Freeport Q1 net income rises to $881 million, but 2026 sales outlook is cut
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.
Key points
- 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
The filing
Written by AI on Nov 8, 2026, 1:21 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 23, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.