Freeport-McMoRan Inc. Q3 2026 Earnings Recap

Freeport-McMoRan shares rose 1.2%, a roughly flat reaction. The quarter included higher year-over-year earnings and continued Grasberg ramp-up progress, while U.S. operations faced weather disruptions; management expects fourth-quarter copper sales to be the strongest of the year.

Key Takeaways

• Consolidated net income increased more than 80% year over year, according to management, supported by operational execution and favorable metal prices.
• Grasberg was 67% through its ramp-up; management said progress continued and expressed confidence toward full scale.
• Copper sales increased in each of the last three quarters, with the company expecting fourth-quarter sales to be its strongest of the year.
• U.S. mining operating income more than doubled year over year, but extreme weather disrupted operating momentum and continued into the fourth quarter.
• Freeport returned nearly $1 billion to shareholders year-to-date, including $300 million in share purchases.