Key Highlights

  • Freeport's $0.15 dividend, a $0.075 base plus $0.075 variable, has an October 15, 2026 ex-dividend date and is payable November 2.
  • Second-quarter net income attributable to common stock was $984 million, or $0.68 per share, and adjusted net income was $0.74 per share.
  • Consolidated copper production was 786 million pounds, with unit net cash costs of $1.97 per pound.
  • The October 2 update cited third-quarter copper production of approximately 830 million pounds and mill throughput at about 67% of normalized rates.

Freeport-McMoRan's (NYSE:FCX) $0.15 dividend yields 0.83% and sits beside second-quarter GAAP EPS of $0.68 and adjusted EPS of $0.74. The board declared it on September 23, 2026, comprising a $0.075 base dividend and a $0.075 variable dividend.

Dividend Program and Shareholder Returns

Freeport's board declared cash dividends of $0.15 per share on September 23, 2026, payable November 2 to shareholders of record as of October 15. The declaration includes a $0.075 base dividend and a $0.075 variable dividend under the company's performance-based payout framework.

On June 24, 2026 the board declared $0.15 per share, payable August 3 to holders of record July 15, also split between a $0.075 base and a $0.075 variable dividend. Dividends declared were $0.15 in the second quarter of 2026 and of 2025, and $0.30 in each first half. The company paid $434 million in common dividends in the first half.

The company states its financial policy allocates up to 50% of available cash flows after planned capital spending and distributions to noncontrolling interests to common stockholder returns, subject to net debt not exceeding a target of $3.0 billion to $4.0 billion. In the second quarter it repurchased 1.7 million shares for $110 million, an average of $64.34 per share.

About the Company

Freeport is a mining company headquartered in Phoenix, Arizona, with the objective of being foremost in copper. Its portfolio includes the Grasberg minerals district in Indonesia, the Morenci minerals district in Arizona and the Cerro Verde operation in Peru.

Financial Performance Behind the Payout

Freeport reported second-quarter net income attributable to common stock of $984 million, or $0.68 per share, versus $772 million, or $0.53. Adjusted net income was $1.080 billion, or $0.74 per share, which excludes $96 million of net after-tax charges, primarily idle facility and restoration costs from the September 2025 mud rush incident at PT Freeport Indonesia.

Revenues were $7.029 billion versus $7.582 billion, and operating income was $2,003 million versus $2,432 million. Copper production was 786 million pounds and sales were 710 million pounds, versus 963 million and 1,016 million. Gold production was 192 thousand ounces and sales were 123 thousand ounces. Molybdenum sales were 25 million pounds. Realized prices were $6.17 per pound of copper, $4,520 per ounce of gold and $28.75 per pound of molybdenum.

Operating cash flows were $2.0 billion, net of $0.6 billion of working capital and other uses, and capital expenditures were $1.1 billion. At June 30, consolidated debt was $9.4 billion, cash was $4.1 billion, and net debt was $2.1 billion excluding $3.2 billion of debt for PTFI's downstream processing facilities.

Grasberg Ramp-Up and the October Operating Update

On October 2 Freeport stated that third-quarter copper production was approximately 830 million pounds and gold production approximately 230 thousand ounces. Approximately 60 thousand ounces of refined gold sales were deferred to the fourth quarter, so third-quarter gold sales are approximately 100 thousand ounces versus a July estimate of 160 thousand.

Grasberg mill throughput averaged approximately 140,000 metric tons of ore per day, about 67% of normalized rates, including approximately 70,000 metric tons per day from the Grasberg Block Cave. The PTFI smelter re-commenced operations in late August. The company states PTFI's overall production rates are expected to approximate 65% in the second half of 2026, 80% by mid-2027 and approach full capacity by the end of 2027.

Outlook

Freeport's 2026 guidance is consolidated sales of 3.1 billion pounds of copper, 650 thousand ounces of gold and 93 million pounds of molybdenum, with unit net cash costs of $1.90 per pound of copper, operating cash flows of approximately $8.3 billion and capital expenditures of approximately $4.3 billion. Third-quarter copper sales are approximately 750 million pounds, and the company estimates a third-quarter realized copper price above $6.50 per pound. It plans to release third-quarter results on October 27, 2026.