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Jun 30, 2025
Freeport-McMoRan Q2 2025 Earnings Report
Freeport-McMoRan reported strong Q2 2025 results with higher copper and gold sales, benefiting from favorable U.S. copper pricing and successful smelter start-up in Indonesia.
Key Takeaways
Freeport-McMoRan delivered solid quarterly performance, with net income rising to $772M and revenue reaching $7.58B. Copper and gold sales volumes exceeded guidance, driven by favorable pricing and operational improvements.
Net income rose to $772M with EPS of $0.53
Copper and gold sales volumes exceeded April 2025 guidance
Operating cash flow totaled $2.2B for the quarter
Start-up of the new Indonesia smelter commenced, with copper cathode production expected by end of July 2025
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Freeport expects strong full-year performance driven by favorable copper and gold pricing, increased U.S. production, and the ramp-up of its Indonesia smelter.
Positive Outlook
- Full-year copper sales expected to reach 3.95B lbs
- Gold sales expected to total 1.3M oz in 2025
- Molybdenum sales expected to reach 82M lbs for 2025
- U.S. copper production to benefit from higher domestic prices
- Ramp-up of new Indonesia smelter by year-end 2025
Challenges Ahead
- Lower ore grades in Indonesia and South America affecting production
- Potential tariff impacts under U.S. Section 232 investigation
- Unit net cash costs projected to increase to $1.55/lb for copper in 2025
- Smelter ramp-up timing risks in Indonesia
Historical Earnings Impact
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Avg. Return Before/After Earnings
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