FREEPORT-MCMORAN INC

FCX 10-K · FY 2025
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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 25,915 25,455 +1.8%
Show Business Segments breakouts
Atlantic Copper Smelting & Refining · Operating Segments 14 8 +75.0%
Atlantic Copper Smelting & Refining · Operating Segments 3,155 3,009 +4.9%
Atlantic Copper Smelting & Refining · Operating Segments 3,169 3,017 +5.0%
Cerro Verde · Operating Segments 930 638 +45.8%
Cerro Verde · Operating Segments 3,776 3,618 +4.4%
Cerro Verde · Operating Segments 4,706 4,256 +10.6%
Grasberg Segment [Member] · Operating Segments 4 544 -99.3%
Grasberg Segment [Member] · Operating Segments 8,618 9,774 -11.8%
Grasberg Segment [Member] · Operating Segments 8,622 10,318 -16.4%
Morenci · Operating Segments 2,345 2,246 +4.4%
Morenci · Operating Segments 303 101 +200.0%
Morenci · Operating Segments 2,648 2,347 +12.8%
Rod & Refining · Operating Segments 40 43 -7.0%
Rod & Refining · Operating Segments 6,850 6,196 +10.6%
Rod & Refining · Operating Segments 6,890 6,239 +10.4%
Show Geography breakouts
CH 5,334 4,251 +25.5%
CL 471 451 +4.4%
CN 636 743 -14.4%
DE 332 500 -33.6%
EG 261 239 +9.2%
ES 723 1,052 -31.3%
FR 315 306 +2.9%
GB 1,136 115 +887.8%
ID 2,180 1,108 +96.8%
IN 163 273 -40.3%
JP 2,850 5,930 -51.9%
KR 193 203 -4.9%
Other 1,038 1,079 -3.8%
PH 3 283 -98.9%
SG 1,246 1,116 +11.6%
US 9,034 7,806 +15.7%
Show Consolidation Items breakouts
Corporate Non Segment · Intersegment Customers 5,480 4,581 +19.6%
Intersegment Elimination -8,813 -8,060 -9.3%
Material Reconciling Items · Unaffiliated Customers 3,213 2,757 +16.5%
Operating Segments 26,035 26,177 -0.5%
Operating Segments · Intersegment Customers 3,333 3,479 -4.2%
Operating Segments · Unaffiliated Customers 22,702 22,698 0.0%
Show Counterparty Name breakouts
Mitsubishi Materials Corporation · Affiliated Entity 1.7 4.4 -61.4%
Noncontrolling Interest Owners Of South America Mining Operations and Morenci joint venture partners · Affiliated Entity 1.5 1.6 -6.3%
Direct Operating Costs 16,374 15,554 +5.3%
Cost Depreciation Amortization And Depletion 2,244 2,241 +0.1%
Show Business Segments breakouts
Atlantic Copper Smelting & Refining · Operating Segments 27 28 -3.6%
Cerro Verde · Operating Segments 373 380 -1.8%
Grasberg Segment [Member] · Operating Segments 1,094 1,193 -8.3%
Grasberg Segment [Member] · Operating Segments 118 — —
Morenci · Operating Segments 209 187 +11.8%
Rod & Refining · Operating Segments 5 4 +25.0%
Show Consolidation Items breakouts
Corporate Non Segment 1 2 -50.0%
Material Reconciling Items 535 447 +19.7%
Cost of Revenue 18,618 17,795 +4.6%
Show Legal Entity breakouts
PT Freeport Indonesia · Community Development Programs 118 141 -16.3%
Selling, General & Administrative 545 513 +6.2%
Show Business Segments breakouts
Atlantic Copper Smelting & Refining · Operating Segments 32 28 +14.3%
Cerro Verde · Operating Segments 7 8 -12.5%
Grasberg Segment [Member] · Operating Segments 132 127 +3.9%
Morenci · Operating Segments 1 2 -50.0%
Exploration Expense 192 156 +23.1%
Show Business Segments breakouts
Cerro Verde · Operating Segments 16 12 +33.3%
