Freeport-McMoRan reported mixed results for Q4 2025, with lower production and sales volumes year-over-year due to the September mud rush incident in Indonesia, impacting net income. However, higher average realized prices for copper and gold, along with strong operational performance in the U.S. and South America, partially offset these declines. The company is focused on a phased restart of its Indonesian operations and advancing organic growth projects.
Consolidated copper sales of 709 million pounds in Q4 2025 were 12% higher than October 2025 estimates.
positiveAverage realized copper price increased to $5.33 per pound in Q4 2025 from $4.15 in Q4 2024.
positiveAverage realized gold price increased to $4,078 per ounce in Q4 2025 from $2,628 in Q4 2024.
positiveU.S. copper mines' average unit net cash costs decreased to $2.93 per pound in Q4 2025 from $3.04 in Q4 2024.
positiveConsolidated copper sales volumes decreased to 709 million pounds in Q4 2025 from 992 million pounds in Q4 2024, primarily due to lower production in Indonesia following the September mud rush incident.
negativeConsolidated copper production decreased significantly to 640 million pounds in Q4 2025 from 1,041 million pounds in Q4 2024, impacted by the mud rush incident at PTFI.
negativeNet income attributable to common stock decreased to $406 million ($0.28 per share) in Q4 2025 from $1,436 million ($0.98 per share) in Q4 2024, impacted by special charges.
negativeOperating cash flows decreased to $0.7 billion in Q4 2025 from $1.4 billion in Q4 2024.
negativeMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
U.S. | N/A | — | — | — |
South America | N/A | — | — | — |
Indonesia | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Freeport is strongly positioned for the future as a leading producer of copper with large scale, geographically diverse operations and an exciting portfolio of growth projects to provide additional supplies of copper to a growing market.
As we enter 2026, our team has a clear focus on restoring operations at Grasberg safely and sustainably, and on continuing to build values in the Americas through our innovative growth and efficiency initiatives.
Our experienced team is committed to value creation through strong execution of our plans, operational excellence and advancing opportunities for long-term organic growth.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.