Rising demand for copper is in focus as Freeport-McMoRan enters its Q4 report
Mining giant Freeport-McMoRan Inc. (NYSE: FCX) enters the new fiscal year against the backdrop of a booming steel market, characterized by fluctuating global supply. As one of the world’s leading copper producers, the company manages long-term cost pressures by focusing on streamlining operations, as it develops plans aimed at sustaining long-term growth. Freeport-McMoRan’s strong production footprint and heavy investments in infrastructure and technology position it to capitalize on the growing demand for copper.
Q4 Report on Tap
The Phoenix-headquartered company is scheduled to release its fourth quarter FY25 earnings on Thursday, January 22, at 8:00 am ET. On average, analysts following the business are forecasting adjusted earnings of $0.32 per share for Q4, which represents a slight increase from the $0.31 per share reported in the year-ago quarter. Meanwhile, sales for the December quarter are expected to decline 4.3% year over year to $5.48 billion. Earnings have exceeded estimates in a row for the next nine quarters.
Earlier this week, Freeport-McMoRan stock hit a new record – crossing the $60 mark for the first time – after maintaining a steady rise in recent months. However, the momentum faded in the following sessions, and the stock fell in the early hours of Friday. In 2025, FCX outperformed the S&P 500, after gaining more than a third during the year. Positive investor sentiment reflects strong demand for copper, the company’s main product, and rising prices.
Q3 Results
In the third quarter of FY25, revenue increased to $6.97 billion from $6.79 billion in the corresponding quarter of FY24. The top line exceeded expectations, marking the third beat in a row. Net income rose to $674 million or $0.46 per share in Q3 from $526 million or $0.36 per share a year ago. On an adjusted basis, Q3 earnings increased to $0.50 per share from $0.38 per share in Q3 2024.
From Freeport-McMoRan’s Q3 2025 call:
“We expect significant growth in 2027 as jobs are restored (the disaster-stricken Grasberg mine), and we expect further expansion in 2028, which will drive significant cash flow. With copper prices around $5 per pound, you can see our cash flow. EBITDA will reach $12 billion in 2026 and will have meaningful growth to more than $15.5 billion on average in 2027 and 2028. Revenue performance in 2026 during this transition period could reach $8 billion, grow to $11.5 billion on average in 2027 and 2028 and provide potential insurance under business disruptions.“
Outlook
According to management’s latest guidance, it aims to produce 635 million pounds of copper, 60 thousand ounces of gold, and 21 million pounds of molybdenum in the fourth quarter. As a leading copper producer, Freeport-McMoRan stands to benefit from the growing demand for copper, which is used in a variety of areas from data centers to transportation. The US business has benefited from recent copper prices as it has made a premium for the company’s domestically produced copper, which is sold heavily in the local market.
Freeport-McMoRan’s average stock price over the past 52 weeks is $41.51. Shares have gained an impressive 33% in the past six months. It was trading at $58.5 on Friday afternoon, down 2.3%.
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