Freeport-McMoRan (FCX) Q2 FY2026 earnings: revenue $7.0 billion, down 7.3% on the year

Freeport-McMoRan Inc. (FCX) reported revenue of $7.0 billion for Q2 FY2026, the quarter ended 30 June 2026, down 7.3% on the same quarter a year earlier. Net income was $984 million, up 27.5% on the year, and diluted earnings per share $0.68. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2026.

Revenue

$7.0 billion

-7.3% on the year · +12.8% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

28.5%

32.1% a year earlier

Q3 FY2024Q2 FY2026

Net income

$984 million

+27.5% on the year · +11.7% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$0.68

+28.3% on the year · +11.5% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 raised, 5 lowered, 1 narrowed, 4 new, 8 kept.

Net income and adjusted earnings reported: Net income attributable to common stock was $984 million, $0.68 per share, against $772 million a year earlier. Adjusted net income was $1.1 billion, $0.74 per share, after $96 million of after-tax charges.
Sales above April estimate on timing: Copper sales ran above the April estimate, mainly on shipment timing and improved operating performance, while molybdenum and gold moved on separate timing factors.
Ramp-up on schedule, planned rates met: PTFI began initial ramp-up of Production Blocks 2 and 3 at the end of March and reached the operating rates planned for the second quarter.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	7,029	6,234	7,582	+12.8%	-7.3%
Cost of revenue	4,843	4,579	4,950	+5.8%	-2.2%
Gross profit	2,186	1,655	2,632	+32.1%	-16.9%
Gross margin	31.1%	26.5%	34.7%
Selling, general and administrative	135	162	127	-16.7%	+6.3%
Operating income	2,003	2,137	2,432	-6.3%	-17.6%
Operating margin	28.5%	34.3%	32.1%
Pre-tax income	1,930	2,034	2,391	-5.1%	-19.3%
Income tax	544	653	850	-16.7%	-36.0%
Effective tax rate	28.2%	32.1%	35.5%
Net income	984	881	772	+11.7%	+27.5%
Net margin	14.0%	14.1%	10.2%
Diluted EPS	$0.68	$0.61	$0.53	+11.5%	+28.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	2,048	1,495	2,195	+37.0%	-6.7%
Capital expenditure	n/a	973	1,261
Free cash flow	n/a	522	934
Free cash flow margin	n/a	8.4%	12.3%
Cash from investing	-1,192	-985	-1,256
Cash from financing	-514	-534	-1,063
Depreciation and amortisation	523	514	668	+1.8%	-21.7%
Share-based compensation	35.0	68.0	20.0	-48.5%	+75.0%
Buybacks	110	93.0	52.0	+18.3%	+111.5%
Dividends paid	216	218	215	-0.9%	+0.5%
Dividend per share	$0.15	$0.15	$0.15	0.0%	0.0%
Diluted shares, weighted	1,443m	1,444m	1,443m	-0.1%	0.0%
Shares outstanding at period end	1,436m	1,438m	1,436m	-0.1%	+0.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	20,109	19,505	18,208	+3.1%	+10.4%
Non-controlling interest	12,113	12,006	11,788	+0.9%	+2.8%
Debt	9,386	9,414	9,251	-0.3%	+1.5%
Operating lease liabilities	973	987	n/a	-1.4%
Other liabilities	17,146	16,928	17,245	+1.3%	-0.6%
Total liabilities and equity	59,727	58,840	56,492	+1.5%	+5.7%
Fixed assets	41,705	41,101	39,835	+1.5%	+4.7%
Cash and equivalents	4,080	3,737	4,490	+9.2%	-9.1%
Receivables	716	681	941	+5.1%	-23.9%
Other assets	13,226	13,321	11,226	-0.7%	+17.8%
Total assets	59,727	58,840	56,492	+1.5%	+5.7%

Questions

What was Freeport-McMoRan's revenue in Q2 FY2026?

