Freeport (NYSE: FCX) posted its Q3 2025 results this morning, notching quarterly revenue of $6.97 billion, up 2.7% year over year as stronger realized prices offset lower volumes linked to the Grasberg mud-rush suspension, which reduced copper production by about 90 million pounds and gold by roughly 80,000 ounces during the quarter.
Consolidated copper sales were 977 million pounds, down 5.6% year over year, and gold sales fell 39.8% to 336,000 ounces, while molybdenum sales were flat at 19 million pounds. Copper production fell 13.2% to 912 million pounds and gold production dropped 37.1% to 287,000 ounces.
Consolidated unit net cash costs were $1.40 per pound, essentially flat versus $1.39 a year ago but beating the July guidance of $1.59 per pound. Freeport now expects consolidated unit net cash costs to average $1.68 per pound for full-year 2025 and to step up to $2.47 in Q4 given minimal Indonesia contribution.
Operating income rose 1.8% to $1.97 billion as average realized prices improved to $4.68 per pound for copper, $3,539 per ounce for gold, and $24.07 per pound for molybdenum.
Net income came in at $674 million, up 28%, translating to $0.46 earnings per diluted share, up from $0.36. Adjusted net income increased to $722 million or $0.50 per share after $48 million in after-tax charges tied mainly to idle-facility and recovery costs.
Operating cash flow was $1.66 billion, down 11.1% from $1.87 billion last year. Management guides to approximately $5.5 billion of operating cash flow for 2025, net of $0.7 billion of working capital and other uses, assuming Q4 average prices of $4.75 per pound copper, $4,000 per ounce gold, and $25 per pound molybdenum.
Capital expenditures in the quarter fell 11.9% to $1.06 billion, including $0.5 billion for major mining projects and $0.1 billion for PTFI’s new smelter and PMR. Full-year capex is now pegged at about $4.5 billion, split between $2.3 billion for major projects and $0.6 billion for PTFI downstream facilities, roughly $0.4 billion below July guidance.
Cash and cash equivalents were $4.32 billion at quarter-end, down from $5.00 billion a year earlier. The board declared a $0.15 per share dividend payable November 3 to holders of record October 15.
The company said the Grasberg mud-rush investigation continues. The incident resulted in seven fatalities after roughly 800,000 metric tons of wet material rushed into the Grasberg Block Cave from the former open pit. Recovery efforts were completed October 5 and both Indonesian smelters remain on stand-by. Freeport plans to brief investors on November 18 with a multi-year operational and financial update.
Company-wide 2025 sales are now expected at about 3.5 billion pounds of copper, 1.05 million ounces of gold, and 82 million pounds of molybdenum, including Q4 assumptions of 635 million pounds of copper, 60,000 ounces of gold, and 21 million pounds of molybdenum. Freeport notes 205 million pounds of provisionally priced copper at $4.65 per pound at quarter-end, with each $0.05 change in copper moving 2025 revenue by about $20 million.
Freeport last traded at $40.78 on the NYSE.
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