$FCX | Freeport-McMoRan Q3 2026 Earnings - Adj EPS: $0.88 (est $0.81) - Revenue: $7,546M (est $7,424M) - CAPEX $1.16B (est $1.08B) - Copper Production Falls 8.8% Y/Y

Freeport-McMoRan reported third-quarter 2026 adjusted earnings of $0.88 per share, beating consensus of $0.81, with revenue of $7,546 million against an estimate of $7,424 million. Capital expenditures came in at $1.16 billion, above the $1.08 billion expected, while copper production fell 8.8% year over year. The beat was driven by revenue and margin strength despite lower volumes, a combination that points to pricing and cost factors offsetting the output decline, which is the key tension for copper equities and spot pricing. The production shortfall tightens the near-term physical supply picture for copper, supporting the metal's price through a supply-side channel even as higher capex signals sustained investment needs at the mine level. Copper-linked equities and the metal itself are most directly exposed, with miners and downstream copper consumers sensitive to any change in the balance between mine output and demand. Traders should watch the company's full-year production guidance and commentary on grade and mine-level volumes, along with weekly LME and COMEX copper inventory data for confirmation of whether the output decline is translating into tighter physical availabilit

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