Every material Form 8-K Freeport-McMoRan has filed with the SEC since July 02, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Freeport-McMoRan's Board of Directors approved a $4.5 billion expansion and modernization program for its wholly owned Bagdad copper and molybdenum operation in northwest Arizona. The filing says the project would lift annual long-term copper output to over 400 million pounds, about 225 million pounds more, with initial production targeted for mid-2030. For shareholders, this is a large, multi-year capital commitment, with planned spending to be incorporated into the company's updated capital expenditure outlook and classified as discretionary.
Future incremental capital costs for a new concentrator, mining equipment and expanded infrastructure are expected to approximate $4.5 billion.
Annual long-term production would exceed 400 million pounds of copper (about 225 million pounds incremental) and over 20 million pounds of molybdenum (about 12 million pounds incremental).
Construction is expected to take about 3.5 years, with about 20% of project costs funded in 2027, 30-35% in 2028 and the balance in 2029-2030.
Project break-even economics are supported at a copper price of approximately $4.00 per pound, and the company expects a roughly 20% reduction in long-term unit net cash costs.
Freeport-McMoRan reported third-quarter 2026 net income attributable to common stock of $1.2 billion, or $0.81 per share, alongside consolidated production of 832 million pounds of copper and 234 thousand ounces of gold. The company advanced its Grasberg underground mine ramp-up and maintained strong cash flow generation, while outlining capital expenditure expectations of $4.4 billion for the full year 2026. These results highlight stable operational performance and ongoing development initiatives across its global mining portfolio.
Third-quarter 2026 net income attributable to common stock totaled $1.2 billion, or $0.81 per share.
Consolidated production reached 832 million pounds of copper, 234 thousand ounces of gold, and 22 million pounds of molybdenum in the third quarter.
Operating cash flows for the third quarter of 2026 were $2.0 billion.
During the third quarter, the company repurchased 1.4 million shares of its common stock for $102 million.
Freeport-McMoRan said third-quarter 2026 copper production was about 830 million pounds, in line with its expectations. Gold sales timing at PT Freeport Indonesia moved about 60 thousand ounces of refined gold into fourth-quarter 2026, and unit net cash costs are expected to be about 5% above the July estimate. The update points to steady operations but higher costs and lower gold sales for the quarter, and full third-quarter results are due October 27, 2026.
Third-quarter copper production of about 830 million pounds and gold production of about 230 thousand ounces, both in line with expectations.
Third-quarter gold sales are expected to be about 100 thousand ounces, below the July 2026 estimate, due to deferred sales.
Unit net cash costs are expected to be about 5% above the July 2026 estimate of $2.00 per pound of copper, mainly from lower by-product credits.
Full third-quarter 2026 earnings results are scheduled for release before the market opens on October 27, 2026.
Freeport-McMoRan reported second-quarter 2026 net income attributable to common stock of $984 million, or $0.68 per share, up from $772 million, or $0.53 per share, a year earlier. Revenue fell to $7,029 million from $7,582 million and operating income fell to $2,003 million from $2,432 million, as copper sales dropped due to lower output at the Grasberg mine in Indonesia. Shareholders also face after-tax charges of $96 million tied to the September 2025 mud rush incident at PTFI.
Net income attributable to common stock was $984 million, $0.68 per share, versus $772 million, $0.53 per share, in second-quarter 2025
Revenue was $7,029 million and operating income was $2,003 million, compared with $7,582 million and $2,432 million a year earlier
Copper sales were 710 million pounds, down from 1.0 billion pounds in second-quarter 2025, reflecting the phased ramp-up of the Grasberg Block Cave mine
During the quarter, the company bought back 1.7 million shares for $110 million and 2.0 million Cerro Verde shares for $107 million
Freeport-McMoRan entered into a new five-year, $3.0 billion senior unsecured revolving credit facility dated May 14, 2026, which replaced its prior $3.0 billion facility that was scheduled to mature in October 2027. The filing describes the new facility as substantially similar to the prior one, with no borrowings outstanding under the prior facility at termination, so shareholders see a refinancing and term extension rather than a change in borrowing amount.
New facility dated May 14, 2026, with JPMorgan Chase Bank, N.A. as administrative agent and Bank of America, N.A. as syndication agent
Matures May 14, 2031; replaces prior facility scheduled to mature in October 2027
Includes $500 million limit on PTFI borrowing and $1.5 billion sublimit for letters of credit
Financial covenant requires a total leverage ratio not to exceed 3.75 to 1.00
Freeport-McMoRan reported first-quarter 2026 net income attributable to common stock of $881 million, or $0.61 per share, up from $352 million, or $0.24 per share, a year earlier. Revenue rose to $6.234 billion from $5.728 billion, but the company lowered its full-year 2026 sales estimates, citing a delayed ramp-up of the Grasberg Block Cave mine after the September 2025 mud rush incident, and said its production forecasts are now more variable.
Net income attributable to common stock was $881 million, $0.61 per share, versus $352 million, $0.24 per share, in first-quarter 2025; adjusted net income was $830 million, $0.57 per share.
