Freeport‑McMoRan Inc. reported its fourth‑quarter and full‑year 2025 results on January 22 2026. Total revenue reached $5.63 billion, a 1.5 % decline from the $5.71 billion reported a year earlier, but still exceeded the consensus estimate of $5.41 billion. Net income attributable to common shareholders rose 48.2 % to $406 million.
Revenue growth was driven by higher copper prices and strong demand in the company’s core copper and gold segments, offset by a temporary production slowdown at the Grasberg mine following a September 2025 mud‑rush incident that imposed after‑tax charges and reduced output.
GAAP earnings per share matched the consensus estimate of $0.28, while adjusted EPS of $0.47 beat the $0.29 consensus by $0.18, a 62 % over‑performance. The adjusted figure excludes the $120 million after‑tax charge related to the Grasberg incident, highlighting the company’s underlying profitability.
Operating margins contracted, with cost of sales rising 7.5 % YoY, gross profit falling 28.6 %, and operating profit declining 34.8 %. The compression reflects higher input costs, the impact of the Grasberg charge, and a modest decline in production volumes.
Management did not issue new forward guidance in the release, but CEO Kathleen Quirk emphasized the company’s focus on safely restoring Grasberg operations and accelerating growth projects in the Americas.
Investors reacted with muted enthusiasm, reflecting a balance between the earnings beat and concerns about macro‑economic conditions and the company’s future outlook.
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