Grasberg Segment [Member] · Operating Segments 5 8 -37.5%
Morenci · Operating Segments 34 17 +100.0%
Environmental Remediation Expense 58 127 -54.3%
Show Business Segments breakouts
Morenci · Operating Segments -7 — —
Gain Loss On Disposition Of Assets1 -16 — —
Total Costs & Expenses 19,397 18,591 +4.3%
Operating Income 6,518 6,864 -5.0%
Show Business Segments breakouts
Atlantic Copper Smelting & Refining · Operating Segments 11 49 -77.6%
Cerro Verde · Operating Segments 1,818 1,327 +37.0%
Grasberg Segment [Member] · Operating Segments 3,840 5,622 -31.7%
Morenci · Operating Segments 607 315 +92.7%
Rod & Refining · Operating Segments 31 29 +6.9%
Show Geography breakouts
Miami · Material Reconciling Items 73 — —
Show Consolidation Items breakouts
Material Reconciling Items 695 -86 +908.1%
Material Reconciling Items · Oil And Gas Properties -118 -222 +46.8%
Operating Segments 6,307 7,342 -14.1%
Interest Income Expense Net -369 -319 -15.7%
Other Non-Operating Income (Expense) 223 362 -38.4%
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments 6,372 6,907 -7.7%
Income Tax Expense (Benefit) -2,221 -2,523 +12.0%
Income Loss From Equity Method Investments 1 15 -93.3%
Show Legal Entity breakouts
PT Freeport Indonesia · PT Smelting 6 8 -25.0%
Net Income 4,152 4,399 -5.6%
Income Loss From Continuing Operations Attributable To Noncontrolling Entity -1,948 -2,510 +22.4%
Net Income Loss Available To Common Stockholders Basic 2,204 1,889 +16.7%
Show Equity Components breakouts
Parent 2,204 1,889 +16.7%
Retained Earnings 2,204 1,889 +16.7%
Income Loss From Continuing Operations Per Basic Share 1.53 1.31 +16.8%
Income Loss From Continuing Operations Per Diluted Share 1.52 1.3 +16.9%
Wtd Avg Shares (Basic) 1,437 1,438 -0.1%
Wtd Avg Shares (Diluted) 1,443 1,445 -0.1%
Common Stock Dividends Per Share Declared 0.6 0.6 0.0%
Revenue 25,186 25,169 +0.1%
Comprehensive Income 2,213 1,849 +19.7%
Revenue From Contract With Customer Including Assessed Tax (FY) — — —
Show Product Lines breakouts
Cathode 8,147 8,317 -2.0%
Concentrate 6,310 6,734 -6.3%
Gold 3,900 4,446 -12.3%
Molybdenum 1,966 1,786 +10.1%
Other 749 646 +15.9%
Purchased Copper 449 684 -34.4%
Rod and other refined copper products 4,419 3,851 +14.7%
Net Income Loss Attributable To Noncontrolling Interest 1,948 2,510 -22.4%
Show Equity Components breakouts
Noncontrolling Interest 1,948 2,510 -22.4%
Foreign Currency Transaction Gain Loss Before Tax 34 17 +100.0%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 3,824 3,923 -2.5%
Restricted Cash And Cash Equivalents At Carrying Value 230 888 -74.1%
Accounts Receivable 977 578 +69.0%
Value Added Tax Receivable Current 686 564 +21.6%
Product 3,332 3,038 +9.7%
Inventory Raw Materials And Supplies Net Of Reserves 2,738 2,382 +14.9%
Inventory Milland Stockpileson Leach Pads Current 1,423 1,388 +2.5%
Other Assets Current 580 535 +8.4%
Total Current Assets 13,790 13,296 +3.7%
Non-Current Assets
Property, Plant & Equipment 40,736 38,514 +5.8%
Inventory Noncurrent 1,173 1,225 -4.2%
Income Taxes Receivable Noncurrent 810 306 +164.7%
Show Legal Entity breakouts
Cerro Verde · SUNAT 471 — —
