Freeport-McMoRan Inc. (FCX): 2Q26 Earnings Review: 2026 Grasberg Ramp on Track and North American Operating Leverage Shines; Buy

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Freeport-McMoRan Inc. (FCX): 2Q26 Earnings Review: 2026 Grasberg Ramp on Track and North American Operating Leverage Shines; Buy

Equity Research

23 July 2026 | 10:15PM EDT

Freeport-McMoRan Inc. (FCX): 2Q26 Earnings Review: 2026 Grasberg

Ramp on Track and North American Operating Leverage Shines; Buy

FCX reported solid 2Q26 results with top and bottom line beats driven by higher Nick Cash

+1(212)357-6372 | nick.cash@gs.com

copper production and prices. Notable highlights in the quarter were 1) The Goldman Sachs & Co. LLC

company’s Grasberg asset, which exited June at a 69kt/d run rate, is ramping as

expected in 2026 and FCX reiterated 2026 production guidance as well as the

cadence through 2027, 2) North America drove the largest profit of the three regions

as higher prices resulted in operating leverage as higher P&D costs were off set by

higher by-product credits, 3) Leaching initiatives produced less than expected in the

quarter but FCX is planning to field test new additives in the coming quarters which

could provide a meaningful acceleration in leaching production. Despite these

positive takeaways, FCX did incrementally reduce 2028 production guidance for

Grasberg and as a result our price target moves to $73 (vs. $74 prior). We remain Buy

rated and highlight further takeaways within.

2Q26 results above expectations. FCX reported revenues of $7.03bn beat

GSe/Factset consensus of $6.74bn/$6.71bn and adj. EBITDA of $2.90bn came in well

above GSe/consensus of $2.55bn/$2.58bn with adj. EPS of $0.68 also above

GSe/consensus of $0.59/$0.62. The better than expected results came on higher

copper shipments, 710mn lbs vs. GSe/consensus of 691mn lbs and lower than

expected cash costs which came in at $1.97/lb vs. GSe/consensus of $2.14/$2.06

per lb.

2026 guidance updates.