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Sep 30, 2025
Freeport-McMoRan Q3 2025 Earnings Report
Freeport-McMoRan posted solid Q3 results despite operational setbacks in Indonesia.
Key Takeaways
Freeport-McMoRan reported strong financial performance in Q3 2025 with $674M in net income, driven by high copper and gold prices. However, a tragic mud rush incident in Indonesia disrupted production and impacted overall sales volumes.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Freeport expects lower Q4 contribution from Indonesia due to the mud rush incident, with a phased ramp-up through 2026. Full-year copper and gold sales forecasts were revised to reflect the operational disruptions.
Positive Outlook
- Strong commodity pricing for copper and gold supports revenues
- Operating cash flow of $1.7B in Q3 and $5.5B expected for full year
- Average copper unit net cash costs beat guidance at $1.40/lb
- Robust capital discipline with reduced capex forecast
- Ongoing leaching and technology initiatives improving recovery rates
Challenges Ahead
- Significant production impact from Indonesian mud rush incident
- Q4 guidance assumes minimal output from Indonesian operations
- Higher idle facility costs expected in Q4 and beyond
- Elevated molybdenum unit costs compared to historical norms
Historical Earnings Impact
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Avg. Return Before/After Earnings
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