The 2026 copper sales estimate is about 3.1 billion pounds, down from the January 2026 estimate of 3.4 billion pounds; the gold estimate is 650 thousand ounces, versus 0.8 million ounces in January.
Unit net cash costs for 2026 are expected to average $1.95 per pound of copper, with the company citing higher energy and consumables costs following the onset of Middle East military conflict in late February 2026.
First-quarter results include an after-tax net credit of $51 million, mainly from an insurance settlement tied to the September 2025 mud rush incident, with proceeds expected in second-quarter 2026; the company bought back 1.7 million share
Freeport-McMoRan director Robert W. Dudley told the Lead Independent Director and Chairman on March 20, 2026 that he will not seek re-election at the 2026 annual meeting of stockholders. He will serve the rest of his current term, which ends at that meeting, and the company said his decision was not due to any disagreement with the company. The change is a routine board transition that does not affect financial results.
Director Robert W. Dudley informed the Board on March 20, 2026 that he will not stand for re-election
His current term ends at the Company's 2026 annual meeting of stockholders
The company states the decision was not due to any disagreement with the Company
Freeport-McMoRan reported fourth-quarter 2025 net income attributable to common stock of $406 million, or $0.28 per share, up from $274 million, or $0.19 per share, a year earlier. Operating income fell to $811 million from $1,243 million, and the company cited $282 million in after-tax charges, mainly tied to the September 2025 mud rush incident at PTFI's Grasberg mine, which remains partly shut. The company expects a phased restart of the Grasberg Block Cave mine beginning in the second quarter of 2026.
Q4 2025 revenues were $5,633 million, compared with $5,720 million in Q4 2024; adjusted net income was $688 million, or $0.47 per share.
Full-year 2025 net income was $2,204 million, or $1.52 per share, versus $1,889 million, or $1.30 per share, in 2024.
For 2026, consolidated copper sales are expected to approximate 3.4 billion pounds and capital expenditures about $4.3 billion.
Operating cash flows for 2026 would approximate $8 billion at assumed prices, or $11 billion at recent prices, per the filing.
Freeport-McMoRan reported third-quarter 2025 net income attributable to common stock of $674 million, or $0.46 per share, up from $526 million, or $0.36 per share, a year earlier, on revenues of $6.97 billion. Operations at PT Freeport Indonesia remain temporarily suspended after the September 8, 2025 mud rush incident, which killed seven team members, and copper sales came in below July 2025 guidance, so shareholders face near-term production losses and an uncertain outlook for 2026.
Third-quarter net income attributable to common stock was $674 million, $0.46 per share, versus $526 million, $0.36 per share, in third-quarter 2024; revenues were $6.97 billion versus $6.79 billion.
Third-quarter copper sales of 977 million pounds were slightly below July 2025 guidance of 990 million pounds.
Mining in Indonesia has been suspended since the September 8, 2025 mud rush incident; FCX expects minimal fourth-quarter 2025 sales from Indonesia.
Under a September 24, 2025 scenario, PTFI's 2026 production could be about 35% below pre-incident estimates; FCX plans an analyst call on November 18, 2025.
Freeport-McMoRan reported second-quarter 2025 revenues of $7,582 million, up from $6,624 million a year earlier, and net income attributable to common stock of $772 million, or $0.53 per share, up from $616 million, or $0.42 per share. Adjusted net income was $790 million, or $0.54 per share, after excluding $18 million in after-tax net charges. Higher sales volumes, higher realized prices and lower unit net cash costs drove the improvement, which matters to shareholders because all three headline measures rose from the prior-year quarter.
Q2 2025 revenues $7,582 million vs. $6,624 million in Q2 2024; operating income $2,432 million vs. $2,049 million
Q2 2025 copper sales of 1.0 billion pounds vs. 931 million pounds; average realized copper price $4.54 per pound vs. $4.48
Unit net cash costs of $1.13 per pound of copper in Q2 2025 vs. $1.73 in Q2 2024
Operating cash flows of $2,195 million in Q2 2025 vs. $1,956 million; company bought back $52 million of stock in the quarter
At its June 11, 2025 annual meeting, Freeport-McMoRan stockholders approved a new 2025 Stock Incentive Plan authorizing up to 43,820,000 shares, replacing the 2016 plan. They also re-elected all twelve director nominees, approved executive pay on an advisory basis, and ratified Ernst & Young LLP as auditor for 2025.
The 2025 Stock Incentive Plan authorizes up to 43,820,000 shares of common stock and allows awards through June 11, 2035.
Of 1,436,200,253 shares outstanding on the April 14, 2025 record date, 1,221,626,740 were represented at the meeting.
Director Dustan E. McCoy received 1,009,381,063 votes for and 63,733,039 abstentions, the lowest support among the twelve nominees.
Advisory say-on-pay proposal received 1,067,162,480 votes for and 49,282,128 against.
Freeport-McMoRan reported first-quarter 2025 net income attributable to common stock of $352 million, or $0.24 per share, down from $473 million, or $0.32 per share, a year earlier. Revenues fell to $5.73 billion from $6.32 billion, and the company said its full-year 2025 copper, gold and molybdenum sales volume guidance remains in line with its January 2025 outlook. For shareholders, the filing shows lower profit in the quarter, with the outlook for the year unchanged.
