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Dec 31, 2025
Freeport-McMoRan Q4 2025 Earnings Report
Freeport-McMoRan reported solid copper and gold sales in Q4 2025 despite operational challenges.
Key Takeaways
Freeport-McMoRan delivered strong quarterly results with better-than-expected copper and gold sales, driven by inventory reductions and favorable pricing. Operations in Indonesia were impacted by a mud rush incident but the company remains on track for a phased restart in 2026.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Freeport expects improved volumes in 2026 with a phased restart at Grasberg and continued strength in pricing, but faces cost pressure and operational risks.
Positive Outlook
- Phased restart of Grasberg Block Cave mine expected in Q2 2026
- Projected copper sales of 3.4 billion pounds in 2026
- Expected gold sales of 0.8 million ounces in 2026
- Operating cash flows could reach $11 billion under favorable price assumptions
- Leaching innovations targeting 300 million pounds of added copper in 2026
Challenges Ahead
- High unit net cash costs expected in early 2026 ($2.60/lb in Q1)
- Mud rush incident at Grasberg continues to impact operations
- PTFI to incur idle facility costs during restart
- Smelting operations running below capacity until mid-2026
Historical Earnings Impact
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Avg. Return Before/After Earnings
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