FCX · Full Picture

FREEPORT-MCMORAN INC — the full picture

Earnings window · 2026-07-16 to 2026-08-09 · anchored on the 10-Q report

One earnings window, everything merged: the filing, the call, press releases and news digests, folded into ranked threads.

What to look at first

  1. Guidance and Outlook · Guidance & outlookPriority 92
    -52.8% operating_income; 2 sources (news, sec_filing); 8 forward row(s); quote_verified
    Projected consolidated sales volumes for the year 2026: U.S. copper mines 1,360 million recoverable pounds; South America operations 1,022 million recoverable pounds; Indonesia operations (implied) total leading to consolidated total 3,057 million recoverable pounds of copper.
  2. PTFI Mud Rush Restoration and Ramp-Up · UnclassifiedPriority 89
    -27.5% operating_income; 5 forward row(s); structured_verified
    Idle facility and restoration costs are expected to approximate $1.2 billion for the year 2026, including $0.3 billion in third-quarter 2026.
  3. Noncontrolling Interest Distributions · UnclassifiedPriority 84
    -14.5% net_income; 1 forward row(s); structured_verified
    Based on current estimates and assuming prices of $6.00/lb copper, $4,000/oz gold and $30.00/lb molybdenum for second half 2026, we estimate net income attributable to noncontrolling interests will approximate $2.0 billion for the year 2026, representing approximately 24% of consolidated income before income taxes.
  4. Income Tax Rate Changes · TaxPriority 78
    -18.8% net_income; 2 forward row(s); quote_verified
    Estimated consolidated operating cash flows for the year 2026 include a projected income tax provision of $2.6 billion.
  5. Revenue Performance and Mix · Revenue growth & mixPriority 76
    +0.1% revenue; 2 sources (news, sec_filing); 2 forward row(s); structured_verified
    Net income attributable to common stockholders totaled $1.9 billion for the first six months of 2026 and $1.1 billion for the first six months of 2025.
  6. Indonesia Operations Disruption · UnclassifiedPriority 75
    +22.3% revenue (realized); quote_verified
    For the three months ended June 30, 2026, Indonesia operations total revenues were $1,540 million and gross profit per pound of copper was $3.47.
  7. Capital Expenditure Outlook · UnclassifiedPriority 73
    -3.6% cash; 3 forward row(s); structured_verified
    Expected capital expenditures for the year 2026: Major projects $3.0 billion; Sustaining capital and other $1.3 billion; Total $4.3 billion.
  8. Kucing Liar Development · UnclassifiedPriority 67
    +3.4% assets; 4 forward row(s); quote_verified
    Capital investments for Kucing Liar are estimated to approximate an additional $4 billion through 2033, averaging approximately $0.5 billion per year.
  9. Leaching Technology Initiatives · UnclassifiedPriority 62
    2 forward row(s); quote_verified
    We are targeting reaching an annual run rate of 300 million pounds of copper from leaching initiatives by the end of 2026.
  10. El Abra Expansion Project · Capacity & footprint expansionPriority 59
    +1.9% assets; 4 forward row(s); structured_verified
    Preliminary estimates indicate El Abra project capital costs would approximate $7.5 billion based on estimates prepared in 2024 and project economics would be supported using an incentive copper price of less than $4.00 per pound.
  11. Integrated Processing Network · UnclassifiedPriority 59
    +8.7% revenue (realized); quote_verified
    Revenues at Atlantic Copper totaled $1.0 billion in second-quarter 2026, $0.8 billion in second-quarter 2025, $2.0 billion for the first six months of 2026 and $1.6 billion for the first six months of 2025.
  12. Capital Return Program · Buybacks & dividendsPriority 57
    -3.7% cash (realized); quote_verified
    As of July 31, 2026, we have acquired a total of 55.4 million shares for $39.80 average cost per share and have $2.8 billion available under our $5.0 billion share repurchase program.

Threads by pillar

Revenue & Demand Priority 79 · 2 threads

Costs & Margins Priority 53 · 2 threads

Capital & Balance Sheet Priority 86 · 4 threads

Strategy & Portfolio Priority 75 · 4 threads

Legal, Regulatory & Policy Priority 60 · 3 threads

Guidance & Outlook Priority 92 · 1 thread

Macro & Market Conditions Priority 34 · 1 thread

Management & Governance Priority 27 · 1 thread

Shareholders & Street Priority 33 · 1 thread

Unclassified Priority 99 · 5 threads

Expected impact by metric

metricforward netforward grossrealized
operating_income-82.0%+82.0%-17.9%
net_income-33.2%+33.3%+22.9%
cash+0.9%+20.1%-4.4%
assets+9.5%+9.5%+2.4%
liability+0.1%+1.8%—
revenue+0.1%+0.1%+170.8%