First Quantum earnings date and guidance
First Quantum reports next on October 28, 2026. Watch whether production turns into operating cash.
What has First Quantum guided for 2026?
Management’s plan is to raise copper output while bringing costs down, but it needs a strong second half and relief from Zambia’s power problem. Guidance is a plan, not a guarantee. Growth is shifting toward Kansanshi as the S3 expansion adds processing capacity, while Cobre Panamá contributes temporary copper from stockpiles.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Copper (000’s tonnes) — 2026 | Year to Dec 2026 | 405 | 475 | Jul 28, 2026 |
| Gold (000’s ounces) — 2026 | Year to Dec 2026 | 150 | 175 | Jul 28, 2026 |
| Nickel (000’s tonnes) — 2026 | Year to Dec 2026 | 30 | 40 | Jul 28, 2026 |
| Total Copper AISC (per lb) — 2026 | Year to Dec 2026 | 3.50 | 3.80 | Jul 28, 2026 |
| Total capital expenditure — 2026 | Year to Dec 2026 | 1,075 | 1,250 | Jul 28, 2026 |
What this means. These are forecast ranges for 2026 and 2027, not the company's actual production, costs, or spending.
Did First Quantum keep its past promises?
Promises about projects can be tested more directly. In January 2025, management forecast first production from Kansanshi’s S3 expansion in the second half of that year. First production means initial usable output; commercial production means the operation has moved beyond testing and ramp-up into reliable normal work. First concentrate arrived in August, and commercial production followed on December 1. The project therefore met a concrete delivery milestone, even as Sentinel’s production fell because of lower grades and greater maintenance.
What has First Quantum’s recent revenue and profit trend been?
Revenue reached its high point in 2022, fell through the next two years and recovered in 2025. Copper sales rose in 2025, while the realized copper price rose faster. That combination explains much of the revenue improvement, but it describes price and shipment value rather than a comparable expansion of mining capacity.
Gross margin stayed broadly stable in 2025, and operating income improved. Yet the company still reported a small net loss. Operating income measures the mines and business before financing and taxes; net income is what remains after those claims. A profitable restaurant can still lose money after rent, loan interest and tax.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,522 | 1,404 | 1,475 | 1,346 | 1,226 | 1,190 | 1,256 | 1,279 |
| Gross margin | 19.5% | 19.8% | 28.2% | 26.7% | 28.6% | 27.8% | 32.2% | 35.7% |
| Operating income | 423 | 157 | 308 | 223 | 220 | 215 | 344 | 329 |
| Net income | 136 | -196 | 25 | -48 | 18 | -23 | 99 | 108 |
| EPS, diluted | 0.16 | -0.24 | 0.03 | -0.06 | 0.02 | -0.03 | 0.12 | 0.13 |
What this means. The June 2026 operating income includes a one-time gain from selling companies, so it is much higher than the profit from normal business operations.
What should people watch in First Quantum’s next results?
The next results will show whether better production becomes spendable cash. First Quantum is scheduled to report third-quarter results on October 28, 2026, with its call the following day. Investors should compare Kansanshi and Sentinel with their annual targets, then follow unit costs and operating cash.