Net income attributable to common stock was $352 million, $0.24 per share, versus $473 million, $0.32 per share, in first-quarter 2024.
Revenues were $5.73 billion versus $6.32 billion a year earlier; operating income was $1.30 billion versus $1.63 billion.
Copper sales totaled 872 million pounds versus 1.1 billion pounds in first-quarter 2024; gold sales were 128 thousand ounces versus 568 thousand.
Full-year 2025 consolidated sales are expected to approximate 4.0 billion pounds of copper and 1.6 million ounces of gold, in line with January 2025 guidance.
Freeport said first-quarter 2025 copper and gold production approximated expectations, but Indonesian shipment timing reduced gold sales and raised unit costs. The company does not expect a material change to its 2025 annual consolidated sales guidance, and copper prices realized above the LME average.
Gold sales expected about 100 thousand ounces below the January 2025 guidance of 225 thousand ounces, due to the timing of PT Freeport Indonesia shipments
Copper sales expected in line with the January 2025 guidance of 850 million pounds
Unit net cash costs expected about 5% above the January 2025 guidance of $2.05 per pound of copper
Average realized copper price expected to be about $4.40 per pound, versus the LME average of $4.24 per pound; first-quarter earnings to be released April 24, 2025
Freeport-McMoRan reported fourth-quarter 2024 net income attributable to common stock of $274 million, or $0.19 per share, down from $388 million, or $0.27 per share, a year earlier. Quarterly revenue fell to $5,720 million from $5,905 million, while full-year 2024 revenue rose to $25,455 million from $22,855 million and full-year diluted EPS was $1.30 versus $1.28.
Q4 2024 net income attributable to common stock was $274 million, $0.19 per share, versus $388 million, $0.27 per share in Q4 2023; adjusted net income was $450 million, $0.31 per share, after $176 million in net charges.
Q4 2024 revenues were $5,720 million and operating income was $1,243 million, compared with $5,905 million and $1,722 million in Q4 2023.
Full-year 2024 revenues were $25,455 million and net income attributable to common stock was $1,889 million, compared with $22,855 million and $1,848 million in 2023.
For 2025, operating cash flows are expected to approximate $6.2 billion, against $7.2 billion for 2024, based on stated price assumptions.
Freeport reported third-quarter 2024 net income attributable to common stock of $526 million, or $0.36 per share, up from $454 million, or $0.31 per share, a year earlier, on revenues of $6.79 billion versus $5.82 billion. The company also disclosed that an October 14, 2024 fire at a gas cleaning facility damaged sulphuric acid production infrastructure, and smelter operations at its new Indonesia downstream processing facilities have been temporarily suspended pending remediation.
Third-quarter revenues were $6.79 billion and operating income was $1.94 billion, compared with $5.82 billion and $1.49 billion in third-quarter 2023.
Adjusted net income attributable to common stock was $556 million, or $0.38 per share, after excluding net charges of $30 million, or $0.02 per share.
The October 14, 2024 fire at PT-FI's new smelter caused no injuries; the company will seek recovery of repair costs under its insurance programs.
Full-year 2024 consolidated sales are expected to approximate 4.1 billion pounds of copper, 1.8 million ounces of gold and 80 million pounds of molybdenum.
Freeport-McMoRan reported second-quarter 2024 net income attributable to common stock of $616 million, or $0.42 per share, up from $343 million, or $0.23 per share, a year earlier, on revenues of $6.6 billion. Copper and gold sales volumes fell year over year because of shipping delays in Indonesia, and the company now expects 2024 gold sales about 150 thousand ounces below its April guidance.
Net income attributable to common stock was $616 million, or $0.42 per share, versus $343 million, or $0.23 per share, in second-quarter 2023; adjusted net income was $667 million, or $0.46 per share.
Revenues were $6.624 billion versus $5.737 billion a year earlier, and operating income was $2.049 billion versus $1.410 billion.
Second-quarter copper sales were 931 million pounds, 10% lower than a year earlier, and gold sales were 361 thousand ounces, 27% lower, due to shipping delays in Indonesia in June 2024.
Full-year 2024 gold sales are expected to approximate 1.8 million ounces, about 150 thousand ounces lower than April 2024 guidance, due to mine sequencing changes at PT-FI.
Freeport-McMoRan furnished a July 2, 2024 press release reporting that it has begun commissioning a new Indonesian smelter. The release also updates second-quarter 2024 copper and gold sales and unit net cash costs, and 2024 copper and gold sales guidance. The filing copy provided has an unreadable press release body, so the specific sales, cost and guidance figures could not be verified from this document.
Commissioning of a new Indonesian smelter has commenced, according to the July 2, 2024 press release (Exhibit 99.1).
The release updates second-quarter 2024 copper and gold sales and unit net cash costs.
The release also provides 2024 copper and gold sales guidance; the figures are not legible in the filing copy provided.
Filed under Items 2.02, 8.01 and 9.01 on July 2, 2024; the information is furnished, not filed, under Section 18 of the Exchange Act.
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