Freeport-McMoRan Inc. (FCX) just showed Wall Street what it means to deliver under pressure. The mining giant reported fourth-quarter fiscal 2025 results Thursday that blew past expectations, posting revenue of $5.63 billion versus the consensus estimate of $5.36 billion. Even more impressive? Adjusted earnings of 47 cents per share came in at more than 1.6 times what analysts were expecting at 29 cents.

Net income attributable to common stock landed at $406 million, or 28 cents per share, for the quarter.

The Numbers Behind the Metals

Copper production clocked in at 640 million pounds during the quarter, with sales volume reaching 709 million pounds. On the gold side, the company produced 65,000 ounces and sold 80,000 ounces. Molybdenum production totaled 25 million pounds against sales of 22 million pounds.

Here's the thing, though: both copper and gold production fell year-over-year, and there's a very specific reason why. In September 2025, the Grasberg copper and gold mine in Papua experienced a massive mud rush that trapped seven workers. The surge originated from the former Grasberg open pit and impacted multiple mine levels, forcing Freeport-McMoRan to temporarily suspend operations while search efforts took priority.

Pricing and Costs Tell an Interesting Story

During the fourth quarter, average realized prices came in strong: $5.33 per pound for copper, $4,078 per ounce for gold, and $23.77 per pound for molybdenum. Those copper and gold prices definitely helped offset some operational challenges.

But costs are climbing. Unit net cash costs for copper averaged $2.22 per pound, up from $1.66 a year earlier. That's a meaningful jump, though not entirely surprising given the operational disruptions.

Capital expenditures hit $1.0 billion in the quarter, with $600 million directed toward major mining projects. As of December 31, 2025, the company held $3.8 billion in cash and equivalents against total debt of $9.4 billion.

Looking Ahead to the Grasberg Restart

For 2026, Freeport expects to sell roughly 3.4 billion pounds of copper, 0.8 million ounces of gold, and 90 million pounds of molybdenum. Those projections assume a phased restart and ramp-up of the Grasberg Block Cave underground mine beginning in the second quarter of 2026. The company anticipates about 60% of copper sales and 75% of gold sales will come in the second half of the year.

There's an inventory wrinkle worth noting: production volumes for copper and gold are expected to exceed sales for the full year, reflecting deferrals of approximately 100 million pounds of copper and 100,000 ounces of gold tied up in inventory at PTFI's smelting operations.

First-quarter guidance calls for sales of 640 million pounds of copper, 60,000 ounces of gold, and 22 million pounds of molybdenum. For the full year 2026, capital expenditure is projected at around $4.3 billion, including $3.0 billion earmarked for major mining projects.

President and CEO Kathleen Quirk struck an optimistic tone, saying Freeport is entering 2026 with strong momentum, backed by its global copper footprint and a robust slate of growth projects. "Our team has a clear focus on restoring operations at Grasberg safely and sustainably," Quirk said, noting the company remains committed to driving long-term value through efficiency, innovation and disciplined execution.

FCX Price Action: Freeport-McMoRan shares were down 1.73% at $59.53 at the time of publication Thursday, approaching the 52-week high of $62.12.