Freeport-McMoRan Inc. (FCX) earnings on July 23, 2026

Before the market opens Q2 2026

More Freeport-McMoRan Inc. earnings

Prior outlook: Pessimistic Outcome: Accurate

The stock opened higher but gave up those gains to close down 2.31%, after falling as much as 4.66% during the day. This decline followed expectations that the stock would drop.

FCX price around the earnings

63.50

Change: -2.3%

2026-07-23, 20:00 UTC

Start of the measured window End of the measured window
62.05 63.48 64.91 66.34 65.00
Price series around the eventClosing price per minute from before the event to the end of the measured window.
July 23, 2026
  • Price: green if it ends above the starting price; red if it ends below
  • Start of the measured window
  • End of the measured window
  • Market open
  • Starting price
Price series around the event

Prior thesis

Prior outlook: Pessimistic Outcome: Accurate

Thesis published
Results released

Elite earnings history and optimistic analysts overshadowed by severe negative trend strength, negative RS vs SPY, and accelerating trajectory deterioration into event.

Context analyzed before publication

Trend
Trajectory deteriorating from -54.7 to -69.0; 14d bounce masks underlying weakness and crowding risk.

Analysts

Evidence

Analyst consensus
Buy
Consensus average (1-5)
1.7
Analysts covering the stock
22
Average price target
71.11
Lowest price target
30
Highest price target
82
Upside to price target
9.4%
Quarterly earnings growth
150.3%
Revenue growth
8.8%
Forward EPS
4.05
Trailing EPS
1.96
Analyst moves in the last 60 days
8
  • Strong buy: 6
  • Buy: 13
  • Hold: 3
  • Sell: 1
  • Strong sell: 0
Strong buy
6
Buy
13
Hold
3
Sell
1
Strong sell
0
  • July 16, 2026 · Barclays: Maintains rating (Overweight → Overweight)
  • July 9, 2026 · Goldman Sachs: Maintains rating (Buy → Buy)
  • July 9, 2026 · JP Morgan: Maintains rating (Overweight → Overweight)
  • July 9, 2026 · B of A Securities: Maintains rating (Buy → Buy)
  • July 8, 2026 · Morgan Stanley: Maintains rating (Equal-Weight → Equal-Weight)
  • June 30, 2026 · UBS: Maintains rating (Buy → Buy)
  • June 15, 2026 · Scotiabank: Maintains rating (Sector Outperform → Sector Outperform)
  • June 10, 2026 · Bernstein: Maintains rating (Market Perform → Market Perform)

News and sentiment

Evidence

Sentiment
Sentiment
Constructive
Mention volume
Low
Normalized volume
33%
News
Sources (9)

Technicals

Evidence

Average true range (ATR)
4.2%
Distance to 52-week high
-9.2%
14-day change (14d)
+13.1%
30-day change (30d)
-6.2%
30-day relative strength
-6.6%
SPY change (30d)
+0.4%
Nearest support
64.92
Nearest resistance
65.76
Volume accumulation ratio (14d / 46d)
0.99

Trends

Evidence

Average earnings surprise
+28.3%
  • April 23, 2026: actual EPS 0.57 vs estimate 0.47 (surprise +21.9%)
  • January 22, 2026: actual EPS 0.47 vs estimate 0.32 (surprise +46.7%)
  • October 23, 2025: actual EPS 0.5 vs estimate 0.41 (surprise +22.8%)
  • July 23, 2025: actual EPS 0.54 vs estimate 0.44 (surprise +21.8%)

Expected move

Implied move
+8.2%
Source
Options chain

Reactions over its last 20 earnings

Median move
2.3%
75th percentile move
4.1%
90th percentile move
7.4%
Up / down moves
9 / 11
Average up move
+2.9%
Average down move
-3.8%

Monitoring and close

What Freeport-McMoRan Inc. reported

Status
Finished
Actual EPS0.74
EPS estimate0.62
EPS surprise+18.5%

FCX beats Q2 earnings estimates on higher copper prices, but shares slip on softer Q3 copper sales outlook, balancing optimism with caution.

Sources (17)

Pre-market second reading after the results

There is no second reading available for this event.

How the stock reacted

Outcome
Accurate
Consolidated
-2.3%
Max favorable move (MFE)
4.7%
Max adverse move (MAE)
2.2%