Compared to Estimates, Freeport-McMoRan (FCX) Q3 Earnings: A Look at Key Metrics

FCX posted a Q3 2026 double beat, but the stock has not rewarded it: shares are down 9.5% over the past month and have underperformed the broader market.

Freeport-McMoRan reported revenue of $7.55 billion, up 8.2% year-over-year and 6.48% above consensus. EPS of $0.88 topped the $0.80 estimate by 10%.

Segment results were uneven. South America operations delivered revenue growth of 41.7% year-over-year, and Atlantic Copper Smelting climbed 61.9%. Molybdenum revenues came in weaker, offsetting part of that strength.

Interpretation: a 10% EPS surprise paired with a 9.5% monthly decline suggests the market was already pricing in caution before the print. The size of the revenue beat, at 6.48%, points to results that cleared a bar traders had set low. Whether that gap closes depends on how buyers treat a quarter with strong headline numbers and one soft segment.