Freeport-McMoRan (FCX) Q4 2025 earnings summary

Executive summary

• Achieved strong financial and operational performance in 2025, with copper and gold sales exceeding estimates and favorable unit net cash costs, despite the Grasberg mudflow incident impacting annual copper volumes by about 10%.

• Maintained a diversified copper asset portfolio, with robust U.S. and South American performance, and advanced operational initiatives including leach and Bagdad expansion.

• Grasberg Block Cave mine in Indonesia is on track for a phased restart in Q2 2026, with unaffected Indonesian mines already restarted.

• Strong financial position with $3.8 billion in cash, investment-grade credit ratings, and $5.7 billion distributed to shareholders since mid-2021.

• Positioned for long-term value creation, focusing on execution, innovation, and scaling low-cost leach production.

Financial highlights

• 2025 copper production: 3.4 billion lbs; gold: 1.1 million ozs; molybdenum: 92 million lbs.

• Adjusted EBITDA for 2025 was $9.9 billion, with operating cash flow of $5.6 billion (net of $1.3 billion working capital uses).

• 2025 revenues: $25.9 billion; net income attributable to common stock: $2.2 billion; diluted EPS: $1.52.

• Consolidated unit net cash costs for 2025 were $1.65 per pound, within 3% of guidance.

• Capital expenditures for 2025 totaled $4.5 billion.

Outlook and guidance

• 2026 copper sales expected at 3.4 billion lbs, gold at 0.8 million ozs, and molybdenum at 90 million lbs.

• 2026 unit net cash costs for copper expected to average $1.75/lb, with Q1 2026 at $2.60/lb, declining as Indonesian operations ramp up.

• 2026 operating cash flows projected at $8 billion (at $5.00/lb copper), with potential to reach $11 billion at recent spot prices.

• Capital expenditures expected at $4.3–4.5 billion in 2026 and 2027, with $3.0 billion for major projects.

• Grasberg Block Cave phased restart planned for Q2 2026, ramping up to 100k t/d by 2H26.