Freeport-McMoRan (FCX) reported revenue of $7.0 billion for Q2 FY2026, the quarter ended 30 June 2026, down 7.3% on the same quarter a year earlier.

How much did Freeport-McMoRan earn in Q2 FY2026?

Net income for Q2 FY2026 was $984 million, up 27.5% on the year, and diluted earnings per share $0.68.

When did Freeport-McMoRan report Q2 FY2026 results?

Freeport-McMoRan filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 6 August 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	6,164	6,603	5,416	5,003	5,758	5,389	5,737	5,824	5,905	6,321	6,624	6,790	5,720	5,728	7,582	6,972	5,633	6,234	7,029	7,546
Cost of revenue	3,723	3,639	3,528	3,899	4,023	3,564	4,096	4,086	3,949	4,439	4,384	4,677	4,295	4,222	4,950	4,830	4,616	4,579	4,843	4,999
Gross profit	2,441	2,964	1,888	1,104	1,735	1,825	1,641	1,738	1,956	1,882	2,240	2,113	1,425	1,506	2,632	2,142	1,017	1,655	2,186	2,547
Gross margin	40%	45%	35%	22%	30%	34%	29%	30%	33%	30%	34%	31%	25%	26%	35%	31%	18%	27%	31%	34%
SG&A	94.0	115	100	98.0	107	126	115	118	120	144	123	117	129	154	127	131	133	162	135	131
Operating income	2,305	2,809	1,736	962	1,530	1,601	1,410	1,492	1,722	1,634	2,049	1,938	1,243	1,303	2,432	1,972	811	2,137	2,003	2,353
Operating margin	37%	43%	32%	19%	27%	30%	25%	26%	29%	26%	31%	29%	22%	23%	32%	28%	14%	34%	28%	31%
Pre-tax income	1,973	2,713	1,599	867	1,536	1,538	1,268	1,472	1,728	1,674	2,030	1,963	1,240	1,291	2,391	1,924	766	2,034	1,930	2,292
Tax rate	32%	30%	36%	36%	36%	32%	43%	35%	42%	31%	37%	38%	42%	39%	36%	35%	26%	32%	28%	27%
Net income	1,106	1,527	840	404	697	663	343	454	388	473	616	526	274	352	772	674	406	881	984	1,174
Net margin	18%	23%	16%	8%	12%	12%	6%	8%	7%	7%	9%	8%	5%	6%	10%	10%	7%	14%	14%	16%
Diluted EPS	$0.75	$1.04	$0.57	$0.28	$0.48	$0.46	$0.23	$0.31	$0.27	$0.32	$0.42	$0.36	$0.19	$0.24	$0.53	$0.46	$0.28	$0.61	$0.68	$0.81
Operating cash flow	2,280	1,691	1,621	758	1,069	1,050	1,673	1,236	1,320	1,896	1,956	1,872	1,436	1,058	2,195	1,664	693	1,495	2,048	1,981
Capital expenditure	771	723	863	836	1,047	1,121	1,163	1,178	1,362	1,254	1,116	1,199	1,239	1,172	1,261	1,056	1,005	973	n/a	n/a
Free cash flow	1,509	968	758	-78.0	22.0	-71.0	510	58.0	-42.0	642	840	673	197	-114	934	608	-312	522	n/a	n/a
Buybacks	488	541	644	162	0.0	0.0	0.0	0.0	0.0	0.0	0.0	59.0	0.0	55.0	52.0	0.0	0.0	93.0	110	102
Dividends paid	111	220	218	214	214	217	215	215	216	218	215	216	216	218	215	216	216	218	216	216
Shares outstanding	1,455m	1,449m	1,429m	1,429m	1,431m	1,433m	1,434m	1,434m	1,434m	1,436m	1,437m	1,437m	1,437m	1,436m	1,436m	1,436m	1,437m	1,438m	1,436m	1,435m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2026, filed 6 August 2026: the filing.