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Critical MaterialsPublic

Freeport-McMoRan

No base rate yet — FCX has 2 graded prints on the record, and the bar is 3.Website
Ticker
FCX
Beat
critical materials
Size
Public Company
Revenue
$7.0B
as of Jun 2026
Cash
$4.1B
as of Jun 2026
Researched · Fresh
1 day ago

A world-class copper-and-gold orebody wrapped in a structurally leaky holding company — you buy FCX for the copper supercycle and the Grasberg restart, but ~half of every Indonesian dollar exits to the Indonesian state before it reaches your share, and Grasberg execution (not the copper price) is what actually decides the stock through 2027.

Orbit · who it trades with and competes with
4 on the rings · 1 trade · 3 rival
4 mentions across our dossiers
Focus · Critical materials
Freeport-McMoRan
FCX · public
No published house view
Trades with
Competes with
Links · 4 companies · 1 trade · 3 rival
“Antofagasta ANTO LN n/a n/a n/a n/a (named as Chilean pure-play peer, no clean multiple sourced)”Antofagasta · RIVAL · from Freeport-McMoRan’s dossier
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Price

Weekly closes

FCX · weekly close
62.47 USD−4.2%
Friday 30 Oct 2026 · last 52 Fridays 39.81–76.66
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 26,153,581 sh · 2.31 days to cover, FINRA · settled 15 Oct 2026
  2. Insiders bought, 90 days: 776 sh · 2 filings, Form 4 · 1 Oct 2026
  3. Next print: in 94 days, Scheduled · 5 Feb 2027, scheduled
62.47USD-4.2%critical-materials +0.7%FCX · 112 weekly closes to 2026-10-30

Who is buying

Insiders bought, last 90 daysSEC Form 4 · newest 1 Oct 2026
2 filings · 776 shares
Shares sold shortFINRA · settled 15 Oct 2026
26,153,581 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
2.31
see the whole series
Financials

The reported figures

Revenue · quarterly
$7.0B
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$7.0B USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Freeport-McMoRan, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginCashShares outstandingGradingSource
Q3 ’2330 Sept 2023$5.8B USD25.6% share of revenue$5.7B USD1.43B sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$5.9B USD29.2% share of revenue$4.8B USD1.43B sharesFiled · primarysec.gov
Q1 ’2431 Mar 2024$6.3B USD25.9% share of revenue$5.2B USD1.44B sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$6.6B USD30.9% share of revenue$5.3B USD1.44B sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$6.8B USD28.5% share of revenue$5.0B USD1.44B sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$5.7B USD21.7% share of revenue$3.9B USD1.44B sharesFiled · primarysec.gov
Q1 ’2531 Mar 2025$5.7B USD22.7% share of revenue$4.4B USD1.44B sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$7.6B USD32.1% share of revenue$4.5B USD1.44B sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$7.0B USD28.3% share of revenue$4.3B USD1.44B sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$5.6B USD14.4% share of revenue$3.8B USD1.44B sharesFiled · primarysec.gov
Q1 ’2631 Mar 2026$6.2B USD34.3% share of revenue$3.7B USD1.44B sharesFiled · primarysec.gov
Q2 ’2630 Jun 2026$7.0B USD28.5% share of revenue$4.1B USD1.44B sharesFiled · primarysec.gov

Freeport-McMoRan’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$7.0B-7.3% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $5.8B, as of Sep 2023Revenue Q4 ’23: $5.9B, as of Dec 2023Revenue Q1 ’24: $6.3B, as of Mar 2024Revenue Q2 ’24: $6.6B, as of Jun 2024Revenue Q3 ’24: $6.8B, as of Sep 2024Revenue Q4 ’24: $5.7B, as of Dec 2024Revenue Q1 ’25: $5.7B, as of Mar 2025Revenue Q2 ’25: $7.6B, as of Jun 2025Revenue Q3 ’25: $7.0B, as of Sep 2025Revenue Q4 ’25: $5.6B, as of Dec 2025Revenue Q1 ’26: $6.2B, as of Mar 2026Revenue Q2 ’26: $7.0B, as of Jun 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
28.5%-3.6 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: 25.6%, as of Sep 2023Operating margin Q4 ’23: 29.2%, as of Dec 2023Operating margin Q1 ’24: 25.9%, as of Mar 2024Operating margin Q2 ’24: 30.9%, as of Jun 2024Operating margin Q3 ’24: 28.5%, as of Sep 2024Operating margin Q4 ’24: 21.7%, as of Dec 2024Operating margin Q1 ’25: 22.7%, as of Mar 2025Operating margin Q2 ’25: 32.1%, as of Jun 2025Operating margin Q3 ’25: 28.3%, as of Sep 2025Operating margin Q4 ’25: 14.4%, as of Dec 2025Operating margin Q1 ’26: 34.3%, as of Mar 2026Operating margin Q2 ’26: 28.5%, as of Jun 2026
Free cash flow · annualFY21 – FY25
$1.1B

