# Freeport-McMoRan (FCX) Q2 2026: Record Copper & Gold, a Big Beat — So Why Did the Stock Fall?

Page: https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/freeport-mcmoran-fcx-q2-2026-record-copper-gold-a-big-beat-so-why-did-the-stock-fall
Text version: https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/freeport-mcmoran-fcx-q2-2026-record-copper-gold-a-big-beat-so-why-did-the-stock-fall.md
Podcast: [Charged Alpha Stock Encyclopedia](https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792)
Published: 2026-07-25T05:42:07+00:00
Episode link: https://chargedalpha.podbean.com/e/freeport-mcmoran-fcx-q2-2026-record-copper-gold-a-big-beat-%e2%80%94-so-why-did-the-stock-fall/
Audio file: https://mcdn.podbean.com/mf/web/rmls3oorcz0q513l/audio_n.mp3
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JSON: https://stenobird.com/v1/public/podcasts/charged-alpha-stock-encyclopedia-7819792/episodes/freeport-mcmoran-fcx-q2-2026-record-copper-gold-a-big-beat-so-why-did-the-stock-fall
Duration seconds: 878

## Resource

Freeport-McMoRan Inc. (FCX) Q2 2026 — Freeport-McMoRan (FCX), the largest US copper producer, reported a strong Q2 2026: a record realized copper price of $6.17/lb and record gold of $4,520/oz drove revenue of $7.03B (beat ~$6.6B), adjusted EPS of $0.74 (beat $0.62; GAAP $0.68), net income of $984M (+27% YoY), and $2.0B of operating cash flow. Yet the stock fell ~3% on the print. The honest read: this was a PRICE beat, not a volume beat — revenue actually fell 7% YoY, and Freeport sold only 710M lbs of the 786M lbs of copper it produced (and just 123k of 192k gold oz) because the giant Grasberg mine in Indonesia is still ramping back from a 2025 mud-rush incident and the new Manyar smelter is starved of concentrate. Those unsold ounces are deferred, not lost — a catch-up tailwind into H2 2026/2027 as Grasberg climbs to ~65% of capacity (H2 2026), 80% (mid-2027), and full (end-2027). The under-covered kicker: as 'America's Copper Champion' supplying ~70% of US refined copper, Freeport's US pounds sell into a COMEX price carrying a fat premium to LME under the 50% Section 232 copper tariff. Balance sheet is a fortress ($4.1B cash, net debt ~$2B ex-smelter; $0.15 dividend + $110M buybacks). Our copper-price scenario grid lands fair value ~$59 on a $5.25 base case — essentially in line with the ~$63 price and below the Street's ~$72 avg target. Our call: HOLD, 3/5. Freeport-McMoRan (NYSE: FCX) is the world's largest publicly traded copper producer — huge open-pit mines in Arizona and New Mexico, Cerro Verde and El Abra in South America, and a 48.76% stake in the giant Grasberg complex in Indonesia, one of the biggest gold mines on earth. Q2 2026 looked like a blowout on the surface: a record realized copper price of $6.17/lb (up 36% YoY) and record gold of $4,520/oz drove…

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