg and a scheduled maintenance shutdown at Cerro Verde. Freeport expects full-year 2026 unit costs to rise by 8% to an all-in sustaining cost of $2.05 to $2.15 per pound, a range that incorporates higher energy expenses and incremental royalties under recently enacted Indonesian legislation.