FY25 · as of Dec 2025

Free cash flow FY21: $5.6B, as of Dec 2021Free cash flow FY22: $1.7B, as of Dec 2022Free cash flow FY23: $455M, as of Dec 2023Free cash flow FY24: $2.4B, as of Dec 2024Free cash flow FY25: $1.1B, as of Dec 2025

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$4.1Bdebt $9.4B

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $5.7B, as of Sep 2023Cash Q4 ’23: $4.8B, as of Dec 2023Cash Q1 ’24: $5.2B, as of Mar 2024Cash Q2 ’24: $5.3B, as of Jun 2024Cash Q3 ’24: $5.0B, as of Sep 2024Cash Q4 ’24: $3.9B, as of Dec 2024Cash Q1 ’25: $4.4B, as of Mar 2025Cash Q2 ’25: $4.5B, as of Jun 2025Cash Q3 ’25: $4.3B, as of Sep 2025Cash Q4 ’25: $3.8B, as of Dec 2025Cash Q1 ’26: $3.7B, as of Mar 2026Cash Q2 ’26: $4.1B, as of Jun 2026Debt Q3 ’23: $9.4B, as of Sep 2023Debt Q4 ’23: $9.4B, as of Dec 2023Debt Q1 ’24: $9.4B, as of Mar 2024Debt Q2 ’24: $9.4B, as of Jun 2024Debt Q3 ’24: $9.7B, as of Sep 2024Debt Q4 ’24: $8.9B, as of Dec 2024Debt Q1 ’25: $9.4B, as of Mar 2025Debt Q4 ’25: $9.4B, as of Dec 2025Debt Q1 ’26: $9.4B, as of Mar 2026Debt Q2 ’26: $9.4B, as of Jun 2026

CashDebt

Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
1.44B+0.1% since Q3 ’23

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’23: 1.43B, as of Sep 2023Shares outstanding Q4 ’23: 1.43B, as of Dec 2023Shares outstanding Q1 ’24: 1.44B, as of Mar 2024Shares outstanding Q2 ’24: 1.44B, as of Jun 2024Shares outstanding Q3 ’24: 1.44B, as of Sep 2024Shares outstanding Q4 ’24: 1.44B, as of Dec 2024Shares outstanding Q1 ’25: 1.44B, as of Mar 2025Shares outstanding Q2 ’25: 1.44B, as of Jun 2025Shares outstanding Q3 ’25: 1.44B, as of Sep 2025Shares outstanding Q4 ’25: 1.44B, as of Dec 2025Shares outstanding Q1 ’26: 1.44B, as of Mar 2026Shares outstanding Q2 ’26: 1.44B, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-27guidance8-K: Freeport-McMoRan Q3 2026 results, net income $1.2bnQ3 2026 net income attributable to common stock $1.2bn ($0.81 per share); adjusted $1.3bn ($0.88 per share); revenues $7,546m; copper sales 749 million lb at $6.54 per lb average realized.agent:company-events · SEC EDGAR 8-K
2026-10-24editorial noteSources added: 0 → 3The dossier's cited-link count grew from 0 to 3 (deep-dive-2026-06-20.md → deep-dive-2026-10-24.md).dossier
2026-10-02guidance8-K Item 2.02: third-quarter 2026 operational update dated 2 Oct 2026Freeport-McMoRan furnished Exhibit 99.1, a press release dated 2 Oct 2026 titled 'Freeport Provides Third-Quarter 2026 Operational Update'.agent:company-events · SEC EDGAR 8-K
dossier age
1 days
researched 2 Nov 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 11 mentions across 2 sections. A dashed foot names none.
Primary sources
1 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-10-24), 688 words, 11 filing mentions
  2. The dossier: What held, 79 words, no filing mention
Research

The Freeport-McMoRan dossier

The verdict

A world-class copper-and-gold orebody wrapped in a structurally leaky holding company — you buy FCX for the copper supercycle and the Grasberg restart, but ~half of every Indonesian dollar exits to the Indonesian state before it reaches your share, and Grasberg execution (not the copper price) is what actually decides the stock through 2027.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-10-24)

