FCX earnings: EPS beat by 13.3%, revenue beat by 6.2%
FREEPORT-MCMORAN INC reported results (Jul 22, 2026). EPS came in at $0.68 against a $0.60 consensus, beat by 13.3%. Revenue was $7.0B versus $6.6B expected, beat by 6.2%.
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Noticed on the call
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Sees 2027 copper sales up over 20% and gold sales up over 50% compared to 2026.
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“For 2027, we expect annual copper sales to increase by more than 20% compared with 2026 and gold volumes to increase by more than 50%.”
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Sees 2027 copper price at $6.30 per pound, up about 12% from prior period.
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“And closed yesterday at $6.30 per pound on the LME, an increase of about 12%.”
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From the call / model-read, verbatim-grounded
Sentiment
0.40
Net tone of the full call — above 0 positive, below 0 negative
Q&A Evasiveness
+52.5
Question-dodging vs this company's own baseline — spikes matter, not the level
Guidance Tone
0.41
Tone of the forward-guidance language
Novelty Share
92%
Language not seen in this company's prior calls
Guidance “The team is doing excellent work executing the phase ramp up safely and efficiently, and we continue to derisk the plans and increase confidence in the long term outlook.”
Guidance “In terms of cash costs, you did take the full year guidance down slightly despite obviously, gold prices coming in a little lower, I guess, we are saying the expectation is 4 thousand.”
4 more flagged statements from this call are in the Pro read.
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The quarter in numbers
| Metric | Actual | Consensus | Surprise |
|---|---|---|---|
| EPS | $0.68 | $0.60 | beat by 13.3% |
| Revenue | $7.0B | $6.6B | beat by 6.2% |
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The trend
Revenue is up 12.2% from the same quarter last year. Gross margin sits at 26.5%, 760 bps off its 8-quarter high.
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How it stacks up
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