Freeport-McMoRan Inc. stock research
FY2026 Q1
Freeport-McMoRan (FCX) Gross Margin — Quarter Ended Mar 31, 2026
Revenue increased compared to both the prior quarter and the same quarter last year. The rise in revenue, combined with cost of revenue that was unchanged from the prior quarter and higher than a year ago, drove gross profit and gross margin significantly higher.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue increased compared to both the prior quarter and the same quarter last year. The rise in revenue, combined with cost of revenue that was unchanged from the prior quarter and higher than a year ago, drove gross profit and gross margin significantly higher.
- The strongest observable driver was the increase in revenue while cost of revenue remained level with the prior quarter, resulting in a much higher gross margin.
- Compared to the preceding quarter, gross margin improved considerably as revenue rose and cost of revenue stayed unchanged. Versus the same quarter one year ago, gross margin also strengthened because revenue growth outpaced the increase in cost of revenue.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
26.8%
Gross profit
$1.7B
Revenue
$6.3B
Cost of revenue
$4.6B
Quarter-over-quarter change
+14.4 pts
Year-over-year change
+2.5 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2025 | $7.5B | $2.6B | $5.0B | 34.2% |
| Sep 30, 2025 | $6.8B | $2.0B | $4.8B | 29.2% |
| Dec 31, 2025 | $5.3B | $651.0M | $4.6B | 12.4% |
| Mar 31, 2026 | $6.3B | $1.7B | $4.6B | 26.8% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
+14.4 pts
Year-over-year change
Mar 31, 2025
+2.5 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable driver was the increase in revenue while cost of revenue remained level with the prior quarter, resulting in a much higher gross margin.
Compared to the preceding quarter, gross margin improved considerably as revenue rose and cost of revenue stayed unchanged. Versus the same quarter one year ago, gross margin also strengthened because revenue growth outpaced the increase in cost of revenue.
Monitor whether the relationship between revenue and cost of revenue persists, as cost stability supported margin expansion.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Freeport-McMoRan Inc. (FCX) | 26.8% |