Freeport-McMoRan Inc. (NYSE:FCX) shares are trading lower on Thursday after it reported first-quarter fiscal 2026 results.

Earnings Snapshot

Revenue came in at $6.23 billion, beating the consensus of $5.81 billion.

Adjusted EPS of 57 cents beat the consensus of 46 cents.

Net income attributable to common stock totaled $881 million, or 61 cents per share, in the quarter.

Production And Sales Volumes

Copper production totaled 662 million pounds, with sales volume of 657 million.

Gold production was 97,000 ounces, with sales volume of 121,000 ounces.

Molybdenum production totaled 22 million pounds, while sales totaled 24 million pounds.

Other Key Metrics

During the first quarter, average realized prices stood at $5.78 per pound for copper, $4,889 per ounce for gold, and $25.21 per pound for molybdenum.

Unit net cash costs for copper averaged $1.91 per pound, down from $2.07 a year earlier.

Capital expenditures reached $1.0 billion in the quarter, including $600 million for major mining projects.

As of March 31, Freeport-McMoRan held $3.7 billion in cash and equivalents and total debt of $9.4 billion.

Outlook

For 2026, the company now expects sales of roughly ...