Freeport Q1 net income $881M ($0.61 EPS); lowers 2026 copper sales guidance due to Grasberg delay

FREEPORT-MCMORAN INC

2026-Q1 EPS reported $0.61 revenue$6,234,000,000

Net income $881M ($0.61 diluted EPS); adjusted net income $830M ($0.57). Revenue $6.23B, up 9% YoY.
Copper sales 657M lbs (below 872M YoY) due to PTFI mud rush; gold sales 121k oz beat 60k oz estimate.
2026 copper sales guidance cut to ~3.1B lbs from 3.4B lbs; Grasberg Block Cave ramp-up delayed.
Average copper price $5.78/lb; unit net cash costs $1.91/lb, favorable vs $2.60 estimate.
Signed MoU with Indonesia for life-of-resource extension at Grasberg; repurchased 1.7M shares ($93M).

item 2.02 item 7.01 item 9.01

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