Freeport-McMoRan Inc. (FCX) shares have increased by 11.3% over the past six months, outperforming the Zacks Mining – Non Ferrous industry at 1.3% and the S&P 500 at 7.3%. Despite reporting higher revenues and profits due to rising copper and gold prices in Q2 2025, FCX anticipates increased unit costs and reduced sales volumes for the upcoming quarter. The company recorded operating cash flows of approximately $2.2 billion in the second quarter.
As of the end of Q2 2025, FCX maintains strong liquidity with $4.5 billion in cash and equivalents, alongside a net debt level of $1.5 billion, well below its targeted range of $3-$4 billion. The Zacks Consensus Estimate for earnings in 2025 is projected at $1.74, indicating a year-over-year growth of 17.6%.
However, challenges loom with a forecasted decline in copper sales volumes by 4% year-over-year, as well as rising unit cash costs expected to increase to $1.59 per pound in Q3 2025. Recent volatility in copper prices, which have fluctuated around $4.4 to $5 per pound, adds further uncertainty, particularly with potential impacts from tariffs.
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