FCX · 10-Q · 2026Q2 · Full report
Revenue Performance and Mix
FREEPORT-MCMORAN INC · 2026-08-06 · Importance 49 · Surprise 32 · No source text
Consolidated revenues decreased 7% year over year to $7.0 billion in second-quarter 2026 from $7.6 billion, while first-half revenues were essentially flat at $13.3 billion. Second-quarter copper, gold and molybdenum realized prices increased 36%, 37% and 36%, respectively, but lower copper and gold sales volumes primarily reflected reduced operating rates at PT Freeport Indonesia during the Grasberg Block Cave ramp-up. Atlantic Copper revenues increased to $1.0 billion in the second quarter and $2.0 billion in the first half, from $0.8 billion and $1.6 billion, respectively, because of higher metals prices partly offset by lower volumes. U.S. copper mines generated $4.3 billion of first-half unaffiliated revenue, South America generated $3.0 billion, Indonesia generated $2.6 billion and Atlantic Copper generated $2.0 billion.
Key facts
- 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. source
- Our average realized prices in second-quarter 2026, compared with second-quarter 2025, were 36% higher for copper, 37% higher for gold and 36% higher for molybdenum. source
- Consolidated revenues totaled $7,029 million in second-quarter 2026, $7,582 million in second-quarter 2025 and $13,263 million for the first six months of 2026 and $13,310 million for the first six months of 2025. source
- Net income attributable to common stockholders totaled $984 million in second-quarter 2026 and $772 million in second-quarter 2025. source
- At June 30, 2026, we had provisionally priced copper sales totaling 202 million pounds (99 million pounds net of intercompany sales and noncontrolling interests) recorded at an average price of $6.07 per pound. source
- We estimate each $0.05 change in the June 30, 2026 recorded provisional price would have an approximate $9 million effect on 2026 revenues ($3 million to 2026 net income attributable to common stock). source
- For the three months ended June 30, 2026, U.S. copper mines revenues, excluding adjustments, were $1,946 million and gross profit per pound of copper was $2.76. source
- For the three months ended June 30, 2025, U.S. copper mines revenues, excluding adjustments, were $1,485 million and gross profit per pound of copper was $1.24. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +55.9% | For the six months ended June 30, 2026, U.S. copper mines revenues, excluding adjustments, were $3,866 million and gross profit per pound… |
| revenue | positive | realized | +42.9% | For the six months ended June 30, 2026, South America operations revenues, excluding adjustments, were $2,969 million and gross profit per… |
| revenue | positive | realized | +28.1% | For the three months ended June 30, 2026, U.S. copper mines revenues, excluding adjustments, were $1,946 million and gross profit per… |
| revenue | positive | realized | +21.6% | For the three months ended June 30, 2026, South America operations revenues, excluding adjustments, were $1,496 million and gross profit… |
| net_income | positive | realized | +11.6% | 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… |
| revenue | negative | realized | -8.0% | Consolidated revenues totaled $7,029 million in second-quarter 2026, $7,582 million in second-quarter 2025 and $13,263 million for the… |
| net_income | positive | realized | +3.1% | Net income attributable to common stockholders totaled $984 million in second-quarter 2026 and $772 million in second-quarter 2025. |
| revenue | negative | realized | -0.7% | Consolidated revenues totaled $7,029 million in second-quarter 2026, $7,582 million in second-quarter 2025 and $13,263 million for the… |
| revenue | positive | probable | +0.1% | We estimate each $0.05 change in the June 30, 2026 recorded provisional price would have an approximate $9 million effect on 2026 revenues… |
| net_income | positive | probable | +0.0% | We estimate each $0.05 change in the June 30, 2026 recorded provisional price would have an approximate $9 million effect on 2026 revenues… |
| revenue | positive | realized | — | Our average realized prices in second-quarter 2026, compared with second-quarter 2025, were 36% higher for copper, 37% higher for gold and… |