FREEPORT-MCMORAN INC has recently released its 10-Q report. Freeport-McMoRan Inc. mines mineral properties in North America, South America and Indonesia, with production focused on copper, gold, molybdenum, silver and other metals. Its major assets include the Grasberg district in Indonesia, several large copper mines in Arizona and New Mexico, and operations in Peru and Chile. The company is headquartered in Phoenix and was incorporated in 1987.
In Item 2, Management’s Discussion and Analysis, Freeport said first-quarter 2026 net income attributable to common stockholders rose to $881 million from $352 million a year earlier, helped by higher average realized copper and gold prices and a gain from the insurance settlement tied to the September 2025 mud rush incident at Grasberg. That gain was partly offset by lower copper sales volumes from PT Freeport Indonesia.
At March 31, 2026, consolidated debt stood at $9.4 billion and cash and cash equivalents at $3.7 billion, leaving net debt of $2.4 billion excluding $3.2 billion of debt tied to PTFI’s smelter and precious metals refinery. The company also reported $3.0 billion of availability under its revolving credit facility, while PTFI and Cerro Verde had $1.5 billion and $350 million of availability, respectively.
During the quarter, Freeport repurchased 1.7 million shares for $93 million at an average cost of $54.25 a share. By April 30, 2026, it had bought back 53.7 million shares at an average cost of $39.01 a share and still had $2.9 billion remaining under its $5.0 billion repurchase program.
For 2026, Freeport projected consolidated copper sales of 3.078 billion recoverable pounds, including 1.367 billion pounds from U.S. mines, 1.048 billion pounds from South America and 663 million pounds from Indonesia. It also forecast 650 thousand ounces of gold and 90 million pounds of molybdenum.
The company cut its 2026 copper sales outlook from 3.4 billion pounds and its gold outlook from 0.8 million ounces, citing a delay in fully ramping the Grasberg Block Cave underground mine while ore-loading system modifications are completed. Second-quarter 2026 sales are expected to approximate 690 million pounds of copper, 140 thousand ounces of gold and 22 million pounds of molybdenum.
Freeport said consolidated unit net cash costs for its copper mines are expected to average $1.95 per pound for 2026, including $2.24 per pound in the second quarter, assuming gold averages $4,500 an ounce and molybdenum $25 a pound for the rest of the year. Idle facility and restoration costs tied to the Grasberg incident are expected to total $1.3 billion in 2026, including $300 million in the second quarter.
The company projected 2026 operating cash flows of about $8.7 billion, including $200 million from working capital and other sources, based on assumed average copper prices of $6.00 a pound, gold at $4,500 an ounce and molybdenum at $25 a pound. Capital expenditures are expected to total $4.3 billion, including $3.0 billion for major projects and $1.3 billion for sustaining capital and other spending. The market has reacted to these announcements by moving the company's shares 1.72% to a price of $61.65. If you want to know more, read the company's complete 10-Q report here.