PT Freeport Indonesia · SUNAT 10 — —
Show Real Estate And Accumulated Depreciation Description Of Property breakouts
Cerro Verde 292 — —
Other Non-Current Assets 1,658 1,507 +10.0%
Total Assets 58,167 54,848 +6.1%
Show Business Segments breakouts
Atlantic Copper Smelting & Refining · Operating Segments 2,170 1,705 +27.3%
Cerro Verde · Operating Segments 9,074 8,096 +12.1%
Grasberg Segment [Member] · Operating Segments 27,270 27,309 -0.1%
Morenci · Operating Segments 3,407 3,228 +5.5%
Rod & Refining · Operating Segments 333 202 +64.9%
Show Consolidation Items breakouts
Intersegment Elimination -20,396 -20,536 +0.7%
Material Reconciling Items 36,309 34,844 +4.2%
Operating Segments 42,254 40,540 +4.2%
Operating Lease Right-of-Use Assets 1,205 853 +41.3%
Intangible Assets 219 214 +2.3%
Current Liabilities
Accounts Payable And Accrued Liabilities Current 4,565 4,057 +12.5%
Show Award Type breakouts
Cash Settled Restricted Stock Units (RSUs) and Performance Share Units (PSU's) [Member] 33 22 +50.0%
Current Portion of Long-Term Debt 466 41 +1036.6%
Accrued Income Taxes Current 456 859 -46.9%
Environmental And Asset Retirement Obligations Current 313 320 -2.2%
Dividends Payable Current 219 219 0.0%
Total Current Liabilities 6,019 5,496 +9.5%
Accounts Payable 2,948 2,789 +5.7%
Non-Current Liabilities
Long-Term Debt 8,913 8,907 +0.1%
Environmental And Asset Retirement Obligations Noncurrent 5,541 5,404 +2.5%
Deferred Tax Liabilities 4,622 4,376 +5.6%
Operating Lease Liabilities 1,010 692 +46.0%
Other Non-Current Liabilities 1,296 1,195 +8.5%
Total Liabilities 27,401 26,070 +5.1%
Show Retirement Plan Name breakouts
401K Plan 73 69 +5.8%
Long-Term Debt 9,379 8,948 +4.8%
Show Debt Instrument breakouts
5.450% Senior Notes due March 2043 · Senior Notes 1,690 1,688 +0.1%
Debentures Due 2027 · Freeport McMoRan Corporation 115 115 0.0%
Senior Notes Due 2027, 4.763% · PT-FI 748 747 +0.1%
Senior Notes due 2027, 5% · Senior Notes 450 449 +0.2%
Senior Notes Due 2028, 4.125% · Senior Notes 484 484 0.0%
Senior Notes Due 2028, 4.375% · Senior Notes 431 431 0.0%
Senior Notes due 2029, 5.25% · Senior Notes 471 469 +0.4%
Senior Notes Due 2030, 4.25% · Senior Notes 447 447 0.0%
Senior Notes Due 2030, 4.625% · Senior Notes 590 589 +0.2%
Senior Notes Due 2031 · Freeport McMoRan Corporation 118 119 -0.8%
Senior Notes Due 2032, 5.315% · PT-FI 1,492 1,491 +0.1%
Senior Notes due 2034 5 point 4 percent · Senior Notes 724 724 0.0%
Senior Notes Due 2034 · Freeport McMoRan Corporation 119 119 0.0%
Senior Notes Due 2052, 6.200% · PT-FI 745 745 0.0%
Show Long-Term Debt Type breakouts
Other Debt 23 24 -4.2%
Stockholders' Equity
Common Stock 163 162 +0.6%
Additional Paid-In Capital 23,680 23,797 -0.5%
Retained Earnings 1,385 -170 +914.7%
Show Legal Entity breakouts
PT Freeport Indonesia 12.7 — —
Show Consolidated Entities breakouts
Subsidiaries · Freeport Minerals Corporation -12.1 — —
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Atlantic Copper -450 — —
Accumulated Other Comprehensive Income -305 -314 +2.9%
Treasury Stock Value -6,024 -5,894 -2.2%
Total Stockholders' Equity 18,899 17,581 +7.5%
