FCX Q4 Earnings & Revenues Top Estimates, Sales Fall Y/Y on Lower Volumes

Core Insights - Freeport-McMoRan Inc. (FCX) reported a net income of $406 million or 28 cents per share for Q4 2025, marking a 48.2% increase from $274 million or 19 cents in the same quarter last year. Adjusted earnings per share were 47 cents, exceeding the Zacks Consensus Estimate of 28 cents [1][8] Financial Performance - Revenues decreased approximately 1.5% year over year to $5,633 million, surpassing the Zacks Consensus Estimate of $5,175.4 million. The decline in volumes was offset by a significant rise in copper and gold prices during the quarter [2][8] - Copper production fell around 38.5% year over year to 640 million pounds, while consolidated sales dropped approximately 28.5% year over year to 709 million pounds of copper, primarily due to reduced production in Indonesia. Gold sales were down 77.1% year over year, totaling 80,000 ounces, while molybdenum sales increased by 22.2% year over year to 22 million pounds [3][8] - The average realized copper price was $5.33 per pound, up 28.4% year over year, and the average realized price for gold rose 55.2% year over year to $4,078, both figures exceeding estimates [4][8] - Cash and cash equivalents at the end of the quarter were $3,824 million, down 2.5% year over year, while total debt increased by 4.8% year over year to $9,379 million. Cash flows from operations were approximately $693 million, down 51% year over year [5][8] Future Guidance - For the full year 2026, FCX projects consolidated sales volumes of around 3.4 billion pounds of copper, 0.8 million ounces of gold, and 90 million pounds of molybdenum. The first quarter is expected to include sales of 640 million pounds of copper, 60,000 ounces of gold, and 22 million pounds of molybdenum. The company is also on track to begin a phased restart of the Grasberg Block Cave underground mine in Q2 2026 [6] Stock Performance - FCX shares have increased by 57.4% over the past year, compared to the industry's growth of 70.8% [7]