  1. Q3 2026 results (actuals). Revenues $7,546M against $6,972M in Q3 2025; operating income $2,353M against $1,972M; net income attributable to common stock $1,174M ($0.81 per diluted share) against $674M ($0.46). Adjusted net income $1.3B ($0.88 per share), after excluding $101M of after-tax net charges, mainly idle facility and restoration costs from the September 2025 mud rush [Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. Q3, summary financial data]. Operating margin 31.2%.
  2. Volumes and prices (actuals). Copper: production 832M lb (Q3 2025: 912M), sales 749M lb (977M), average realised price $6.54/lb ($4.68). Gold: production 234 koz (287), sales 105 koz (336), realised $4,273/oz ($3,539). Molybdenum: production 22M lb, sales 22M lb, realised $32.46/lb ($24.07) [8-K Q3, summary operating data]. Gold sales were below the July estimate of 160 koz, which the release puts down to timing of refined gold sales in Indonesia, including about 60 koz deferred to Q4 [8-K Q3].
  3. Costs (actuals). Unit net cash cost $2.07/lb of copper (Q3 2025: $1.40), 4% above the July estimate of $2.00, on lower by-product credits from the deferred gold. Site production and delivery cost $3.24/lb ($2.71). Idle facility, direct recovery and restoration costs excluded from unit costs were $244M in Q3 and $934M for the first nine months [8-K Q3]. The October update had flagged costs about 5% above the July estimate (prior dossier, item 5).
  4. Cash flow and balance sheet (actuals, 2026-09-30). Operating cash flows $1,981M, net of $0.4B of working-capital uses; Capital expenditureMoney spent on long-lived things — buildings, machines, servers — rather than on running costs. $1,159M, including $0.7B for major mining projects. Cash $4,335M, total debt $9,398M; net debt $1.8B, excluding $3.2B of debt for PTFI's downstream processing facilities (2026-06-30: $2.1B on the same basis) [8-K Q3].
  5. Shareholder returns. In Q3 FCX bought 1.4M shares for $102M ($70.75 average); nine-month purchases 4.9M shares for $305M ($62.69 average). Nine-month returns were $955M: $650M of dividends and $305M of buybacks. The board declared $0.15 per share ($0.075 base plus $0.075 variable), payable 2026-11-02 [8-K Q3].
  6. 2026 guidance (guidance, as of 2026-10-27). Sales of about 3.0B lb of copper, 649 koz of gold and 93M lb of molybdenum, including Q4 sales of 875M lb copper, 300 koz gold and 22M lb molybdenum. Unit net cash cost about $1.90/lb for the year, $1.68/lb in Q4. Operating cash flow about $8.5B (assuming Q4 copper $6.50, gold $4,000, molybdenum $32.00). Capex about $4.4B, $3.0B of it for major mining projects [8-K Q3]. Against the July guidance in the prior dossier (item 4): copper sales 3.0B lb against 3.1B; operating cash flow $8.5B against $8.3B; capex $4.4B against $4.3B. The release says 2026 production will exceed sales by about 100M lb of copper and 70 koz of gold held as inventory at PTFI's smelting operations.
  7. Grasberg. Q3 mill throughput averaged 141 thousand metric tons of ore a day (67% of capacity), including 70 thousand from the Grasberg Block Cave. PTFI "continues to expect to reach 80% of capacity in mid-2027 and approach full capacity by year-end 2027." Haulage-level upgrades are expected to complete by early 2027, and restart of Production Block 1S is targeted for mid-2027. The PTFI smelter re-commenced in late August 2026 [8-K Q3].
  8. IUPK extension. The release states that in February 2026 FCX and PTFI signed an MOU with the Indonesian government for a life-of-resource extension beyond 2041, under which FCX would keep its 48.76% interest in PTFI through 2041 and hold about 37% from 2042; PTFI submitted its extension application in June 2026, and the extension depends on the government issuing an amended IUPK [8-K Q3]. The carried seed lists "PTFI IUPK long-term-extension application/decision (terms + ownership), when: 2026" as a catalyst; the application is filed and the decision is not yet reported.
  9. Refined gold exports (new). With Q4 gold sales expected to rise, PTFI may export gold; the release says it is seeking clarity from the government because current regulations specify a 10% export duty, which conflicts with the IUPK terms (no duty on refined gold exports) [8-K Q3].
  10. El Abra. FCX is advancing permitting for a major mill expansion at El Abra (51%-owned) in Chile, and an environmental impact study has been submitted to Chilean regulators [8-K Q3].

What held

  • Q3 copper sales of 749M lb matched the July estimate of 750M lb, and copper production of 832M lb matched the October update of about 830M lb (fact 2).
  • The Grasberg ramp is reported as meeting expectations, with the 80%-by-mid-2027 and full-capacity-by-end-2027 targets unchanged (fact 7).
  • Leverage stayed moderate and edged down: net debt $1.8B excluding PTFI downstream debt (fact 4).
  • Realised copper above $6.50/lb, as the October update said it would be (fact 2).

How our view changed

3 dossiers

Every dossier we have written on Freeport-McMoRan, newest first.

  1. current

    A world-class copper-and-gold orebody wrapped in a structurally leaky holding company

  2. A world-class copper-and-gold orebody wrapped in a structurally leaky holding company

  3. A world-class copper-and-gold orebody wrapped in a structurally leaky holding company

Company details

IndustryCritical Materials
SizePublic Company
WebsiteVisit Freeport-McMoRan

Others in critical materials

5 names

Where Freeport-McMoRan sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.