Minority Interest 11,867 11,197 +6.0%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 30,766 28,778 +6.9%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -305 -314 +2.9%
Additional Paid In Capital 23,680 23,797 -0.5%
Common Stock 163 162 +0.6%
Noncontrolling Interest 11,867 11,197 +6.0%
Parent 18,899 17,581 +7.5%
Retained Earnings 1,385 -170 +914.7%
Treasury Stock Common -6,024 -5,894 -2.2%
Total Liabilities & Equity 58,167 54,848 +6.1%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation & Amortization 2,244 2,241 +0.1%
Increase Decreasein Environmental And Asset Retirement Obligations 291 622 -53.2%
Paymentsfor Environmental Liabilities And Asset Retirement Obligations 244 234 +4.3%
Stock-Based Compensation 121 109 +11.0%
Pension And Other Postretirement Benefits Expense Reversal Of Expense Noncash 62 35 +77.1%
Pension And Other Postretirement Benefit Contributions -37 -78 +52.6%
Deferred Income Taxes And Tax Credits 247 -76 +425.0%
Charges For Social Investment Programs 86 103 -16.5%
Payments For Social Investment Programs -65 -54 -20.4%
Impairment Of Oil And Gas Properties 64 69 -7.2%
Litigation Settlement Expense 4 — —
Other Operating Activities Cash Flow Statement 23 53 -56.6%
Increase Decrease In Receivables -521 460 -213.3%
Change in Inventory -709 -638 -11.1%
Increase Decrease In Other Current Assets -55 -41 -34.1%
Increase Decrease In Accounts Payable And Accrued Liabilities 802 143 +460.8%
Increase Decrease In Accrued Taxes Payable -855 47 -1919.1%
Net Cash from Operations 5,610 7,160 -21.6%
Deferred Income Taxes 253 -74 +441.9%
Investing Activities
Payments To Acquire Productive Assets -4,494 -4,808 +6.5%
Show Business Segments breakouts
All Other Segments -507 -375 -35.2%
Atlantic Copper Smelting & Refining · Operating Segments -202 -142 -42.3%
Cerro Verde · Operating Segments -353 -293 -20.5%
Grasberg Segment [Member] -2,358 -2,908 +18.9%
Grasberg Segment [Member] · Operating Segments -2,358 -2,908 +18.9%
Molybdenum -108 -117 +7.7%
Morenci · Operating Segments -232 -184 -26.1%
Rod & Refining · Operating Segments -80 -35 -128.6%
South America operations -419 -375 -11.7%
U.S. copper mines -1,102 -1,033 -6.7%
Show Consolidation Items breakouts
Corporate Non Segment -5 -9 +44.4%
Material Reconciling Items -1,264 -1,237 -2.2%
Operating Segments -3,225 -3,562 +9.5%
Other Investing Activities 22 18 +22.2%
Net Cash from Investing -4,472 -5,028 +11.1%
Financing Activities
Proceeds From Issuance Of Debt 3,195 2,251 +41.9%
Debt Repayments -2,777 -2,731 -1.7%
Finance Lease Principal Payments -37 -41 +9.8%
Payments Of Dividends Common Stock -865 -865 0.0%
Payments Of Dividends Minority Interest -1,274 -1,833 +30.5%
Share Repurchases -107 -59 -81.4%
Net Proceeds Payments From Share Based Awards 12 29 -58.6%
Tax Withholding for Share Compensation -23 -35 +34.3%
Net Cash from Financing -1,876 -3,284 +42.9%
Supplemental
Income Taxes Paid 2,898 2,552 +13.6%
Interest Paid 256 206 +24.3%
Other Cash Flow
Net Change in Cash -738 -1,152 +35.9%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 4,173 4,911 -15.0%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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