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 in Indonesia.

• Grasberg Block Cave mine is on track for a phased restart in Q2 2026, with 85% of production expected restored in the second half of 2026; unaffected Indonesian mines were restarted.

• Maintained a robust balance sheet, investment-grade credit ratings, and distributed $5.7 billion to shareholders since mid-2021.

• Focus areas for 2026 include execution, scaling leach initiatives, innovation, and disciplined investment in growth.

• Fourth-quarter 2025 net income attributable to common stock was $406 million ($0.28/share); adjusted net income was $688 million ($0.47/share), excluding $282 million in after-tax net charges mainly from the September 2025 mud rush incident and oil & gas asset impairments.

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, in line with 2024; operating cash flow was $5.6 billion (net of $1.3 billion working capital uses).

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

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

• Distributed $5.7 billion to shareholders through dividends and share repurchases.

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 H2 costs at $1.25/lb.

• 2026 operating cash flows projected at $8 billion (at $5.00/lb copper); could reach $11 billion at recent spot prices.

• Capital expenditures for 2026 expected at $4.3 billion, with $3.0 billion for major projects and $1.6–1.7 billion/year in discretionary projects, half for Kucing Liar and LNG at Grasberg.

• Grasberg Block Cave phased restart planned for Q2 2026, ramping up to 100k t/d by H2 2026.