Freeport-McMoRan (NYSE:FCX) posted first-quarter 2026 net income attributable to common stock of $881 million, or $0.61 per share.
On an adjusted basis, excluding one-time items, the Phoenix-based miner earned $830 million, or $0.57 per share.
The results were aided by a net credit of $51 million, largely stemming from an insurance settlement related to the September 2025 mud rush incident, which helped offset ongoing restoration and idle facility costs at PT Freeport Indonesia (PTFI).
The company’s top line benefited from a robust pricing environment.
Realized copper prices averaged $5.78 per pound during the quarter, while gold reached $4,889 per ounce.
These figures underpinned operating cash flows of $1.5 billion.
For the remainder of the year, Freeport is projecting even stronger cash generation; assuming copper holds at $6 per pound and gold at $4,500 per ounce, the company anticipates full-year operating cash flows to reach approximately $8.7 billion.
Meanwhile, production for the quarter reached 662 million pounds of copper and 97 thousand ounces of gold.
However, the company revised its full-year 2026 sales estimates to 3.1 billion pounds of copper and 650 thousand ounces of gold.
Management attributed the revision primarily to timing adjustments in the ramp-up schedule of the Grasberg Block Cave in Indonesia.
Second-quarter sales are expected to include 690 million pounds of copper and 140 thousand ounces of gold.