What to Expect From Freeport-McMoRan's Q2 2026 Earnings Report

With a market cap of $89.8 billion, Freeport-McMoRan Inc. (FCX) is a U.S.-based mining company engaged in the exploration and production of copper, gold, molybdenum, silver, and other metals across North America, South America, and Indonesia. It operates major mining assets including the Grasberg minerals district in Indonesia and several large-scale mines in the United States, Peru, and Chile.

The Phoenix, Arizona-based company is set to unveil its fiscal Q2 2026 results soon. Ahead of the event, analysts forecast FCX to post an adjusted EPS of $0.60, a growth of 11.1% from $0.54 in the same quarter last year. It has surpassed Wall Street's bottom-line projections in the past four quarters.

For fiscal 2026, analysts expect Freeport-McMoRan to report adjusted EPS of $2.56, a 44.6% surge from $1.77 in fiscal 2025. 

FCX stock has climbed 39.1% over the past 52 weeks, exceeding the broader S&P 500 Index's ($SPX) 19.4% rise and the State Street Materials Select Sector SPDR ETF's (XLB) 15.7% return over the same period.

Shares of Freeport-McMoRan tumbled 12.6% on Apr. 23 as investors reacted to the company's weaker 2026 production outlook despite better-than-expected Q1 2026 results. Freeport-McMoRan cut its 2026 copper sales forecast to 3.1 billion pounds and reduced its gold sales guidance to 650,000 ounces, citing delays at the Grasberg Block Cave mine caused by wet ore conditions and infrastructure modifications. 

The company also lowered its expected production ramp-up to 65% of capacity in the second half of 2026 and pushed full-capacity operations out to late 2027, raising concerns.

Analysts' consensus rating on FCX stock is bullish, with a "Strong Buy" rating overall. Out of 23 analysts covering the stock, opinions include 17 "Strong Buys," two "Moderate Buys," and four "Holds." The average analyst price target is $71.94, suggesting a potential upside of 17.4% from current levels.