Q2 FY26 · Ended Jun 30, 2026 · View SEC filing
Shareholders earned more while the company earned less
Profit shifted away from part-owned Grasberg toward the U.S. mines, so partners and taxes took a smaller cut.
For investorsWhat happens to shareholder earnings as Grasberg comes back?
For foundersWhy own the low-margin end of the chain?
Indonesian volumes fell but costs kept running, so operating income fell 17.6% against a 7.3% revenue decline.
Rod & Refining brings in 31.9% of revenue but 1.1% of operating income: it places copper rather than earning on it.
Freeport nets by-product sales against copper costs, so U.S. net cash cost fell to $2.94 a pound from $3.04.
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Business Lens describes Freeport-McMoRan from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
